Document:

EXHIBIT 10.3

 Exhibit 10.3 
 BANK OF NEW ORLEANS 
 AMENDED AND RESTATED DIRECTORS’ NONQUALIFIED DEFERRED 
 COMPENSATION PLAN 
 Effective as of
April 17, 2007, the Bank of New Orleans (“Bank”) Directors’ Nonqualified Deferred Compensation Plan (the “Prior Plan”) is hereby amended and restated in its entirety. The effective date of the Prior Plan is
February 1, 2002. The amended and restated plan shall be known as the Bank of New Orleans Amended and Restated Directors’ Nonqualified Deferred Compensation Plan (the “Plan”) and shall in all respects be subject to the provisions
set forth herein. 
 The purpose of the Plan is to provide a deferred compensation arrangement to non-employee directors of the Bank. The
Plan is intended to be an unfunded plan qualifying as a “top hat” plan for purposes of Title I of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and for purposes of the Internal Revenue Code of 1986,
as amended (the “Code”). The Plan is being amended and restated in order to, among other things, comply with the requirements of Section 409A of the Code. No benefits payable under this Plan shall be deemed to be grandfathered for
purposes of Section 409A of the Code. 
  

	I.	Participation: Participation in this Plan shall be limited to non-employee directors of the Bank (the “Participants”). A director who is also an employee of the
Bank shall not be eligible to participate in this Plan. Participation by non-employee directors shall be elective. 

  

	 II.
	 Election to Participate: An election to defer Director Fees (as defined in Section III of the Plan) must be
received by the Committee (as defined in Section VII of the Plan) prior to the date specified in this Section II of the Plan (the “Deferral Election”). Any elections to defer Director Fees must be made on or prior to the
December 31st preceding the calendar year in which such income shall be earned, subject to the exception for a
new non-employee director as provided in the next sentence. In the case of the first year in which a Participant becomes eligible to participate in the Plan, elections to defer Director Fees may be made within thirty (30) days of the date the
Participant first becomes eligible to participate in this Plan, with such elections in each case to be effective as of the first day of the immediately following month for services to be performed on or after such effective date. Under no
circumstances may a Participant defer Director Fees to which the Participant has already attained, at the time of the deferral, a legally enforceable right to receive such Director Fees. A Participant may not elect to change his or her Deferral
Election that is in effect for a Plan year. The Committee may permit a Participant to change his or her Deferral Election for a subsequent Plan year, provided that the subsequent Deferral Election is received by the Committee on or prior to the
December 31st preceding the calendar year in which such income shall be earned. Any election to participate
made by a Participant prior to December 31, 2006 shall continue in effect until such time as the Participant makes a subsequent Deferral Election. 

  

	III.	 Contribution: During a Participant’s participation in the Plan, the Bank shall contribute to the Plan on behalf of that Participant any and all director
and committee fees that would 

	 	 
otherwise have been due and payable to such Participant (the “Director Fees”) that are deferred under this Plan. A Participant shall be one-hundred
percent (100%) vested at all times in his or her Director Fees that are deferred under this Plan. The Bank may, at any time, in its sole and absolute discretion, transfer a Participant’s Director’s Account (as defined in Section IV of
the Plan) into a rabbi trust then in existence for the Plan; provided, however, said trust shall substantially comply with (i) the terms and provisions of the model rabbi trust as set forth in Rev. Proc. 92-64, 1992-2 CB 422 as now
existing or as subsequently modified, and (ii) the requirements of Section 409A of the Code. 

  

	IV.	Director’s Accounts. The Bank shall maintain for bookkeeping purposes a deferred compensation account for each director participating in this Plan (the
“Director’s Account”). A Participant’s Director’s Account shall consist of an investment in the Cash Account, if applicable, and Stock Units Account, if applicable. A Participant’s investment in either the Cash Account
or Stock Units Account shall be maintained and administered as provided in Sections IV(a) and (b) below. 

 (a) Cash Account. A Participant may elect on an election form (the “Investment Election Form”) that all or any part of the amounts contributed to the Participant’s Director’s Account be credited to the Cash
Account. All amounts credited to the Cash Account shall be credited quarterly with earnings, gains, and losses, as applicable. Until otherwise determined by the Bank, all amounts credited to the Cash Account shall be credited with the then
applicable interest on two-year fixed-rate certificates of deposit issued by the Bank. The Bank shall give notice to the Participants participating in this Plan of any change made pursuant to the above sentence. 
 (b) Stock Units Account. A Participant may elect on an Investment Election Form that all or any part of the amounts contributed to
the Participant’s Director’s Account be credited to the Stock Units Account. All amounts credited to the Stock Units Account shall be applied to the crediting of Stock Units (which shall represent shares of common stock of Louisiana
Bancorp, Inc., (the “Company Stock”), with each Stock Unit representing one share of Company Stock. The number of Stock Units credited to a Participant’s Stock Units Account shall equal the dollar amount credited to such account
divided by the fair market value of one share of Company Stock as determined on a date selected by the Bank. Fractional Stock Units will be used, rounded to four decimal places. Each Stock Unit shall be deemed to pay dividends as if it were one
share of Company Stock, and any such deemed dividends will result in the crediting of additional Stock Units to the Stock Units Account on a date selected by the Bank, with the number of Stock Units so credited to be calculated in the manner set
forth above for contributions. After the crediting of Stock Units to the Stock Units Account, subsequent fluctuations in the fair market value of the Company Stock shall not result in any change in the number of such Stock Units then credited to the
Stock Units Account. 
 (i) In the event of any change in the Company Stock by reason of any stock dividend or split,
recapitalization, merger, consolidation, spin-off, reorganization, combination or exchange of shares or other similar corporate change, then the Stock Units Account of each Participant shall be adjusted by the Committee in a reasonable manner to
compensate for the change, and any such adjustment by the Committee shall be conclusive and binding for all purposes of the Plan. 
  

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 (ii) Participants are not permitted to transfer amounts between the Cash Account and the
Stock Units Account, with the exception that Participants will be given the ability in connection with the mutual to stock conversion of the Bank to transfer amounts from the Cash Account to the Stock Units Account. However, if a successor
Investment Election Form is properly filed with and accepted by the Committee, such Election Form may contain revised instructions as to the proportion of future contributions to be credited to each of the Cash Account and the Stock Units Account.

 (iii) An Investment Election Form shall continue in effect from calendar year to calendar year unless replaced by a
subsequent Investment Election Form. 
  

	V.	Payment of Benefits. When a Participant terminates his service with the Bank for any reason whatsoever including death or disability, all benefits due to the Participant
under this Plan shall be paid to him or her or, in the event of death, to his or her beneficiary designated in the Participant’s election to participate. All amounts credited to the Stock Units Account must be distributed solely in the form of
Company Stock. Payment shall be made by lump sum on the first business day of the month following the lapse of six months after the Participant’s Separation from Service. “Separation from Service” means separation from service within
the meaning of Section 409A of the Code and the regulations thereunder. 

  

	VI.	Unforeseeable Emergency. The Committee may, in its sole and absolute discretion, allow a Participant to withdraw amounts from his or her Director’s Account upon the
occurrence of an Unforeseeable Emergency, as defined below. A Participant may request a distribution due to an Unforeseeable Emergency by submitting a written request to the Committee accompanied by evidence to demonstrate that the circumstances
being experienced qualify as an Unforeseeable Emergency. Any withdrawal approved by the Committee shall not exceed the amount necessary to meet the Unforeseeable Emergency. “Unforeseeable Emergency” means a severe financial hardship to the
Participant resulting from (1) an illness or accident of the Participant, the Participant’s spouse, or a dependent of the Participant (within the meaning of Section 152(a) of the Code), (2) loss of the Participant’s property
due to casualty, or (3) other extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant. The amount of such distribution may not exceed the amounts necessary to satisfy the emergency. The
circumstances that will constitute an “Unforeseeable Emergency” will depend on the facts of each case, but, in any case, payment may not be made in the event that such hardship is or may be relieved: 

 (a) through reimbursement or compensation by insurance or otherwise; 
 (b) by liquidation of the Participant’s assets, to the extent that liquidation of such assets would not itself cause severe financial
hardship; or 
 (c) by cessation of deferrals under the Plan. 
  

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	VII.	Interpretation and Administration of the Plan. The Compensation Committee of the Board of Directors of the Bank (the “Committee”) shall be vested with the sole
discretion to interpret and administer this Plan. 

  

	VIII.	Amendment and Termination. The Bank reserves the right to amend or terminate this Plan, but any such amendment or termination shall be prospective only and shall not have the
effect of reducing any of the benefits accrued by any Participant under this Plan. Notwithstanding the foregoing, the Board of Directors of the Bank may amend in good faith any terms of the Plan or the Investment Election Form, including
retroactively, in order to comply with Section 409A of the Code. 

  

	IX.	Unsecured General Creditor. Participants and their beneficiaries, heirs, successors and assigns shall have no legal or equitable rights, interests or claims in any property
or assets of the Bank held in any way as collateral security for the fulfilling of the obligations of the Bank under this Plan. Any and all of the Bank’s assets shall be and remain the general, unpledged, unrestricted assets of the Bank. The
Bank’s obligations under the Plan shall be an unfunded and unsecured promise of the Bank to pay money in the future limited by the provisions in the Plan documents. 

  

	X.	Claim Procedure. Any claim for unpaid benefits deemed by a Participant or a Participant’s beneficiary (the “Claimant”) to be owing must be made in writing to
the Committee by the Claimant or the Claimant’s authorized representative within 60 days from the date such payments are not made. The claim shall be reviewed by the Committee. The Committee shall, within 90 days of the receipt of the claim, or
180 days, if special circumstances exist, notify the Claimant whether the claim has been denied. If the claim is denied in whole or in part, the Committee shall set forth the specific reasons for the denial, including the provisions of this Plan
upon which the denial is based. The notice shall also describe any additional information or material necessary to perfect the claim, including the reasons therefore, and state that a review of the denial may be obtained if desired. If a review of
denial is requested, it shall be directed in writing by the Claimant or the Claimant’s authorized representative to the Committee within 60 days after receipt by the Claimant of the notice of denial. Failure of the Committee to take action
within the above 90-day period shall be deemed a denial. In preparing for a review of a denial, the Claimant or the Claimant’s authorized representative may examine this Plan and any other related documents and submit issues and comments in
writing. The Committee applying its sole discretion shall then conduct the review and provide its written decision to the Claimant within 60 days after receipt of the request for review. The decision shall be in writing and shall include specific
reasons for the decision, as well as specific references to the provisions of this Plan upon which the decision is based. 

  

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 IN WITNESS WHEREOF, Bank of New Orleans has
adopted this amended and restated Plan as of the 17th day of April 2007. 
  

	
	BANK OF NEW ORLEANS
	
	/s/ Lawrence J. LeBon, III
	Lawrence J. LeBon, III, President and Chief Executive Officer

  

 5EXHIBIT 10.4

 Exhibit 10.4 
 LOUISIANA BANCORP, INC. 
 EMPLOYMENT AGREEMENT 
 This EMPLOYMENT AGREEMENT (this “Agreement”), is made and entered into as of the ____ day of ________ 2007, between Louisiana Bancorp, Inc., a
Louisiana corporation (the “Corporation”), and Lawrence J. LeBon, III (the “Executive”). 
 WITNESSETH: 

WHEREAS, the Executive is currently employed as President and Chief Executive Officer of the Corporation; 
 WHEREAS, the Executive is currently employed as President and Chief Executive Officer of Bank of New Orleans, a federally chartered savings bank (the
“Bank”) (the Corporation and the Bank are referred to together herein as the “Employers”); 
 WHEREAS, the Bank has
adopted a Plan of Conversion pursuant to which the Bank will convert to a federally chartered stock savings bank and become a wholly owned subsidiary of the Corporation (the “Conversion”); 
 WHEREAS, the Corporation desires to assure itself of the continued availability of the Executive’s services as provided in this Agreement;

 WHEREAS, the Executive is willing to serve the Corporation on the terms and conditions hereinafter set forth; and 
 WHEREAS, the Executive is concurrently entering into a separate employment agreement with the Bank; 
 NOW THEREFORE, in consideration of the mutual agreements herein contained, and upon the other terms and conditions hereinafter provided, the Corporation
and the Executive hereby agree as follows: 
 1. Definitions. The following words and terms shall have the meanings set forth below
for the purposes of this Agreement: 
 (a) Annual Compensation. The Executive’s “Annual Compensation” for purposes of
determining severance payable under this Agreement shall be deemed to mean the sum of (i) the annual rate of Base Salary as of the Date of Termination, and (ii) the cash bonus, if any, earned by the Executive for the calendar year
immediately preceding the year in which the Date of Termination occurs. 
 (b) Base Salary. “Base Salary” shall have the
meaning set forth in Section 3(a) hereof. 

 (c) Cause. Termination of the Executive’s employment for “Cause” shall mean
termination because of 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 final cease-and-desist order or material breach of any provision of this Agreement. 
 (d) Change in
Control. “Change in Control” shall mean a change in the ownership of the Corporation or the Bank, a change in the effective control of the Corporation or the Bank or a change in the ownership of a substantial portion of the assets of
the Corporation or the Bank, in each case as provided under Section 409A of the Code and the regulations thereunder, provided that the Conversion shall not be deemed to constitute a Change in Control. 
 (e) Code. “Code” shall mean the Internal Revenue Code of 1986, as amended. 
 (f) Date of Termination. “Date of Termination” shall mean (i) if the Executive’s employment is terminated for Cause, the date
on which the Notice of Termination is given, and (ii) if the Executive’s employment is terminated for any other reason, the date specified in such Notice of Termination. 
 (g) Disability. “Disability” shall mean the Executive (i) is unable to engage in any substantial gainful activity by reason of any
medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, or (ii) is, by reason of any medically determinable physical or mental
impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, receiving income replacement benefits for a period of not less than three months under an accident and health plan
covering employees of the Employers. 
 (h) ERISA. “ERISA” means the Employee Retirement Income Security Act of 1974, as
amended. 
 (i) Good Reason. Termination by the Executive of the Executive’s employment for “Good Reason” shall mean
termination by the Executive following a Change in Control based on: 
 (A) Without the Executive’s express written
consent, the failure to elect or to re-elect or to appoint or to re-appoint the Executive to the offices of President and Chief Executive Officer of the Employers or a material adverse change made by the Employers in the Executive’s functions,
duties or responsibilities as President and Chief Executive Officer of the Employers; 
 (B) Without the Executive’s
express written consent, a reduction by either of the Employers in the Executive’s Base Salary as the same may be increased from time to time or, except to the extent permitted by Section 3(b) hereof, a reduction in the package of fringe
benefits provided to the Executive, taken as a whole; 
  

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 (C) The principal executive office of either of the Employers is relocated outside of the
Metairie, Louisiana area or, without the Executive’s express written consent, either of the Employers require the Executive to be based anywhere other than an area in which the Employers’ principal executive office is located, except for
required travel on business of the Employers to an extent substantially consistent with the Executive’s present business travel obligations; or 
 (D) The failure by the Corporation to obtain the assumption of and agreement to perform this Agreement by any successor as contemplated in Section 9 hereof. 
 (j) IRS. IRS shall mean the Internal Revenue Service. 
 (k) Notice of Termination. Any purported termination of the Executive’s employment by the Corporation for any reason, including without limitation for Cause, Disability or Retirement, or by the Executive
for any reason, including without limitation for Good Reason, shall be communicated by written “Notice of Termination” to the other party hereto. For purposes of this Agreement, a “Notice of Termination” shall mean a dated notice
which (i) indicates the specific termination provision in this Agreement relied upon, (ii) sets forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of the Executive’s employment under the
provision so indicated, (iii) specifies a Date of Termination, which shall be not less than thirty (30) nor more than ninety (90) days after such Notice of Termination is given, except in the case of the Corporation’s termination
of the Executive’s employment for Cause, which shall be effective immediately, and (iv) is given in the manner specified in Section 10 hereof. 
 (l) Retirement. “Retirement” shall mean a voluntary termination by the Executive which constitutes a retirement, including early retirement, under the Bank’s 401(k) plan. 
 2. Term of Employment and Duties. 
 (a) The Corporation hereby employs the Executive as President and Chief Executive Officer and the Executive hereby accepts said employment and agrees to render such services to the Corporation on the terms and conditions set forth in this
Agreement. The terms and conditions of this Agreement shall be and remain in effect during the period of three years beginning on _____________, 2007 (the “Effective Date”) and ending on the third anniversary of the Effective Date, plus
such extensions, if any, as are provided pursuant to Section 2(b) hereof (the “Employment Period”). 
 (b) Except as provided
in Section 2(c), beginning on the Effective Date, on each day during the Employment Period, the Employment Period shall automatically be extended for one additional day, unless either the Corporation, on the one hand, or the Executive, on the
other hand, elects not to extend the Agreement further by giving written notice thereof to the other party, in which case the Employment Period shall end on the third anniversary of the date on which such written notice is given. At least annually,
the Board of Directors of the Corporation shall consider and review (with appropriate corporate documentation thereof, and taking into account all relevant factors) the Executive’s performance hereunder and whether the 

  

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Employment Period shall continue to be extended. If the Board of Directors determines not to extend the Employment Period, it shall provide written notice to
the Executive as set forth above. Upon termination of the Executive’s employment with the Corporation for any reason whatsoever, any daily extensions provided pursuant to this Section 2(b), if not theretofore discontinued, shall
automatically cease. 
 (c) Nothing in this Agreement shall be deemed to prohibit the Corporation at any time from terminating the
Executive’s employment during the Employment Period for any reason, provided that the relative rights and obligations of the Corporation and the Executive in the event of any such termination shall be determined under this Agreement.

 (d) During the term of this Agreement, the Executive shall perform such executive services for the Corporation as may be consistent with
his titles and from time to time assigned to him by the Corporation’s Board of Directors. 
 3. Compensation and Benefits.

 (a) The Employers shall compensate and pay the Executive for his services during the term of this Agreement at a minimum base salary of
$214,999.92 per year (“Base Salary”), which may be increased from time to time in such amounts as may be mutually determined by the Boards of Directors of the Employers and may not be decreased without the Executive’s express written
consent. In addition to his Base Salary, the Executive shall be entitled to receive during the term of this Agreement such bonus payments as may be determined by the Boards of Directors of the Employers. 
 (b) During the term of this Agreement, the Executive shall be entitled to participate in and receive the benefits of any pension or other retirement
benefit plan, profit sharing, stock option, employee stock ownership, or other plans, benefits and privileges given to employees and executives of the Employers, to the extent commensurate with his then duties and responsibilities, as fixed by the
Boards of Directors of the Employers, as well as his Supplemental Executive Retirement Agreement with the Bank dated December 19, 2006. The Corporation shall not make any changes in such plans, benefits or privileges which would adversely
affect the Executive’s rights or benefits thereunder, unless such change occurs pursuant to a program applicable to all executive officers of the Corporation and does not result in a proportionately greater adverse change in the rights of or
benefits to the Executive as compared with any other executive officer of the Corporation. Nothing paid to the Executive under any plan or arrangement presently in effect or made available in the future shall be deemed to be in lieu of the salary
payable to the Executive pursuant to Section 3(a) hereof. 
 (c) During the term of this Agreement, the Executive shall be entitled to
paid annual vacation in accordance with the policies as established from time to time by the Boards of Directors of the Employers. The Executive shall not be entitled to receive any additional compensation from the Employers for failure to take a
vacation, nor shall the Executive be able to accumulate unused vacation time from one year to the next, except to the extent authorized by the Boards of Directors of the Employers. 
  

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 (d) During the term of this Agreement, in keeping with past practices, the Employers shall continue to
provide the Executive with an automobile comparable to the one currently provided to him. The Employers shall be responsible and shall pay for all costs of insurance coverage, repairs, maintenance and other incidental expenses, including license,
fuel and oil. 
 (e) During the term of this Agreement, in keeping with past practices, the Employers shall continue to pay club dues and
assessments for the Metairie Country Club on behalf of the Executive so that the Executive may use such club for business purposes. 
 (f)
The Executive’s compensation, benefits and expenses shall be paid by the Corporation and the Bank in the same proportion as the time and services actually expended by the Executive on behalf of each respective Employer. 
 4. Expenses. The Employers shall reimburse the Executive or otherwise provide for or pay for all reasonable expenses incurred by the Executive in
furtherance of or in connection with the business of the Employers, including, but not by way of limitation, automobile expenses described in Section 3(d) hereof, and traveling expenses, and all reasonable entertainment expenses (whether
incurred at the Executive’s residence, while traveling or otherwise), subject to such reasonable documentation and policies as may be established by the Boards of Directors of the Employers. If such expenses are paid in the first instance by
the Executive, the Employers shall reimburse the Executive therefor. 
 5. Termination. 
 (a) The Corporation shall have the right, at any time upon prior Notice of Termination, to terminate the Executive’s employment hereunder for any
reason, including without limitation termination for Cause, Disability or Retirement, and the Executive shall have the right, upon prior Notice of Termination, to terminate his employment hereunder for any reason. 
 (b) In the event that (i) the Executive’s employment is terminated by the Corporation for Cause or (ii) the Executive terminates his
employment hereunder other than for Disability, Retirement, death or Good Reason, the Executive shall have no right pursuant to this Agreement to compensation or other benefits for any period after the applicable Date of Termination. 
 (c) In the event that the Executive’s employment is terminated as a result of Disability, Retirement or the Executive’s death during the term
of this Agreement, the Executive shall have no right pursuant to this Agreement to compensation or other benefits for any period after the applicable Date of Termination. 
 (d) In the event that (i) the Executive’s employment is terminated by the Corporation for other than Cause, Disability, Retirement or the Executive’s death or (ii) such employment is terminated by
the Executive (a) due to a material breach of this Agreement by the Corporation, which breach has not been cured within fifteen (15) days after a written notice of non-compliance has been given by the Executive to the Employers, or
(b) for Good Reason, then the Corporation shall: 
  

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 (A) pay to the Executive, in a lump sum as of the Date of Termination, a cash severance amount equal to
three (3) times that portion of the Executive’s Annual Compensation paid by the Corporation, 
 (B) maintain and provide for a
period ending at the earlier of (i) thirty-six (36) months after the Date of Termination or (ii) the date of the Executive’s full-time employment by another employer (provided that the Executive is entitled under the terms of
such employment to benefits substantially similar to those described in this subparagraph (B)), at no cost to the Executive, the Executive’s continued participation in all group insurance, life insurance, health and accident, disability and
other “employee welfare benefit plans” within the meaning of Section 3(1) of ERISA offered by the Corporation in which the Executive was entitled to participate immediately prior to the Date of Termination (other than the continuation
of any vacation time, sick leave or similar leave), subject to subparagraphs (C) and (D) below, 
 (C) in the event that the
Executive’s participation in any plan, program or arrangement as provided in subparagraph (B) of this Section 5(d) is barred, or during such period any such plan, program or arrangement is discontinued or the benefits thereunder are
materially reduced, the Corporation shall arrange to provide the Executive with benefits substantially similar to those which the Executive was entitled to receive under such plans, programs and arrangements immediately prior to the Date of
Termination, and 
 (D) if the provision of any of the benefits covered by Section 5(d)(B) or (C) would trigger the 20% tax and
interest penalties under Section 409A of the Code either due to the nature of such benefit or the length of time it is being provided, then the benefit(s) that would trigger such tax and interest penalties due to the nature of such benefit
shall not be provided at all and the benefit(s) that would trigger the tax and interest penalties if provided beyond the “limited period of time” set forth in the regulations under Section 409A shall not be provided beyond such
limited period of time (the “Excluded Benefits”), and in lieu of the Excluded Benefits the Employers shall pay to the Executive, in a lump sum within 30 days following termination of employment or within 30 days after such determination
should it occur after termination of employment, a cash amount equal to the cost to the Employers of providing the Excluded Benefits. 
 6. Payment of Additional Benefits under Certain Circumstances. 
 (a) If (i) the payments and benefits pursuant to
Section 5 hereof, either alone or together with other payments and benefits which the Executive has the right to receive from the Employers (including, without limitation, the payments and benefits which the Executive would have the right to
receive from the Bank pursuant to Section 5 of the Agreement between the Bank and the Executive dated as of the date hereof (“Bank Agreement”), before giving effect to any reduction in such amounts pursuant to Section 6 of the
Bank Agreement), would constitute a “parachute payment” as defined in Section 280G(b)(2) of the Code (the “Initial Parachute Payment,” which includes the amounts paid pursuant to clause (A) below), and (ii) the
Initial Parachute Payment either equals three times the Executive’s Base Amount or exceed three times the Executive’s Base Amount but by an amount less than 5% of three times the Executive’s Base 

  

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Amount, then the Initial Parachute Payment shall be reduced by the least amount necessary to bring the present value of the payments and benefits below three
times the Executive’s Base Amount, with the cash severance to be reduced first. As used in this Agreement, “Base Amount” shall have the meaning set forth in Section 280G(b)(3) of the Code. 
 (b) If the Initial Parachute Payment exceeds 105% of three times the Executive’s Base Amount, then the Corporation shall pay to the Executive, in a
lump sum within five business days after the Date of Termination, a cash amount equal to the sum of the following: 
 (A) the amount by which
the payments and benefits that would have otherwise been paid by the Bank to the Executive pursuant to Section 5 of the Bank Agreement are reduced by the provisions of Section 6 of the Bank Agreement; 
 (B) twenty (20) percent (or such other percentage equal to the tax rate imposed by Section 4999 of the Code) of the amount by which the Initial
Parachute Payment exceeds the Executive’s “base amount” from the Employers, as defined in Section 280G(b)(3) of the Code, with the difference between the Initial Parachute Payment and the Executive’s base amount being
hereinafter referred to as the “Initial Excess Parachute Payment”; and 
 (C) such additional amount (tax allowance) as may be
necessary to compensate the Executive for the payment by the Executive of state and federal income and excise taxes on the payment provided under clause (B) above and on any payments under this clause (C). In computing such tax allowance, the
payment to be made under clause (B) above shall be multiplied by the “gross up percentage” (“GUP”). The GUP shall be determined as follows: 
  

							
		  	GUP =	  	Tax Rate	  	
		  		  	1-Tax Rate	  	

 The Tax Rate for purposes of computing the GUP shall be the highest marginal federal and state income and
employment-related tax rate (including Social Security and Medicare taxes), including any applicable excise tax rate, applicable to the Executive in the year in which the payment under clause (B) above is made, and shall also reflect the
phase-out of deductions and the ability to deduct certain of such taxes. 
 (c) Notwithstanding the foregoing, if it shall subsequently be
determined in a final judicial determination or a final administrative settlement to which the Executive is a party that the actual excess parachute payment as defined in Section 280G(b)(1) of the Code is different from the Initial Excess
Parachute Payment (such different amount being hereafter referred to as the “Determinative Excess Parachute Payment”), then the Corporation’s independent tax counsel shall determine the amount (the “Adjustment Amount”) which
either the Executive must pay to the Corporation or the Corporation must pay to the Executive in order to put the Executive (or the Corporation, as the case may be) in the same position the Executive (or the Corporation, as the case may be) would
have been if the Initial Excess Parachute Payment had been equal to the Determinative Excess Parachute Payment. In determining the Adjustment Amount, the independent tax counsel shall take into account any and all taxes (including any penalties and
interest) paid by or for the Executive or refunded to the Executive or for the Executive’s benefit. 

  

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As soon as practicable after the Adjustment Amount has been so determined, the Corporation shall pay the Adjustment Amount to the Executive or the Executive
shall repay the Adjustment Amount to the Corporation, as the case may be. 
 (d) In each calendar year that the Executive receives payments
of benefits that constitute a parachute amount, the Executive shall report on his state and federal income tax returns such information as is consistent with the determination made by the independent tax counsel of the Corporation as described
above. The Corporation shall indemnify and hold the Executive harmless from any and all losses, costs and expenses (including without limitation, reasonable attorneys’ fees, interest, fines and penalties) which the Executive incurs as a result
of so reporting such information. The Executive shall promptly notify the Corporation in writing whenever the Executive receives notice of the institution of a judicial or administrative proceeding, formal or informal, in which the federal tax
treatment under Section 4999 of the Code of any amount paid or payable under this Section 6 is being reviewed or is in dispute. The Corporation shall assume control at its expense over all legal and accounting matters pertaining to such
federal tax treatment (except to the extent necessary or appropriate for the Executive to resolve any such proceeding with respect to any matter unrelated to amounts paid or payable pursuant to this Section 6) and the Executive shall cooperate
fully with the Corporation in any such proceeding. The Executive shall not enter into any compromise or settlement or otherwise prejudice any rights the Corporation may have in connection therewith without the prior consent of the Corporation.

 7. Mitigation; Exclusivity of Benefits. 
 (a) The Executive shall not be required to mitigate the amount of any benefits hereunder by seeking other employment or otherwise, nor shall the amount of any such benefits be reduced by any compensation earned by the
Executive as a result of employment by another employer after the Date of Termination or otherwise, except as set forth in Section 5(d)(B) above. 
 (b) The specific arrangements referred to herein are not intended to exclude any other benefits which may be available to the Executive upon a termination of employment with the Employers pursuant to employee benefit
plans of the Employers or otherwise. 
 8. Withholding. All payments required to be made by the Corporation hereunder to the Executive
shall be subject to the withholding of such amounts, if any, relating to tax and other payroll deductions as the Corporation shall determine are required to be withheld pursuant to any applicable law or regulation. 
 9. Assignability. The Corporation may assign this Agreement and its rights and obligations hereunder in whole, but not in part, to any
corporation, bank or other entity with or into which the Corporation may hereafter merge or consolidate or to which the Corporation may transfer all or substantially all of its assets, if in any such case said corporation, bank or other entity shall
by operation of law or expressly in writing assume all obligations of the Corporation hereunder as fully as if it had been originally made a party hereto, but may not otherwise assign this Agreement or its rights and obligations hereunder. The
Executive may not assign or transfer this Agreement or any rights or obligations hereunder. 
  

 8 

 10. Notice. For the purposes of this Agreement, notices and all other communications provided for
in this Agreement shall be in writing and shall be deemed to have been duly given when delivered or mailed by certified or registered mail, return receipt requested, postage prepaid, addressed to the respective addresses set forth below: 

 

			
	To the Bank:	  	Secretary
		  	Bank of New Orleans
		  	1600 Veterans Memorial Blvd.
		  	Metairie, Louisiana 70005
		
	To the Corporation:	  	Secretary
		  	Louisiana Bancorp, Inc.
		  	1600 Veterans Memorial Blvd.
		  	Metairie, Louisiana 70005
		
	To the Executive:	  	Lawrence J. LeBon, III
		  	At the address last appearing on
		  	the personnel records of the Employers

 11. Amendment; Waiver. No provisions of this Agreement may be modified, waived or
discharged unless such waiver, modification or discharge is agreed to in writing signed by the Executive and such officer or officers as may be specifically designated by the Board of Directors of the Corporation to sign on its behalf. No waiver by
any party hereto at any time of any breach by any other party hereto of, or compliance with, any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions
at the same or at any prior or subsequent time. In addition, notwithstanding anything in this Agreement to the contrary, the Corporation may amend in good faith any terms of this Agreement, including retroactively, in order to comply with
Section 409A of the Code. 
 12. Governing Law. The validity, interpretation, construction and performance of this Agreement
shall be governed by the laws of the United States where applicable and otherwise by the substantive laws of the State of Louisiana. 
 13. Nature of Obligations. Nothing contained herein shall create or require the Corporation to create a trust of any kind to fund any benefits which may be payable hereunder, and to the extent that the Executive acquires a right to
receive benefits from the Corporation hereunder, such right shall be no greater than the right of any unsecured general creditor of the Corporation. 
 14. Headings. The section headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. 
  

 9 

 15. Validity. The invalidity or unenforceability of any provision of this Agreement shall not
affect the validity or enforceability of any other provisions of this Agreement, which shall remain in full force and effect. 
 16.
Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original but all of which together will constitute one and the same instrument. 
 17. Regulatory Prohibition. Notwithstanding any other provision of this Agreement to the contrary, any payments made to the Executive pursuant to
this Agreement, or otherwise, are subject to and conditioned upon their compliance with Section 18(k) of the FDIA (12 U.S.C. §1828(k)) and 12 C.F.R. Part 359. 
 18. Entire Agreement. This Agreement embodies the entire agreement between the Corporation and the Executive with respect to the matters agreed to herein. All prior agreements between the Corporation and the
Executive with respect to the matters agreed to herein are hereby superseded and shall have no force or effect. Notwithstanding the foregoing, nothing contained in this Agreement shall affect the agreement of even date being entered into between the
Bank and the Executive. 
 IN WITNESS WHEREOF, this Agreement has been executed as of the date first above written. 
  

									
	Attest:	 		 	LOUISIANA BANCORP, INC.
				
	  	 		 	By:	 	  
	Ivan J. Miestchovich	 		 		 	Gordon K. Konrad
	Corporate Secretary	 		 		 	Chairman of the Compensation Committee
			
		 		 	EXECUTIVE
				
		 		 	By:	 	  
		 		 		 	Lawrence J. LeBon, III

  

 10

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