Document:

TERMINATION AND RELEASE
AGREEMENT

 

THIS TERMINATION AND
RELEASE AGREEMENT (this “Agreement”) is made as of the date set forth on the signature page hereto by
the undersigned holder of options to acquire capital stock of Glori Energy Inc., a Delaware Corporation (including any successor
entity thereto, “Glori”), named on the signature page hereto (“Option Holder”)
for the benefit of each of Glori Acquisition Corp., a Delaware corporation (including any successor entity thereto, the “Company”),
Glori and Infinity-C.S.V.C. Management Ltd., in its capacity under the Merger Agreement as the INXB Representative (the “INXB
Representative”).

 

RECITALS

 

WHEREAS, the
Company entered into that certain Merger and Share Exchange Agreement, dated as of January 8, 2014 (as amended from time to time,
the “Merger Agreement”), by and among Infinity Cross Border Acquisition Corporation, a company incorporated
in the British Virgin Islands (the “Parent”), the Company, Glori Merger Subsidiary, Inc., a Delaware
corporation and wholly owned subsidiary of the Company (“Merger Sub”), the INXB Representative and Glori;

 

WHEREAS, pursuant
to the Merger Agreement, subject to the terms and conditions thereof, the Parent will merge with and into the Company, with the
Company continuing as the surviving entity (the “Redomestication Merger”), and immediately thereafter
Merger Sub will merge with and into Glori, with Glori continuing as the surviving entity (the “Transaction Merger”
and together with the Redomestication Merger, the “Transactions”);

 

WHEREAS, upon
the consummation of the Transactions (the “Closing”), Glori will be wholly-owned by the Company, and
Glori’s stockholders and warrantholders immediately prior to the Transactions will become stockholders of the Company; and

 

WHEREAS, pursuant
to the Merger Agreement, at the Closing, each option (a “Glori Option”) to purchase shares of common
stock, par value $0.0001 per share, of Glori (“Glori Common Stock”) will be assumed by the Company and
converted into an option (an “Adjusted Option”) to purchase shares of common stock, par value $0.0001
per share (after giving effect to the Redomestication Merger), of the Company (an “Company Common Stock”),
with the number of shares of stock that can be acquired under each Adjusted Option and the exercise price of such options revised
based on the exchange ratio of shares of Glori Common Stock for shares of Company Common Stock implied by the merger consideration
payable at the Closing;

 

WHEREAS, it
is a condition to the Merger Agreement that in order to receive an Adjusted Option in exchange for a Glori Option, each holder
of a Glori Option must deliver an executed copy of this Agreement to the Company; and

 

WHEREAS, in
view of the foregoing and the valuable consideration to be received by Option Holder thereunder, including the issuance of Adjusted
Option to Option Holder, the Company, Glori and Option Holder desire to enter into this Agreement.

 

NOW, THEREFORE,
in consideration of the premises and covenants hereinafter set forth, and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, Option Holder hereby agrees as follows:

 

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AGREEMENT

 

1.           Option
Holder’s Representations and Warranties. Option Holder hereby represents and warrants to the Company and Glori as of
the date of this Agreement and as of the date of the Closing that the information set forth on Exhibit A is true and correct
and that:

 

1.1           Ownership.
Option Holder holds of record and owns beneficially good and marketable title, free and clear of all title defects, security interests,
pledges, options, claims, liens, encumbrances and restrictions of any nature whatsoever (including collateral security arrangements
and other title or interest retaining agreements) to the Glori Options listed as held by Option Holder on Exhibit A hereto,
except restrictions imposed by the Glori Energy Inc. 2006 Stock Option and Grant Plan (as assumed by the Company and amended after
the Closing in accordance with the terms hereof, the “Glori Stock Plan”), the applicable grant agreements
for such Glori Options and by applicable securities laws, and Option Holder has not entered into any agreement to transfer, assign
or otherwise dispose of such Glori Options. The Option Holder holds no other options or rights to purchase shares of Glori capital
stock under any plan, award, grant or agreement, and hereby waives and releases any rights he or she may have to be issued any
additional Glori Options or to purchase or receive shares of Glori capital stock.

 

1.2           Enforceability;
No Conflicts. This Agreement has been duly and validly executed and delivered by Option Holder and constitutes the legal, valid
and binding obligation of Option Holder, enforceable against Option Holder in accordance with its terms. Option Holder has the
full right, power, authority and capacity to execute and deliver this Agreement and to perform his or her obligations hereunder.
The execution, delivery and performance of this Agreement by Option Holder and the consummation of the transactions contemplated
hereby will not result in a breach of, or constitute a default under, or give rise to any right or cause of action under, any contractual
obligations of Option Holder or any applicable law.

 

2.           Acknowledgement
and Consent.

 

2.1           Option
Holder hereby acknowledges that, upon the Closing, any outstanding unexercised Glori Option owned by Option Holder will be assumed
by the Company and shall be converted into an Adjusted Option of the Company, subject to the terms and conditions that applied
to the Glori Options prior to the Closing (subject to this Section 2), including the
same vesting schedule as the Glori Options (and no unvested Glori Options shall have their vesting accelerated as a result of the
Closing), except that as of the Closing:

 

(a)          the
Adjusted Option shall be exercisable for that number of whole shares of Company Common Stock (rounded down to the nearest whole
share) equal to the product of the number of shares of Glori Common Stock subject to such Glori Option multiplied by the Exchange
Ratio (as defined in the Merger Agreement), at an exercise price per share of Company Common Stock (rounded up to the nearest whole
cent) equal to the quotient of (i) the exercise price per share of Glori Common Stock of such Glori Option, divided by (ii) the
Exchange Ratio; provided, that the exercise price and/or the number of shares of Company Common Stock that may be purchased
under the Adjusted Option shall be further adjusted to the extent required to remain compliant with, or exempt from, the requirements
of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”); and provided, further,
that in the case of Glori Options that are intended to qualify as incentive stock options within the meaning of Section 422 of
the Code, the exercise price and the number of shares of Company Common Stock subject to the Adjusted Option shall be determined
in a manner consistent with the requirements of Section 424 of the Code and the Department of Treasury Regulations issued thereunder;

 

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(b)          Adjusted
Options will not be exercisable prior to the earlier to occur of (i) the one (1) year anniversary of the Closing or (ii) sixty
(60) days after the Option Holder’s termination of employment or termination of service with the Purchaser and its “affiliates”
(within the meaning of the Glori Stock Plan); and

 

(c)          With
respect to three percent (3%) of the shares which can be acquired under each Adjusted Option (such 3%, the “Reserved
Portion”), in addition to the above-described exercisability restrictions applicable to the Adjusted Option, the
Reserved Portion shall (A) in no event be exercisable until after the Expiration Date (as defined in the Merger Agreement), (B)
immediately after 11:59 p.m. New York City time on the Expiration Date, the Reserved Portion shall be forfeited in the same proportion
that the number of Escrow Shares (as defined in the Merger Agreement) that are not released from the Escrow Account (as defined
in the Merger Agreement) to the Exchange Agent (as defined in the Merger Agreement) for distribution to Company stockholders and
warrantholders (“Company Holders”), net of the number of Escrow Shares retained for Pending Claims (as
defined in the Merger Agreement), bears to the aggregate number of Escrow Shares deposited in the Escrow Account at the Closing
(subject to equitable adjustment for stock dividends, recapitalizations, stock exchanges and other similar transactions) and (C)
with respect to the portion of the Reserved Portion equal to the number of Escrow Shares retained after the Expiration Date for
Pending Claims divided by the aggregate number of Escrow Shares deposited in the Escrow Account at the Closing (subject to equitable
adjustment for stock dividends, recapitalizations, stock exchanges and other similar transactions) (the “Pending Reserved
Portion”), (I) such Pending Reserved Portion shall continue to not be exercisable until after the final resolution
of all Pending Claims, and (II) upon the final resolution of all Pending Claims, the Pending Reserved Portion shall be forfeited
in the same proportion that the number of Escrow Shares that were retained for Pending Claims that are not released from the Escrow
Account to the Exchange Agent for distribution to Company Holders (or, to the extent required by the Merger Agreement, to the Company
for distribution to Company Holders) bears to the aggregate number of Escrow Shares that were retained for Pending Claims.

 

2.2           Option
Holder further acknowledges that at the Closing: (i) the Glori Stock Plan will be automatically assumed by the Company and amended
so that (A) all references to Glori (including any references relating to a “Sale Event” involving Glori) in the Glori
Stock Plan and in each agreement evidencing any outstanding award of Glori Options shall be deemed to refer to the Company and
(B) the aggregate number of awards permitted to be issued or granted under the Glori Stock Plan shall be adjusted to an amount
equal to (I) the aggregate number of awards permitted to be issued or granted under the Glori Stock Plan immediately prior to the
Closing multiplied by (II) the Exchange Ratio; and (ii) Option Holder’s option award agreements (the “Option
Agreements”) with respect to the Glori Options will be automatically assumed by the Company and amended to reflect
the changes to the Glori Options and the Glori Stock Plan that apply to the Adjusted Options as described herein.

 

2.3           Subject
to Section 3 below, Option Holder hereby consents to the matters described in
this Section 2, including (i) the conversion of his or her unexercised Glori
Options at the Closing in exchange for Adjusted Options, (ii) the assignment of the Glori Stock Plan to the Company and the amendment
of the Glori Stock Plan and (iii) the assignment of the Option Agreements to the Company and the amendment of the Option Agreements,
and surrenders, effective at the Closing, all of the Glori Options held by Option Holder in exchange for the Adjusted Options in
accordance with this Agreement. Option Holder hereby further acknowledges that from and after the Closing, Option Holder shall
have no rights with respect to Glori in connection with Option Holder’s Glori Options, the Option Agreements or the Glori
Stock Plan and will have no right to acquire any equity securities of Glori.

 

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3.           Termination
of this Agreement. This matters described in Section 2 are subject to the
consummation of the Closing, and certain conditions must be satisfied prior to the consummation of the Closing. If the Closing
does not occur, then Option Holder’s Glori Options will not be converted, will remain in full force and effect pursuant to
their terms, and will not be affected or modified in any respect. In the event that the Merger Agreement is terminated prior to
the Closing for any reason, this Agreement shall terminate and be of no further force or effect (including the releases contained
in Section 5 below) and Option Holder’s rights under the Glori Options
shall remain subject to all of the provisions of the Glori Stock Plan and the Option Agreements.

 

4.           Prohibition
on Transfer. Notwithstanding any provisions of the Glori Stock Plan or the Option Agreements, and without limiting any restrictions
set forth therein, Option Holder hereby covenants and agrees that he or she will not sell, assign, transfer, pledge, hypothecate
or otherwise encumber or permit any encumbrance to exist on any of Option Holder’s Glori Options from and after the date
of this Agreement until the earlier of the Closing or the termination of the Merger Agreement. Any sale, assignment, transfer,
pledge, hypothecation or other lien in violation of this Section 4 shall be null and
void ab initio.

 

5.           Release
and Covenant Not to Sue. Subject to Sections 3, 6.2 and 6.11,
by execution and delivery of this Agreement and acceptance of the Adjusted Options specified above, effective upon the Closing,
Option Holder, on behalf of himself or herself and any of his or her successors, assigns, heirs and affiliates, hereby releases
and discharges Glori and its subsidiaries from and against any and all claims, suits, actions, demands, obligations, agreements,
debts and liabilities whatsoever (whether known or unknown, asserted or unasserted, contingent, inchoate, or otherwise), both at
law and in equity, which Option Holder now has, has ever had or may hereafter have against Glori or any of its subsidiaries arising
at or prior to the Closing or on account of or arising out of any matter occurring at or prior to the Closing; provided,
that with respect to Option Holder’s employment by Glori or its subsidiaries, such release excludes any claims related to
the right of Option Holder to receive current earned and accrued but unpaid compensation, unreimbursed business expenses or other
employment benefits generally available to all employees of Glori and its subsidiaries. Option Holder warrants and states to the
Glori that Option Holder either (i) has received full and complete instruction and advice from Option Holder’s counsel and
attorneys with regard to the release contained in this Section 5, and having considered
such advice and counsel, Option Holder hereby waives and relinquishes any rights and benefits which Option Holder may have to the
full extent that Option Holder may lawfully waive all such rights and benefits, or (ii) has on his or her own elected not to consult
with his or her counsel and attorneys, and hereby waives and relinquishes any rights and benefits which Option Holder may have
to the full extent that Option Holder may lawfully waive all such rights and benefits. Option Holder waives the benefit of any
statute or rule of law, which, if applied to the foregoing, would otherwise exclude from its binding effect any claim not known
by Option Holder on the date of execution of this Agreement or on the date of the Closing. From and after the Closing, Option Holder
hereby irrevocably covenants to refrain from, directly or indirectly, asserting, commencing or causing to be commenced any claim,
suit, action or demand of any kind against Glori or any of its subsidiaries, based upon any matter purported to be released hereby.
Notwithstanding anything herein to the contrary, the releases and restrictions set forth herein shall not apply to any claims Option
Holder may have under this Agreement or the terms and conditions of the Merger Agreement.

 

6.           Miscellaneous.

 

6.1           Assignment.
This Agreement and all obligations of each Option Holder are personal to Option Holder and may not be transferred or delegated
by Option Holder at any time. The Company and Glori may freely assign any or all of their rights under this Agreement, in whole
or in part, to any successor entity without obtaining the consent or approval of Option Holder. If the INXB Representative is replaced
in accordance with the terms of the Merger Agreement, the replacement INXB Representative shall automatically become a party to
this Agreement as if it were the original INXB Representative hereunder.

 

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6.2           Other
Agreements. Nothing in this Agreement shall limit any of the rights or remedies of the Company, Glori or the INXB Representative
or any of the obligations of Option Holder under any other agreement between Option Holder and the Company, Glori or the INXB Representative
or any certificate or instrument executed by Option Holder in favor of the Company, Glori or the INXB Representative, and nothing
in any other agreement, certificate or instrument shall limit any of the rights or remedies of the Company, Glori or the INXB Representative
or any of the obligations of Option Holder under this Agreement.

 

6.3           Governing
Law; Jurisdiction; WAIVER OF JURY TRIAL. This Agreement and any dispute or controversy arising out of or relating to this Agreement
shall be governed by and construed in accordance with the laws of the State of New York, without regard to conflict of law principles
that would result in the application of any law other than the law of the State of New York. All legal proceedings, claims, suits,
actions, demands, disputes or controversies (any of the foregoing, a “Proceeding”) arising out of or
relating to this Agreement shall be heard and determined exclusively in any state or federal court located in New York, New York.
Each party hereto hereby (a) submits to the exclusive jurisdiction of any state or federal court located in New York, New York,
for the purpose of any Proceeding arising out of or relating to this Agreement brought by any party hereto and (b) irrevocably
waives, and agrees not to assert by way of motion, defense or otherwise, in any such Proceeding, any claim that it is not subject
personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution, that
the Proceeding is brought in an inconvenient forum, that the venue of the Proceeding is improper, or that this Agreement or the
transactions contemplated hereby may not be enforced in or by any of the above-named courts. Each party agrees that a final judgment
in any such Proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner
provided by applicable law. Each party irrevocably consents to the service of the summons and complaint and any other process in
any other action or proceeding relating to the transactions contemplated by this Agreement, on behalf of itself or himself, or
its or his property, by personal delivery of copies of such process to such party at the applicable address set forth in Section
6.6. Nothing in this Section 6.3 shall affect the right of any party to serve legal process in any other manner permitted
by applicable law. EACH PARTY HERETO HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY HAVE TO A
TRIAL BY JURY WITH RESPECT TO ANY PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT
OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH PARTY HERETO (I) CERTIFIES THAT NO AFFILIATE, AGENT OR REPRESENTATIVE OF ANY OTHER
PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF ANY ACTION, SEEK TO ENFORCE THE
FOREGOING WAIVER AND (II) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY,
AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 6.3.

 

6.4           Counterparts;
Facsimile.
This Agreement may also be executed and delivered by facsimile signature or by email in portable document format in two or more
counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

 

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6.5           Interpretation.
The titles and subtitles used in this Agreement are for convenience only and are not to be considered in construing or interpreting
this Agreement. In this Agreement, unless the context otherwise requires: (a) any pronoun used in this Agreement shall include
the corresponding masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural
and vice versa; (b) “including” (and with correlative meaning “include”) means including without limiting
the generality of any description preceding or succeeding such term and shall be deemed in each case to be followed by the words
“without limitation”; (c) the words “herein,” “hereto,” and “hereby” and other
words of similar import in this Agreement shall be deemed in each case to refer to this Agreement as a whole and not to any particular
section or other subdivision of this Agreement; (d) a “person” means an individual, corporation, partnership (including
a general partnership, limited partnership or limited liability partnership), limited liability company, association, trust or
other entity or organization, including a government, domestic or foreign, or political subdivision thereof, or an agency or instrumentality
thereof; and (e) the term “or” means “and/or”.

 

6.6           Notices.
All notices, requests, and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed
effectively given, delivered and received (a) upon personal delivery to the party to be notified, (b) when sent by electronic
mail or facsimile upon affirmative confirmation of receipt, (c) five (5) days after having been sent by registered or certified
mail, return receipt requested, postage prepaid, or (d) one (1) business day after the business day of deposit with a nationally
recognized overnight courier, specifying next-day delivery, with written verification of receipt, in each case to the applicable
party at the following addresses (or to such other address for a party as shall be specified by like notice): 

 

	
        If to the Company or
        Glori, to:

         

        Glori Energy, Inc.

        4315 South Drive

        Houston, TX 77053

        Attn: Chief Executive Officer

        Facsimile: (713) 237-8585
	 	
        With copies to (which
        shall not constitute notice):

         

        Norton Rose Fulbright

        1301 McKinney, Suite 5100

        Houston, TX 77010-3095

        Attn: Charles Powell

        Facsimile: (713) 651-5246

        Email: Charles.powell@nortonrosefulbright.com

         

        and

	 	 	 
	 	 	
        Infinity-C.S.V.C. Management
        Ltd.

        3 Azrieli Center (Triangle
        Tower)

        42nd Floor, Tel Aviv, Israel,
        67023

        Attn: Mark Chess

        Facsimile: 972-3-6075456

        Email: MarkC@infinity-equity.com

         

        and

	 	 	 
	 	 	
        Ellenoff Grossman &
        Schole LLP

        1345 Avenue of the Americas,
        11th Floor

        New York, New York 10105

        Attention: Stuart Neuhauser

        Facsimile: (212) 370-7889

        Email: sneuhauser@egsllp.com

 

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        If to the INXB Representative,
        to:

         

        Infinity-C.S.V.C. Management
        Ltd.

        3 Azrieli Center (Triangle
        Tower)

        42nd Floor, Tel Aviv, Israel,
        67023

        Attn: Mark Chess

        Facsimile: 972-3-6075456

        Email: MarkC@infinity-equity.com
	 	
        With a copy to (which
        shall not constitute notice):

         

        Ellenoff Grossman &
        Schole LLP

        1345 Avenue of the Americas,
        11th Floor

        New York, New York 10105

        Attention: Stuart Neuhauser

        Facsimile: (212) 370-7889

        Email: sneuhauser@egsllp.com

	If to Option Holder, to the address of Option Holder as set forth under Option Holder’s name on the signature pages hereto.

 

6.7           Amendments
and Waivers. Any term of this Agreement may be amended and the observance of any term of this Agreement may be waived (either
generally or in a particular instance, and either retroactively or prospectively) only with the written consent of all of the parties
hereto. No failure or delay by a party in exercising any right hereunder shall operate as a waiver thereof. No waivers of or exceptions
to any term, condition, or provision of this Agreement, in any one or more instances, shall be deemed to be or construed as a further
or continuing waiver of any such term, condition, or provision. 

 

6.8           Severability.
In case any one or more of the provisions contained in this Agreement is for any reason held to be invalid, illegal or unenforceable
in any respect, such invalidity, illegality, or unenforceability shall not affect any other provision of this Agreement, and such
invalid, illegal, or unenforceable provision shall be reformed and construed so that it will be valid, legal, and enforceable to
the maximum extent permitted by law.

 

6.9           Specific
Performance. Option Holder acknowledges that its obligations under this Agreement are unique, recognizes and affirms that in
the event of a breach of this Agreement by Option Holder, money damages may be inadequate and the Company, Glori and the INXB Representative
may have not adequate remedy at law, and agree that irreparable damage would occur in the event that any of the provisions of this
Agreement were not performed by Option Holder in accordance with their specific terms or were otherwise breached. Accordingly,
each of the Company, Glori and the INXB Representative shall be entitled to seek an injunction or restraining order to prevent
breaches of this Agreement by Option Holder and to seek to enforce specifically the terms and provisions hereof, without the requirement
to post any bond or other security or to prove that money damages would be inadequate, this being in addition to any other right
or remedy to which such party may be entitled under this Agreement, at law or in equity.

 

6.10         Third
Parties. Nothing contained in this Agreement or in any instrument or document executed by any party in connection with the
transactions contemplated hereby shall create any rights in, or be deemed to have been executed for the benefit of, any person
that is not a party hereto or thereto or a successor or permitted assign of such a party. Each of the parties acknowledge and agree
that the INXB Representative shall be entitled to bring a claim on behalf of the Company or Glori under this Agreement to enforce
the terms hereof.

 

6.11         Entire
Agreement. This Agreement constitutes the full and entire understanding and agreement among the parties with respect to the
subject matter hereof, and any other written or oral agreement relating to the subject matter hereof existing between the parties
is expressly canceled; provided, that, for the avoidance of doubt, the foregoing shall not affect the rights and obligations
of the parties under the Merger Agreement or any Ancillary Document (as defined in the Merger Agreement).

 

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IN WITNESS WHEREOF,
the undersigned Option Holder has executed this Termination and Release Agreement as of the date first written above.

 

	 	Option Holder:
	 	 	 
	 	By:	 
	 	 	 
	 	Print Name:	 
	 	 	 
	 	Date Signed:	 

 

	 	Address for Notice:
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	Facsimile: 
	 	 
	 	Email:  

 

[Signature Page
to Termination and Release Agreement]

 

    	 

    	 

    

  

Exhibit A

Glori Option Summary

 

	Name of Option Holder:	 	 

 

	Date of Option Grant	 	Number of Shares	 	Exercise Price Per ShareBANK’34

Deferred
Compensation Agreement

 

 

BANK’34

DEFERRED
COMPENSATION AGREEMENT

 

This
DEFERRED COMPENSATION AGREEMENT (this “Agreement”) is entered into this 1st day of February, 2010,
by and between BANK’34, a federally-chartered savings and loan located in Alamogordo, New Mexico (the “Bank”),
and JILL GUTIERREZ (the “Executive”).

 

The
purpose of this Agreement is to provide specified benefits to the Executive, a member of a select group of management or highly
compensated employees who contribute materially to the continued growth, development and future business success of the Bank. This
Agreement shall be unfunded for tax purposes and for purposes of Title I of the Employee Retirement Income Security Act of 1974
(“ERISA”), as amended from time to time.

 

Article
1

Definitions

 

Whenever
used in this Agreement, the following words and phrases shall have the meanings specified:

 

		1.1	“Bank Contribution” means the contribution to the Deferral Account, if any,
as set forth in Section 3.1.

 

		1.2	“Base Salary” means the annual cash compensation relating to services performed
during any calendar year, excluding distributions from nonqualified deferred compensation plans, bonuses, commissions, overtime,
fringe benefits, stock options, relocation expenses, incentive payments, non-monetary awards, and other fees, and automobile and
other allowances paid to the Executive for employment rendered (whether or not such allowances are included in the Executive’s
gross income). Base Salary shall be calculated before reduction for compensation voluntarily deferred or contributed by the Executive
pursuant to all qualified or non-qualified plans of the Bank and shall be calculated to include amounts not otherwise included
in the Executive’s gross income under Code Sections 125, 402(e)(3), 402(h), or 403(b) pursuant to plans established by the
Bank; provided, however, that all such amounts will be included in compensation only to the extent that had there been no such
plan, the amount would have been payable in cash to the Executive.

 

		1.3	“Beneficiary” means each designated person or entity, or the estate of the deceased
Executive, entitled to any benefits upon the death of the Executive.

 

		1.4	“Beneficiary Designation Form” means the form established from time to time
by the Plan Administrator that the Executive completes, signs and returns to the Plan Administrator to designate one or more beneficiaries.

 

		1.5	“Board” means the
                                         Board of Directors of the Bank as from time to time constituted.

 

    	1

    	 

    

 

BANK’34

Deferred
Compensation Agreement

 

 

		1.6	“Change in Control” means 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 Code Section 409A
and regulations thereunder.

 

		1.7	“Code” means the Internal Revenue Code of 1986, as amended, and all regulations
and guidance thereunder, including such regulations and guidance as may be promulgated after the Effective Date of this Agreement.

 

		1.8	“Crediting Rate” means the greater of the (i) Wall Street Journal prime
rate on the first business day of the Plan Year or (ii) five percent (5%).

 

		1.9	“Deferrals” means the amount of Base
Salary the Executive elects to defer according to this Agreement.

 

		1.10	“Deferral Account” means the Bank’s accounting of the accumulated Deferrals,
plus Bank Contributions, plus accrued interest.

 

		1.11	“Deferral Election Form” means each form established from time to time by the
Plan Administrator that the Executive completes, signs and returns to the Plan Administrator to designate the amount of Deferrals.

 

		1.12	“Disability” means the Executive: (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 insurance program complies with the requirements
of the preceding sentence. Upon the request of the Plan Administrator, the Executive must submit proof to the Plan Administrator
of the Social Security Administration’s or the provider’s determination.

 

		1.13	“Early Retirement” means a Separation from Service occurring before Normal Retirement
Age, except a Separation from Service occurs (i) within twenty-four (24) months following a Change in Control or (ii) due to death,
Disability, or Termination for Cause.

 

		1.14	“Effective Date” means February 1, 2010.

 

		1.15	‘‘Normal Retirement Age” means age sixty-six (66).

 

		1.16	“Normal Retirement Date” means the later of the Normal Retirement Age or Separation
from Service.

 

    	2

    	 

    

 

BANK’34

Deferred
Compensation Agreement

 

 

		1.17	“Plan Administrator” means the Board or such committee or person as the Board
shall appoint.

 

		1.18	“Plan Year” means each twelve (12) month period commencing on July 1 and
                                                             ending on June 30 of each year. The initial Plan Year shall commence on the Effective Date of this Agreement and end on the
                                                             following June 30.

 

		1.19	“Separation from Service” means termination of the Executive’s employment
with the Bank for reasons other than death or Disability. Whether a Separation from Service has occurred is determined in accordance
with the requirements of Code Section 409A based on whether the facts and circumstances indicate that the Bank and Executive reasonably
anticipated that no further services would be performed after a certain date or that the level of bona fide services the Executive
would perform after such date (whether as an employee or as an independent contractor) would permanently decrease to no more than
twenty percent (20%) of the average level of bona fide services performed (whether as an employee or an independent contractor)
over the immediately preceding thirty-six (36) month period (or the full period of services to the Bank if the Executive has been
providing services to the Bank less than thirty-six (36) months).

 

		1.20	“Specified Employee” means an employee who at the time of Separation from Service
is a key employee of the Bank, if any stock of the Bank is publicly traded on an established securities market or otherwise. For
purposes of this Agreement, an employee is a key employee if the employee meets the requirements of Code Section 416(i)(1)(A)(i),
(ii), or (iii) (applied in accordance with the regulations thereunder and disregarding section 416(i)(5)) at any time during the
twelve (12) month period ending on December 31 (the “identification period”). If the employee is a key employee during
an identification period, the employee is treated as a key employee for purposes of this Agreement during the twelve (12) month
period that begins on the first day of April following the close of the identification period.

 

		1.21	“Termination for Cause” means a Separation from Service due to:

 

		(a)	personal dishonesty;

		(b)	incompetence;

		(c)	willful misconduct;

		(d)	breach of fiduciary duty involving personal profit;

		(e)	material breach of the B ank ‘ s Code of Ethics;

		(f)	intentional failure to perform stated duties;

		(g)	willful violation of any law, rule or regulation (otherthantrafficviolationsor
similar offenses), any felony conviction, any violation of lawinvolving moral turpitude, or any violation of a final cease-and-desist
order; or

		(h)	material breach by Executive of any provision of this Agreement.

 

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Notwithstanding
the foregoing, the Executive’s Termination for Cause will not become effective unless the Bank has delivered to the Executive
a copy of a resolution duly adopted by the affirmative vote of a majority of the independent directors of the Board, at a meeting
of the Board called and held for the purpose of finding that, in the good faith opinion of the Board (after reasonable notice to
the Executive and an opportunity for the Executive to be heard before the Board), the Executive was guilty of the conduct described
above and specifying the particulars of such conduct.

 

		1.22	“Unforeseeable Emergency” means a severe financial hardship to the Executive
resulting from an illness or accident of the Executive, the Executive’s spouse, the Beneficiary, or the Executive’s
dependent (as defined in Section 152(a) of the Code), loss of the Executive’s property due to casualty, or other similar
extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Executive.

 

		1.23	“Years of Participation” means for the first Year of Participation, the period
beginning on the Effective Date of this Agreement and ending on June 30, 2010. For each subsequent Year of Participation, this
term shall mean a consecutive twelve (12) month period beginning on July 1 and ending on June 30 during the entirety of which time
the Executive is a participant in this Agreement.

 

Article
2

Deferral
Election

 

		2.1	Elections Generally. The Executive may annually file a Base Salary Deferral Election Form
with the Plan Administrator no later than the end of the Plan Year preceding the Plan Year in which services leading to such Base
Salary will be performed.

 

		2.2	Initial Election. After being notified by the Plan Administrator of becoming eligible to
participate in this Agreement, the Executive may make an initial deferral election by delivering to the Plan Administrator a signed
Deferral Election Form and Beneficiary Designation Form within thirty (30) days of becoming eligible. The Deferral Election Form
shall set forth the amount of Base Salary to be deferred. However, if the Executive was eligible to participate in any other account
balance plans sponsored by the Bank (as referenced in Code Section 409A) prior to becoming eligible to participate in this Agreement,
the initial election to defer Base Salary under this Agreement shall not be effective until the Plan Year following the Plan Year
in which the Executive became eligible to participate in this Agreement.

 

		2.3	Election Changes. The Executive may modify the amount of Base Salary to be deferred annually
by filing a new Deferral Election Form with the Bank. The modified deferral shall not be effective until the calendar year following
the year in which the subsequent Deferral Election Form is received by the Bank.

 

		2.4	Hardship. If an Unforeseeable Emergency occurs, the Executive, by written instructions to
the Bank, may discontinue deferrals hereunder. Any subsequent Deferral Elections may be made only in accordance with Section 2.1
hereof.

 

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Article
3

Bank
Contribution and Deferral Account

 

		3.1	Bank Contribution. The Bank, at its discretion may annually contribute to the Deferral Account
an amount determined in accordance with the criteria set forth on Exhibit A. Exhibit A may be amended, from time to time, by the
Bank without the consent of the Executive.

 

		3.2	Establishing and Crediting. The Bank shall establish a Deferral Account on its books for
the Executive and shall credit to the Deferral Account the following amounts:

		(a)	The Bank Contribution;

		(b)	Any Deferrals hereunder; and

		(c)	Interest as follows:

		(i)	On the last day of each month and immediately prior to the distribution of any benefits, but only
until commencement of benefit distributions under this Agreement, interest shall be credited on the Deferral Account at an annual
rate equal to the Crediting Rate, compounded monthly; and

		(ii)	On the last day of each month during any applicable installment period, interest shall be credited
on the unpaid Deferral Account balance at an annual rate equal to the Crediting Rate, compounded monthly. Prior to any event causing
distributions hereunder, the Board, in its sole discretion, may change the rate used to calculate interest in this Section 3.2(c)(ii).

 

		3.3	Accounting Device Only. The Deferral Account is solely a device for measuring amounts to
be paid under this Agreement and is not a trust fund of any kind.

 

Article
4

Distributions
During Lifetime

 

		4.1	Normal Retirement Benefit. Upon the Normal Retirement Date, the Bank shall distribute to
the Executive the benefit described in this Section 4.1 in lieu of any other benefit under this Article.

 

		4.1.1	Amount of Benefit. The benefit under this Section 4.1 is the Deferral Account balance at the
Normal Retirement Date.

 

		4.1.2	Distribution of Benefit. The Bank shall distribute the benefit to the Executive in
                                                                 one                                                                  hundred  twenty (120) monthly installments commencing on
                                                                 the first day of the month following Normal Retirement Date. If there is
                                                                 more than one monthly installment, the monthly installments shall be equal to the extent possible.

 

		4.2	Early Retirement Benefit. If Early Retirement occurs, the Bank shall distribute to the Executive
the benefit described in this Section 4.2 in lieu of any other benefit under this Article.

 

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		4.2.1	Amount of Benefit. The benefit under this Section 4.2 is the Deferral Account balance determined
as of the date of Separation from Service and adjusted by the vesting schedule set forth in Section 4.2.2.

 

		4.2.2	Vesting Schedule. The Executive shall at all times
be one hundred percent (100%) vested in any Deferrals. The Executive shall vest in the Bank Contribution and any Interest based
upon the Executive’s Years of Participation completed prior to Separation from Service as follows:

 

	 	 	 
	Years of	 	Percentage
	Participation	 	 	Vested
	1	 	 	10%
	2	 	 	20%
	3	 	 	35%
	4	 	 	50%
	5	 	 	65%
	6	 	 	80%
	7	 	 	100%

  

		4.2.3	Distribution of Benefit. The Bank shall distribute the benefit to the Executive in one hundred
twenty (120) monthly installments commencing on the first day of the month following Separation from Service. If there is more
than one monthly installment, the monthly installments shall be equal to the extent possible.

 

		4.3	Disability Benefit. If the Executive experiences a Disability prior to the Normal Retirement
Age, the Bank shall distribute to the Executive the benefit described in this Section 4.3 in lieu of any other benefit under this
Article.

 

		4.3.1	Amount of Benefit. The benefit under this Section 4.3 is the Deferral Account balance determined
as of the date of Disability.

 

		4.3.2	Distribution of Benefit. The Bank shall distribute the benefit to the Executive in one hundred
twenty (120) monthly installments commencing on the first day of the month following Disability. If there is more than one
monthly installment, the monthly installments shall be equal to the extent possible.

 

		4.4	Change in Control Benefit. If a Change in Control occurs, followed within twenty-four (24)
months by Separation from Service, provided, however, that such Separation from Service is prior to the Normal Retirement Age,
the Bank shall distribute to the Executive the benefit described in this Section 4.4 in lieu of any other benefit under this Article.

 

		4.4.1	Amount of Benefit. The benefit under this Section 4.4 is the Deferral Account balance determined
as of the date of Separation from Service.

 

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		4.4.2	Distribution of Benefit. The Bank shall distribute the benefit to the Executive in a lump
sum within thirty (30) days following Separation from Service.

 

		4.5	Change in Control during Distribution of Benefits. If a Change in Control occurs during
the period in which the Executive is receiving installment payments pursuant to this Article 4 or Article 5 below, then within
thirty (30) days after such Change in Control, the Bank shall pay the remaining Deferral Account balance determined as of the date
of the Change in Control to the Executive in a lump sum in lieu of any other installment payments.

 

		4.6	Restriction on Commencement of Distributions. Notwithstanding any provision of this Agreement
to the contrary, if the Executive is considered a Specified Employee, the provisions of this Section 4.6 shall govern all distributions
hereunder. If benefit distributions which would otherwise be made to the Executive due to Separation from Service are limited because
the Executive is a Specified Employee, then such distributions shall not be made during the first six (6) months following Separation
from Service. Rather, any distribution which would otherwise be paid to the Executive during such period shall be accumulated and
paid to the Executive in a lump sum on the first day of the seventh month following Separation from Service. All subsequent distributions
shall be paid in the manner specified.

 

		4.7	Distributions Upon Taxation of Amounts Deferred. If, pursuant to Code Section 409A, the
Federal Insurance Contributions Act or other state, local or foreign tax, the Executive becomes subject to tax on the amounts deferred
hereunder, then the Bank may make a limited distribution to the Executive in a manner that conforms to the requirements of Code
section 409A. Any such distribution will decrease the Deferral Account balance.

 

		4.8	Change in Form or Timing of Distributions. For distribution of benefits under this Article
4, the Executive and the Bank may, subject to the terms of Section 10.1, amend this Agreement to delay the timing or change the
form of distributions. Any such amendment:

 

		(a)	may not accelerate the time or schedule of any distribution, except as provided in Code Section
409A;

 

		(b)	must, for benefits distributable under Sections 4.1, 4.2 and 4.4, 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

 

		(c)	must take effect not less than twelve (12) months after the amendment is made.

 

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Article
5

Distributions
at Death

 

		5.1	Death During Active Service. If the Executive dies prior to Separation from Service,
                                                            the Bank
shall distribute to the Beneficiary the benefit described in this Section 5.1. This benefit shall be distributed in lieu of any
benefit under Article 4.

 

		5.1.1	Amount of Benefit. The benefit under this Section 5.1 is the Deferral Account balance determined
as of the date of the Executive’s death.

 

		5.1.2	Distribution of Benefit. The Bank shall distribute the benefit to the Beneficiary in One
hundred twenty (120) monthly installments commencing on the first day of the fourth month following the Executive’s death.
If there is more than one monthly installment, the monthly installments shall be equal to the extent possible. The Beneficiary
shall be required to provide to the Bank the Executive’s death certificate.

 

		5.2	Death During Distribution of a Benefit. If the Executive dies after any benefit distributions
have commenced under this Agreement but before receiving all such distributions, the Bank shall distribute to the Beneficiary the
remaining benefits at the same time and in the same amounts they would have been distributed to the Executive had the Executive
survived.

 

		5.3	Death After Separation from Service But Before Benefit Distributions Commence. If the Executive
is entitled to benefit distributions under this Agreement but dies prior to the date that commencement of said benefit distributions
are scheduled to be made under this Agreement, the Bank shall distribute to the Beneficiary the same benefits to which the Executive
was entitled prior to death, except that the benefit distributions shall be paid in the manner specified in Section 5.1.2 and shall
commence on the first day of the fourth month following the Executive’s death.

 

Article
6

Beneficiaries

 

		6.1	In General. The Executive shall have the right, at any time, to designate a Beneficiary
to receive any benefit distributions under this Agreement upon the death of the Executive. The Beneficiary designated under this
Agreement may be the same as or different from the beneficiary designated under any other plan of the Bank in which the Executive
participates.

 

		6.2	Designation. The Executive shall designate a Beneficiary by completing and signing the Beneficiary
Designation Form and delivering it to the Plan Administrator or its designated agent. If the Executive names someone other than
the Executive’s spouse as a Beneficiary, the Plan Administrator may, in its sole discretion, determine that spousal consent
is required to be provided in a form designated by the Plan Administrator, executed by the Executive’s spouse and returned
to the Plan Administrator. The Executive’s beneficiary designation shall be deemed automatically revoked if the Beneficiary
predeceases the Executive or if the Executive names a spouse as Beneficiary and the marriage is subsequently dissolved. The Executive
shall have the right to change a Beneficiary by completing, signing and otherwise complying with the terms of the Beneficiary Designation
Form and the Plan Administrator’s rules and procedures. Upon the acceptance by the Plan Administrator of a new Beneficiary
Designation Form, all Beneficiary designations previously filed shall be cancelled. The Plan Administrator shall be entitled to
rely on the last Beneficiary Designation Form filed by the Executive and accepted by the Plan Administrator prior to the Executive’s
death.

 

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		6.3	Acknowledgment. No designation or change in designation of a Beneficiary shall be effective
until received, accepted and acknowledged in writing by the Plan Administrator or its designated agent.

 

		6.4	No Beneficiary Designation. If the Executive dies without a valid Beneficiary designation,
or if all designated Beneficiaries predecease the Executive, then the Executive’s spouse shall be the designated Beneficiary.
If the Executive has no surviving spouse, any benefit shall be paid to the personal representative of the Executive’s estate.

 

		6.5	Facility of Distribution. If the Plan Administrator determines in its discretion that a
benefit is to be distributed to a minor, to a person declared incompetent or to a person incapable of handling the disposition
of that person’s property, the Plan Administrator may direct distribution of such benefit to the guardian, legal representative
or person having the care or custody of such minor, incompetent person or incapable person. The Plan Administrator may require
proof of incompetence, minority or guardianship as it may deem appropriate prior to distribution of the benefit. Any distribution
of a benefit shall be a distribution for the account of the Executive and the Beneficiary, as the case may be, and shall completely
discharge any liability under this Agreement for such distribution amount.

 

Article
7

General
Limitations

 

		7.1	Termination for Cause. Notwithstanding any provision of this Agreement to the contrary,
the Bank shall not distribute any benefit under this Agreement in excess of the Deferrals if the Executive’s employment with
the Bank is terminated by the Bank or an applicable regulator due to a Termination for Cause.

 

		7.2	Suicide or Misstatement. No benefit in excess of the Deferrals shall be distributed if the
Executive commits suicide within two (2) years after the Effective Date, or if an insurance company which issued a life insurance
policy covering the Executive and owned by the Bank denies coverage (i) for material misstatements of fact made by the Executive
on an application for such life insurance, or (ii) for any other reason; provided, however that the Bank shall evaluate the reason
for the denial, and upon advice of legal counsel and in its sole discretion, consider judicially challenging any denial.

 

		7.3	Removal. Notwithstanding any provision of this Agreement to the contrary, the Bank shall
not distribute any benefit under this Agreement in excess of Deferrals if the Executive is subject to a final removal or prohibition
order issued by an appropriate federal banking agency pursuant to Section 8(e) of the Federal Deposit Insurance Act. Notwithstanding
anything herein to the contrary, any payments made to the Executive pursuant to this Agreement, or otherwise, shall be subject
to and conditioned upon compliance with 12 U.S.C. 1828 and FDIC Regulation 12 CFR Part 359, Golden Parachute Indemnification Payments
and any other regulations or guidance promulgated thereunder.

 

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Article
8

Administration
of Agreement

 

		8.1	Plan Administrator Duties. The Plan Administrator shall administer this Agreement according
to its express terms and shall also have the discretion and authority to (i) make, amend, interpret and enforce all appropriate
rules and regulations for the administration of this Agreement and (ii) decide or resolve any and all questions, including interpretations
of this Agreement, as may arise in connection with this Agreement to the extent the exercise of such discretion and authority does
not conflict with Code Section 409A.

 

		8.2	Agents. In the administration of this Agreement, the Plan Administrator may employ agents
and delegate to them such administrative duties as the Plan Administrator sees fit, including acting through a duly appointed representative,
and may from time to time consult with counsel who may be counsel to the Bank.

 

		8.3	Binding Effect of Decisions. Any decision or action of the Plan Administrator with respect
to any question arising out of or in connection with the administration, interpretation or application of this Agreement and the
rules and regulations promulgated hereunder shall be final and conclusive and binding upon all persons having any interest in this
Agreement.

 

		8.4	Indemnity of Plan Administrator. The Bank shall
indemnify and hold harmless the Plan Administrator against any and all claims, losses, damages, expenses or liabilities arising
from any action or failure to act with respect to this Agreement, except in the case of willful misconduct by the Plan Administrator.

 

		8.5	Bank Information. To enable the Plan Administrator to perform its functions, the Bank shall
supply full and timely information to the Plan Administrator on all matters relating to the date and circumstances of the Executive’s
death, Disability or Separation from Service, and such other pertinent information as the Plan Administrator may reasonably require.

 

		8.6	Annual Statement. The Plan Administrator shall provide to the Executive, within one hundred
twenty (120) days after the end of each Plan Year, a statement setting forth the benefits to be distributed under this Agreement.

 

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Article
9

Claims
and Review Procedures

 

		9.1	Claims Procedure. An Executive or Beneficiary (“claimant”) who has not received
benefits under this Agreement that he or she believes should be distributed shall make a claim for such benefits as follows:

 

		9.1.1	Initiation – Written Claim. The claimant initiates a claim by submitting to the Plan
Administrator a written claim for the benefits. If such a claim relates to the contents of a notice received by the claimant, the
claim must be made within sixty (60) days after such notice was received by the claimant. All other claims must be made within
one hundred eighty (180) days of the date on which the event that caused the claim to arise occurred. The claim must state with
particularity the determination desired by the claimant.

 

		9.1.2	Timing of Plan Administrator
                                         Response. The Plan Administrator shall respond to such claimant within ninety (90)
                                         days after receiving the claim. If the Plan Administrator determines that special circumstances
                                         require additional time for processing the claim, the Plan Administrator can extend the
                                         response period by an additional ninety (90) days by notifying the claimant in writing,
                                         prior to the end of the initial ninety (90) day period, that an additional period is
                                         required. The notice of extension must set forth the special circumstances and the date
                                         by which the Plan Administrator expects to render its decision.

 

		9.1.3	Notice of Decision. If the Plan Administrator denies part or all of the claim, the Plan
Administrator shall notify the claimant in writing of such denial. The Plan Administrator shall write the notification in a manner
calculated to be understood by the claimant. The notification shall set forth:

 

		(a)	The specific reasons for the denial;

		(b)	A reference to the specific provisions of this Agreement on which the denial is based;

		(c)	A description of any additional information or material necessary for the claimant to perfect the
claim and an explanation of why it is needed;

		(d)	An explanation of this Agreement’s review procedures and the time limits applicable to such
procedures; and

		(e)	A statement of the claimant’s right to bring a civil action under ERISA Section 502(a) following
an adverse benefit determination on review.

 

		9.2	Review Procedure. If the Plan Administrator denies part or all of the claim, the claimant
shall have the opportunity for a full and fair review by the Plan Administrator of the denial as follows:

 

		9.2.1	Initiation – Written Request. To initiate the review, the claimant, within sixty (60)
days after receiving the Plan Administrator’s notice of denial, must file with the Plan Administrator a written request for
review.

 

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		9.2.2	Additional Submissions – Information Access. The claimant shall then have the opportunity
to submit written comments, documents, records and other information relating to the claim. The Plan Administrator shall also provide
the claimant, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information
relevant (as defined in applicable ERISA regulations) to the claimant’s claim for benefits.

 

		9.2.3	Considerations on Review. In considering the review, the Plan Administrator shall take into
account all materials and information the claimant submits relating to the claim, without regard to whether such information was
submitted or considered in the initial benefit determination.

 

		9.2.4	Timing of Plan Administrator Response. The Plan Administrator shall respond in writing to
such claimant within sixty (60) days after receiving the request for review. If the Plan Administrator determines that special
circumstances require additional time for processing the claim, the Plan Administrator can extend the response period by an additional
sixty (60) days by notifying the claimant in writing, prior to the end of the initial sixty (60) day period, that an additional
period is required. The notice of extension must set forth the special circumstances and the date by which the Plan Administrator
expects to render its decision.

 

		9.2.5	Notice of Decision. The Plan Administrator shall notify the claimant in writing of its decision
on review. The Plan Administrator shall write the notification in a manner calculated to be understood by the claimant. A notification
of denial shall set forth:

 

		(a)	The specific reasons for the denial;

		(b)	A reference to the specific provisions of this Agreement on which the denial is based;

		(c)	Astatement that the claimant is entitled to receive,
upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant (as
defined in applicable ERISA regulations) to the claimant’s claim for benefits; and

		(d)	A statement of the claimant’s right to bring a
civil actionunder ERISA Section 502(a).

 

Article
10

Amendments
and Termination

 

		10.1	Amendments. This Agreement may be amended only by a written agreement signed by the Bank
and the Executive. However, the Bank may unilaterally amend this Agreement to conform with written directives to the Bank from
its auditors or banking regulators or to comply with legislative changes or tax law, including without limitation Code Section
409A.

 

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		10.2	Plan Termination Generally. This Agreement may be terminated only by a written agreement
signed by the Bank and the Executive. Except as provided in Section 10.3, the termination of this Agreement shall not cause a distribution
of benefits under this Agreement. Rather, upon such termination benefit distributions will be made at the earliest distribution
event permitted under Article 4 or Article 5.

 

		10.3	Plan Terminations Under Section 409A. Notwithstanding anything to the contrary in Section
10.2, if the Bank terminates this Agreement in the following circumstances:

 

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

		(b)	Upon the Bank’s dissolution or with the approval of a bankruptcy court provided that the
amounts deferred under this Agreement are included in the Executive’s gross income in the latest of (i) the calendar year
in which this Agreement terminates; (ii) the 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)	Upon the Bank’s termination of this and all other arrangements that would be aggregated with
this Agreement pursuant to Treasury Regulations Section 1.409A-1(c)
if the Executive participated in such arrangements (“Similar Arrangements”), provided that (i) the termination and
liquidation does not occur proximate to a downturn in the financial health of the Bank, (ii) all termination 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 arrangement that would be a Similar Arrangement for a minimum of three (3) years following the date the
Bank takes all necessary action to irrevocably terminate and liquidate the Agreement;

 

the
Bank may distribute the Deferral Account balance, determined as of the date of the termination of this Agreement, to the Executive
in a lump sum subject to the above terms.

 

Article
11

Miscellaneous

 

		11.1	Binding Effect. This Agreement shall bind the Executive and the Bank and their beneficiaries,
survivors, executors, administrators and transferees.

 

		11.2	No Guarantee of Employment. This Agreement is not a contract for employment. It does not
give the Executive the right to remain as an employee of the Bank nor interfere with the Bank’s right to discharge the Executive.
It does not require the Executive to remain an employee nor interfere with the Executive’s right to terminate employment
at any time.

 

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		11.3	Non-Transferability. Benefits under this Agreement cannot be sold, transferred, assigned,
pledged, attached or encumbered in any manner.

 

		11.4	Tax Withholding and Reporting. The Bank shall withhold any taxes that are required to be
withheld, including but not limited to taxes owed under Code Section 409A from the benefits provided under this Agreement. The
Executive acknowledges that the Bank’s sole liability regarding taxes is to forward any amounts withheld to the appropriate
taxing authorities. The Bank shall satisfy all applicable reporting requirements, including those under Code Section 409A.

 

		11.5	Applicable Law. This Agreement and all rights hereunder shall be governed by the laws of
the State of New Mexico, except to the extent preempted by the laws of the United States of America.

 

		11.6	Unfunded Arrangement. The Executive and the Beneficiary are general unsecured creditors
of the Bank for the distribution of benefits under this Agreement. The benefits represent the mere promise by the Bank to distribute
such benefits. The rights to benefits are not subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge,
encumbrance, attachment or garnishment by creditors. Any insurance on the Executive’s life or other informal funding asset
is a general asset of the Bank to which the Executive and Beneficiary have no preferred or secured claim.

 

		11.7	Reorganization. The Bank shall not merge or consolidate into or with another bank, or reorganize,
or sell substantially all of its assets to another bank, firm or person unless such succeeding or continuing bank, firm or person
agrees to assume and discharge the obligations of the Bank under this Agreement. Upon the occurrence of such an event, the term
“Bank” as used in this Agreement shall be deemed to refer to the successor or survivor entity.

 

		11.8	Entire Agreement. This Agreement constitutes the entire agreement between the Bank and the
Executive as to the subject matter hereof. No rights are granted to the Executive by virtue of this Agreement other than those
specifically set forth herein.

 

		11.9	Interpretation. Wherever the fulfillment of the intent and purpose of this Agreement requires
and the context will permit, the use of the masculine gender includes the feminine and use of the singular includes the plural

 

		11.10	Alternative Action. In the event it shall become impossible for the Bank or the Plan Administrator
to perform any act required by this Agreement due to regulatory or other constraints, the Bank or Plan Administrator may perform
such alternative act as most nearly carries out the intent and purpose of this Agreement and is in the best interests of the Bank,
provided that such alternative act does not violate Code Section 409A.

 

		11.11	Headings. Article and section headings are for convenient reference only and shall not control
or affect the meaning or construction of any provision herein.

 

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		11.12	Validity. If any provision of this Agreement shall be illegal or invalid for any reason,
said illegality or invalidity shall not affect the remaining parts hereof, but this Agreement shall be construed and enforced as
if such illegal or invalid provision had never been included herein.

 

		11.13	Notice. Any notice or filing required or permitted to be given to the Bank or Plan Administrator
under this Agreement shall be sufficient if in writing and hand-delivered or sent by registered or certified mail to the address
below:

 

	 	BANK’34	 
	 	C/O __________________	 
	 	500 10th STREET	 
	 	ALAMOGORDO, NM 88310	 

 

Such
notice shall be deemed given as of the date of delivery or, if delivery is made by mail, as of the date shown on the postmark on
the receipt for registration or certification.

 

Any
notice or filing required or permitted to be given to the Executive under this Agreement shall be sufficient if in writing and
hand-delivered or sent by mail to the last known address of the Executive.

 

		11.14	Deduction Limitation on Benefit Payments. If the Bank reasonably anticipates that the Bank’s
deduction with respect to any distribution under this Agreement would be limited or eliminated by application of Code Section 162(m),
then to the extent deemed necessary by the Bank to ensure that the entire amount of any distribution from this Agreement is deductible,
the Bank may delay payment of any amount that would otherwise be distributed under this Agreement. The delayed amounts shall be
distributed to the Executive (or the Beneficiary in the event of the Executive’s death) at the earliest date the Bank reasonably
anticipates that the deduction of the payment of the amount will not be limited or eliminated by application of Code Section 162(m).

 

		11.15	Compliance with Section 409A. This Agreement shall be interpreted and administered consistent
with Code Section 409A.

 

IN
WITNESS WHEREOF, the Executive and a duly authorized representative of the Bank have signed this Agreement.

 

	EXECUTIVE:	BANK:
	 	 
	/s/ Jill Gutierrez	 	By:	/s/ Karlon Cox
	JILL GUTIERREZ	Title: 	President & CEO

 

    	15

    	 

    

 

BANK’34

Deferred Compensation
Agreement

Beneficiary
Designation Form

 

 

{
}       New Designation

{
}       Change in Designation

 

I,
JILL GUTIERREZ, designate the following as Beneficiary under the Plan:

 

	Primary:	 	 	 	 
	Stephen
    G. Gutierrez	 	 	100	%
	 	 	 	__	%
	Contingent:	 	 	 	 
	Estate of	 	 	__	%
	Janet Jill Gutierrez	 	 	100	%

 

Notes:

 

		·	Please
                                         PRINT CLEARLY or TYPE the names of the beneficiaries.

		·	To
                                         name a trust as Beneficiary, please provide the name of the trustee(s) and the exact
                                         name and date of the trust agreement.

		·	To
                                         name your estate as Beneficiary, please write “Estate of [your name]”.

		·	Be
                                         aware that none of the contingent beneficiaries will receive anything unless ALL of the
                                         primary beneficiaries predecease you.

 

I
understand that I may change these beneficiary designations by delivering a new written designation to the Plan Administrator,
which shall be effective only upon receipt and acknowledgment by the Plan Administrator prior to my death. I further understand
that the designations will be automatically revoked if the Beneficiary predeceases me, or, if I have named my spouse as Beneficiary
and our marriage is subsequently dissolved.

 

	Name:	JILL GUTIERREZ	 	 
	 	 	 	 
	Signature:	/s/ Jill
    Gutierrez	 	Date: _____________________

 

SPOUSAL
CONSENT (Not required in all States. Please review with your legal counsel)

 

I,
________________________________(Spouse’s Name), consent to the Beneficiary designation above, and acknowledge that if I
am named Beneficiary and our marriage is subsequently dissolved as set forth in Article 6, the designation will be automatically
revoked.

 

	Signature:	 	 	Date: __________________________

 

Received
by the Plan Administrator this 5th day of March, 2010

 

	By:	/s/
    Karlon Cox	 
	 	 	 
	Title:	President
    & CEO	 

 

    	1

    	 

    

 

BANK’34

Deferred Compensation Agreement Exhibit A

 

 

EXHIBIT A

 

Per Section 3.1 of the Deferred
Compensation Agreement, the bank, at its discretion, may annually contribute to the Deferral Account an amount in accordance with
the criteria set forth on Exhibit A.

 

Each Plan Year, the Return on Assets (ROA) and the Return on
Equity (ROE) shall determine the Incentive Award Percentage, in accordance with the following grid. The Incentive Award is calculated
by multiplying the Base Salary by the Incentive Award Percentage. The Incentive Award shall be awarded as of the last day of the
Plan Year to which the Incentive Award relates.

 

	INCENTIVE AWARD PERCENTAGE
	ROA is at Least:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	1.50%	 	 	15	%	 	 	16	%	 	 	17	%	 	 	18	%	 	 	19	%	 	 	20	%
	1.35%	 	 	14	%	 	 	15	%	 	 	16	%	 	 	17	%	 	 	18	%	 	 	19	%
	1.20%	 	 	13	%	 	 	14	%	 	 	15	%	 	 	16	%	 	 	17	%	 	 	18	%
	1.05%	 	 	12	%	 	 	13	%	 	 	14	%	 	 	15	%	 	 	16	%	 	 	17	%
	.90%	 	 	11	%	 	 	12	%	 	 	13	%	 	 	14	%	 	 	15	%	 	 	16	%
	.75%	 	 	10	%	 	 	11	%	 	 	12	%	 	 	13	%	 	 	14	%	 	 	15	%
	ROE is at Least:	 	 	2.00	%	 	 	3.00	%	 	 	4.00	%	 	 	5.00	%	 	 	6.00	%	 	 	7.00	%

 

Return on Assets (ROA) means
the Bank’s net income at the end of the Plan Year, adjusted for Extraordinary Items, divided by the Bank’s average
assets for the Plan Year.

 

Return on Equity (ROE) means
the Bank’s net income at the end of the Plan Year, adjusted for Extraordinary Items, divided by the Bank’s average
equity for the Plan Year.

 

Extraordinary Items are those
items recognized by Generally Accepted Accounting Principles as extraordinary that substantially affect shareholder equity and/or
the Bank’s assets. Examples of such items are stock redemptions, mergers, acquisitions, stock splits, and other items of
that nature.

 

The above chart is subject to change at the sole discretion
of the Board.

 

	Executive Name: Jill Gutierrez
	 
	Signature:	/s/ Jill Gutierrez
	Date:	3-5-10

 

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BANK’34

Deferred Compensation Agreement

Deferral Election Form –
Base Salary

 

 

Base Salary Deferral Election

 

	Amount of Deferral	 	Duration
	 	 	 
	[Initial and Complete One]	 	[Initial and Complete One]
	 	 	 
	____	I elect to defer ____% of my Base Salary (amount not to exceed ____%). 	 	JG  	For 1 year(s)
	 	 	 	 	 
	JG     	I elect to defer $6000.00 of my Base Salary (amount not to exceed $_______). 	 	___    	For all future Plan Years
	 	 	 	 	 
	____	I elect not to defer any of my Base Salary. 	 	 	 

 

	Printed Name:  	JILL GUTIERREZ 	 
	 	 	 
	Signature:	/s/ Jill Gutierrez	 
	 	 	 
	Date:	3-5-2010	 

 

Received by the Plan Administrator this 5th day of
March, 2010

 

	By:	/s/ Karlon Cox	 
	 	 	 
	Title:	President & CEO	 

 

    	1

    

 

BANK’34

Deferred
Compensation Agreement

 

 

BANK’34

DEFERRED
COMPENSATION AGREEMENT

 

This
DEFERRED COMPENSATION AGREEMENT (this “Agreement”) is entered into this 1st day of February, 2010,
by and between BANK’34, a federally-chartered savings and loan located in Alamogordo, New Mexico (the “Bank”),
and JILL GUTIERREZ (the “Executive”).

 

The
purpose of this Agreement is to provide specified benefits to the Executive, a member of a select group of management or highly
compensated employees who contribute materially to the continued growth, development and future business success of the Bank. This
Agreement shall be unfunded for tax purposes and for purposes of Title I of the Employee Retirement Income Security Act of 1974
(“ERISA”), as amended from time to time.

 

Article
1

Definitions

 

Whenever
used in this Agreement, the following words and phrases shall have the meanings specified:

 

		1.1	“Bank Contribution” means the contribution to the Deferral Account, if any,
as set forth in Section 3.1.

 

		1.2	“Base Salary” means the annual cash compensation relating to services performed
during any calendar year, excluding distributions from nonqualified deferred compensation plans, bonuses, commissions, overtime,
fringe benefits, stock options, relocation expenses, incentive payments, non-monetary awards, and other fees, and automobile and
other allowances paid to the Executive for employment rendered (whether or not such allowances are included in the Executive’s
gross income). Base Salary shall be calculated before reduction for compensation voluntarily deferred or contributed by the Executive
pursuant to all qualified or non-qualified plans of the Bank and shall be calculated to include amounts not otherwise included
in the Executive’s gross income under Code Sections 125, 402(e)(3), 402(h), or 403(b) pursuant to plans established by the
Bank; provided, however, that all such amounts will be included in compensation only to the extent that had there been no such
plan, the amount would have been payable in cash to the Executive.

 

		1.3	“Beneficiary” means each designated person or entity, or the estate of the deceased
Executive, entitled to any benefits upon the death of the Executive.

 

		1.4	“Beneficiary Designation Form” means the form established from time to time
by the Plan Administrator that the Executive completes, signs and returns to the Plan Administrator to designate one or more beneficiaries.

 

		1.5	“Board” means the Board of Directors of the Bank as from time to time constituted.

 

    	1

    	 

    

 

BANK’34

Deferred
Compensation Agreement

 

 

		1.6	“Change in Control” means 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 Code Section 409A
and regulations thereunder.

 

		1.7	“Code” means the Internal Revenue Code of 1986, as amended, and all regulations
and guidance thereunder, including such regulations and guidance as may be promulgated after the Effective Date of this Agreement.

 

		1.8	“Crediting Rate” means the greater of the (i) Wall Street Journal prime
rate on the first business day of the Plan Year or (ii) five percent (5%).

 

		1.9	“Deferrals” means the amount of Base
Salary the Executive elects to defer according to this Agreement.

 

		1.10	“Deferral Account” means the Bank’s accounting of the accumulated Deferrals,
plus Bank Contributions, plus accrued interest.

 

		1.11	“Deferral Election Form” means each form established from time to time by the
Plan Administrator that the Executive completes, signs and returns to the Plan Administrator to designate the amount of Deferrals.

 

		1.12	“Disability” means the Executive: (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 insurance program complies with the requirements
of the preceding sentence. Upon the request of the Plan Administrator, the Executive must submit proof to the Plan Administrator
of the Social Security Administration’s or the provider’s determination.

 

		1.13	“Early Retirement” means a Separation from Service occurring before Normal Retirement
Age, except a Separation from Service occurs (i) within twenty-four (24) months following a Change in Control or (ii) due to death,
Disability, or Termination for Cause.

 

		1.14	“Effective Date” means February 1, 2010.

 

		1.15	‘‘Normal Retirement Age” means age sixty-six (66).

 

		1.16	“Normal Retirement Date” means the later of the Normal Retirement Age or Separation
from Service.

 

    	2

    	 

    

 

BANK’34

Deferred
Compensation Agreement

 

 

		1.17	“Plan Administrator” means the Board or such committee or person as the Board
shall appoint.

 

		1.18	“Plan Year” means each twelve (12) month period commencing on July 1 and
                                                             ending on June 30 of each year. The initial Plan Year shall commence on the Effective Date of this Agreement and end on the
                                                             following June 30.

 

		1.19	“Separation from Service” means termination of the Executive’s employment
with the Bank for reasons other than death or Disability. Whether a Separation from Service has occurred is determined in accordance
with the requirements of Code Section 409A based on whether the facts and circumstances indicate that the Bank and Executive reasonably
anticipated that no further services would be performed after a certain date or that the level of bona fide services the Executive
would perform after such date (whether as an employee or as an independent contractor) would permanently decrease to no more than
twenty percent (20%) of the average level of bona fide services performed (whether as an employee or an independent contractor)
over the immediately preceding thirty-six (36) month period (or the full period of services to the Bank if the Executive has been
providing services to the Bank less than thirty-six (36) months).

 

		1.20	“Specified Employee” means an employee who at the time of Separation from Service
is a key employee of the Bank, if any stock of the Bank is publicly traded on an established securities market or otherwise. For
purposes of this Agreement, an employee is a key employee if the employee meets the requirements of Code Section 416(i)(1)(A)(i),
(ii), or (iii) (applied in accordance with the regulations thereunder and disregarding section 416(i)(5)) at any time during the
twelve (12) month period ending on December 31 (the “identification period”). If the employee is a key employee during
an identification period, the employee is treated as a key employee for purposes of this Agreement during the twelve (12) month
period that begins on the first day of April following the close of the identification period.

 

		1.21	“Termination for Cause” means a Separation from Service due to:

 

		(a)	personal dishonesty;

		(b)	incompetence;

		(c)	willful misconduct;

		(d)	breach of fiduciary duty involving personal profit;

		(e)	material breach of the B ank ‘ s Code of Ethics;

		(f)	intentional failure to perform stated duties;

		(g)	willful violation of any law, rule or regulation (otherthantrafficviolationsor
similar offenses), any felony conviction, any violation of lawinvolving moral turpitude, or any violation of a final cease-and-desist
order; or

		(h)	material breach by Executive of any provision of this Agreement.

 

    	3

    	 

    

 

BANK’34

Deferred
Compensation Agreement

 

 

Notwithstanding
the foregoing, the Executive’s Termination for Cause will not become effective unless the Bank has delivered to the Executive
a copy of a resolution duly adopted by the affirmative vote of a majority of the independent directors of the Board, at a meeting
of the Board called and held for the purpose of finding that, in the good faith opinion of the Board (after reasonable notice to
the Executive and an opportunity for the Executive to be heard before the Board), the Executive was guilty of the conduct described
above and specifying the particulars of such conduct.

 

		1.22	“Unforeseeable Emergency” means a severe financial hardship to the Executive
resulting from an illness or accident of the Executive, the Executive’s spouse, the Beneficiary, or the Executive’s
dependent (as defined in Section 152(a) of the Code), loss of the Executive’s property due to casualty, or other similar
extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Executive.

 

		1.23	“Years of Participation” means for the first Year of Participation, the period
beginning on the Effective Date of this Agreement and ending on June 30, 2010. For each subsequent Year of Participation, this
term shall mean a consecutive twelve (12) month period beginning on July 1 and ending on June 30 during the entirety of which time
the Executive is a participant in this Agreement.

 

Article
2

Deferral
Election

 

		2.1	Elections Generally. The Executive may annually file a Base Salary Deferral Election Form
with the Plan Administrator no later than the end of the Plan Year preceding the Plan Year in which services leading to such Base
Salary will be performed.

 

		2.2	Initial Election. After being notified by the Plan Administrator of becoming eligible to
participate in this Agreement, the Executive may make an initial deferral election by delivering to the Plan Administrator a signed
Deferral Election Form and Beneficiary Designation Form within thirty (30) days of becoming eligible. The Deferral Election Form
shall set forth the amount of Base Salary to be deferred. However, if the Executive was eligible to participate in any other account
balance plans sponsored by the Bank (as referenced in Code Section 409A) prior to becoming eligible to participate in this Agreement,
the initial election to defer Base Salary under this Agreement shall not be effective until the Plan Year following the Plan Year
in which the Executive became eligible to participate in this Agreement.

 

		2.3	Election Changes. The Executive may modify the amount of Base Salary to be deferred annually
by filing a new Deferral Election Form with the Bank. The modified deferral shall not be effective until the calendar year following
the year in which the subsequent Deferral Election Form is received by the Bank.

 

		2.4	Hardship. If an Unforeseeable Emergency occurs, the Executive, by written instructions to
the Bank, may discontinue deferrals hereunder. Any subsequent Deferral Elections may be made only in accordance with Section 2.1
hereof.

 

    	4

    	 

    

 

BANK’34

Deferred
Compensation Agreement

 

 

Article
3

Bank
Contribution and Deferral Account

 

		3.1	Bank Contribution. The Bank, at its discretion may annually contribute to the Deferral Account
an amount determined in accordance with the criteria set forth on Exhibit A. Exhibit A may be amended, from time to time, by the
Bank without the consent of the Executive.

 

		3.2	Establishing and Crediting. The Bank shall establish a Deferral Account on its books for
the Executive and shall credit to the Deferral Account the following amounts:

		(a)	The Bank Contribution;

		(b)	Any Deferrals hereunder; and

		(c)	Interest as follows:

		(i)	On the last day of each month and immediately prior to the distribution of any benefits, but only
until commencement of benefit distributions under this Agreement, interest shall be credited on the Deferral Account at an annual
rate equal to the Crediting Rate, compounded monthly; and

		(ii)	On the last day of each month during any applicable installment period, interest shall be credited
on the unpaid Deferral Account balance at an annual rate equal to the Crediting Rate, compounded monthly. Prior to any event causing
distributions hereunder, the Board, in its sole discretion, may change the rate used to calculate interest in this Section 3.2(c)(ii).

 

		3.3	Accounting Device Only. The Deferral Account is solely a device for measuring amounts to
be paid under this Agreement and is not a trust fund of any kind.

 

Article
4

Distributions
During Lifetime

 

		4.1	Normal Retirement Benefit. Upon the Normal Retirement Date, the Bank shall distribute to
the Executive the benefit described in this Section 4.1 in lieu of any other benefit under this Article.

 

		4.1.1	Amount of Benefit. The benefit under this Section 4.1 is the Deferral Account balance at the
Normal Retirement Date.

 

		4.1.2	Distribution of Benefit. The Bank shall distribute the benefit to the Executive in
                                                                 one                                                                  hundred  twenty (120) monthly installments commencing on
                                                                 the first day of the month following Normal Retirement Date. If there is
                                                                 more than one monthly installment, the monthly installments shall be equal to the extent possible.

 

		4.2	Early Retirement Benefit. If Early Retirement occurs, the Bank shall distribute to the Executive
the benefit described in this Section 4.2 in lieu of any other benefit under this Article.

 

    	5

    	 

    

 

BANK’34

Deferred
Compensation Agreement

 

 

		4.2.1	Amount of Benefit. The benefit under this Section 4.2 is the Deferral Account balance determined
as of the date of Separation from Service and adjusted by the vesting schedule set forth in Section 4.2.2.

 

		4.2.2	Vesting Schedule. The Executive shall at all times
be one hundred percent (100%) vested in any Deferrals. The Executive shall vest in the Bank Contribution and any Interest based
upon the Executive’s Years of Participation completed prior to Separation from Service as follows:

 

	 	 	 	 
	Years of	 	Percentage	 
	Participation	 	 	Vested	 
	1	 	 	10	%
	2	 	 	20	%
	3	 	 	35	%
	4	 	 	50	%
	5	 	 	65	%
	6	 	 	80	%
	7	 	 	100	%

  

		4.2.3	Distribution of Benefit. The Bank shall distribute the benefit to the Executive in one hundred
twenty (120) monthly installments commencing on the first day of the month following Separation from Service. If there is more
than one monthly installment, the monthly installments shall be equal to the extent possible.

 

		4.3	Disability Benefit. If the Executive experiences a Disability prior to the Normal Retirement
Age, the Bank shall distribute to the Executive the benefit described in this Section 4.3 in lieu of any other benefit under this
Article.

 

		4.3.1	Amount of Benefit. The benefit under this Section 4.3 is the Deferral Account balance determined
as of the date of Disability.

 

		4.3.2	Distribution of Benefit. The Bank shall distribute the benefit to the Executive in one hundred
twenty (120) monthly installments commencing on the first day of the month following Disability. If there is more than one
monthly installment, the monthly installments shall be equal to the extent possible.

 

		4.4	Change in Control Benefit. If a Change in Control occurs, followed within twenty-four (24)
months by Separation from Service, provided, however, that such Separation from Service is prior to the Normal Retirement Age,
the Bank shall distribute to the Executive the benefit described in this Section 4.4 in lieu of any other benefit under this Article.

 

		4.4.1	Amount of Benefit. The benefit under this Section 4.4 is the Deferral Account balance determined
as of the date of Separation from Service.

 

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BANK’34

Deferred
Compensation Agreement

 

 

		4.4.2	Distribution of Benefit. The Bank shall distribute the benefit to the Executive in a lump
sum within thirty (30) days following Separation from Service.

 

		4.5	Change in Control during Distribution of Benefits. If a Change in Control occurs during
the period in which the Executive is receiving installment payments pursuant to this Article 4 or Article 5 below, then within
thirty (30) days after such Change in Control, the Bank shall pay the remaining Deferral Account balance determined as of the date
of the Change in Control to the Executive in a lump sum in lieu of any other installment payments.

 

		4.6	Restriction on Commencement of Distributions. Notwithstanding any provision of this Agreement
to the contrary, if the Executive is considered a Specified Employee, the provisions of this Section 4.6 shall govern all distributions
hereunder. If benefit distributions which would otherwise be made to the Executive due to Separation from Service are limited because
the Executive is a Specified Employee, then such distributions shall not be made during the first six (6) months following Separation
from Service. Rather, any distribution which would otherwise be paid to the Executive during such period shall be accumulated and
paid to the Executive in a lump sum on the first day of the seventh month following Separation from Service. All subsequent distributions
shall be paid in the manner specified.

 

		4.7	Distributions Upon Taxation of Amounts Deferred. If, pursuant to Code Section 409A, the
Federal Insurance Contributions Act or other state, local or foreign tax, the Executive becomes subject to tax on the amounts deferred
hereunder, then the Bank may make a limited distribution to the Executive in a manner that conforms to the requirements of Code
section 409A. Any such distribution will decrease the Deferral Account balance.

 

		4.8	Change in Form or Timing of Distributions. For distribution of benefits under this Article
4, the Executive and the Bank may, subject to the terms of Section 10.1, amend this Agreement to delay the timing or change the
form of distributions. Any such amendment:

 

		(a)	may not accelerate the time or schedule of any distribution, except as provided in Code Section
409A;

 

		(b)	must, for benefits distributable under Sections 4.1, 4.2 and 4.4, 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

 

		(c)	must take effect not less than twelve (12) months after the amendment is made.

 

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BANK’34

Deferred
Compensation Agreement

 

 

Article
5

Distributions
at Death

 

		5.1	Death During Active Service. If the Executive dies prior to Separation from Service,
                                                            the Bank
shall distribute to the Beneficiary the benefit described in this Section 5.1. This benefit shall be distributed in lieu of any
benefit under Article 4.

 

		5.1.1	Amount of Benefit. The benefit under this Section 5.1 is the Deferral Account balance determined
as of the date of the Executive’s death.

 

		5.1.2	Distribution of Benefit. The Bank shall distribute the benefit to the Beneficiary in One
hundred twenty (120) monthly installments commencing on the first day of the fourth month following the Executive’s death.
If there is more than one monthly installment, the monthly installments shall be equal to the extent possible. The Beneficiary
shall be required to provide to the Bank the Executive’s death certificate.

 

		5.2	Death During Distribution of a Benefit. If the Executive dies after any benefit distributions
have commenced under this Agreement but before receiving all such distributions, the Bank shall distribute to the Beneficiary the
remaining benefits at the same time and in the same amounts they would have been distributed to the Executive had the Executive
survived.

 

		5.3	Death After Separation from Service But Before Benefit Distributions Commence. If the Executive
is entitled to benefit distributions under this Agreement but dies prior to the date that commencement of said benefit distributions
are scheduled to be made under this Agreement, the Bank shall distribute to the Beneficiary the same benefits to which the Executive
was entitled prior to death, except that the benefit distributions shall be paid in the manner specified in Section 5.1.2 and shall
commence on the first day of the fourth month following the Executive’s death.

 

Article
6

Beneficiaries

 

		6.1	In General. The Executive shall have the right, at any time, to designate a Beneficiary
to receive any benefit distributions under this Agreement upon the death of the Executive. The Beneficiary designated under this
Agreement may be the same as or different from the beneficiary designated under any other plan of the Bank in which the Executive
participates.

 

		6.2	Designation. The Executive shall designate a Beneficiary by completing and signing the Beneficiary
Designation Form and delivering it to the Plan Administrator or its designated agent. If the Executive names someone other than
the Executive’s spouse as a Beneficiary, the Plan Administrator may, in its sole discretion, determine that spousal consent
is required to be provided in a form designated by the Plan Administrator, executed by the Executive’s spouse and returned
to the Plan Administrator. The Executive’s beneficiary designation shall be deemed automatically revoked if the Beneficiary
predeceases the Executive or if the Executive names a spouse as Beneficiary and the marriage is subsequently dissolved. The Executive
shall have the right to change a Beneficiary by completing, signing and otherwise complying with the terms of the Beneficiary Designation
Form and the Plan Administrator’s rules and procedures. Upon the acceptance by the Plan Administrator of a new Beneficiary
Designation Form, all Beneficiary designations previously filed shall be cancelled. The Plan Administrator shall be entitled to
rely on the last Beneficiary Designation Form filed by the Executive and accepted by the Plan Administrator prior to the Executive’s
death.

 

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BANK’34

Deferred
Compensation Agreement

 

 

		6.3	Acknowledgment. No designation or change in designation of a Beneficiary shall be effective
until received, accepted and acknowledged in writing by the Plan Administrator or its designated agent.

 

		6.4	No Beneficiary Designation. If the Executive dies without a valid Beneficiary designation,
or if all designated Beneficiaries predecease the Executive, then the Executive’s spouse shall be the designated Beneficiary.
If the Executive has no surviving spouse, any benefit shall be paid to the personal representative of the Executive’s estate.

 

		6.5	Facility of Distribution. If the Plan Administrator determines in its discretion that a
benefit is to be distributed to a minor, to a person declared incompetent or to a person incapable of handling the disposition
of that person’s property, the Plan Administrator may direct distribution of such benefit to the guardian, legal representative
or person having the care or custody of such minor, incompetent person or incapable person. The Plan Administrator may require
proof of incompetence, minority or guardianship as it may deem appropriate prior to distribution of the benefit. Any distribution
of a benefit shall be a distribution for the account of the Executive and the Beneficiary, as the case may be, and shall completely
discharge any liability under this Agreement for such distribution amount.

 

Article
7

General
Limitations

 

		7.1	Termination for Cause. Notwithstanding any provision of this Agreement to the contrary,
the Bank shall not distribute any benefit under this Agreement in excess of the Deferrals if the Executive’s employment with
the Bank is terminated by the Bank or an applicable regulator due to a Termination for Cause.

 

		7.2	Suicide or Misstatement. No benefit in excess of the Deferrals shall be distributed if the
Executive commits suicide within two (2) years after the Effective Date, or if an insurance company which issued a life insurance
policy covering the Executive and owned by the Bank denies coverage (i) for material misstatements of fact made by the Executive
on an application for such life insurance, or (ii) for any other reason; provided, however that the Bank shall evaluate the reason
for the denial, and upon advice of legal counsel and in its sole discretion, consider judicially challenging any denial.

 

		7.3	Removal. Notwithstanding any provision of this Agreement to the contrary, the Bank shall
not distribute any benefit under this Agreement in excess of Deferrals if the Executive is subject to a final removal or prohibition
order issued by an appropriate federal banking agency pursuant to Section 8(e) of the Federal Deposit Insurance Act. Notwithstanding
anything herein to the contrary, any payments made to the Executive pursuant to this Agreement, or otherwise, shall be subject
to and conditioned upon compliance with 12 U.S.C. 1828 and FDIC Regulation 12 CFR Part 359, Golden Parachute Indemnification Payments
and any other regulations or guidance promulgated thereunder.

 

    	9

    	 

    

 

BANK’34

Deferred
Compensation Agreement

 

 

Article
8

Administration
of Agreement

 

		8.1	Plan Administrator Duties. The Plan Administrator shall administer this Agreement according
to its express terms and shall also have the discretion and authority to (i) make, amend, interpret and enforce all appropriate
rules and regulations for the administration of this Agreement and (ii) decide or resolve any and all questions, including interpretations
of this Agreement, as may arise in connection with this Agreement to the extent the exercise of such discretion and authority does
not conflict with Code Section 409A.

 

		8.2	Agents. In the administration of this Agreement, the Plan Administrator may employ agents
and delegate to them such administrative duties as the Plan Administrator sees fit, including acting through a duly appointed representative,
and may from time to time consult with counsel who may be counsel to the Bank.

 

		8.3	Binding Effect of Decisions. Any decision or action of the Plan Administrator with respect
to any question arising out of or in connection with the administration, interpretation or application of this Agreement and the
rules and regulations promulgated hereunder shall be final and conclusive and binding upon all persons having any interest in this
Agreement.

 

		8.4	Indemnity of Plan Administrator. The Bank shall
indemnify and hold harmless the Plan Administrator against any and all claims, losses, damages, expenses or liabilities arising
from any action or failure to act with respect to this Agreement, except in the case of willful misconduct by the Plan Administrator.

 

		8.5	Bank Information. To enable the Plan Administrator to perform its functions, the Bank shall
supply full and timely information to the Plan Administrator on all matters relating to the date and circumstances of the Executive’s
death, Disability or Separation from Service, and such other pertinent information as the Plan Administrator may reasonably require.

 

		8.6	Annual Statement. The Plan Administrator shall provide to the Executive, within one hundred
twenty (120) days after the end of each Plan Year, a statement setting forth the benefits to be distributed under this Agreement.

 

    	10

    	 

    

 

BANK’34

Deferred
Compensation Agreement

 

 

Article
9

Claims
and Review Procedures

 

		9.1	Claims Procedure. An Executive or Beneficiary (“claimant”) who has not received
benefits under this Agreement that he or she believes should be distributed shall make a claim for such benefits as follows:

 

		9.1.1	Initiation – Written Claim. The claimant initiates a claim by submitting to the Plan
Administrator a written claim for the benefits. If such a claim relates to the contents of a notice received by the claimant, the
claim must be made within sixty (60) days after such notice was received by the claimant. All other claims must be made within
one hundred eighty (180) days of the date on which the event that caused the claim to arise occurred. The claim must state with
particularity the determination desired by the claimant.

 

		9.1.2	Timing of Plan Administrator
                                         Response. The Plan Administrator shall respond to such claimant within ninety (90)
                                         days after receiving the claim. If the Plan Administrator determines that special circumstances
                                         require additional time for processing the claim, the Plan Administrator can extend the
                                         response period by an additional ninety (90) days by notifying the claimant in writing,
                                         prior to the end of the initial ninety (90) day period, that an additional period is
                                         required. The notice of extension must set forth the special circumstances and the date
                                         by which the Plan Administrator expects to render its decision.

 

		9.1.3	Notice of Decision. If the Plan Administrator denies part or all of the claim, the Plan
Administrator shall notify the claimant in writing of such denial. The Plan Administrator shall write the notification in a manner
calculated to be understood by the claimant. The notification shall set forth:

 

		(a)	The specific reasons for the denial;

		(b)	A reference to the specific provisions of this Agreement on which the denial is based;

		(c)	A description of any additional information or material necessary for the claimant to perfect the
claim and an explanation of why it is needed;

		(d)	An explanation of this Agreement’s review procedures and the time limits applicable to such
procedures; and

		(e)	A statement of the claimant’s right to bring a civil action under ERISA Section 502(a) following
an adverse benefit determination on review.

 

		9.2	Review Procedure. If the Plan Administrator denies part or all of the claim, the claimant
shall have the opportunity for a full and fair review by the Plan Administrator of the denial as follows:

 

		9.2.1	Initiation – Written Request. To initiate the review, the claimant, within sixty (60)
days after receiving the Plan Administrator’s notice of denial, must file with the Plan Administrator a written request for
review.

 

    	11

    	 

    

 

BANK’34

Deferred
Compensation Agreement

 

 

		9.2.2	Additional Submissions – Information Access. The claimant shall then have the opportunity
to submit written comments, documents, records and other information relating to the claim. The Plan Administrator shall also provide
the claimant, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information
relevant (as defined in applicable ERISA regulations) to the claimant’s claim for benefits.

 

		9.2.3	Considerations on Review. In considering the review, the Plan Administrator shall take into
account all materials and information the claimant submits relating to the claim, without regard to whether such information was
submitted or considered in the initial benefit determination.

 

		9.2.4	Timing of Plan Administrator Response. The Plan Administrator shall respond in writing to
such claimant within sixty (60) days after receiving the request for review. If the Plan Administrator determines that special
circumstances require additional time for processing the claim, the Plan Administrator can extend the response period by an additional
sixty (60) days by notifying the claimant in writing, prior to the end of the initial sixty (60) day period, that an additional
period is required. The notice of extension must set forth the special circumstances and the date by which the Plan Administrator
expects to render its decision.

 

		9.2.5	Notice of Decision. The Plan Administrator shall notify the claimant in writing of its decision
on review. The Plan Administrator shall write the notification in a manner calculated to be understood by the claimant. A notification
of denial shall set forth:

 

		(a)	The specific reasons for the denial;

		(b)	A reference to the specific provisions of this Agreement on which the denial is based;

		(c)	Astatement that the claimant is entitled to receive,
upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant (as
defined in applicable ERISA regulations) to the claimant’s claim for benefits; and

		(d)	A statement of the claimant’s right to bring a
civil actionunder ERISA Section 502(a).

 

Article
10

Amendments
and Termination

 

		10.1	Amendments. This Agreement may be amended only by a written agreement signed by the Bank
and the Executive. However, the Bank may unilaterally amend this Agreement to conform with written directives to the Bank from
its auditors or banking regulators or to comply with legislative changes or tax law, including without limitation Code Section
409A.

 

    	12

    	 

    

 

BANK’34

Deferred
Compensation Agreement

 

 

		10.2	Plan Termination Generally. This Agreement may be terminated only by a written agreement
signed by the Bank and the Executive. Except as provided in Section 10.3, the termination of this Agreement shall not cause a distribution
of benefits under this Agreement. Rather, upon such termination benefit distributions will be made at the earliest distribution
event permitted under Article 4 or Article 5.

 

		10.3	Plan Terminations Under Section 409A. Notwithstanding anything to the contrary in Section
10.2, if the Bank terminates this Agreement in the following circumstances:

 

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

		(b)	Upon the Bank’s dissolution or with the approval of a bankruptcy court provided that the
amounts deferred under this Agreement are included in the Executive’s gross income in the latest of (i) the calendar year
in which this Agreement terminates; (ii) the 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)	Upon the Bank’s termination of this and all other arrangements that would be aggregated with
this Agreement pursuant to Treasury Regulations Section 1.409A-1(c)
if the Executive participated in such arrangements (“Similar Arrangements”), provided that (i) the termination and
liquidation does not occur proximate to a downturn in the financial health of the Bank, (ii) all termination 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 arrangement that would be a Similar Arrangement for a minimum of three (3) years following the date the
Bank takes all necessary action to irrevocably terminate and liquidate the Agreement;

 

the
Bank may distribute the Deferral Account balance, determined as of the date of the termination of this Agreement, to the Executive
in a lump sum subject to the above terms.

 

Article
11

Miscellaneous

 

		11.1	Binding Effect. This Agreement shall bind the Executive and the Bank and their beneficiaries,
survivors, executors, administrators and transferees.

 

		11.2	No Guarantee of Employment. This Agreement is not a contract for employment. It does not
give the Executive the right to remain as an employee of the Bank nor interfere with the Bank’s right to discharge the Executive.
It does not require the Executive to remain an employee nor interfere with the Executive’s right to terminate employment
at any time.

 

    	13

    	 

    

 

BANK’34

Deferred
Compensation Agreement

 

 

		11.3	Non-Transferability. Benefits under this Agreement cannot be sold, transferred, assigned,
pledged, attached or encumbered in any manner.

 

		11.4	Tax Withholding and Reporting. The Bank shall withhold any taxes that are required to be
withheld, including but not limited to taxes owed under Code Section 409A from the benefits provided under this Agreement. The
Executive acknowledges that the Bank’s sole liability regarding taxes is to forward any amounts withheld to the appropriate
taxing authorities. The Bank shall satisfy all applicable reporting requirements, including those under Code Section 409A.

 

		11.5	Applicable Law. This Agreement and all rights hereunder shall be governed by the laws of
the State of New Mexico, except to the extent preempted by the laws of the United States of America.

 

		11.6	Unfunded Arrangement. The Executive and the Beneficiary are general unsecured creditors
of the Bank for the distribution of benefits under this Agreement. The benefits represent the mere promise by the Bank to distribute
such benefits. The rights to benefits are not subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge,
encumbrance, attachment or garnishment by creditors. Any insurance on the Executive’s life or other informal funding asset
is a general asset of the Bank to which the Executive and Beneficiary have no preferred or secured claim.

 

		11.7	Reorganization. The Bank shall not merge or consolidate into or with another bank, or reorganize,
or sell substantially all of its assets to another bank, firm or person unless such succeeding or continuing bank, firm or person
agrees to assume and discharge the obligations of the Bank under this Agreement. Upon the occurrence of such an event, the term
“Bank” as used in this Agreement shall be deemed to refer to the successor or survivor entity.

 

		11.8	Entire Agreement. This Agreement constitutes the entire agreement between the Bank and the
Executive as to the subject matter hereof. No rights are granted to the Executive by virtue of this Agreement other than those
specifically set forth herein.

 

		11.9	Interpretation. Wherever the fulfillment of the intent and purpose of this Agreement requires
and the context will permit, the use of the masculine gender includes the feminine and use of the singular includes the plural

 

		11.10	Alternative Action. In the event it shall become impossible for the Bank or the Plan Administrator
to perform any act required by this Agreement due to regulatory or other constraints, the Bank or Plan Administrator may perform
such alternative act as most nearly carries out the intent and purpose of this Agreement and is in the best interests of the Bank,
provided that such alternative act does not violate Code Section 409A.

 

		11.11	Headings. Article and section headings are for convenient reference only and shall not control
or affect the meaning or construction of any provision herein.

 

    	14

    	 

    

 

BANK’34

Deferred
Compensation Agreement

 

 

		11.12	Validity. If any provision of this Agreement shall be illegal or invalid for any reason,
said illegality or invalidity shall not affect the remaining parts hereof, but this Agreement shall be construed and enforced as
if such illegal or invalid provision had never been included herein.

 

		11.13	Notice. Any notice or filing required or permitted to be given to the Bank or Plan Administrator
under this Agreement shall be sufficient if in writing and hand-delivered or sent by registered or certified mail to the address
below:

 

	 	BANK’34	 
	 	C/O __________________	 
	 	500 10th STREET	 
	 	ALAMOGORDO, NM 88310	 

 

Such
notice shall be deemed given as of the date of delivery or, if delivery is made by mail, as of the date shown on the postmark on
the receipt for registration or certification.

 

Any
notice or filing required or permitted to be given to the Executive under this Agreement shall be sufficient if in writing and
hand-delivered or sent by mail to the last known address of the Executive.

 

		11.14	Deduction Limitation on Benefit Payments. If the Bank reasonably anticipates that the Bank’s
deduction with respect to any distribution under this Agreement would be limited or eliminated by application of Code Section 162(m),
then to the extent deemed necessary by the Bank to ensure that the entire amount of any distribution from this Agreement is deductible,
the Bank may delay payment of any amount that would otherwise be distributed under this Agreement. The delayed amounts shall be
distributed to the Executive (or the Beneficiary in the event of the Executive’s death) at the earliest date the Bank reasonably
anticipates that the deduction of the payment of the amount will not be limited or eliminated by application of Code Section 162(m).

 

		11.15	Compliance with Section 409A. This Agreement shall be interpreted and administered consistent
with Code Section 409A.

 

IN
WITNESS WHEREOF, the Executive and a duly authorized representative of the Bank have signed this Agreement.

 

	EXECUTIVE:	BANK:
	 	 
	/s/ Jill Gutierrez	 	By:	/s/ Karlon Cox
	JILL GUTIERREZ	Title: 	President & CEO

 

    	15

    	 

    

BANK’34

Deferred Compensation
Agreement

Beneficiary
Designation Form

 

 

{
}       New Designation

{
}       Change in Designation

 

I,
JILL GUTIERREZ, designate the following as Beneficiary under the Plan:

 

	Primary:	 	 	 	 
	Stephen
    G. Gutierrez	 	 	100	%
	 	 	 	__	%
	Contingent:	 	 	 	 
	Estate of	 	 	__	%
	Janet Jill Gutierrez	 	 	100	%

 

Notes:

 

		·	Please
                                         PRINT CLEARLY or TYPE the names of the beneficiaries.

		·	To
                                         name a trust as Beneficiary, please provide the name of the trustee(s) and the exact
                                         name and date of the trust agreement.

		·	To
                                         name your estate as Beneficiary, please write “Estate of [your name]”.

		·	Be
                                         aware that none of the contingent beneficiaries will receive anything unless ALL of the
                                         primary beneficiaries predecease you.

 

I
understand that I may change these beneficiary designations by delivering a new written designation to the Plan Administrator,
which shall be effective only upon receipt and acknowledgment by the Plan Administrator prior to my death. I further understand
that the designations will be automatically revoked if the Beneficiary predeceases me, or, if I have named my spouse as Beneficiary
and our marriage is subsequently dissolved.

 

	Name:	JILL GUTIERREZ	 	 
	 	 	 	 
	Signature:	/s/ Jill
    Gutierrez	 	Date: _____________________

 

SPOUSAL
CONSENT (Not required in all States. Please review with your legal counsel)

 

I,
________________________________(Spouse’s Name), consent to the Beneficiary designation above, and acknowledge that if I
am named Beneficiary and our marriage is subsequently dissolved as set forth in Article 6, the designation will be automatically
revoked.

 

	Signature:	 	 	Date: __________________________

 

Received
by the Plan Administrator this 5th day of March, 2010

 

	By:	/s/ Karlon Cox	 
	 	 	 
	Title:	President
    & CEO	 

 

    	1

    	 

    

 

BANK’34

Deferred Compensation Agreement Exhibit A

 

 

EXHIBIT A

 

Per Section 3.1 of the Deferred
Compensation Agreement, the bank, at its discretion, may annually contribute to the Deferral Account an amount in accordance with
the criteria set forth on Exhibit A.

 

Each Plan Year, the Return on Assets (ROA) and the Return on
Equity (ROE) shall determine the Incentive Award Percentage, in accordance with the following grid. The Incentive Award is calculated
by multiplying the Base Salary by the Incentive Award Percentage. The Incentive Award shall be awarded as of the last day of the
Plan Year to which the Incentive Award relates.

 

	INCENTIVE AWARD PERCENTAGE
	ROA is at Least:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	1.50%	 	 	15	%	 	 	16	%	 	 	17	%	 	 	18	%	 	 	19	%	 	 	20	%
	1.35%	 	 	14	%	 	 	15	%	 	 	16	%	 	 	17	%	 	 	18	%	 	 	19	%
	1.20%	 	 	13	%	 	 	14	%	 	 	15	%	 	 	16	%	 	 	17	%	 	 	18	%
	1.05%	 	 	12	%	 	 	13	%	 	 	14	%	 	 	15	%	 	 	16	%	 	 	17	%
	.90%	 	 	11	%	 	 	12	%	 	 	13	%	 	 	14	%	 	 	15	%	 	 	16	%
	.75%	 	 	10	%	 	 	11	%	 	 	12	%	 	 	13	%	 	 	14	%	 	 	15	%
	ROE is at Least:	 	 	2.00	%	 	 	3.00	%	 	 	4.00	%	 	 	5.00	%	 	 	6.00	%	 	 	7.00	%

 

Return on Assets (ROA) means
the Bank’s net income at the end of the Plan Year, adjusted for Extraordinary Items, divided by the Bank’s average
assets for the Plan Year.

 

Return on Equity (ROE) means
the Bank’s net income at the end of the Plan Year, adjusted for Extraordinary Items, divided by the Bank’s average
equity for the Plan Year.

 

Extraordinary Items are those
items recognized by Generally Accepted Accounting Principles as extraordinary that substantially affect shareholder equity and/or
the Bank’s assets. Examples of such items are stock redemptions, mergers, acquisitions, stock splits, and other items of
that nature.

 

The above chart is subject to change at the sole discretion
of the Board.

 

	Executive Name: Jill Gutierrez
	 
	Signature:	/s/ Jill Gutierrez
	Date:	3-5-10

 

    	1

    	 

    

 

BANK’34

Deferred Compensation Agreement

Deferral Election Form –
Base Salary

 

 

Base Salary Deferral Election

 

	Amount of Deferral	 	Duration
	 	 	 
	[Initial and Complete One]	 	[Initial and Complete One]
	 	 	 
	____	I elect to defer ____% of my Base Salary (amount not to exceed ____%). 	 	JG     	For 1 year(s)
	 	 	 	 	 
	JG     	I elect to defer $6000.00 of my Base Salary (amount not to exceed $_______). 	 	___	For all future Plan Years
	 	 	 	 	 
	____	I elect not to defer any of my Base Salary. 	 	 	 

 

	Printed Name:  	JILL GUTIERREZ 	 
	 	 	 
	Signature:	/s/ Jill Gutierrez	 
	 	 	 
	Date:	3-5-2010	 

 

Received by the Plan Administrator this 5th day of
March, 2010

 

	By:	/s/ Karlon Cox	 
	 	 	 
	Title:	President & CEO	 

 

    	1

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