Document:

Exhibit 10.5 -- Three-Year Change in Control Agreement

 Exhibit 10.5 
  
 FORM OF THREE-YEAR 
 CHANGE IN CONTROL AGREEMENT 
  
 This
AGREEMENT (“Agreement”) is hereby entered into as of                     , 2004, by and between BAY-VANGUARD FEDERAL
SAVINGS BANK (the “Bank”), a federally chartered savings bank, with its principal offices at
                        ,
                                        
(“Executive”), and BV FINANCIAL, INC. (the “Company”), a federally chartered corporation and the holding company of the Bank, as guarantor. 
  
 WHEREAS, the Bank recognizes the importance of Executive to the Bank’s operations and wishes to protect her
position with the Bank in the event of a change in control of the Bank or the Company for the period provided for in this Agreement; and 
  
 WHEREAS, Executive and the Board of Directors of the Bank desire to enter into an agreement setting forth the terms and conditions of payments due
to Executive in the event of a change in control and the related rights and obligations of each of the parties. 
  
 NOW, THEREFORE, in consideration of the promises and mutual covenants herein contained, it is hereby agreed as follows: 
  

	1.	Term of Agreement. 

  
 a. The term of this Agreement shall be (i) the initial term, consisting of the period commencing on the date of this Agreement (the “Effective
Date”) and ending on the third anniversary of the Effective Date, plus (ii) any and all extensions of the initial term made pursuant to this Section 1. 
  
 b. Commencing on the first anniversary of the Effective Date and continuing each anniversary date thereafter, the Board of Directors of the Bank (the
“Board of Directors”) may extend the term of this Agreement for an additional one (1) year period beyond the then effective expiration date, provided that Executive shall not have given at least sixty (60) days’ written notice of her
desire that the term not be extended. 
  
 c. Notwithstanding
anything in this Section to the contrary, this Agreement shall terminate if Executive or the Bank terminates Executive’s employment prior to a Change in Control. 
  

	2.	Change in Control. 

  
 a. Upon the occurrence of a Change in Control of the Bank or the Company followed at any time during the term of this Agreement by the termination of
Executive’s employment in accordance with the terms of this Agreement, other than for Cause, as defined in Section 2c. of this Agreement, the provisions of Section 3 of this Agreement shall apply. Upon the occurrence of a Change in Control,
Executive shall have the right 

  

 
to elect to voluntarily terminate her employment at any time during the term of this Agreement following an event constituting “Good Reason.”

  
 “Good Reason” means, unless Executive has consented
in writing thereto, the occurrence following a Change in Control, of any of the following: 
  

	 	i.	the assignment to Executive of any duties materially inconsistent with Executive’s position, including any material diminution in status, title, authority, duties or
responsibilities, excluding for this purpose an isolated, insubstantial and inadvertent action not taken in bad faith and that is remedied by the Bank or Executive’s employer reasonably promptly after receipt of notice from Executive;

  

	 	ii.	a reduction by the Bank or Executive’s employer of Executive’s base salary in effect immediately prior to the Change in Control; 

  

	 	iii.	the relocation of Executive’s office to a location more than [twenty-five (25) miles] from its location as of the date of this Agreement; 

  

	 	iv.	the taking of any action by the Bank or any of its affiliates or successors that would materially adversely affect Executive’s overall compensation and benefits package, unless
such changes to the compensation and benefits package are made on a non-discriminatory basis and affect substantially all employees; or 

  

	 	v.	the failure of the Bank or the affiliate of the Bank by which Executive is employed, or any affiliate that directly or indirectly owns or controls any affiliate by which Executive
is employed, to obtain the assumption in writing of the Bank’s obligation to perform this Agreement by any successor to all or substantially all of the assets of the Bank or such affiliate within thirty (30) days after a reorganization, merger,
consolidation, sale or other disposition of assets of the Bank or such affiliate. 

  
 b. For purposes of this Agreement, a “Change in Control” shall be deemed to occur on the earliest of any of the following events: 
  
 i. Merger: The Company merges into or consolidates with another
corporation, or merges another corporation into the Company, and as a result less than a majority of the combined voting power of the resulting corporation immediately after the merger or consolidation is held by persons who were stockholders of the
Company immediately before the merger or consolidation. 
  
 ii.
Acquisition of Significant Share Ownership: There is filed, or is required to be filed, a report on Schedule 13D or another form or schedule (other than Schedule 13G) required under Sections 13(d) or 14(d) of the Securities Exchange

  

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 Act of 1934, if the schedule discloses that the filing person or persons acting in concert has or have
become the beneficial owner of 25% or more of a class of the Company’s voting securities, but this clause (b) shall not apply to beneficial ownership of Company voting shares held in a fiduciary capacity by an entity of which the Company
directly or indirectly beneficially owns 50% or more of its outstanding voting securities. 
  
 iii. Change in Board Composition: During any period of two consecutive years, individuals who constitute the Company’s Board of Directors at the beginning of the two-year period cease for any reason to
constitute at least a majority of the Company’s Board of Directors; provided, however, that for purposes of this clause (iii), each director who is first elected by the board (or first nominated by the board for election by the stockholders) by
a vote of at least two-thirds (2/3) of the directors who were directors at the beginning of the two-year period shall be deemed to have also been a director at the beginning of such period; or 
  
 iv. Sale of Assets: The Company sells to a third party all or
substantially all of its assets. 
  
 Notwithstanding anything in
this Agreement to the contrary, in no event shall the reorganization of the Bank from the mutual holding company form of organization to the full stock holding company form of organization (including the elimination of the mutual holding company)
constitute a “Change in Control” for purposes of this Agreement. 
  
 c. Executive shall not have the right to receive termination benefits pursuant to Section 3 hereof upon termination for “Cause”. Termination for Cause shall mean termination of employment because of
Executive’s personal dishonesty, incompetence, willful misconduct, any breach of fiduciary duty involving personal profit, intentional failure to perform stated duties, willful violation of any law, rule, regulation (other than traffic
violations or similar offenses), final cease and desist order, or any material breach of any provision of this Agreement. Notwithstanding the foregoing, Executive shall not be deemed to have been terminated for Cause unless and until there shall
have been delivered to her a copy of a resolution duly adopted by the affirmative vote of a majority of the entire membership of the Board of Directors at a meeting of the Board of Directors called and held for that purpose (after reasonable notice
to Executive and an opportunity for her, together with counsel, to be heard before the Board of Directors), finding that, in the good faith opinion of the Board of Directors, Executive was guilty of conduct justifying termination for Cause and
specifying the particulars thereof in detail. Executive shall not have the right to receive compensation or other benefits for any period after termination for Cause. During the period beginning on the date of the Notice of Termination for Cause
pursuant to Section 4 hereof through the Date of Termination (as defined in Section 4), stock options granted to Executive under any stock option plan shall not be exercisable nor shall any unvested stock awards granted to Executive under any stock
benefit plan of the Bank, the Company or any 

  

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subsidiary or affiliate thereof, vest. At the Date of Termination, such stock options and any such unvested stock awards shall become null and void and shall
not be exercisable by or delivered to Executive at any time subsequent to such termination for Cause. 
  

	3.	Termination Benefits. 

  
 a. If Executive’s employment is voluntarily (in accordance with Section 2a. of this Agreement) or involuntarily terminated within one (1) year of a
Change in Control, Executive shall receive: 
  

	 	i.	a lump sum cash payment equal to three (3) times the Executive’s “base amount,” within the meaning of Section 280G(b)(3) of the Internal Revenue Code of 1986, as
amended (the “Code”). Such payment shall be made not later than five (5) days following Executive’s termination of employment under this Section 3. 

  

	 	ii.	Continued benefit coverage under all Bank health and welfare plans (as defined in accordance with Section (3)(1) of the Employee Retirement Income Security Act of 1974
(“ERISA”), 29 U.S.C. Sec. 1002(1), and applicable regulations thereunder) which Executive participated in as of the date of the Change in Control (collectively, the “Employee Benefit Plans”) for a period of thirty-six (36) months
following Executive’s termination of employment. Said coverage shall be provided under the same terms and conditions in effect on the date of Executive’s termination of employment. Solely for purposes of benefits continuation under the
Employee Benefit Plans, Executive shall be deemed to be an active employee. To the extent that benefits required under this Section 3a. cannot be provided under the terms of any Employee Benefit Plan, the Bank shall enter into alternative
arrangements that will provide Executive with comparable benefits. 

  
 b. Notwithstanding the preceding provisions of this Section 3, in no event shall the aggregate payments or benefits to be made or afforded to Executive under said paragraphs (the “Termination Benefits”)
constitute an “excess parachute payment” under Section 280G of the Code or any successor thereto, and to avoid such a result, Termination Benefits will be reduced, if necessary, to an amount (the “Non-Triggering Amount”), the
value of which is one dollar ($1.00) less than an amount equal to three (3) times Executive’s “base amount,” as determined in accordance with said Section 280G. The allocation of the reduction required hereby among the Termination
Benefits provided by this Section 3 shall be determined by Executive. 
  

	4.	Notice of Termination. 

  
 a. Any purported termination by the Bank or by Executive shall be communicated by Notice of Termination to the other party hereto. For purposes of this
Agreement, a “Notice of Termination” shall mean a written notice which shall indicate the specific termination provision in this Agreement relied upon and shall set forth in detail the facts and circumstances claimed to provide a basis for
termination of Executive’s employment under the provision so indicated. 
  

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 b. “Date of Termination” shall mean the date specified in the Notice of Termination (which, in
the case of a termination for Cause, shall not be less than thirty (30) days from the date such Notice of Termination is given). 
  

	5.	Source of Payments. 

  
 All payments provided in this Agreement shall be timely paid in cash or check from the general funds of the Bank. The Company, however, unconditionally
guarantees payment and provision of all amounts and benefits due hereunder to Executive and, if such amounts and benefits due from the Bank are not timely paid or provided by the Bank, such amounts and benefits shall be paid or provided by the
Company.  
  

	6.	Effect on Prior Agreements and Existing Benefit Plans. 

  
 This Agreement contains the entire understanding between the parties hereto and supersedes any prior agreement between the Bank and Executive, except that
this Agreement shall not affect or operate to reduce any benefit or compensation inuring to Executive of a kind elsewhere provided. No provision of this Agreement shall be interpreted to mean that Executive is subject to receiving fewer benefits
than those available to her without reference to this Agreement. Nothing in this Agreement shall confer upon Executive the right to continue in the employ of the Bank or shall impose on the Bank any obligation to employ or retain Executive in its
employ for any period. 
  

	7.	No Attachment. 

  
 a. Except as required by law, no right to receive payments under this Agreement shall be subject to anticipation, commutation, alienation, sale,
assignment, encumbrance, charge, pledge, or hypothecation or to execution, attachment, levy or similar process or assignment by operation of law, and any attempt, voluntary or involuntary, to affect any such action shall be null, void and of no
effect. 
  
 b. This Agreement shall be binding upon, and inure to
the benefit of, Executive, the Bank and their respective successors and assigns. 
  

	8.	Modification and Waiver. 

  
 a. This Agreement may not be modified or amended except by an instrument in writing signed by the parties hereto. 
  
 b. No term or condition of this Agreement shall be deemed to have been
waived, nor shall there be any estoppel against the enforcement of any provision of this Agreement, except by written instrument of the party charged with such waiver or estoppel. No such written waiver shall be deemed a continuing waiver unless
specifically stated therein, and each such waiver 

  

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shall operate only as to the specific term or condition waived and shall not constitute a waiver of such term or condition for the future or as to any act
other than that specifically waived. 
  

	9.	Severability. 

  
 If, for any reason, any provision of this Agreement, or any part of any provision, is held invalid, such invalidity shall not affect any other provision
of this Agreement or any part of such provision not held so invalid, and each such other provision and part thereof shall to the full extent consistent with law continue in full force and effect. 
  

	10.	Headings for Reference Only. 

  
 The headings of sections and paragraphs herein are included solely for convenience of reference and shall not control the meaning or interpretation of any
of the provisions of this Agreement. In addition, references herein to the masculine shall apply to both the masculine and the feminine. 
  

	11.	Governing Law. 

  
 Except to the extent preempted by federal law, the validity, interpretation, performance, and enforcement of this Agreement shall be governed by the laws
of the State of Maryland, without regard to principles of conflicts of law of that State. 
  

	12.	Arbitration. 

  
 Any dispute or controversy arising under or in connection with this Agreement shall be settled exclusively by arbitration, conducted before a panel of
three arbitrators sitting in a location selected by Executive within fifty (50) miles from the location of the Bank, in accordance with the rules of the American Arbitration Association then in effect. Judgment may be entered on the
arbitrator’s award in any court having jurisdiction; provided, however, that Executive shall be entitled to seek specific performance of her right to be paid until the Date of Termination during the pendency of any dispute or controversy
arising under or in connection with this Agreement. 
  

	13.	Payment of Legal Fees. 

  
 All reasonable legal fees and expenses paid or incurred by Executive pursuant to any dispute or question of interpretation relating to this Agreement
shall be paid or reimbursed by the Bank, only if Executive is successful pursuant to a legal judgment, arbitration or settlement. 
  

	14.	Indemnification. 

  
 The Company or the Bank shall provide Executive (including her heirs, executors and administrators) with coverage under a standard directors’ and
officers’ liability insurance policy at its expense and shall indemnify Executive (and her heirs, executors and administrators) to the fullest extent permitted under applicable law against all expenses and liabilities reasonably 

  

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incurred by her in connection with or arising out of any action, suit or proceeding in which she may be involved by reason of having been a director or
officer of the Company or the Bank (whether or not she continues to be a director or officer at the time of incurring such expenses or liabilities), such expenses and liabilities to include, but not be limited to, judgments, court costs,
attorneys’ fees and the costs of reasonable settlements. 
  

	15.	Successors to the Bank and the Company. 

  
 The Bank and the Company shall require any successor or assignee, whether direct or indirect, by purchase, merger, consolidation or otherwise, to all or
substantially all of the business or assets of the Bank or the Company, expressly and unconditionally to assume and agree to perform the Bank’s and the Company’s obligations under this Agreement, in the same manner and to the same extent
that the Bank and the Company would be required to perform if no such succession or assignment had taken place. 
  

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 SIGNATURES 
  

IN WITNESS WHEREOF, Bay-Vanguard Federal Savings Bank and BV Financial, Inc. have caused this Agreement to be executed and their seals to be affixed
hereunto by their duly authorized officers, and Executive has signed this Agreement, on the          day of
                    , 2004. 
  

									
	 ATTEST:
	 	 	 	BAY-VANGUARD FEDERAL SAVINGS BANK
				
	 	 	 	 	 By:     
	 	 
	 Corporate Secretary
	 	 	 	 	 	 For the Entire Board of Directors

			
	 ATTEST:
	 	 	 	BV FINANCIAL, INC.
	 	 	 	 	(Guarantor)
				
	 	 	 	 	 By:     
	 	 
	 Corporate Secretary
	 	 	 	 	 	 For the Entire Board of Directors

			
	[SEAL]	 	 	 	 
			
	 WITNESS:
	 	 	 	EXECUTIVE
			
	
	 	 	 	

	 Corporate Secretary
	 	 	 	 	 	 

  

 8Exhibit 10.6 -- Change in Control Severance Compensation Plan

 Exhibit 10.6 
  
 FORM OF 
 BAY-VANGUARD FEDERAL SAVINGS BANK 
 CHANGE IN CONTROL SEVERANCE COMPENSATION PLAN 
  

	A.	Purpose. 

  
 The purpose of the Bay-Vanguard Federal Savings Bank Change in Control Severance Compensation Plan (the “Plan”) is to ensure the successful
continuation of the business of Bay-Vanguard Federal Savings Bank (the “Bank”) and the fair and equitable treatment of the Bank’s employee following a Change in Control (as defined below). 
  

	B.	Covered Employees. 

  
 Subject to paragraph C below, any employee of the Bank with at least one year of service as of his or her termination date shall be eligible to receive a
Change in Control Severance Benefit (as defined below) if, within the period beginning on the effective date of a Change in Control and ending on the first anniversary of such date, (i) the employee’s employment with the Bank is involuntarily
terminated or (ii) the employee terminates employment with the Bank voluntarily after being offered continued employment in a position that is not a Comparable Position (as defined below). 
  

	C.	Limitations on Eligibility for Change in Control Severance Benefits. 

  
 1. No employee shall be eligible for a Change in Control Severance Benefit if (a) his or her employment is terminated for
“Cause”, (b) he or she is offered a Comparable Position within the Bank and declines to accept such position or (c) the employee is, at the time of termination of employment, a party to an individual employment agreement or change in
control agreement with the Bank and/or BV Financial, Inc. (the “Company). 
  
 2. For purposes of this Plan, a termination of employment for “Cause” shall include termination because of the employee’s personal dishonesty, 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 violation of any final cease-and-desist order, or material breach of any
provision of the plan. 
  
 3. For purposes of this Plan, a
“Comparable Position” shall mean a position that would (i) provide the employee with base compensation and benefits that are comparable in the aggregate to those provided to the employee prior to the Change in Control, (ii) provide the
employee with an opportunity for variable bonus compensation that is comparable to the opportunity provided to the employee prior to the Change in Control, (iii) be in a location that would not require the employee to increase his or her daily one
way commuting distance by more than [twenty-five (25) miles] as compared to the employee’s commuting distance immediately prior to the Change in Control and (iv) have job skill requirements and duties that are comparable to the
requirements and duties of the position held by the employee prior to the Change in Control. 
  

	D.	Definition of Change in Control. 

  
 For purposes of this Plan, “Change in Control” means the occurrence of any one of the following events: 
  

	 	(1)	Merger: The Company merges into or consolidates with another corporation, or merges another corporation into the Company, and as a result less than a majority of the combined
voting power of the resulting corporation immediately after the merger or consolidation is held by persons who were stockholders of the Company immediately before the merger or consolidation. 

  

	 	(2)	Acquisition of Significant Share Ownership: There is filed or required to be filed a report on Schedule 13D or another form or schedule (other than Schedule 13G) required
under Sections 13(d) or 14(d) of the Securities Exchange Act of 1934, if the schedule discloses that the filing person or persons acting in concert has or have become the beneficial owner of 25% or more of a class of the Company’s voting
securities, but this clause (b) shall not apply to beneficial ownership of Company voting shares held in a fiduciary capacity by an entity of which the Company directly or indirectly beneficially owns 50% or more of its outstanding voting
securities. 

  

	 	(3)	Change in Board Composition: During any period of two consecutive years, individuals who constitute the Company’s Board of Directors at the beginning of the two-year
period cease for any reason to constitute at least a majority of the Company’s Board of Directors; provided, however, that for purposes of this clause (iii), each director who is first elected by the board (or first nominated by the board for
election by the stockholders) by a vote of at least two-thirds ( 2/3) of the directors who were directors at the
beginning of the two-year period shall be deemed to have also been a director at the beginning of such period; or 

  

	 	(4)	Sale of Assets: The Company sells to a third party all or substantially all of its assets. 

  
 Notwithstanding anything in this Plan to the contrary, in no event shall the reorganization of the Bank from the mutual
holding company form of organization to the full stock holding company form of organization (including the elimination of the mutual holding company) constitute a “Change in Control” for purposes of this Plan. 
  

	E.	Determination of the Change in Control Severance Benefit. 

  
 The Change in Control Severance Benefit payable to an eligible employee under this Plan shall be determined as follows: 
  

	 	(1)	An eligible employee who become entitled to receive a Change in Control Severance Payment under the Plan shall receive a benefit determined under the following schedule:

  

	 	(a)	The basic benefit under the Plan shall be determined as the product of (i) the employee’s years of service from his or her hire date (including partial years) through the
termination date and (ii) two (2) months of the employee’s Base Compensation (as defined below). A “year of service” shall mean each 12-month period of service following an employee’s hire date determined without regard the
number of hours worked during such period(s). 

  

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	 	(b)	Notwithstanding anything in this Plan to the contrary, the minimum payment to an eligible employee under this Plan shall be two (2) months of Base Compensation and the maximum
payment to an eligible employee shall not exceed 199% of the employee’s Base Compensation. 

  

	 	(2)	The Change in Control Severance payment shall be made in a lump sum not later than five (5) business days after the date of the employee’s termination of employment.

  

	 	(3)	For purpose of determinations under this paragraph D, “Base Compensation” shall mean: 

  

	 	(a)	for salaried employees, the employee’s annual base salary at the rate in effect on his or her termination date or, if greater, the rate in effect on the date immediately
preceding the Change in Control. 

  

	 	(b)	for employees whose compensation is determined in whole or in part on the basis of commission income, the employee’s base salary at termination (or, if greater, the base salary
on date immediately preceding the effective date of the Change in Control), if any, plus the commissions earned by the employee in the twelve (12) full calendar months preceding his or her termination date (or, if greater, the commissions earned in
the twelve (12) full calendar months immediately preceding the effective date of the Change in Control). 

  

	 	(c)	for hourly employees, the employee’s total hourly wages for the twelve (12) full calendar months preceding his or her termination date or, if greater, the twelve (12) full
calendar months preceding the effective date of the Change in Control. 

  

	F.	Withholding. 

  
 All payments will be subject to customary withholding for federal, state and local tax purposes. 
  

	G.	Parachute Payment. 

  
 Notwithstanding anything in this Plan to the contrary, if a benefit to a employee who is a “Disqualified Individual” shall be in an amount which
includes an “Excess Parachute Payment” taking into account payments under this Plan and otherwise, the benefit under this Plan to that employee shall be reduced to the maximum amount which does not include an Excess Parachute Payment. The
terms “Disqualified Individual” and “Excess Parachute Payment” shall have the same meanings as under Section 280G of the Internal Revenue Code of 1986, as amended, or any successor provision thereto. 
  

	H.	Adoption by Affiliates. 

  
 Upon approval by the Board of Directors of the Bank, this Plan may be adopted by any “Subsidiary” or “Parent” of the Bank. Upon such
adoption, the Subsidiary or Parent shall become an Employer hereunder and the provisions of the Plan shall be fully applicable to the Employees of that Subsidiary or Parent. The term “Subsidiary” means any corporation in which the Bank,
directly or 

  

 3 

 
indirectly, holds a majority of the voting power of its outstanding shares of capital stock. The term “Parent” means any corporation which holds a
majority of the voting power of the Bank’s outstanding shares of capital stock. 
  

	I.	Administration. 

  
 The Plan is administered by the Board of Directors of the Bank, which shall have the discretion to interpret the terms of the Plan and to make all
determinations about eligibility and payment of benefits. All decisions of the Board, any action taken by the Board with respect to the Plan and within the powers granted to the Board under the Plan, and any interpretation by the Board of any term
or condition of the Plan, are conclusive and binding on all persons, and will be given the maximum possible deference allowed by law. The Board may delegate and reallocate any authority and responsibility with respect to the Plan. 
  

	J.	Source of Payments. 

  
 All amounts payable under the Plan will be paid in cash from the general funds of the Bank; no separate fund will be established under the Plan; and the
Plan will have no assets. 
  

	K.	Inalienability. 

  
 In no event may any Employee sell, transfer, anticipate, assign or otherwise dispose of any right or interest under the Plan. At no time will any such
right or interest be subject to the claims of creditors, nor liable to attachment, execution or other legal process. 
  

	L.	Governing Law. 

  
 The provisions of the Plan will be construed, administered and enforced in accordance with the laws of the State of Maryland, except to the extent that
federal law applies. 
  

	M.	Severability. 

  
 If any provision of the Plan is held invalid or unenforceable, its invalidity or unenforceability will not affect any other provision of the Plan, and the
Plan will be construed and enforced as if such provision had not been included. 
  

	N.	No Employment Rights. 

  
 Neither the establishment nor the terms of this Plan shall be held or construed to confer upon any employee the right to a continuation of employment by
the Bank, nor constitute a contract of employment, express or implied. The Bank reserves the right to dismiss or otherwise deal with any employee to the same extent and on the same basis as though this Plan had not been adopted. Nothing in this Plan
is intended to alter the at-will status of the Bank’s employees, it being understood that, except to the extent otherwise expressly set forth to the contrary in an individual employment-related agreement, the employment of any employee may be
terminated at any time by either the Bank or the employee with or without cause. 
  

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	O.	Amendment and Termination. 

  
 The Plan may be terminated or amended in any respect by resolution adopted by a majority of the Board of Directors of the Bank, unless a Change in Control
has previously occurred. If a Change in Control occurs, the Plan no longer shall be subject to amendment, change, substitution, deletion, revocation or termination in any respect whatsoever. The form of any proper amendment or termination of the
Plan shall be a written instrument signed by a duly authorized officer or officers of the Bank, certifying that the amendment or termination has been approved by the Board of Directors. A proper amendment of the Plan automatically shall effect a
corresponding amendment to each Participant’s rights hereunder. A proper termination of the Plan automatically shall effect a termination of all employees’ rights and benefits hereunder. 
  

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