Document:

Exhibit 10.4

 Exhibit 10.4 
 TWO-YEAR CHANGE OF CONTROL AGREEMENT 
 This CHANGE OF CONTROL AGREEMENT (the “Agreement”) is made and entered into as of
                    , 2007 by and among COMMUNITY MUTUAL SAVINGS
BANK, a savings bank having an office at 123 Main Street, White Plains, New York 10601 (the “Bank”), CMS BANCORP, INC., a Delaware corporation having an office at 123
Main Street, White Plains, New York 10601 (the “Company”) and [INSERT NAME] (the “Officer”). 
 INTRODUCTORY STATEMENT 
 The Bank has become a wholly-owned subsidiary
of the Company, a stock holding company (the “Conversion”). In connection with the Conversion, shares of the Company’s common stock were sold in an initial public stock offering. The Officer has served the Bank in an executive
capacity prior to the Conversion and is familiar with the Bank’s operations. 
 The Board of Directors of the Bank has concluded that it
is in the best interests of the Bank, the Company and their prospective shareholders to establish a working environment for the Officer which minimizes the personal distractions that might result from possible business combinations in which the
Company or the Bank might be involved following the Conversion. To this end, the Bank has decided to provide the Officer with assurance that his compensation will be continued for a minimum period of two (2) years following termination of
employment (the “Assurance Period”) if his employment terminates under specified circumstances related to a business combination. The Board of Directors of the Bank has decided to formalize this assurance by entering into this Change of
Control Agreement with the Officer. The Board of Directors of the Company has authorized the Company to guarantee the Bank’s obligations under this Agreement. 
 The terms and conditions which the Bank, the Company and the Officer have agreed to are as follows. 
 AGREEMENT 
  

	 	Section 1.	Effective Date; Term; Change of Control and Pending Change of Control Defined. 

 (a) This Agreement shall take effect on the effective date of the Conversion (the “Effective Date”) and shall be in effect during the period
(the “Term”) beginning on the Effective Date of the Conversion and ending on the first anniversary of the date on which the Bank notifies the Officer of its intent to discontinue the Agreement (the “Initial Expiration Date”) or,
if later, the first anniversary of the latest Change of Control or Pending Change of Control, as defined below, that occurs after the Effective Date and before the Initial Expiration Date. 

 (b) For all purposes of this Agreement, a “Change of Control” shall be deemed to have occurred
upon the happening of any of the following events: 
 (i) the consummation of a reorganization, merger or consolidation of the
Company with one or more other persons, other than a transaction following which: 
 (A) at least 51% of the equity ownership
interests of the entity resulting from such transaction are beneficially owned (within the meaning of Rule 13d-3 promulgated under the Securities Exchange Act of 1934, as amended (“Exchange Act”)) in substantially the same relative
proportions by persons who, immediately prior to such transaction, beneficially owned (within the meaning of Rule 13d-3 promulgated under the Exchange Act) at least 51% of the outstanding equity ownership interests in the Company; and 
 (B) at least 51% of the securities entitled to vote generally in the election of directors of the entity resulting from such transaction
are beneficially owned (within the meaning of Rule 13d-3 promulgated under the Exchange Act) in substantially the same relative proportions by persons who, immediately prior to such transaction, beneficially owned (within the meaning of Rule 13d-3
promulgated under the Exchange Act) at least 51% of the securities entitled to vote generally in the election of directors of the Company; 
 (ii) the acquisition of all or substantially all of the assets of the Company or beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 25% or more of the outstanding securities
of the Company entitled to vote generally in the election of directors by any person or by any persons acting in concert; 
 (iii) a complete liquidation or dissolution of the Company; 
 (iv) the occurrence of any event if, immediately
following such event, at least 50% of the members of the Board of Directors of the Company do not belong to any of the following groups: 
 (A) individuals who were members of the Board of Directors of the Company on the date of this Agreement; or 
 (B) individuals who first became members of the Board of Directors of the Company after the date of this Agreement either: 
 (1) upon election to serve as a member of the Board of Directors of the Company by affirmative vote of three-quarters of the members of such board, or of a nominating committee thereof, in office at the time of such
first election; or 
 (2) upon election by the shareholders of the Board of Directors of the Company to serve as a member of
such board, but only if nominated for election by affirmative vote of three-quarters of the members of the Board of Directors of the Company, or of a nominating committee thereof, in office at the time of such first nomination; 

  

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provided, however, that such individual’s election or nomination did not result from an actual or threatened election contest or other actual or
threatened solicitation of proxies or consents other than by or on behalf of the Board of Directors of the Company; or 
 (v)
any event which would be described in section 1(b)(i), (ii), (iii) or (iv) if the term “Bank” were substituted for the term “Company” therein. 
 In no event, however, shall a Change of Control be deemed to have occurred as a result of any acquisition of securities or assets of the Company, the Bank, or a subsidiary of either of them, by the Company, the Bank,
or any subsidiary of either of them, or by any employee benefit plan maintained by any of them. For purposes of this section 1(b), the term “person” shall have the meaning assigned to it under sections 13(d)(3) or 14(d)(2) of the Exchange
Act. 
 (c) For purposes of this Agreement, a “Pending Change of Control” shall mean: (i) the signing of a definitive
agreement for a transaction which, if consummated, would result in a Change of Control; (ii) the commencement of a tender offer which, if successful, would result in a Change of Control; or (iii) the circulation of a proxy statement
seeking proxies in opposition to management in an election contest which, if successful, would result in a Change of Control; provided, however, that the Change of Control contemplated does, in fact, occur. 
  

	 	Section 2.	Discharge Prior to a Pending Change of Control. 

 The Bank may discharge the Officer at any time prior to the occurrence of a Pending Change of Control for any reason or for no reason. In such event: 
 (a) The Bank shall pay to the Officer (or, in the event of his death, his estate) his earned but unpaid compensation (including, without limitation,
salary and all other items which constitute wages under applicable law) as of the date of his termination of employment. This payment shall be made at the time and in the manner prescribed by law applicable to the payment of wages but in no event
later than 30 days after the date of the Officer’s termination of employment. 
 (b) The Bank shall provide the benefits, if any, due to
the Officer (or, in the event of his death, his estate, surviving dependents or his designated beneficiaries) under the employee benefit plans and programs and compensation plans and programs maintained for the benefit of the officers and employees
of the Bank. The time and manner of payment or other delivery of these benefits and the recipients of such benefits shall be determined according to the terms and conditions of the applicable plans and programs. 
 The payments and benefits described in sections 2(a) and (b) shall be referred to in this Agreement as the “Standard Termination Entitlements.”

  

	 	Section 3.	Termination of Employment Due to Death. 

 The Officer’s employment with the Bank shall terminate, automatically and without any further action on the part of any party to this Agreement, on the date of the Officer’s 

  

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death. In such event, the Bank shall pay and deliver to his estate and surviving dependents and beneficiaries, as applicable, the Standard Termination
Entitlements. 
  

	 	Section 4.	Termination Due to Disability after Change of Control or Pending Change of Control. 

 The Bank may terminate the Officer’s employment during the Term and after the occurrence of a Change of Control or a Pending Change of Control upon a
determination, by a majority vote of the members of the Board of Directors of the Bank, acting in reliance on the written advice of a medical professional acceptable to it, that the Officer is suffering from a physical or mental impairment which, at
the date of the determination, has prevented the Officer from performing his assigned duties on a substantially full-time basis for a period of at least one hundred and eighty (180) days during the period of one (1) year ending with the
date of the determination or is likely to result in death or prevent the Officer from performing his assigned duties on a substantially full-time basis for a period of at least one hundred and eighty (180) days during the period of one
(1) year beginning with the date of the determination. In such event: 
 (a) The Bank shall pay and deliver to the Officer (or in the
event of his death before payment, to his estate and surviving dependents and beneficiaries, as applicable) the Standard Termination Entitlements. 
 (b) In addition to the Standard Termination Entitlements, the Bank shall continue to pay the Officer his base salary, at the annual rate in effect for him immediately prior to the termination of his employment, during a period ending on the
earliest of: (i) the expiration of one hundred and eighty (180) days after the date of termination of his employment; (ii) the date on which long-term disability insurance benefits are first payable to him under any long-term
disability insurance plan covering employees of the Bank (the “LTD Eligibility Date”); (iii) the date of his death; and (iv) the expiration of the Assurance Period (the “Initial Continuation Period”). If the end of the
Initial Continuation Period is neither the LTD Eligibility Date nor the date of his death, the Bank shall continue to pay the Officer his base salary, at an annual rate equal to sixty percent (60%) of the annual rate in effect for him
immediately prior to the termination of his employment, during an additional period ending on the earliest of the LTD Eligibility Date, the date of his death and the expiration of the Assurance Period. 
 A termination of employment due to disability under this section 4 shall be effected by a notice of termination given to the Officer by the Bank and shall take effect on
the later of the effective date of termination specified in such notice or the date on which the notice of termination is deemed given to the Officer. 
  

	 	Section 5.	Discharge with Cause after Change of Control or Pending Change of Control. 

 (a) The Bank may terminate the Officer’s employment with “Cause” during the Term and after the occurrence of a Change of Control or Pending
Change of Control, but a termination shall be deemed to have occurred with “Cause” only if the Board of Directors of the Bank and the Board of Directors of the Company, by separate majority votes of their entire membership, determine that
the Officer should be discharged because of personal dishonesty, 

  

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incompetence, willful misconduct, breach of fiduciary duty involving personal profit, intentional failure to perform stated duties, willful violation of any
law, rule or regulation (other than traffic violations or similar offenses) or final cease and desist order, or any material breach of this Agreement. 
 (b) If the Officer is discharged with Cause during the Term and after a Change of Control or Pending Change of Control, the Bank shall pay and provide to him (or, in the event of his death, to his estate, his
surviving beneficiaries and his dependents) the Standard Termination Entitlements only. Following the giving of a notice of intent to discharge, the Bank shall temporarily suspend the Officer’s duties and authority and, in such event, shall
also suspend the payment of salary and other cash compensation, but not the Officer’s participation in retirement, insurance and other employee benefit plans. If the Officer is not discharged, or is discharged without Cause, payments of salary
and cash compensation shall resume, and all payments withheld during the period of suspension shall be promptly restored. If the Officer is discharged with Cause, all payments withheld during the period of suspension shall be deemed forfeited and
shall not be included in the Standard Termination Entitlements. 
  

	 	Section 6.	Discharge without Cause. 

 The Bank
may discharge the Officer without Cause at any time after the occurrence of a Change of Control or Pending Change of Control, and in such event: 
 (a) The Bank shall pay and deliver to the Officer (or in the event of his death before payment, to his estate and surviving dependents and beneficiaries, as applicable) the Standard Termination Entitlements. 
 (b) In addition to the Standard Termination Entitlements: 
 (i) During the Assurance Period, the Bank shall provide for the Officer and his dependents continued group life, health (including hospitalization, medical and major medical), dental, accident and long-term disability
insurance benefits on substantially the same terms and conditions (including any required premium-sharing arrangements, co-payments and deductibles) in effect for them immediately prior to the Officer’s resignation. The coverage provided under
this section 6(b)(i) may, at the election of the Bank, be secondary to the coverage provided as part of the Standard Termination Entitlements and to any employer-paid coverage provided by a subsequent employer or through Medicare, with the result
that benefits under the other coverages will offset the coverage required by this section 6(b)(i). 
 (ii) The Bank shall make
a lump sum payment to the Officer (or, in the event of his death before payment, to his estate), in an amount equal to the value of the salary, bonus, short-term and long-term cash compensation that the Officer received in the calendar year
preceding that in which the termination of employment with the Bank occurs to compensate the Officer for the payments the Officer would have received during the Assurance Period. Such lump sum shall be paid in lieu of all other payments of salary,
bonus, short-term and long-term cash compensation provided for under this Agreement in respect of the period following any such termination. Such payment shall 

  

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be made (without discounting for early payment) within thirty (30) days following the Officer’s termination of employment. 
 The payments and benefits described in section 6(b) are referred to in this Agreement as the “Additional Change of Control Entitlements”. 
  

	 	Section 7.	Resignation. 

 (a) The Officer may
resign from his employment with the Bank at any time. A resignation under this section 7 shall be effected by notice of resignation given by the Officer to the Bank and shall take effect on the later of the effective date of termination specified in
such notice or the date on which the notice of termination is deemed given to the Officer. The Officer’s resignation of any of the positions within the Bank or the Company to which he has been assigned shall be deemed a resignation from all
such positions. 
 (b) The Officer’s resignation shall be deemed to be for “Good Reason” if the effective date of resignation
occurs during the Term, but on or after the effective date of a Change of Control, and is on account of: 
 (i) the failure of
the Bank (whether by act or omission of the Board of Directors, or otherwise) to appoint or re-appoint or elect or re-elect the Officer to the position with Bank that he held immediately prior to the Change of Control (the “Assigned
Office”) or to a more senior office; 
 (ii) a material failure by the Bank, whether by amendment of the certificate of
incorporation or organization, by-laws, action of the Board of Directors of the Bank or otherwise, to vest in the Officer the functions, duties, or responsibilities customarily associated with the Assigned Office; provided that the Officer
shall have given notice of such failure to the Bank, and the Bank has not fully cured such failure within thirty (30) days after such notice is deemed given; 
 (iii) any reduction of the Officer’s rate of base salary in effect from time to time, whether or not material, or any failure (other
than due to reasonable administrative error that is cured promptly upon notice) to pay any portion of the Officer’s compensation as and when due; 
 (iv) any change in the terms and conditions of any compensation or benefit program in which the Officer participates which, either individually or together with other changes, has a material adverse effect on the
aggregate value of his total compensation package; provided that the Officer shall have given notice of such material adverse effect to the Bank, and the Bank has not fully cured such material adverse effect within thirty (30) days after
such notice is deemed given; provided, however, that this section 7(b)(iv) shall not apply if the change in the terms and conditions of the compensation or benefit program affects all participants in such program equally; 
 (v) any material breach by the Bank of any material term, condition or covenant contained in this Agreement; provided that the
Officer shall have given notice 

  

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of such material adverse effect to the Bank, and the Bank has not fully cured such material adverse effect within thirty (30) days after such notice is
deemed given; or 
 (vi) a change in the Officer’s principal place of employment to a place that is not the principal
executive office of the Bank, or a relocation of the Bank’s principal executive office to a location that is both more than thirty-five (35) miles away from the Officer’s principal residence and more than thirty-five (35) miles
away from the location of the Bank’s principal executive office on the day before the occurrence of the Change of Control. 
 In all other cases, a
resignation by the Officer shall be deemed to be without Good Reason. In the event of resignation, the Officer shall state in his notice of resignation whether he considers his resignation to be a resignation with Good Reason, and if he does, he
shall state in such notice the grounds which constitute Good Reason. 
 (c) In the event of the Officer’s resignation for any reason,
the Bank shall pay and deliver the Standard Termination Entitlements. In the event of the Officer’s resignation with Good Reason, the Bank shall also pay and deliver the Additional Termination Entitlements. 
  

	 	Section 8.	Terms and Conditions of the Additional Termination Entitlements. 

 The Bank and the Officer hereby stipulate that the damages which may be incurred by the Officer following any termination of employment are not capable of accurate measurement as of the date first above written and
that the Additional Termination Entitlements constitute reasonable damages under the circumstances and shall be payable without any requirement of proof of actual damage and without regard to the Officer’s efforts, if any, to mitigate damages.
The Bank and the Officer further agree that the Bank may condition the payment and delivery of the Additional Termination Entitlements on the receipt of: (a) the Officer’s resignation from any and all positions which he holds as an
officer, director or committee member with respect to the Bank or the Company or any subsidiary or affiliate of either of them; and (b) a release of the Bank and its officers, directors, shareholders, subsidiaries and affiliates including the
Company, in form and substance satisfactory to the Bank, of any liability to the Officer, whether for compensation or damages, in connection with his employment with the Bank and the termination of such employment except for the Standard Termination
Entitlements and the Additional Termination Entitlements. If the Additional Termination Entitlements or any other benefits conferred under this Agreement, either alone or together with other payments and benefits which the Officer has the right to
receive from the Company or Bank, would constitute a “parachute payment” under Section 280G of the Internal Revenue Code of 1986, the regulations promulgated thereunder or related Internal Revenue Service guidance (collectively, the
“Code”), the Additional Termination Entitlements or any other benefits conferred under this Agreement shall be reduced, in the manner determined by the Officer, by the amount, if any, which is the minimum necessary to result in no portion
of the Additional Termination Entitlements or any other benefits conferred under this Agreement payable by the Company or Bank being non-deductible to the Company or Bank pursuant to Section 280G of the Code and subject to the excise tax
imposed under Section 4999 of the Code. Similarly, any payment of the Additional Termination Entitlements or any other benefits 

  

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conferred under this Agreement shall be structured to comply with all requirements of Section 409A of the Code. Notwithstanding anything in this
Agreement to the contrary, to the extent required under section 409A of the Code, no payment to be made to a key employee (within the meaning of section 409A of the Code) on or after the date of his termination of service shall be made sooner than
six (6) after such termination of service; provided, however, that to the extent such six (6) month delay is imposed by section 409A of the Code, the Additional Termination Entitlements shall be paid into a rabbi trust for the benefit of
the Officer as if the six (6) month delay was not imposed with such amounts then being distributed to the Officer as soon as permissible under section 409A of the Code. The determination of any reduction or restructuring of the Additional
Termination Entitlements or any other benefits conferred under this Agreement shall be based upon the opinion of independent counsel selected by the Company or Bank and paid by the Company or Bank. Such counsel shall be reasonably acceptable to the
Company, Bank and the Officer; shall promptly prepare the foregoing opinion, but in no event later than thirty (30) days from the date of termination; and may use such actuaries or accountants as such counsel deems necessary or advisable for
the purpose. Nothing contained herein shall result in a reduction in the Additional Termination Entitlements or any other benefits conferred under this Agreement below zero. 
  

	 	Section 9.	No Effect on Employee Benefit Plans or Programs. 

 The termination of the Officer’s employment during the Assurance Period or thereafter, whether by the Bank or by the Officer, shall have no effect on the rights and obligations of the parties hereto under the
Bank’s qualified or non-qualified retirement, pension, savings, thrift, profit-sharing or stock bonus plans, group life, health (including hospitalization, medical and major medical), dental, accident and long term disability insurance plans or
such other employee benefit plans or programs, or compensation plans or programs, as may be maintained by, or cover employees of, the Bank from time to time; provided, however, that nothing in this Agreement shall be deemed to duplicate any
compensation or benefits provided under any agreement, plan or program covering the Officer to which the Bank or Company is a party and any duplicative amount payable under any such agreement, plan or program shall be applied as an offset to reduce
the amounts otherwise payable hereunder. 
  

	 	Section 10.	Successors and Assigns. 

 This
Agreement will inure to the benefit of and be binding upon the Officer, his legal representatives and testate or intestate distributees, and the Company and the Bank and their respective successors and assigns, including any successor by merger or
consolidation or a statutory receiver or any other person or firm or corporation to which all or substantially all of the assets and business of the Company or the Bank may be sold or otherwise transferred. Failure of the Bank to obtain from any
successor its express written assumption of the Company’s or Bank’s obligations hereunder at least 60 days in advance of the scheduled effective date of any such succession shall, if such succession constitutes a Change of Control,
constitute Good Reason for the Officer’s resignation on or at any time during the Term following the occurrence of such succession. 
  

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	 	Section 11.	Notices. 

 Any communication required
or permitted to be given under this Agreement, including any notice, direction, designation, consent, instruction, objection or waiver, shall be in writing and shall be deemed to have been given at such time as it is delivered personally, or five
days after mailing if mailed, postage prepaid, by registered or certified mail, return receipt requested, addressed to such party at the address listed below or at such other address as one such party may by written notice specify to the other
party: 
 If to the Officer: 
 [Insert Executive Name] 
 [Address] 
 [Address] 
 If to the Company or the Bank: 
 Community Mutual Savings Bank 
 123 Main
Street 
 White Plains, New York 10601 
  

	 	Attention:	Chairman, Compensation Committee 

	 	    	of the Board of Directors 

  

	 	Section 12.	Indemnification for Attorneys’ Fees. 

 The Bank shall indemnify, hold harmless and defend the Officer against reasonable costs, including legal fees, incurred by him in connection with or arising out of any action, suit or proceeding in which he may be involved, as a result of
his efforts, in good faith, to defend or enforce the terms of this Agreement; provided, however, that the Officer shall have substantially prevailed on the merits pursuant to a judgment, decree or order of a court of competent jurisdiction or of an
arbitrator in an arbitration proceeding. The determination whether the Officer shall have substantially prevailed on the merits and is therefore entitled to such indemnification, shall be made by the court or arbitrator, as applicable. In the event
of a settlement pursuant to a settlement agreement, any indemnification payment under this section 12 shall be made only after a determination by the members of the Board (other than the Officer and any other member of the Board to which the Officer
is related by blood or marriage) that the Officer has acted in good faith and that such indemnification payment is in the best interests of the Bank. 
  

	 	Section 13.	Severability. 

 A determination that
any provision of this Agreement is invalid or unenforceable shall not affect the validity or enforceability of any other provision hereof. 
  

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	 	Section 14.	Waiver. 

 Failure to insist upon
strict compliance with any of the terms, covenants or conditions hereof shall not be deemed a waiver of such term, covenant, or condition. A waiver of any provision of this Agreement must be made in writing, designated as a waiver, and signed by the
party against whom its enforcement is sought. Any waiver or relinquishment of any right or power hereunder at any one or more times shall not be deemed a waiver or relinquishment of such right or power at any other time or times. 
  

	 	Section 15.	Counterparts. 

 This Agreement may be
executed in two or more counterparts, each of which shall be deemed an original, and all of which shall constitute one and the same Agreement. 
  

	 	Section 16.	Governing Law. 

 This Agreement
shall be governed by and construed and enforced in accordance with the federal laws of the United States and, to the extent that federal law is inapplicable, in accordance with the laws of the State of New York applicable to contracts entered into
and to be performed entirely within the State of New York. 
  

	 	Section 17.	Headings and Construction. 

 The
headings of sections in this Agreement are for convenience of reference only and are not intended to qualify the meaning of any section. Any reference to a section number shall refer to a section of this Agreement, unless otherwise stated.

  

	 	Section 18.	Entire Agreement; Modifications. 

 This instrument contains the entire agreement of the parties relating to the subject matter hereof, and supersedes in its entirety any and all prior agreements, understandings or representations relating to the subject matter hereof. No
modifications of this Agreement shall be valid unless made in writing and signed by the parties hereto. 
  

	 	Section 19.	Required Regulatory Provisions. 

 The
following provisions are included for the purposes of complying with various laws, rules and regulations applicable to the Bank: 
 (a)
Notwithstanding anything herein contained to the contrary, in no event shall the aggregate amount of compensation payable to the Officer hereunder exceed three times the Officer’s average annual compensation (within the meaning of OTS
Regulatory Bulletin 27a or any successor thereto) for the last five consecutive calendar years to end prior to his termination of employment with the Bank (or for his entire period of employment with the Bank if less than five calendar years). The
compensation payable to the Officer hereunder shall be further reduced (but not below zero) if such reduction would avoid the assessment of excise taxes on excess parachute payments (within the meaning of section 280G of the Code). 
  

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 (b) Notwithstanding anything herein contained to the contrary, any payments to the Officer by the Bank,
whether pursuant to this Agreement or otherwise, are subject to and conditioned upon their compliance with section 18(k) of the Federal Deposit Insurance Act (“FDI Act”), 12 U.S.C. §1828(k), and FDIC Regulation 12 C.F.R. Part 359,
Golden Parachute and Indemnification Payments. 
 (c) Notwithstanding anything herein contained to the contrary, if the Officer is suspended
from office and/or temporarily prohibited from participating in the conduct of the affairs of the Bank pursuant to a notice served under section 8(e)(3) or 8(g)(1) of the FDI Act, 12 U.S.C. §1818(e)(3) or 1818(g)(1), the Bank’s obligations
under this Agreement shall be suspended as of the date of service of such notice, unless stayed by appropriate proceedings. If the charges in such notice are dismissed, the Bank, in its discretion, may (i) pay to the Officer all or part of the
compensation withheld while the Bank’s obligations hereunder were suspended and (ii) reinstate, in whole or in part, any of the obligations which were suspended. 
 (d) Notwithstanding anything herein contained to the contrary, if the Officer is removed and/or permanently prohibited from participating in the conduct
of the Bank’s affairs by an order issued under section 8(e)(4) or 8(g)(1) of the FDI Act, 12 U.S.C. §1818(e)(4) or (g)(1), all prospective obligations of the Bank under this Agreement shall terminate as of the effective date of the order,
but vested rights and obligations of the Bank and the Officer shall not be affected. 
 (e) Notwithstanding anything herein contained to the
contrary, if the Bank is in default (within the meaning of section 3(x)(1) of the FDI Act, 12 U.S.C. §1813(x)(1), all obligations under this Agreement shall terminate as of the date of default, but vested rights and obligations of the Bank and
the Officer shall not be affected. 
 (f) Notwithstanding anything herein contained to the contrary, all prospective obligations under this
Agreement shall be terminated, except to the extent that a continuation of this Agreement is necessary for the continued operation of the Bank: (i) by the Director of the OTS or his or her designee at the time the FDIC enters into an agreement
to provide assistance to or on behalf of the Bank under the authority contained in section 13(c) of the FDI Act, 12 U.S.C. §1823(c); (ii) by the Director of the OTS or his or her designee at the time such Director or designee approves a
supervisory merger to resolve problems related to the operation of the Bank or when the Bank is determined by such Director to be in an unsafe or unsound condition. The vested rights and obligations of the parties shall not be affected. 

(g) Notwithstanding anything herein contained to the contrary, the Board may terminate the Officer’s employment at any time, but any termination
by the Board other than a termination for “cause” (as such term is defined in section 5 hereof), shall not prejudice the Officer’s right to compensation or other benefits under the Agreement. The Officer shall have no right to receive
compensation or other benefits for any period after a termination for “cause” (as such term is defined in section 5 hereof). 
 If
and to the extent that any of the foregoing provisions shall cease to be required or by applicable law, rule or regulation, the same shall become inoperative as though eliminated by formal amendment of this Agreement. 
  

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	 	Section 20.	Guaranty. 

 The Company hereby
irrevocably and unconditionally guarantees to the Officer the payment of all amounts, and the performance of all other obligations, due from the Bank in accordance with the terms of this Agreement as and when due without any requirement of
presentment, demand of payment, protest or notice of dishonor or nonpayment. 
  

	 	Section 21.	Effective Date. 

 This Agreement shall
become effective (the “Effective Date”) upon the later of the following two dates: (a) the effective date of the Bank’s conversion from a mutual savings bank to a stock form savings bank pursuant to the Conversion or (b) the
date the OTS advises the Bank in writing that it either approves or has no objection to the terms and conditions of this Agreement. The Bank, the Company and the Officer each hereby acknowledge and agree that the terms of this Agreement shall have
no force or effect prior to such Effective Date. 
  

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 IN WITNESS WHEREOF, the Bank and the Company have
caused this Agreement to be executed and the Officer has hereunto set his hand, all as of the day and year first above written. 
  

									
		 		 	  
		 		 	[EXECUTIVE NAME]
			
		 		 	
		 		 	COMMUNITY MUTUAL SAVINGS BANK
			
	Attest:	 		 	
					
	By:	 	  	 		 	By:	 	  
		 	Name:	 		 		 	Name:  John Ritacco
		 	Title:	 		 		 	Title:    President and Chief Executive Officer
				
	[Seal]	 		 		 	

  

									
		 		 	CMS BANCORP, INC.
			
	Attest:	 		 	
					
	By:	 	  	 		 	By:	 	  
		 	Name:	 		 		 	Name:  John Ritacco
		 	Title:	 		 		 	Title:    President and Chief Executive Officer
				
	[Seal]Exhibit 10.5

 Exhibit 10.5 
 Execution Copy 
 AMENDED AND RESTATED
EMPLOYMENT AGREEMENT 
 This EMPLOYMENT AGREEMENT
(“Agreement”) is made and entered into effective as of May 1, 2006, by and between COMMUNITY MUTUAL SAVINGS BANK, a New York mutual savings bank having
its executive offices at 123 Main Street, White Plains, New York 10601 (“Bank”) and JOHN RITACCO (“Executive”). 
 W I T N E S S E T H :

 WHEREAS, Executive has been elected to serve the Bank in the capacity of President and Chief
Executive Officer; and 
 WHEREAS, Executive is willing to serve the Bank on the terms and conditions
hereinafter set forth; 
 NOW, THEREFORE, in consideration of the premises and the mutual
covenants and conditions hereinafter set forth, the Bank and Executive hereby agree as follows: 
  

	 	Section 1.	Employment. 

 The Bank agrees to
continue to employ Executive, and Executive hereby agrees to such continued employment, during the period and upon the terms and conditions set forth in this Agreement. 
  

	 	Section 2.	Employment Period; Remaining Unexpired Employment Period. 

 (a) The terms and conditions of this Agreement shall be and remain in effect during the period of employment established under this section 2 (“Employment Period”). The Employment Period shall be for an
initial term of three (3) years beginning on the date of this Agreement and ending on the third (3rd) annual anniversary date of this Agreement. Upon the first (1st) annual anniversary date of this Agreement and each anniversary date thereafter, the Board of Directors of the Bank (“Board”) shall review the
terms of this Agreement and the Executive’s performance of services hereunder and may, in the absence of objection from the Executive, approve an extension of the Employment Agreement to a new three year term. The Executive shall be notified by
the Board of any renewal or non-renewal of this Agreement by the Board within thirty (30) days following any such action. The “Remaining Unexpired Employment Period” shall be the remaining period of the Employment Period subject to
such extensions as the Board may determine pursuant to this paragraph unless modified by this Agreement. 
 (b) Nothing in this Agreement
shall be deemed to prohibit the Bank at any time from terminating Executive’s employment during the Employment Period with or without notice for any reason; provided, however, that the relative rights and obligations of the Bank and
Executive in the event of any such termination shall be determined under this Agreement. 
 (c) Nothing in this Agreement shall be deemed to
prohibit the Executive at any time from terminating his employment during the Employment Period with or without notice 

 
for any reason; provided, however, that the relative rights and obligations of the Bank and Executive in the event of any such termination shall be
determined under this Agreement. 
  

	 	Section 3.	Duties. 

 Executive shall serve as
President and Chief Executive Officer of the Bank, having such power, authority and responsibility and performing such duties as are prescribed by or under the By-Laws of the Bank and as are customarily associated with such position. Executive shall
devote his full business time and attention (other than during weekends, holidays, approved vacation periods, periods of illness or approved leaves of absence and the activities covered by section 7 of this Agreement) to the business and affairs of
the Bank and shall use his best efforts to advance the interests of the Bank. The Executive shall be entitled to four (4) weeks vacation per year. 
  

	 	Section 4.	Cash Compensation. 

 In consideration
for the services to be rendered by Executive hereunder, the Bank shall pay to him a salary at an initial annual rate of TWO HUNDRED SEVENTY-FIVE THOUSAND DOLLARS ($275,000), payable in approximately equal installments in accordance with the
Bank’s customary payroll practices for senior officers. The Board shall review the Executive’s annual rate of salary at such times during the Employment Period as it deems appropriate, but not less frequently than once every twelve months,
and may, in its discretion, approve an increase in the Executive’s annual rate of salary. In addition to salary, Executive may receive other cash compensation from the Bank for services hereunder at such times, in such amounts and on such terms
and conditions as the Board, as applicable, may determine from time to time; provided, however, that the Executive shall be paid (i) a bonus of FORTY-FIVE THOUSAND DOLLARS ($45,000) on January 20, 2007 provided the Executive is
employed by the Bank on such date; and (ii) an additional bonus potential of TWENTY-FIVE THOUSAND DOLLARS ($25,000) on April 30, 2007 if the Executive has, during the twelve (12) month period ending on March 31, 2007, achieved
those performance objectives set forth to the Executive by the Bank for such period. If at any point during the Employment Period the Bank shall convert to stock form and become publicly-traded, the Board shall conduct a review of the
Executive’s salary and benefits then in effect and will make such adjustments as the Board deems appropriate in order to ensure that such salary and benefits are commensurate with those paid by publicly-traded peer institutions and will provide
to the Executive the best purchase priority permissible under applicable law. 
  

	 	Section 5.	Employee Benefit Plans and Programs. 

 During the Employment Period, Executive shall be treated as an employee of the Bank and shall be entitled to participate in and receive benefits under any and all qualified or non-qualified retirement, pension, savings, or profit-sharing
plans, any and all group life, health (including hospitalization, medical and major medical), dental, accident and long-term disability insurance plans, and any other employee benefit and compensation plans as may from time to time be maintained by,
or cover employees of, the Bank, in accordance with the terms and conditions of such employee benefit plans and programs and consistent with the Bank’s customary practices. Nothing paid to the Executive under any such plan or arrangement will
be deemed to be in lieu of other compensation to which the Executive is entitled under this Agreement. 
  

 2 

	 	Section 6.	Indemnification and Insurance. 

 (a)
During the Employment Period and for so long as the Executive is subject for suit on claims related to his performance of the duties described in section 3 of this Agreement, the Bank shall cause Executive to be covered by and named as an insured
under any policy or contract of insurance obtained by it to insure its directors and officers against personal liability for acts or omissions in connection with service as an officer or director of the Bank or service in other capacities at the
request of the Bank. The coverage provided to Executive pursuant to this section 6 shall be of the same scope and on the same terms and conditions as the coverage provided to other officers and directors of the Bank. 
 (b) To the maximum extent permitted under applicable law, during the Employment Period and for so long as the Executive is subject to suits, claims or
proceedings related to his performance of the duties described in section 3 of this Agreement, the Bank shall indemnify Executive against and hold him harmless from any costs, liabilities, losses and exposures associated with such suits, claims and
proceedings and shall advance to him or for his benefit all expenses incurred by him in any such suit, proceeding or claim, including any investigation. 
  

	 	Section 7.	Outside Activities. 

 Executive may
serve as a member of the boards of directors of such business, community and charitable organizations as he may disclose to and as may be approved by the Board (which approval shall not be unreasonably withheld); provided, however, that such
service shall not materially interfere with the performance of his duties under this Agreement. Executive may also engage in personal business and investment activities which do not materially interfere with the performance of his duties hereunder;
provided, however, that such activities are not prohibited under any code of conduct or investment or securities trading policy established by the Bank and generally applicable to all similarly situated executives. 
  

	 	Section 8.	Working Facilities and Expenses. 

 Executive’s principal place of employment shall be at the Bank’s executive offices at the address first above written or at such other location as the Bank and Executive may mutually agree upon. The Bank shall provide the
Executive at his principal place of employment with a private office, secretarial services, and other support services and facilities suitable to his position with the Bank and necessary or appropriate in connection with the performance of his
assigned duties under this Agreement. The Bank shall provide to the Executive for his exclusive use an automobile owned or leased by the Bank and appropriate to his position, to be used in the performance of his duties hereunder, including commuting
to and from his personal residence. The Bank shall reimburse Executive for his ordinary and necessary business expenses, including, without limitation, all expenses associated with his business use of the aforementioned automobile, fees for
memberships in such clubs and organizations as Executive and the Bank shall mutually agree are necessary and appropriate for business purposes, and his travel and 

  

 3 

 
entertainment expenses incurred in connection with the performance of his duties under this Agreement, in each case upon presentation to the Bank of an
itemized account of such expenses in such form as the Bank may reasonably require. The Bank shall issue appropriate tax reporting forms to the IRS for any personal use of the Executive’s automobile. 
  

	 	Section 9.	Termination of Employment with Severance Benefits. 

 (a) Executive shall be entitled to the severance benefits described in section 9(b) herein in the event that his employment with the Bank terminates during the Employment Period under any of the following
circumstances: 
 (i) Executive’s resignation for Good Reason from employment with the Bank within six (6) months
following: 
 (A) the failure of the Board to appoint or re-appoint or elect or re-elect Executive to the position stated in
section 3 of this Agreement or the failure to elect or re-elect him as trustee of the Bank; 
 (B) the expiration of a thirty
(30) day period following the date on which Executive gives written notice to the Bank of its material failure, whether by amendment of the Bank’s organization certificate or By-Laws, or the Bank’s state charter or By-Laws, action of
the Board or otherwise, to vest in Executive, or continue to allow the Executive to perform, without material change or diminution, the functions, duties, or responsibilities prescribed in section 3 of this Agreement, unless, during such thirty
(30) day period, such failure is cured; or 
 (C) the expiration of a thirty (30) day period following the date on
which Executive gives written notice to the Bank of its material breach of any term, condition or covenant contained in this Agreement (including, without limitation any reduction of Executive’s rate of base salary in effect from time to time
or any change in the terms and conditions of any compensation or benefit program in which Executive participates which, either individually or together with other changes, has a material adverse effect on the aggregate value of his total
compensation package), unless, during such thirty (30) day period, such failure is cured; 
 (D) the relocation of the
Bank’s offices at which the Executive is principally employed to a location more than 30 miles from such offices; 
 (E)
any purported termination of the Executive’s employment in a manner inconsistent with section 10 of this Agreement; 
 (F) the failure of the Bank and/or the Bank to obtain an effective agreement from any successor to assume and agree to perform this Agreement, as required by section 14 of this Agreement; or 
  

 4 

 (ii) the termination by the Bank of Executive’s employment with the Bank for any
other reason not described in section 9(a) other than a termination of the Executive’s employment for “cause” or disability as discussion in section 10 hereto; or 
 (iii) subject to the provisions of section 10, the termination of the Executive’s employment for any other reason; 
 then, the Bank shall provide the benefits and pay to Executive the amounts described in section 9(b). 
 (b) Upon the termination of Executive’s employment with the Bank under circumstances described in section 9(a) of this Agreement, the Bank shall pay
and provide to Executive (or, in the event of his death, to his estate): 
 (i) the portion, if any, of the compensation
earned by the Executive through the date of the termination of his employment with the Bank which remains unpaid as of such date, such payment to be made at the time and in the manner prescribed by law applicable to the payment of wages but in no
event later than thirty (30) days after the Executive’s termination of employment; 
 (ii) the benefits, if any, to
which he is entitled as a former employee under the employee benefit plans and programs maintained by the Bank for their officers and employees; 
 (iii) continued group life, health (including hospitalization, medical and major medical), dental, accident and long-term disability coverage plans under the plans and programs maintained by the Bank for similarly
situated employees until the earlier to occur of: 
 (A) the date the Executive first becomes eligible for such benefit
coverage plans under the plans or programs maintained by a subsequent employer; or 
 (B) the date the Remaining Unexpired
Employment Period terminates; 
 (iv) an amount equal to the salary that Executive would have earned if he had continued
working for the Bank during the Remaining Unexpired Employment Period at the highest annual rate of salary achieved during that portion of the Employment Period which is prior to Executive’s termination of employment with the Bank (the
“Salary Severance Payment”) payable in accordance with the Bank’s regular payroll periods for its officers (or at the Bank’s election in a lump sum with no present value applied), such Salary Severance Payment to be paid in lieu
of all other payments of salary provided for under this Agreement in respect of the period following any such termination; and 
 (v) an amount equal to the value of the annual bonuses that the Executive would have earned if he had continued working for the Bank during the Remaining Unexpired Employment Period at the highest annual rate of salary achieved during the
period of three (3) years ending immediately prior to the date of termination (the “Bonus 

  

 5 

 
Severance Payment”). The Bonus Severance Payment shall be computed using the following formula: 
 BSP = SSP x (ABP / ASP) 
 where “BSP” is the amount of the Bonus Severance
Payment (before the deduction of applicable federal, state and local withholding taxes); “SSP” is the amount of the Salary Severance Payment (before the deduction of applicable federal, state and local withholding taxes); “ABP”
is the aggregate of the annual bonuses paid or declared (whether or not paid) for the most recent period of three (3) calendar years to end on or before the Executive’s termination of employment; and “ASP” is the aggregate base
salary actually paid to the Executive during such period of three (3) calendar years. The Bonus Severance Payment shall be in lieu of any claim to a continuation of participation in annual bonus plans of the Bank which the Executive might
otherwise have and shall be payable at the times that such bonuses would have been paid to the Executive had he remained employed by the Bank. 
 The Bank
and Executive hereby stipulate that the damages which may be incurred by Executive following any such termination of employment are not capable of accurate measurement as of the date first above written and that the payments and benefits
contemplated by this section 9(b) constitute reasonable damages under the circumstances and shall be payable without any requirement of proof of actual damage and without regard to Executive’s efforts, if any, to mitigate damages. The Bank and
Executive further agree that the Bank may condition the payments and benefits (if any) due under sections 9(b)(iii), 9(b)(iv), and 9(b)(v) on the receipt of (i) Executive’s resignation from any and all positions which he holds as an
officer, trustee, director or committee member with respect to the Bank or any subsidiary or affiliate of either of them and (ii) a release of claims (other than claims for indemnification and vested and accrued benefits) in favor of the Bank
in a form specified by the Bank. 
  

	 	Section 10.	Termination without Additional Bank Liability. 

 In the event that Executive’s employment with the Bank shall terminate during the Employment Period on account of: 
 (a) the discharge of the Executive for “cause,” which, for purposes of this Agreement shall mean a discharge of the Executive due to the Executive’s (i) personal dishonesty, (ii) incompetence,
(iii) willful misconduct, (iv) breach of fiduciary duty involving personal profit, (v) intentional failure to perform stated duties, (vi) willful violation of any law, rule or regulation (other than traffic violations or similar
offenses) or final cease and desist order, or (vii) any material breach of this Agreement, in each case as measured against standards generally prevailing at the relevant time in the savings and community banking industry; 
 (b) Executive’s voluntary resignation from employment with the Bank for reasons other than those specified in section 9(a); 
 (c) Executive’s death; or 
  

 6 

 (d) a determination that the Executive is eligible for and shall receive long-term disability benefits
under the Bank’s long-term disability insurance program or, if there is no such program, under the federal Social Security Act; 
 then the Bank shall
have no further obligations under this Agreement, other than the payment to Executive (or, in the event of his death, to his estate) of the portion, if any, of the salary earned by the Executive through the date of his termination of employment with
the Bank which remains unpaid as of such date and the provision of such other benefits, if any, to which he is entitled as a former employee under the employee benefit plans and programs maintained by, or covering employees of, the Bank. Any act, or
failure to act, based upon authority given pursuant to a resolution duly adopted by the Board or based upon the written advice of counsel for the Bank shall be conclusively presumed to be done, or omitted to be done, by Executive in good faith and
in the best interests of the Bank. 
  

	 	Section 11.	Termination Upon or Following a Change of Control. 

 (a) A Change of Control of the Bank (“Change of Control”) shall be deemed to have occurred upon the happening of any of the following events: 
 (i) the consummation of a reorganization, merger or consolidation of the Bank with one or more other persons, other than a transaction
following which: 
 (A) at least 51% of the equity ownership interests of the entity resulting from such transaction are
beneficially owned (within the meaning of Rule 13d-3 promulgated under the Securities Exchange Act of 1934, as amended (“Exchange Act”)) in substantially the same relative proportions by persons who, immediately prior to such transaction,
beneficially owned (within the meaning of Rule 13d-3 promulgated under the Exchange Act) at least 51% of the outstanding equity ownership interests in the Bank; and 
 (B) at least 51% of the securities entitled to vote generally in the election of directors of the entity resulting from such transaction
are beneficially owned (within the meaning of Rule 13d-3 promulgated under the Exchange Act) in substantially the same relative proportions by persons who, immediately prior to such transaction, beneficially owned (within the meaning of Rule 13d-3
promulgated under the Exchange Act) at least 51% of the securities entitled to vote generally in the election of directors of the Bank; 
 (ii) the acquisition of all or substantially all of the assets of the Bank or beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 25% or more of the outstanding securities of
the Bank entitled to vote generally in the election of directors by any person or by any persons acting in concert; 
 (iii) a
complete liquidation or dissolution of the Bank; or 
  

 7 

 (iv) the occurrence of any event if, immediately following such event, at least 50% of
the members of the Board of Directors of the Bank do not belong to any of the following groups: 
 (A) individuals who were
members of the Board of Directors of the Bank on the date of this Agreement; or 
 (B) individuals who first became members of
the Board of Directors of the Bank after the date of this Agreement either: 
  

	 	(a)	upon election to serve as a member of the Board of Directors of the Bank by affirmative vote of three-quarters of the members of such board, or of a nominating committee thereof, in
office at the time of such first election; or 

  

	 	(b)	upon election by the shareholders of the Board of Directors of the Bank to serve as a member of such board, but only if nominated for election by affirmative vote of three-quarters
of the members of the Board of Directors of the Bank, or of a nominating committee thereof, in office at the time of such first nomination; 

 provided, however, that such individual’s election or nomination did not result from an actual or threatened election contest or other actual or threatened solicitation of proxies or consents other than by
or on behalf of the Board of Directors of the Bank. 
 In no event, however, shall a Change of Control be deemed to have occurred as a result of any
acquisition of securities or assets of the Bank by any affiliated company, or by any employee benefit plan maintained by the Bank or due to a mutual to stock conversion of the Bank (irrespective of the amount of ownership sold in such stock
conversion). For purposes of this section 11(a), the term “person” shall have the meaning assigned to it under sections 13(d)(3) or 14(d)(2) of the Exchange Act. 
 (b) In the event of the Executive’s resignation after the occurrence of a Change of Control for any reasons listed in section 9(a), he shall be
entitled to receive the benefits described in section 9(b). 
  

	 	Section 12.	Protective Covenants. 

 (a)
Non-Competition. The Executive hereby covenants and agrees that, in the event of his termination of employment with the Bank prior to the expiration of the Employment Period, for a period of one (1) year following the date of his
termination of employment with the Bank, he shall not, without the written consent of the Bank, become an officer, employee, or consultant of any savings bank, savings and loan association, savings and loan holding company, bank or bank holding
Bank, any other entity engaged in the business of accepting deposits or making loans, or any direct or indirect subsidiary or affiliate of any such entity having an office located within Westchester County; provided, however, that this
section 12(a) shall not apply if the Executive is entitled to the benefits described in section 11 hereof or if the institution is located within Westchester County and has total assets of $500 million or less as reported in such institution’s
call reports. 
  

 8 

 (b) Confidentiality. Unless he obtains the prior written consent of the Bank, the Executive shall
keep confidential and shall refrain from using for the benefit of himself, or any person or entity other than the Bank or any entity which is a subsidiary of the Bank or of which the Bank is a subsidiary, any material document or information
obtained from the Bank, or from its affiliates, in the course of his employment concerning their properties, operations or business (unless such document or information is readily ascertainable from public or published information or trade sources
or has otherwise been made available to the public through no fault of his own) until the same ceases to be material (or becomes so ascertainable or available); provided, however, that nothing in this section 12(b) shall prevent the
Executive, with or without the Bank’s consent, from participating in or disclosing documents or information in connection with any judicial or administrative investigation, inquiry or proceeding to the extent that such participation or
disclosure is required under applicable law. 
 (c) Solicitation. The Executive hereby covenants and agrees that, for a period of one
(1) year following his termination of employment with the Bank, he shall not, without the written consent of the Bank, either directly or indirectly: 
 (i) solicit, offer employment to, or take any other action intended, or that a reasonable person acting in like circumstances would expect, to have the effect of causing any officer or employee of the Bank or any of
its subsidiaries or affiliates to terminate his or her employment and accept employment or become affiliated with, or provide services for compensation in any capacity whatsoever to, any savings bank, savings and loan association, bank, bank holding
company, savings and loan holding company, or other institution engaged in the business of accepting deposits or making loans; 
 (ii) provide any information, advice or recommendation with respect to any such officer or employee of any savings bank, savings and loan association, bank, bank holding company, savings and loan holding company, or other institution
engaged in the business of accepting deposits or making loans, that is intended, or that a reasonable person acting in like circumstances would expect, to have the effect of causing any officer or employee of the Bank or any of its subsidiaries or
affiliates to terminate his or her employment and accept employment or become affiliated with, or provide services for compensation in any capacity whatsoever to, any savings bank, savings and loan association, bank, bank holding company, savings
and loan holding company, or other institution engaged in the business of accepting deposits or making loans; 
 (iii)
solicit, provide any information, advice or recommendation or take any other action intended, or that a reasonable person acting in like circumstances would expect, to have the effect of causing any customer of the Bank to terminate an existing
business or commercial relationship with the Bank. 
 (d) Survival of the Section 12 Provisions. The provisions of this section
12 shall survive the termination or expiration of this Agreement, and the existence of any claim or cause of action of the Executive against the Bank, whether predicated on this Agreement or otherwise, shall not constitute a defense to the
enforcement by the Bank of such covenant. 
  

 9 

	 	Section 13.	No Effect on Employee Benefit Plans or Programs. 

 The termination of Executive’s employment during the term of this Agreement or thereafter, whether by the Bank or by Executive, shall have no effect on the rights and obligations of the parties hereto under the
Bank’s qualified or non-qualified retirement, pension, savings, thrift, or profit-sharing plans, group life, health (including hospitalization, medical and major medical), dental, accident and long-term disability insurance plans or such other
employee benefit plans or programs, as may be maintained by, or cover employees of, the Bank from time to time. Except as otherwise provided under this Agreement, the Executive’s rights under such plans and programs shall be determined under
the governing documents of such plans and programs. 
  

	 	Section 14.	Successors and Assigns. 

 This
Agreement will inure to the benefit of and be binding upon Executive, his legal representatives and testate or intestate distributees, and the Bank and its successors and assigns, including any successor by merger or consolidation or a statutory
receiver or any other person or firm or corporation to which all or substantially all of the assets and business of the Bank may be sold or otherwise transferred. The Bank shall require any successor (whether direct or indirect, by purchase, merger,
consolidation or otherwise) to all or substantially all of the business or assets of the Bank to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Bank would be required to perform if no such
succession had taken place. Failure of the Bank to obtain such assumption of this Agreement prior to the effectiveness of any such succession shall be a breach of this Agreement and shall entitle the Executive to compensation from the Bank in the
same amount and on the same terms as the Executive would be entitled to hereunder if the Executive were to terminate the Executive’s employment after a Change of Control, except that, for purposes of implementing the foregoing, the date on
which any such succession becomes effective shall be deemed the date of termination. 
  

	 	Section 15.	Notices. 

 Any communication required
or permitted to be given under this Agreement, including any notice, direction, designation, consent, instruction, objection or waiver, shall be in writing and shall be deemed to have been given at such time as it is delivered personally, or five
(5) days after mailing if mailed, postage prepaid, by registered or certified mail, return receipt requested, addressed to such party at the address listed below or at such other address as one such party may by written notice specify to the
other party: 
 If to Executive: 
 To the most recent address listed for the Executive in the Bank’s records. 
  

 10 

 If to the Bank: 
 Community Mutual Savings Bank 
 123 Main Street 
 White Plains, NY 10601 
 Attention: Board of Trustees 
 with a copy to: 
 Thacher Proffitt & Wood LLP 
 1700 Pennsylvania Avenue, N.W., Suite 800 
 Washington, D.C. 20006 
 Attention: V. Gerard Comizio, Esq. 
  

	 	Section 16.	Indemnification for Attorneys’ Fees. 

 To the maximum extent permitted by applicable law, the Bank shall indemnify, hold harmless and defend Executive against reasonable attorneys’ fees and expenses incurred by her in connection with or arising out of any mediation, action,
suit or proceeding in which he may be involved, as a result of his efforts, in good faith, to defend or enforce the terms of this Agreement; provided, however, that Executive shall have substantially prevailed on the merits pursuant to a
judgment, decree or order of a court of competent jurisdiction or of an arbitrator in an arbitration proceeding, or of a mediator in a mediation proceeding, or in a settlement. For purposes of this Agreement, any settlement agreement which provides
for payment of any amounts in settlement of the Bank’s obligations hereunder shall be conclusive evidence of Executive’s entitlement to indemnification hereunder, and any such indemnification payments shall be in addition to amounts
payable pursuant to such settlement agreement, unless such settlement agreement expressly provides otherwise. In addition, upon the execution of this Agreement, the Bank shall pay the Executive’s reasonable attorneys’ fees negotiating this
Agreement, not to exceed $10,000 provided that the Bank has received, or is provided, an itemized account of such expenses in such form as the Bank may reasonably require prior to the payment thereof. 
  

	 	Section 17.	Severability. 

 A determination that
any provision of this Agreement is invalid or unenforceable shall not affect the validity or enforceability of any other provision hereof. 
  

	 	Section 18.	Waiver. 

 Failure to insist upon
strict compliance with any of the terms, covenants or conditions hereof shall not be deemed a waiver of such term, covenant, or condition. A waiver of any provision of this Agreement must be made in writing, designated as a waiver, and signed by the
party against whom its enforcement is sought. Any waiver or relinquishment of any right or power hereunder at any one or more times shall not be deemed a waiver or relinquishment of such right or power at any other time or times. 
  

 11 

	 	Section 19.	Counterparts. 

 This Agreement may be
executed in two (2) or more counterparts, each of which shall be deemed an original, and all of which shall constitute one and the same Agreement. 
  

	 	Section 20.	Governing Law. 

 This Agreement shall
be governed by and construed and enforced in accordance with the federal laws of the United States and, to the extent that federal law is inapplicable, in accordance with the internal laws of the State of New York applicable to contracts entered
into among parties all of whom are citizens and residents of the State of New York and to be performed entirely within the State of New York, irrespective of the actual citizenship or residency of the parties. 
  

	 	Section 21.	Headings and Construction. 

 The
headings of sections in this Agreement are for convenience of reference only and are not intended to qualify the meaning of any section. Any reference to a section number shall refer to a section of this Agreement, unless otherwise stated.

  

	 	Section 22.	Entire Agreement; Modifications. 

 This instrument contains the entire agreement of the parties relating to the subject matter hereof, and supersedes in its entirety any and all prior agreements, understandings or representations relating to the subject matter hereof. No
modifications of this Agreement shall be valid unless made in writing and signed by the parties hereto. 
  

	 	Section 23.	Non-duplication. 

 In the event that
Executive shall perform services for the Bank or any other direct or indirect subsidiary of the Bank, any compensation or benefits provided to Executive by such other employer shall be applied to offset the obligations of the Bank hereunder, it
being intended that this Agreement set forth the aggregate compensation and benefits payable to Executive for all services to the Bank and all of its direct or indirect subsidiaries, including the Bank. 
  

	 	Section 24.	Required Regulatory Provisions. 

 The
following provisions are included for the purposes of complying with various laws, rules and regulations applicable to the Bank: 
 Notwithstanding anything herein contained to the contrary, in no event shall the aggregate amount of compensation payable to the Executive under section 9(b) hereof exceed the three times the Executive’s average annual compensation
(within the meaning of OTS Regulatory Bulletin 27a or any successor thereto) for the last five consecutive calendar years to end prior to his termination of employment with the Bank (or for his entire period of employment with the Bank if less than
five calendar years). 
  

 12 

 Notwithstanding anything herein contained to the contrary, any payments to the Executive by the Bank,
whether pursuant to this Agreement or otherwise, are subject to and conditioned upon their compliance with section 18(k) of the Federal Deposit Insurance Act (“FDI Act”), 12 U.S.C. §1828(k), and FDIC Regulation 12 C.F.R. Part 359,
Golden Parachute and Indemnification Payments. 
 Notwithstanding anything herein contained to the contrary, if the Executive is suspended
from office and/or temporarily prohibited from participating in the conduct of the affairs of the Bank pursuant to a notice served under section 8(e)(3) or 8(g)(1) of the FDI Act, 12 U.S.C. §1818(e)(3) or 1818(g)(1), the Bank’s obligations
under this Agreement shall be suspended as of the date of service of such notice, unless stayed by appropriate proceedings. If the charges in such notice are dismissed, the Bank, in its discretion, may (i) pay to the Executive all or part of
the compensation withheld while the Bank’s obligations hereunder were suspended and (ii) reinstate, in whole or in part, any of the obligations which were suspended. 
 Notwithstanding anything herein contained to the contrary, if the Executive is removed and/or permanently prohibited from participating in the conduct of
the Bank’s affairs by an order issued under section 8(e)(4) or 8(g)(1) of the FDI Act, 12 U.S.C. §1818(e)(4) or (g)(1), all obligations of the Bank under this Agreement shall terminate as of the effective date of the order, but vested
rights of the Bank and the Executive shall not be affected. 
 Notwithstanding anything herein contained to the contrary, if the Bank is in
default (within the meaning of section 3(x)(1) of the FDI Act, 12 U.S.C. §1813(x)(1), all obligations under this Agreement shall terminate as of the date of default, but vested rights and obligations of the Bank and the Executive shall not be
affected. 
 Notwithstanding anything herein contained to the contrary, all obligations of the Bank hereunder shall be terminated, except to
the extent that a continuation of this Agreement is necessary for the continued operation of the Bank: (i) by the Director of the OTS at the time the FDIC enters into an agreement to provide assistance to or on behalf of the Bank under the
authority contained in section 13(c) of the FDI Act, 12 U.S.C. §1823(c); (ii) by the Director of the OTS or his designee at the time such Director or designee approves a supervisory merger to resolve problems related to the operation of
the Bank or when the Bank is determined by such Director to be in an unsafe or unsound condition. The vested rights of the parties shall not be affected by such action. 
 Notwithstanding anything herein contained to the contrary, the Board may terminate the Executive’s employment at any time, but any termination by the Board other than a termination for “cause” (as such
term is defined in section 10(a) hereof), shall not prejudice the Executive’s right to compensation or other benefits under the Agreement. The Executive shall have no right to receive compensation or other benefits for any period after a
termination for “cause” (as such term is defined in section 10(a) hereof). 
 If and to the extent that any of the foregoing
provisions shall cease to be required or by applicable law, rule or regulation, the same shall become inoperative as though eliminated by formal amendment of this Agreement. 
  

 13 

	 	Section 25.	Bank and Affiliates. 

 The Bank may
satisfy its obligations under this Agreement either directly or indirectly through one or more direct or indirect subsidiaries or affiliates. The Executive agrees that this Agreement requires that the Executive make his services available to the
Bank and its direct or indirect subsidiaries or affiliates as determined by the Board of Directors of the Bank within the terms and conditions set forth in this Agreement. 
  

 14 

 IN WITNESS WHEREOF, the Bank has caused this
Agreement to be executed and Executive has hereunto set his hand, effective as of the date set forth above. 
  

					
	  
	John E. Ritacco
	
	Community Mutual Savings Bank
		
	By	 	  
		 	Name:	 	Thomas G. Ferrara
		 	Title:	 	Chairman of the Board

 [Seal] 
  

 15

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