Document:

AMENDED AND RESTATED EMPLOYMENT AGREEMENT

     This Amended and Restated  Employment  Agreement (the  "Agreement") is made
effective as of September 29, 2008 (the "Effective Date"), by and between Seneca
Falls Savings Bank, a federally chartered savings bank with its principal office
in Seneca  Falls,  New York  (the  "Bank"),  and  Menzo D.  Case  ("Executive").
References  to  the  "Company"  mean  Seneca-Cayuga   Bancorp,  Inc.  a  federal
corporation that owns 100% of the common stock of the Bank. The Company shall be
a signatory to this  Agreement for the sole purpose of  guaranteeing  the Bank's
performance hereunder.

     WHEREAS,  the  Executive  is  currently  employed  as  President  and Chief
Executive Officer of the Bank and is a party to an employment  agreement entered
into on January 1, 2006 (the "Original Agreement"); and

     WHEREAS,  the Bank desires to amend and restate the  Original  Agreement in
order to make changes to comply with  Section 409A of the Internal  Revenue Code
of 1986, as amended (the "Code") and the final regulations  issued thereunder in
April 2007; and

     WHEREAS,  the  Executive  is  willing  to serve  the Bank on the  terms and
conditions hereinafter set forth and has agreed to such changes; and

     WHEREAS, the Board of Directors of the Bank and the Executive believe it is
in the best  interests  of the Bank to enter  into  this  Agreement  in order to
reinforce  and  reward the  Executive  for his  service  and  dedication  to the
continued  success of the Bank and incorporate  the changes  required by Section
409A of the Code.

     NOW, THEREFORE,  in consideration of the mutual covenants herein contained,
and upon the other terms and conditions hereinafter provided, the parties hereby
agree as follows:

1.   POSITION AND RESPONSIBILITIES.

     During the period of his employment hereunder, Executive agrees to serve as
President and Chief Executive  Officer of the Bank (the  "Executive  Position").
During said period,  Executive also agrees to serve,  if elected,  as an officer
and director of any  subsidiary  or  affiliate  of the Bank.  Failure to reelect
Executive to Executive Position without the consent of Executive during the term
of this Agreement  (except for any  termination  for Cause,  as defined  herein)
shall constitute a breach of this Agreement.

2.   TERM AND DUTIES.

     (a) The period of Executive's  employment  under this Agreement shall begin
as of the date first above  written and shall  continue  for a period of 36 full
calendar months  thereafter,  provided that all changes  intended to comply with
Code  Section  409A shall be  retroactively  effective  to January 1, 2006;  and
provided  further that no retroactive  change shall affect the  compensation  or
benefits  previously  provided  to  the  Executive.   Commencing  on  the  first
anniversary  date of this  Agreement,  and continuing at each  anniversary  date
thereafter,  the  Agreement  shall  renew for an  additional  year such that the
remaining term shall be 36 full

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calendar months; provided,  however, if written notice of nonrenewal is provided
to  Executive  at  least  ten  days  and not  more  than 30  days  prior  to any
anniversary  date, the term of this Agreement  shall not so renew.  On an annual
basis prior to the deadline for the notice period referenced above, the board of
directors of the Company (the "Board of Directors")  shall conduct a performance
review of Executive  for purposes of  determining  whether to provide  notice of
nonrenewal.

     (b) During the period of his  employment  hereunder,  except for periods of
absence  occasioned by illness,  reasonable  vacation  periods,  and  reasonable
leaves of absence  approved  by the board of  directors  of the Bank  ("Board"),
Executive shall devote  substantially all his business time,  attention,  skill,
and  efforts  to the  faithful  performance  of his duties  hereunder  including
activities and services related to the organization, operation and management of
the Bank; provided,  however,  that, with the approval of the Board of the Bank,
as evidenced by a resolution  of such Board,  from time to time,  Executive  may
serve,  or continue to serve,  on the boards of directors of, and hold any other
offices or positions in, business companies or business organizations, which, in
such Board's judgment,  will not present any conflict of interest with the Bank,
or materially  affect the  performance  of Executive's  duties  pursuant to this
Agreement  it being  understood  that  membership  in and  service  on boards or
committees of social,  religious,  charitable or similar  organizations does not
require  Board  approval  pursuant to this  Section  2(b).  For purposes of this
Section 2(b),  Board approval shall be deemed to have been granted as to service
with any such business company or organization  that Executive was serving as of
the date of this Agreement.

3.   COMPENSATION, BENEFITS AND REIMBURSEMENT.

     (a) The  compensation  specified under this Agreement shall  constitute the
salary and  benefits  paid for the duties  described in Section  2(b).  The Bank
shall pay Executive as  compensation a salary of not less than $175,000 per year
("Base Salary").  Such Base Salary shall be payable biweekly, or with such other
frequency as officers and  employees are  generally  paid.  During the period of
this  Agreement,  Executive's  Base Salary shall be reviewed at least  annually.
Such review may be conducted  by a Committee  designated  by the Board,  and the
Bank may  increase,  but not  decrease  (except  a  decrease  that is  generally
applicable to all employees)  Executive's Base Salary (with any increase in Base
Salary to become "Base Salary" for purposes of this  Agreement).  In addition to
the Base Salary provided in this Section 3(a), the Bank shall provide  Executive
at no cost to Executive with all such other  benefits as are provided  uniformly
to  permanent  full-time  employees of the Bank.  Base Salary shall  include any
amounts of compensation  deferred by Executive under qualified and  nonqualified
plans maintained by the Bank.

     (b)  The  Bank  will  provide   Executive  with  employee   benefit  plans,
arrangements  and  perquisites   substantially  equivalent  to  those  in  which
Executive was participating or otherwise deriving benefit from immediately prior
to the beginning of the term of this Agreement,  and the Bank will not,  without
Executive's prior written consent, make any changes in such plans,  arrangements
or  perquisites  which would  adversely  affect  Executive's  rights or benefits
thereunder,  except as to any changes that are  applicable to all  participating
employees  or as  reasonably  or  customarily  available.  Without  limiting the
generality of the foregoing provisions of this Subsection (b), Executive will be
entitled to participate in or receive benefits under any

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employee  benefit  plans  including,  but  not  limited  to,  retirement  plans,
supplemental   retirement   plans,   pension   plans,    profit-sharing   plans,
health-and-accident  insurance  plans,  medical  coverage or any other  employee
benefit  plan or  arrangement  made  available by the Bank or the Company in the
future to its senior executives and key management employees,  subject to and on
a basis consistent with the terms, conditions and overall administration of such
plans and arrangements. Executive will be entitled to incentive compensation and
bonuses as provided in any plan of the Bank or the Company in which Executive is
eligible  to  participate.  Nothing  paid to  Executive  under  any such plan or
arrangement  will be  deemed  to be in  lieu  of  other  compensation  to  which
Executive is entitled under this Agreement.

     (c) In addition to the Base Salary  provided for by  paragraph  (a) of this
Section 3, the Bank or the  Company  shall pay or  reimburse  Executive  for all
reasonable travel and other reasonable expenses incurred by Executive performing
his   obligations   under  this  Agreement  and  may  provide  such   additional
compensation  in such form and such  amounts  as the Board may from time to time
determine.  The Bank shall  reimburse  Executive  for his ordinary and necessary
business expenses,  including,  without limitation, fees for memberships in such
clubs and  organizations  as Executive  and the Board shall  mutually  agree are
necessary and appropriate for business  purposes,  and travel and  entertainment
expenses,  incurred in connection  with the performance of his duties under this
Agreement, upon presentation to the Bank of an itemized account of such expenses
in such form as the Bank may reasonably  require.  All  reimbursements  shall be
paid  promptly  by the Bank and in any event no later  than March 15 of the year
immediately following the year in which the expense was incurred.

4.   PAYMENTS TO EXECUTIVE UPON AN EVENT OF TERMINATION.

     (a) Upon the  occurrence  of an Event of  Termination  (as herein  defined)
during  Executive's term of employment  under this Agreement,  the provisions of
this section shall apply. As used in this  Agreement,  an "Event of Termination"
shall mean and include any one or more of the following:  (i) the termination by
the Bank of Executive's full-time employment hereunder for any reason other than
a termination for Cause, as defined in Section 8 hereof,  or a termination  upon
Retirement as defined in Section 7 hereof,  or a termination  for  Disability as
set forth in Section 6(a) hereof;  and (ii) to the extent  permitted  under Code
Section 409A, Executive's  resignation from the Bank's employ for "Good Reason."
Good Reason shall mean any of the following:  (A) failure to elect or reelect or
to appoint or reappoint Executive to Executive Position,  unless consented to by
Executive,   (B)  a  material  change  in  Executive's   function,   duties,  or
responsibilities, which change would cause Executive's position to become one of
lesser  responsibility,  importance,  or scope from the position and  attributes
thereof  described in Sections 1 and 2 above,  to which Executive has not agreed
in writing (and any such material change shall be deemed a continuing  breach of
this Agreement),  (C) a relocation of Executive's  principal place of employment
to a  location  that is more  than 25 miles  from  the  location  of the  Bank's
principal  executive  offices  as of the date of this  Agreement,  or a material
reduction  in  Base  Salary  (except  for  any  reduction  that  is  part  of an
employee-wide  reduction in pay or  benefits),  or (D)  material  breach of this
Agreement by the Bank.  Upon the  occurrence  of any event  described in clauses
(ii) (A),  (B),  (C), or (D) above,  Executive  shall have the right to elect to
terminate his employment under this Agreement by resignation  within ninety (90)
days) after the event giving rise to said right to elect,  which  termination by
Executive  shall be an Event of  Termination.  The Bank shall have at least (30)
days to remedy any condition set forth in clause (ii) (A) through

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(D), provided, however, that the Bank shall be entitled to waive such period and
make an immediate payment  hereunder.  If the Bank remedies the condition within
such thirty (30) day cure  period,  then no Good Reason shall be deemed to exist
with respect to such condition. If the Bank does not remedy the condition within
such  thirty  (30) day cure  period,  then  Executive  may  deliver  a Notice of
Termination,  as defined  in Section  9(c)  below,  for Good  Reason at any time
within sixty (60) days following the expiration of such cure period. No payments
or benefits shall be due to Executive  under this Agreement upon the termination
of Executive's employment except as provided in Section 4 or 5 hereof.

     (b) Upon the  occurrence  of an Event of  Termination,  the Bank  shall pay
Executive,  or,  in the  event  of his  subsequent  death,  his  beneficiary  or
beneficiaries, or his estate, as the case may be, as severance pay or liquidated
damages,  or both,  a lump  sum  cash  amount  equal  to one and  one-half  (the
"Multiplier")  times the sum of (A) the highest  annual rate of Base Salary paid
to  Executive  at any time under the  Agreement,  and (B) the greater of (x) the
average annual cash bonus paid to Executive with respect to the three  completed
fiscal  years prior to the Event of  Termination,  or (y) the cash bonus paid to
Executive  with  respect  to  the  fiscal  year  ended  prior  to the  Event  of
Termination;  provided,  however,  that if such Event of Termination shall occur
within three months prior to, or 24 months following,  a Change in Control,  the
Multiplier  shall equal three.  Such payments  shall not be reduced in the event
Executive  obtains other  employment  following  termination of employment,  and
shall be payable  within  thirty (30) days  following the  Executive's  Event of
Termination,  except  if the  payment  is made due to an  Event  of  Termination
occurring within three months prior to a Change in Control, such payment will be
made on the  effective  date  of the  Change  in  Control.  Notwithstanding  the
foregoing,  in the event the  Executive  is a  Specified  Employee  (as  defined
herein),  then,  solely,  to the extent  required to avoid  penalties under Code
Section 409A, the  Executive's  payment under this Section 4(b) shall be delayed
until the first day of the seventh  month  following  the  Executive's  Event of
Termination.  A "Specified  Employee"  shall be  interpreted to comply with Code
section  409A and shall mean a key  employee  within the meaning of Code Section
416(i)  (without  regard to  paragraph 5 thereof) but an  individual  shall be a
"Specified Employee" only if the Bank or Company is or becomes a publicly traded
company.

     (c) Upon the occurrence of an Event of  Termination,  the Bank will provide
at the  Bank's  expense,  life  insurance  and  non-taxable  medical  and dental
coverage substantially  comparable,  as reasonably or customarily available,  to
the coverage  maintained  by the Bank for  Executive  prior to his  termination,
except to the extent such coverage may be changed in its application to all Bank
employees.   Such  coverage  shall  cease  18  months  following  the  Event  of
Termination; provided, however, that if the Event of Termination occurs within 3
months prior to, or 24 months following, a Change in Control, then such coverage
shall cease 36 months after the Event of Termination.  In the  alternative,  the
Company  shall pay to  Executive  a cash  amount  equal to  Executive's  cost of
obtaining  such  benefits on his own,  adjusted  for any federal or state income
taxes Executive has to pay on the cash amount.

     (d) Upon the occurrence of an Event of  Termination,  any non-vested  stock
options  granted to Executive  under any stock option plan or  restricted  stock
plan of the Bank will fully vest.

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     (e) Notwithstanding  the foregoing,  to the extent necessary to comply with
OTS  regulations,  payments upon an Event of Termination  shall not exceed three
times the  Executive's  average  annual  compensation  over the most recent five
taxable years.

     (f) For purposes of this  Agreement,  "Event of Termination" as used herein
shall mean  "Separation  from  Service" as defined in Code  Section 409A and the
Treasury Regulations  promulgated  thereunder,  such that the Bank and Executive
reasonably  anticipate  that the level of bona  fide  services  Executive  would
perform after  termination  would  permanently  decrease to a level that is less
than 50% of the average  level of bona fide  services  performed  (whether as an
employee or an independent  contractor) over the immediately  preceding 36-month
period.

5.   CHANGE IN CONTROL.

     (a) "Change in Control" shall mean any of the following:

          (1) "Change in Control"  shall mean (i) a change in the  ownership  of
     the Bank or Company,  (ii) a change in the effective control of the Bank or
     Company, or (iii) a change in the ownership of a substantial portion of the
     assets of the Bank or Company, as described below.

          (2) A change in the ownership of a corporation occurs on the date that
     any one  person,  or more than one person  acting as a group (as defined in
     Final  Regulations  section  1.409A-3(i)(5)(v)(B)),  acquires  ownership of
     stock of the Bank or Company that,  together with stock held by such person
     or group,  constitutes  more than 50 percent of the total fair market value
     or total voting power of the stock of such corporation. For these purposes,
     a change in  ownership  will not be deemed to have  occurred if no stock of
     the Bank or Company is outstanding.

          (3) A change in the effective control of the Bank or Company occurs on
     the date that either (i) any one person,  or more than one person acting as
     a group (as  defined in Final  Regulations  section  1.409A-3(i)(5)(vi)(D))
     acquires (or has acquired  during the 12-month period ending on the date of
     the most recent  acquisition by such person or persons)  ownership of stock
     of the Bank or Company  possessing  30 percent or more of the total  voting
     power of the  stock of such  Bank or  Company,  or (ii) a  majority  of the
     members of the Bank's or Company's  board of  directors is replaced  during
     any  12-month  period by  directors  whose  appointment  or election is not
     endorsed by a majority of the members of the Bank's or  Company's  board of
     directors prior to the date of the  appointment or election,  provided that
     this subsection "(ii)" is inapplicable where a majority  shareholder of the
     Bank or Company is another corporation.

          (4) A change in a  substantial  portion  of the  Bank's  or  Company's
     assets  occurs  on the date that any one  person  or more  than one  person
     acting   as  a   group   (as   defined   in   Final   Regulations   section
     1.409A-3(i)(5)(vii)(C))  acquires  (or has  acquired  during  the  12-month
     period ending on the date of the most recent  acquisition by such person or
     persons)  assets  from the Bank or  Company  that have a total  gross  fair
     market  value  equal to or more than 40  percent  of the total  gross  fair
     market  value of (i) all of the assets of the Bank or Company,  or (ii) the
     value of the  assets  being  disposed  of,  either  of which is  determined
     without  regard to any  liabilities  associated  with such assets.  For all
     purposes hereunder,  the definition of Change in Control shall be construed
     to be consistent with the requirements of Final Regulations section

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     1.409A-3(i)(5),  except to the  extent  that  such  final  regulations  are
     superseded by subsequent guidance.

          (5) Notwithstanding  anything herein to the contrary, a minority stock
     offering  or mutual  to stock  conversion  of the  Bank's  mid-tier  mutual
     holding  company to fully  converted  stock  holding  company  shall not be
     considered a "Change in Control" of the Bank or the mid-tier mutual holding
     company.

     (b) If any of the events  described in Section 5(a) hereof  constituting  a
Change in Control shall have occurred or the Board has determined  that a Change
in Control has occurred, Executive shall be entitled to the benefits provided in
paragraphs (c) and (d) of this Section 5 regardless of whether he has terminated
employment in connection with the Change in Control.

     (c) Upon the occurrence of a Change in Control, Executive, or, in the event
of his death following a Change in Control, his beneficiary or beneficiaries, or
his estate,  as the case may be, shall  receive as severance  pay or  liquidated
damages, or both, an amount equal to three times the highest annual rate of Base
Salary, and the highest rate of cash bonus awarded to Executive during the prior
three years,  which shall be paid in a lump sum distribution  within thirty (30)
days following the effective date of the Change in Control.

     (d) Upon the  occurrence  of a Change  in  Control,  any  non-vested  stock
options  granted to Executive  under any stock option plan or  restricted  stock
plan of the Bank will fully vest.

     (e) Notwithstanding the preceding  paragraphs of this Section, in the event
that the  aggregate  payments or benefits to be made or afforded to Executive in
the event of a Change in Control would be deemed to include an "excess parachute
payment"  under Section 280G of the Code or any successor  thereto,  then at the
election  of  Executive,  (i) such  payments  or  benefits  shall be  payable or
provided to Executive  over the minimum  period  necessary to reduce the present
value of such payments or benefits to an amount which is one dollar ($1.00) less
than three times  Executive's  "base  amount"  under Section 280G of the Code or
(ii) the  payments  or benefits  to be  provided  under this  Section 5 shall be
reduced  to the  extent  necessary  to avoid  treatment  as an excess  parachute
payment with the allocation of the reduction among such payments and benefits to
be determined by Executive, provided, however that if it is determined that such
election by Executive  shall be in violation of Code Section 409A, then the cash
severance  payable  pursuant  to this  Section 5 hereof  shall be reduced by the
minimum  amount  necessary  to result in no portion of the payments and benefits
payable by the Bank under this Section 5 being  non-deductible  pursuant to Code
Section 280G and subject to excise tax imposed under Code Section 4999.

     (f) Notwithstanding  the foregoing,  to the extent necessary to comply with
OTS regulations,  payments upon a Change in Control shall not exceed three times
the Executive's  average annual  compensation  over the most recent five taxable
years.

6.   TERMINATION FOR DISABILITY OR DEATH.

     (a) Termination of Executive's  employment  based on "Disability"  shall be
construed to comply with Code section 409A and shall be deemed to have  occurred
if (i) the Executive is

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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 last for a  continuous  period  of not less than 12  months;  (ii) by
reason of any medically  determinable physical or mental impairment which can be
expected to result in death, or last for a continuous period of not less than 12
months, the Executive is receiving income  replacement  benefits for a period of
not less than three months under an accident and health plan covering  employees
of the Bank or  Company;  or (iii) the  Executive  is  determined  to be totally
disabled by the Social Security Administration. The provisions of paragraph 6(b)
and (c) shall  apply upon the  termination  of the  Executive's  employment  for
Disability.

     (b) The Bank will pay  Executive,  as Disability  pay, a bi-weekly  payment
equal to seventy-five percent (75%) of Executive's bi-weekly rate of Base Salary
commencing  on the  date the  Executive  is  determined  to be  Disabled.  These
Disability  payments will be paid  bi-weekly and will end on the earlier (i) the
date  Executive  returns  to the  full-time  employment  of the Bank in the same
capacity  as he was  employed  prior to his  termination  for  Disability;  (ii)
Executive's  full-time  employment by another employer;  (iii) Executive attains
the age of 65; or (iv) Executive's death. The Disability pay shall be reduced by
the amount,  if any, paid to Executive under any plan of the Bank or the Company
providing disability benefits to Executive.

     (c) The Bank will cause to be  continued  life  insurance  and  non-taxable
medical  and  dental  coverage  substantially   comparable,   as  reasonable  or
customarily  available,  to the coverage  maintained  by the Bank for  Executive
prior to his termination for Disability,  except to the extent such coverage may
be changed in its  application  to all Bank  employees  or not  available  on an
individual basis to an employee  terminated for Disability.  This coverage shall
cease  upon the  earlier  of (i) the date  Executive  returns  to the  full-time
employment  of the Bank in the same  capacity  as he was  employed  prior to his
termination for Disability;  (ii)  Executive's  full-time  employment by another
employer; (iii) Executive attaining the age of 65; or (iv) Executive's death.

     (d) In the event of Executive's death during the term of the Agreement, his
estate,  legal  representatives or named beneficiaries (as directed by executive
in writing) shall be paid  Executive's  Base Salary as defined in paragraph 3(a)
at the rate in effect at the time of  Executive's  death for a period of one (1)
year from the date of  Executive's  death in  accordance  with  regular  payroll
practices,  and the Bank will  continue  to  provide  medical,  dental and other
insurance  benefits normally provided for Executive's family (in accordance with
its customary co-pay percentages) for one year after Executive's death.

7.   TERMINATION UPON RETIREMENT.

     Termination  of Executive's  employment  based on  "Retirement"  shall mean
termination  of  Executive's  employment  at age 65 or in  accordance  with  any
retirement policy established by the Board with Executive's consent with respect
to him.  Upon  termination  of  Executive  based on  Retirement,  no  amounts or
benefits shall be due to the Executive under this Agreement, and Executive shall
be  entitled to all  benefits  under any  retirement  plan of the Bank and other
plans to which Executive is a party.

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8.   TERMINATION FOR CAUSE.

     The  term  "Termination  for  Cause"  shall  mean  termination  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, or regulation  (other than traffic
violations or similar  offenses) or final  cease-and-desist  order,  or material
breach of any provision of this Agreement.  Executive's  employment shall not be
terminated in accordance with this paragraph for any act or action or failure to
act which is undertaken or omitted in accordance  with a resolution of the Board
or upon advice of the Bank's counsel.  Notwithstanding the foregoing,  Executive
shall not be deemed to have been  Terminated  for Cause  unless and until  there
shall have been  delivered  to him a copy of a  resolution  duly  adopted by the
affirmative  vote of not less than a majority  of the  members of the Board at a
meeting of the Board called and held for that purpose (after  reasonable  notice
to Executive and an  opportunity  for him,  together  with counsel,  to be heard
before  the  Board),  finding  that in the  good  faith  opinion  of the  Board,
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.  Any
non-vested stock options granted to Executive under any stock option plan of the
Bank, the Company or any subsidiary or affiliate thereof,  shall become null and
void  effective  upon  Executive's  receipt of Notice of  Termination  for Cause
pursuant to Section 9 hereof,  and shall not be  exercisable by Executive at any
time  subsequent  to such  Termination  for Cause  (unless it is  determined  in
arbitration that grounds for Termination for Cause did not exist, in which event
all terms of the options as of the date of termination shall apply, and any time
periods for  exercising  such options shall commence from the date of resolution
in arbitration).

9.   NOTICE.

     (a) Any purported  termination by the Bank for Cause shall be  communicated
by Notice of  Termination  to Executive.  If, within 30 days after any Notice of
Termination  for  Cause is  given,  Executive  notifies  the Bank that a dispute
exists  concerning  the  termination,  the  parties  shall  promptly  proceed to
arbitration.  Notwithstanding  the  pendency of any such  dispute,  the Bank may
discontinue to pay Executive  compensation until the dispute is finally resolved
in  accordance  with this  Agreement.  If it is  determined  that  Executive  is
entitled to  compensation  and benefits under Section 4 or 5 of this  Agreement,
the  payment  of such  compensation  and  benefits  by the Bank  shall  commence
immediately  following the date of resolution by arbitration,  with interest due
Executive on the cash amount that would have been paid pending  arbitration  (at
the prime rate as published in The Wall Street Journal from time to time).

     (b) Any other  purported  termination by the Bank or by Executive  shall be
communicated  by a Notice of Termination to the other party.  If, within 30 days
after any Notice of  Termination  is given,  the party  receiving such Notice of
Termination  notifies  the other  party  that a dispute  exists  concerning  the
termination,  the parties shall  promptly  proceed to arbitration as provided in
Section 19 of this Agreement.  Notwithstanding the pendency of any such dispute,
the Bank shall continue to pay Executive his Base Salary, and other compensation
and  benefits  in effect  when the notice  giving  rise to the dispute was given
(except as to  termination  of Executive for Cause).  In the event the voluntary
termination by Executive of his employment is disputed by the Bank, and if it is
determined in arbitration that Executive is not entitled to termination

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benefits  pursuant to this Agreement,  he shall return all cash payments made to
him pending  resolution by arbitration,  with interest thereon at the prime rate
as published in The Wall Street Journal from time to time if it is determined in
arbitration that Executive's  voluntary  termination of employment was not taken
in good faith and not in the  reasonable  belief  that  grounds  existed for his
voluntary termination.

     (c) 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  reasonable  detail the facts and
circumstances  claimed  to  provide  a  basis  for  termination  of  Executive's
employment under the provision so indicated and "Date of Termination" shall mean
the date of the Notice of Termination.

10.  NON-COMPETITION AND POST-TERMINATION OBLIGATIONS.

     (a) All payments and benefits to Executive  under this  Agreement  shall be
subject  to  Executive's  compliance  with  paragraph  (b),  (c) and (d) of this
Section 10.

     (b) Executive shall, upon reasonable  notice,  furnish such information and
assistance  to the Bank as may  reasonably be required by the Bank in connection
with any litigation in which it or any of its  subsidiaries or affiliates is, or
may become, a party; provided,  however, that Executive shall not be required to
provide  information or assistance  with respect to any  litigation  between the
Executive and the Bank or any of its subsidiaries or affiliates.

     (c)  Executive  recognizes  and  acknowledges  that  the  knowledge  of the
business  activities and plans for business  activities of the Bank, the Company
and  affiliates  thereof,  as it may  exist  from time to time,  is a  valuable,
special and unique asset of the business of the  Employers.  Executive will not,
during or after the term of his employment,  disclose any knowledge of the past,
present,   planned  or  considered  business  activities  of  the  Employers  or
affiliates  thereof to any person,  firm,  corporation,  or other entity for any
reason or purpose  whatsoever  (except for such disclosure as may be required to
be provided to the Office of Thrift  Supervision  ("OTS"),  the Federal  Deposit
Insurance  Corporation  ("FDIC"),  or other regulatory  agency with jurisdiction
over the Bank,  the  Company,  or  Executive).  Notwithstanding  the  foregoing,
Executive  may disclose  any  knowledge of banking,  financial  and/or  economic
principles,  concepts or ideas which are not solely and exclusively derived from
the business  plans and  activities of the Bank,  and Executive may disclose any
information  regarding the Bank which is otherwise  publicly  available or which
Executive is otherwise legally required to disclose. In the event of a breach or
threatened  breach by Executive of the  provisions  of this Section 10, the Bank
and the Company will be entitled to an  injunction  restraining  Executive  from
disclosing,  in whole or in part, his knowledge of the past, present, planned or
considered  business  activities  of the  Bank or the  Company  or any of  their
affiliates,  or from  rendering any services to any person,  firm,  corporation,
other entity to whom such knowledge,  in whole or in part, has been disclosed or
is threatened to be disclosed.  Nothing  herein will be construed as prohibiting
the Bank and the Company from pursuing any other remedies  available to them for
such  breach or  threatened  breach,  including  the  recovery  of damages  from
Executive.

     (d) Upon any termination of Executive's  employment  hereunder  pursuant to
Section 4 of this Agreement,  Executive  agrees not to compete with the Bank and
the Company

<PAGE>

and  any  of  their  subsidiaries  for a  period  of  one  year  following  such
termination  in any city,  town or county in which the Bank has an office or has
filed an application for regulatory approval to establish an office,  determined
as of the effective date of such termination,  except as agreed to pursuant to a
resolution duly adopted by the Board.  Executive  agrees that during such period
and within said  cities,  towns and  counties,  Executive  shall not work for or
advise,  consult or otherwise  serve with,  directly or  indirectly,  any entity
whose  business  materially  competes  with  the  depository,  lending  or other
business   activities  of  the  Bank.  The  parties  hereto,   recognizing  that
irreparable  injury will result to the Bank,  its  business  and property in the
event of Executive's breach of this Section 10(d) agree that in the event of any
such breach by  Executive,  the Bank will be entitled,  in addition to any other
remedies and damages  available,  to an  injunction  to restrain  the  violation
hereof  by  Executive,   Executive's  partners,  agents,  servants,   employers,
employees and all persons acting for or with Executive. Executive represents and
admits that Executive's  experience and capabilities are such that Executive can
obtain  employment  in a business  engaged in other lines  and/or of a different
nature than the Bank, and that the  enforcement of a remedy by way of injunction
will not prevent  Executive  from earning a livelihood.  Nothing  herein will be
construed  as  prohibiting  the Bank and the  Company  from  pursuing  any other
remedies available to them for such breach or threatened  breach,  including the
recovery of damages from Executive.

11.  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,  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.

12.  EFFECT ON PRIOR AGREEMENTS AND EXISTING BENEFITS PLANS.

     This Agreement contains the entire understanding between the parties hereto
and  supersedes  any  prior  employment   agreement  between  the  Bank  or  any
predecessor  of 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 him without reference to this Agreement.

13. NO ATTACHMENT; BINDING ON SUCCESSORS.

(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 effect 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 and the Bank and their respective successors and assigns.

<PAGE>

14.  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 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 as to any act other than that specifically
waived.

15.  REQUIRED PROVISIONS.

     (a) The Bank may  terminate  Executive's  employment  at any time,  but any
termination by the Bank's Board other than  Termination  for Cause as defined in
Section 8 hereof shall not prejudice  Executive's right to compensation or other
benefits  under  this  Agreement.  Executive  shall  have no  right  to  receive
compensation or other benefits for any period after Termination for Cause.

     (b) If Executive is suspended  from office  and/or  temporarily  prohibited
from participating in the conduct of the Bank's affairs by a notice served under
Section 8(e)(3) [12 USC  ss.1818(e)(3)] or 8(g)(1) [12 USC ss.1818(g)(1)] of the
Federal Deposit Insurance Act, the Bank's obligations under this Agreement shall
be  suspended  as  of  the  date  of  service,   unless  stayed  by  appropriate
proceedings.  If the  charges in the notice are  dismissed,  the Bank may in its
discretion (i) pay Executive all or part of the compensation  withheld while its
contract obligations were suspended and (ii) reinstate (in whole or in part) any
of its obligations which were suspended.

     (c)  If   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) [12 USC  ss.1818(e)(4)] or 8(g)(1) [12 USC ss.1818(g)(1)] of the
Federal Deposit  Insurance Act, all obligations of the Bank under this Agreement
shall terminate as of the effective date of the order,  but vested rights of the
contracting parties shall not be affected.

     (d) If the  Bank is in  default  as  defined  in  Section  3(x)(1)  [12 USC
ss.1813(x)(1)] of the Federal Deposit Insurance Act, all obligations of the Bank
under  this  Agreement  shall  terminate  as of the  date of  default,  but this
paragraph shall not affect any vested rights of the contracting parties.

     (e) All obligations under this Agreement shall be terminated, except to the
extent  determined  that  continuation  of the  contract  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) [12 USC
ss.1823(c)] of the Federal Deposit Insurance Act; or (ii) by the Director or his
or her  designee  at the time the  Director  or his or her  designee  approves a
supervisory  merger to resolve problems related to operation of the Bank or when
the Bank is determined by the

<PAGE>

Director to be in an unsafe or unsound condition. Any rights of the parties that
have already vested, however, shall not be affected by such action.

     (f) Notwithstanding anything herein contained to the contrary, any payments
to Executive by the Company,  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, 12 U.S.C.  Section 1828(k),  and the regulations
promulgated thereunder in 12 C.F.R. Part 359.

16.  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.

17.  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.

18.  GOVERNING LAW.

     This  Agreement  shall be governed by the laws of the State of New York but
only to the extent not superseded by federal law.

19.  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 the  Executive  within
twenty-five  miles of Seneca Falls, New York 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 his 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.

20.  PAYMENT OF LEGAL FEES.

     All  reasonable  legal fees 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,  provided that the dispute or interpretation has been
settled by Executive  and the Bank or resolved in  Executive's  favor,  and that
such reimbursement shall occur as soon as practicable but not later than two and
one-half months after the dispute is settled or resolved in Executive's favor.

<PAGE>

21.  INDEMNIFICATION.

     (a) The Bank shall provide  Executive  (including his heirs,  executors and
administrators)   with  coverage  under  a  standard  directors'  and  officers'
liability  insurance policy at its expense,  and shall indemnify  Executive (and
his heirs, executors and administrators) for the term of the Agreement and for a
period of six years  thereafter to the fullest extent permitted under applicable
law  against  all  expenses  and  liabilities  reasonably  incurred  by  him  in
connection with or arising out of any action, suit or proceeding in which he may
be  involved  by reason of his  having  been a  director  or officer of the Bank
(whether  or not he  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 and attorneys' fees and
the cost of reasonable  settlements  (such  settlements  must be approved by the
Board),  provided,  however,  the Bank shall not be  required  to  indemnify  or
reimburse  Executive for legal  expenses or  liabilities  incurred in connection
with an action,  suit or proceeding  arising from any illegal or fraudulent  act
committed by Executive.  Any such indemnification  shall be made consistent with
Section  545.121 of the OTS Regulations and Section 18(k) of the Federal Deposit
Insurance Act, 12 U.S.C. ss.1828(k), and the regulations issued thereunder in 12
C.F.R. Part 359.

     (b) Notwithstanding the foregoing,  no indemnification shall be made unless
the Bank gives the OTS at least 60 days'  notice of its  intention  to make such
indemnification.  Such notice  shall state the facts on which the action  arose,
the terms of any settlement,  and any disposition of the action by a court. Such
notice,  a copy thereof,  and a certified copy of the resolution  containing the
required  determination  by the Board shall be sent to the Regional  Director of
the OTS, who shall promptly acknowledge receipt thereof. The notice period shall
run from the date of such receipt. No such indemnification  shall be made if the
OTS advises the Bank in writing  within such  notice  period,  of its  objection
thereto.

22.  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 Company:                   Seneca-Cayuga Bancorp, Inc.
                                                    19 Cayuga Street
                                                    Seneca Falls, New York 13148

                  To the Bank:                      Seneca Falls Savings Bank
                                                    19 Cayuga Street
                                                    Seneca Falls, New York 13148

                  To Executive:                     Menzo D. Case
                                                    ----------------------------
                                                    ----------------------------
                                                    ----------------------------

<PAGE>

                                   SIGNATURES

     IN WITNESS WHEREOF,  the Company and the Bank have caused this Agreement to
be executed by their duly authorized  representatives,  and Executive has signed
this Agreement,  on the day and date first above written. The Company has become
a party to this  Agreement for the sole purpose of binding  itself to the duties
and obligations set forth in Sections 11 and 21 hereof.

                                           SENECA-CAYUGA BANCORP, INC.

------------------------------------       By: /s/ Robert E. Kernan, Jr.
Date                                           ---------------------------------
                                               Chairman of the Board

                                           SENECA FALLS SAVINGS BANK

------------------------------------       By: /s/ Robert E. Kernan, Jr.
Date                                           ---------------------------------
                                               Chairman of the Board

                                           EXECUTIVE:

                                           /s/ Menzo D. Case
------------------------------------       -------------------------------------
Date                                       Menzo D. Case
                                           President and Chief Executive OfficerSENECA FALLS SAVINGS BANK

                              AMENDED AND RESTATED

                         2005 DEFERRED COMPENSATION PLAN

                 Amended and Restated Effective January 1, 2005

<PAGE>

                            SENECA FALLS SAVINGS BANK
                              AMENDED AND RESTATED
                         2005 DEFERRED COMPENSATION PLAN

     THIS AMENDED AND RESTATED  2005  DEFERRED  COMPENSATION  PLAN (the "Plan"),
sponsored by Seneca Falls  Savings  Bank (the  "Bank"),  updates and revises the
2005 Deferred  Compensation  Plan (the "Prior Plan") in order to bring the Prior
Plan into compliance with the final regulations issued under Section 409A of the
Internal Revenue Code of 1986, as amended (the "Code") in April,  2007. The Bank
has herein restated the Plan with the intention that the Plan shall at all times
satisfy Code Section 409A,  and the provisions of the Plan shall be construed to
effectuate  such  intentions.  References  to the "Company"  mean  Seneca-Cayuga
Bancorp,  Inc. a federal  corporation  that owns 100% of the common stock of the
Bank.

                                   ARTICLE I

                           PURPOSE AND EFFECTIVE DATE

     Section 1.01  Purpose.  The purpose of the Plan is to permit a select group
of management (at the level of vice  president or higher) or highly  compensated
employees and directors of the Bank to defer on a pre-tax basis al1 or a portion
of their compensation paid by the Bank in order to provide funds for retirement.
It is intended that the Plan will aid in retaining and attracting  employees and
directors by providing such persons with a means to supplement their standard of
living at retirement.

     Section 1.02  Effective  Date.  The Plan was  originally  effective in May,
1981. The Plan is hereby amended and restated effective January 1, 2005.

                                   ARTICLE II

                                   DEFINITIONS

     For the purposes of this Plan,  the following  words and phrases shall have
the meanings indicated, unless the context clearly indicates otherwise.

     Section 2.01 Bank. "Bank" means Seneca Falls Savings Bank.

     Section 2.02 Beneficiary. "Beneficiary" means the person, persons or entity
designated by the  Participant  to receive any benefits  payable under the Plan.
Any Participant  Beneficiary  designation shall be made in a written  instrument
filed with the Bank in the form  attached  hereto as Exhibit B and shall  become
effective only when received, accepted and acknowledged in writing by the Bank.

     Section  2.03  Board.  "Board"  means the Board of  Directors  of the Bank.

     Section  2.04 Change in Control.  "Change in Control" of the Company or the
Bank  shall  mean (i) a change in  ownership  of the  Company  or the Bank under
paragraph (a) below, or (ii) a change in effective control of the Company or the
Bank  under  paragraph  (b)

<PAGE>

below, or (iii) a change in the ownership of a substantial portion of the assets
of the Company or the Bank under paragraph (c) below:

     (a)       Change in the  ownership  of the Company or the Bank. A change in
          the  ownership of the Company or the Bank shall occur on the date that
          any one person,  or more than one person acting as a group (as defined
          in paragraph  (b)),  acquires  ownership  of stock of the  corporation
          that,  together  with stock held by such person or group,  constitutes
          more than 50 percent of the total fair  market  value or total  voting
          power of the stock of such corporation.  However, if any one person or
          more than one person acting as a group, is considered to own more than
          50 percent of the total fair market value or total voting power of the
          stock of a corporation,  the  acquisition  of additional  stock by the
          same  person or  persons  is not  considered  to cause a change in the
          ownership of the  corporation  (or to cause a change in the  effective
          control  of the  corporation  (within  the  meaning of  paragraph  (b)
          below)).  An  increase  in the  percentage  of stock  owned by any one
          person,  or persons acting as a group, as a result of a transaction in
          which the corporation acquires its stock in exchange for property will
          be treated as an  acquisition  of stock for purposes of this  section.
          This paragraph (a) applies only when there is a transfer of stock of a
          corporation (or issuance of stock of a corporation)  and stock in such
          corporation remains outstanding after the transaction.

     (b)       Change in the  effective  control of the  Company or the Bank.  A
          change in the effective control of the Company or the Bank shall occur
          on the date that  either (i) any one  person,  or more than one person
          acting as a group (as  determined  below),  acquires  (or has acquired
          during  the  12-month  period  ending  on the date of the most  recent
          acquisition  by such  person  or  persons)  ownership  of stock of the
          corporation possessing 30 percent or more of the total voting power of
          the stock of such  corporation;  or (ii) a majority  of members of the
          corporation's  board of  directors  is  replaced  during any  12-month
          period by directors whose appointment or election is not endorsed by a
          majority of the members of the corporation's  board of directors prior
          to the date of the appointment or election, provided that for purposes
          of this paragraph  (b)(ii),  the term  corporation  refers solely to a
          corporation for which no other corporation is a majority  shareholder.
          In the  absence of an event  described  in  paragraph  (i) or (ii),  a
          change  in the  effective  control  of a  corporation  will  not  have
          occurred.  If any one  person,  or more  than one  person  acting as a
          group, is considered to effectively  control a corporation (within the
          meaning of this paragraph (b)), the acquisition of additional  control
          of the  corporation by the same person or persons is not considered to
          cause a change in the  effective  control  of the  corporation  (or to
          cause a change in the ownership of the corporation  within the meaning
          of paragraph  (a)).  Persons will not be  considered to be acting as a
          group  solely   because  they  purchase  or  own  stock  of  the  same
          corporation  at the  same  time,  or as a result  of the  same  public
          offering.

<PAGE>

     (c)       Change in the ownership of a substantial portion of the Company's
          or the  Bank's  assets.  A change in the  ownership  of a  substantial
          portion of the  Company's or the Bank's assets shall occur on the date
          that any one  person,  or more than one  person  acting as a group (as
          determined  below),  acquires  (or has  acquired  during the  12-month
          period  ending  on the date of the  most  recent  acquisition  by such
          person or persons) assets from the corporation that have a total gross
          fair  market  value  equal to or more than 40% of the total gross fair
          market value of all of the assets of the corporation immediately prior
          to such  acquisition  or  acquisitions.  For this purpose,  gross fair
          market value means the value of the assets of the corporation,  or the
          value of the assets being  disposed of,  determined  without regard to
          any  liabilities  associated  with such assets.  There is no Change in
          Control event under this  paragraph (c) when there is a transfer to an
          entity that is  controlled  by the  shareholders  of the  transferring
          corporation immediately after the transfer.

     (d)       Each of the  sub-paragraphs  (a) through (c) of this Section 2.04
          shall be construed and interpreted consistent with the requirements of
          Code  Section  409A and any  Treasury  regulations  or other  guidance
          issued thereunder.  Notwithstanding anything in this subsection to the
          contrary,  a Change in  Control  shall not be deemed to have  occurred
          upon the conversion of the Seneca Falls Savings Bank,  MHC, the Bank's
          mutual holding  company  parent,  to stock form, or in connection with
          any reorganization used to effect such a conversion.

     Section  2.05 Code.  "Code" means the  Internal  Revenue  Code of 1986,  as
amended from time to time, and the rules and regulations promulgated thereunder.

     Section 2.06 Deferral  Agreement.  "Deferral  Agreement"  means the written
form (attached  hereto as Exhibit A) that is submitted by the Participant to the
human  resources  officer of the Bank before the  relevant  Election  Date which
indicates  the amount of  compensation  to be  deferred,  the timing and form of
distribution(s). A Deferral Agreement becomes effective when it is signed by the
Participant and the Bank in a timely manner.

     Section 2.07 Deferral Benefit. "Deferral Benefit" means the benefit payable
to a Participant as calculated in Article VI hereof.

     Section 2.08 Deferred Benefit Account. "Deferred Benefit Account" means the
accounts  maintained  on the books of account  of the Bank for each  Participant
pursuant to Article V. Separate  Deferred  Benefit  Accounts shall be maintained
for each  Participant.  More than one Deferred Benefit Account may be maintained
for each Participant if necessary to reflect separate year deferral elections. A
Participant's  Deferred Benefit Account shall be utilized solely as a device for
the measurement and  determination  of the amounts to be paid to the Participant
pursuant  to this Plan.  A  Participant's  Deferred  Benefit  Account  shall not
constitute or be treated as a trust fund of any kind.

<PAGE>

     Section 2.09  Determination  Date.  "Determination  Date" means the date on
which the amount of a  Participant's  Deferred  Benefit Account is determined as
provided  in Article V hereof.  The last day of each  calendar  month shall be a
Determination Date.

     Section  2.10   Disability.   "Disability"   means  any  case  in  which  a
Participant:  (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;  (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 3 months  under an
accident and health plan  covering  employees of the Bank (or would receive such
benefits if eligible to participate  in the plan);  or (iii) is determined to be
totally disabled by the Social Security Administration.

     Section 2.11 Election Date. The "Election Date" is the date  established by
this  Plan as the date on or  before  which a  Participant  must  submit a valid
Deferral  Agreement  or Notice of  Adjustment  of  Deferral  to the  Board.  The
applicable  Election  Dates are as follows:  (a) 30 days after a newly  eligible
Participant is notified of his right to participate in the Plan, or (b) at least
30 days prior to January 1st of any Plan Year if (a) above does not apply.

     Section  2.12  Participant.  "Participant"  means  any  individual  who  is
designated by the Bank to participate in this Plan and who elects to participate
by filing a Deferral Agreement as provided in Article IV.

     Section 2.13 Plan.  "Plan" shall mean the Seneca Falls Savings Bank Amended
and Restated 2005 Deferred Compensation Plan.

     Section 2.14 Plan Administrator.  "Plan  Administrator" means the committee
appointed by the Board to administer the Plan.

     Section 2.15 Plan Year. "Plan Year" means a twelve month period  commencing
January 1 and ending the following December 31.

     Section 2.16 Separation from Service. "Separation from Service" means:

         (a)   the  Participant's  retirement or termination of employment  with
               the Bank.

         (b)   No  Separation  from  Service  shall be  deemed  to occur  due to
               military leave, sick leave or other bona fide leave of absence if
               the  period of such  leave  does not  exceed  six  months  or, if
               longer,  so long as the  Participant's  right to  reemployment is
               provided by law or contract.  If the leave exceeds six months and
               the Participant's right to reemployment is not provided by law or
               by  contract,  then the  Participant  shall be  deemed  to have a
               Separation from Service on the first date  immediately  following
               such six-month period.

         (c)   Whether a  Separation  from  Service has  occurred is  determined
               based on whether the facts and  circumstances  indicate  that the
               Bank and the Participant  reasonably  anticipated that no further
               services  would be

<PAGE>

               performed  after a  certain  date or that the  level of bona fide
               services the  Participant  would perform after such date (whether
               as an employee or as an independent contractor) would permanently
               decrease  to less  than 50% of the  average  level  of bona  fide
               services  performed over the immediately  preceding 36 months (or
               such  lesser  period of time in which the  Participant  performed
               services  for  the  Bank).   The   determination   of  whether  a
               Participant  has had a Separation  from Service  shall be made by
               applying the presumptions  set forth in the Treasury  Regulations
               under Code Section 409A.

     Section  2.17  Specified  Employee.   "Specified  Employee"  means  a  "key
employee" of a publicly  traded  company within the meaning of Code Section 409A
and the final regulations or other guidance issued thereunder.

                                  ARTICLE III

                                 ADMINISTRATION

     Section  3.01 Plan  Administrator  and  Board  Duties.  This Plan  shall be
administered  by the Plan  Administrator.  Decisions  of the Plan  Administrator
shall be  reviewable  by the Board.  The Board shall also have the  authority to
make,  amend,  interpret,  and enforce all appropriate rules and regulations for
the  administration  of this Plan and  decide or resolve  any and all  questions
including  interpretations  of this Plan,  as may arise in  connection  with the
Plan. A Participant  who is a member of the Board may vote on matters  affecting
all Participants but may not vote on matters solely relating to his benefits.

     Section 3.02 Binding Effect of Decisions. Subject to Article IX herein, any
decision or action of the Board in respect to any question  arising out of or in
connection with the  administration,  interpretation and application of the Plan
and the rules and regulations  promulgated hereunder shall be final,  conclusive
and binding upon all persons having any interest in the Plan.

                                   ARTICLE IV

                                  PARTICIPATION

     Section 4.01  Participation.  Participation in the Plan shall be limited to
individuals who are vice presidents (or higher) of the Bank and directors of the
Bank who file a Deferral  Agreement with the Bank. Except as provided in Section
2.11(a), a Deferral Agreement must be filed with the Plan Administrator at least
30 days prior to January 1st  immediately  preceding  the Plan Year in which the
Participant's  participation  under the  agreement  will  commence.  A  properly
completed and timely executed Deferral Agreement shall be effective on the first
day of the Plan Year following  receipt by the Bank.  With respect to a Deferral
Agreement  filed by an officer or director who first becomes  eligible after the
first day of a Plan Year,  such Deferral  Agreement shall be effective only with
respect to  compensation or director's fees not yet earned and based on services
not yet  performed  at the time of the  execution  and  filing  of the  Deferral
Agreement.

<PAGE>

     Section  4.02 Minimum  Deferral.  A  Participant  may elect in any Deferral
Agreement to defer all or a portion of his compensation and future  compensation
increases.  The minimum amount that may be deferred under an officer's  Deferral
Agreement shall be $1,000.

     Section 4.02(a) From time to time the Bank may increase or decrease the
minimum deferral set forth above (or establish a maximum deferral) by giving
reasonable written notice to the affected Participants. Such changes shall be
effective for all Deferral Agreements filed thereafter.

     Section 4.02(b) A  Participant's  election to defer  compensation  shall be
irrevocable for a Plan Year upon the filing of a Deferral Agreement.

     Section 4.03 Duration of Deferral Agreement.  Deferral Agreements remain in
effect until  revoked or modified by the filing of a new  Deferral  Agreement or
Notice of  Adjustment  of Deferral,  which shall be effective  for the Plan Year
following the Plan Year in which it is submitted.

     Section 4.04  Revocation  or  Reduction  of  Deferral.  Deferrals of future
compensation  may be stopped or reduced by timely  filing a Notice of Adjustment
of Deferral (attached hereto as Exhibit C). Such revocation or reduction will be
effective as of the 1st day of the next succeeding Plan Year.

     Section 4.05  Increase of Deferral.  A new Notice of Adjustment of Deferral
or new Deferral  Agreement  must be filed under the terms of Section  2.11(b) if
the Participant  wishes to increase the amount of  compensation  being deferred.
Such an election  will be effective on the 1st day of the next  succeeding  Plan
Year.

     Section 4.06 No Deferral Without Agreement. An eligible officer or director
who has not  submitted  a valid  Deferral  Agreement  to the Plan  Administrator
before  the  relevant   Election  Date  set  forth  in  2.11may  not  defer  any
compensation  until the next Plan Year. A  Participant  who has not  submitted a
valid timely Deferral  Agreement or Notice of Adjustment of Deferral to the Plan
Administrator in accordance with Section 2.11(b) shall either (i) have deferrals
deducted in  accordance  with the  Participant's  last  validly  filed  Deferral
Agreement in  accordance  with  Section 4.03 or, (ii) if no deferrals  are being
deducted  from the  Participant's  compensation  or  director's  fees,  then the
Participant shall not be entitled to make deferrals until the next Plan Year.

     Section 4.07 When to File  Deferral  Agreement or Notice of  Adjustment  of
Deferral.  A Notice of  Adjustment  of  Deferral  shall be filed to  increase or
reduce  deferrals  in a future  Plan Year or Years.  A Notice of  Adjustment  of
Deferral shall also be filed to eliminate  entirely  deferrals for the next Plan
Year or for all future Plan Years. The filing of a new Deferral  Agreement shall
not  change  the  time  or  form  of  distribution  of  amounts  credited  to  a
Participant's  Deferred Benefit Account, and earnings on such amounts,  that are
subject to a previously filed Deferral Agreement.

<PAGE>

                                   ARTICLE V

                            DEFERRED BENEFIT ACCOUNT

     Section 5.01 Deferred Benefit Account. The amount that a Participant elects
to defer pursuant to a validly executed and filed Deferral  Agreement,  shall be
credited  by the Bank to the  Participant's  Deferred  Benefit  Account.  To the
extent that the Bank is required to withhold any taxes or other amounts from the
Participant's deferred compensation pursuant to any state, federal or local law,
such  amounts  shall  first be taken  out of the  portion  of the  Participant's
compensation which is not deferred under this Plan.

     Section 5.02 Vesting of Deferred  Benefit Account.  A Participant  shall be
100% vested in his Deferred Benefit Account(s).

Section 5.03 Interest Credit. Compensation deferred by a Participant plus an
amount equal to the Participant's deemed interest shall be credited to the
Participant's Deferred Benefit Account(s) on each Determination Date. Interest
shall be credited at a rate which is annually determined by the Board.

     Section 5.04 Determination of Account. Each Participant's  Deferred Benefit
Account(s),  as of each Determination  Date, shall consist of the balance of the
Participant's  Deferred  Benefit  Account(s)  as of  the  immediately  preceding
Determination Date. The Deferred Benefit Account(s) of each Participant shall be
reduced  by the amount of all  distributions,  if any,  made from such  Deferred
Benefit Account(s) since the preceding  Determination Date, and increased by any
contributions  and interest  credited to such Deferred Benefit  Account(s) since
the preceding Determination Date.

     Section  5.05  Statement  of  Accounts.  The  Bank  shall  submit  to  each
Participant,  within 120 days after the close of each Plan Year,  a statement in
such form as the Bank deems  desirable,  setting forth the balance to the credit
of such Participant in his Deferred Benefit Account(s) as of the last day of the
preceding Plan Year.

                                   ARTICLE VI

                                    BENEFITS

     Section 6.01 Benefit Upon  Separation  from Service.  Upon a  Participant's
Separation from Service (other than due to death or  Disability),  a Participant
shall be entitled to a Deferral Benefit payable under Section 6.04.

     Section  6.02  Death.  If a  Participant  dies  after the  commencement  of
payments of his Deferral  Benefit,  his Beneficiary  shall receive the remaining
installments   of  his  Deferred   Benefit   Account  in  accordance   with  the
Participant's   existing  distribution   election.  If  a  Participant  has  not
designated a  Beneficiary  under the Plan, or if no  designated  Beneficiary  is
living on the date of distribution hereunder,  amounts distributable pursuant to
this Section shall be distributed first to the  Participant's  surviving spouse,
or if none, to the  Participant's  estate.  If a  Participant  dies prior to any
payments of a Deferral Benefit, his Beneficiary shall receive a lump sum payment
equal to his Deferred Benefit Account as of the Determination Date within

<PAGE>

thirty (30) days following such death or in annual  installments  as provided in
the Participant's Deferral Agreement.

     Section 6.03  Disability.  In the event of  Disability  prior to Separation
from  Service,  the  disabled  Participant,  unless he  otherwise  elects in his
Deferral  Agreement,  shall have his payments  commence in the form specified in
Section 6.04 over a 5 year period.

     Section  6.04 Form of  Benefit  Payment.  Upon the  occurrence  of an event
described in Sections 6.01 or 6.03,  the Bank shall pay to the  Participant  the
amount  specified  in periodic  installments  as set forth in the  Participant's
Deferral  Agreement.  Payments  commencing under Section 6.05 shall be paid over
the  specified  period  designated  in  the  Participant's  Deferral  Agreement.
Notwithstanding the foregoing,  in the event a Participant fails to elect a form
of payment of his Deferral Benefit the  Participant's  Deferral  Agreement,  the
Deferral Benefit shall be distributed to the Participant in substantially  equal
quarterly payments over a period of five years.

     Section  6.05  Benefit  Payment  Prior  to  Separation   from  Service.   A
Participant  may  elect in his  Deferral  Agreement  to have  payments  from his
Deferred  Benefit  Account  commence  prior  to  Separation  from  Service  at a
specified date set forth in the Deferral Agreement. If the Participant elects to
have benefits paid at a specified date or dates,  such benefits shall be paid in
either annual or quarterly  installments  over a period of five or ten years (as
designated in the Participant's Deferral Agreement).

     Section 6.06  Withholding:  Payroll Taxes and Code Section 409A Taxes.  Any
distribution under this Plan shall be reduced by the amount of taxes required to
be withheld from such  distribution.  This Plan shall permit the acceleration of
the time or schedule of a payment to pay  employment  related taxes as permitted
under  Treasury  Regulation  Section  1.409A-3(j)  or to pay any taxes  that may
become due at any time that the  arrangement  fails to meet the  requirements of
Code Section 409A and the regulations and other guidance promulgated thereunder.
In the latter case,  such  payments  shall not exceed the amount  required to be
included in income as a result of the failure to comply with the requirements of
Code Section 409A.

     Section 6.07 Commencement of Payments.  Commencement of payments under this
Plan shall begin no later than one month  following  the event which  entitles a
Participant (or a Beneficiary) to payments under this Plan.  Notwithstanding any
provision  of this Plan to the  contrary,  if the  Participant  is  considered a
Specified Employee, then solely to the extent necessary to avoid penalties under
Code Section 409A, no distribution shall be made during the first six (6) months
following  Separation  from  Service.   Rather,  any  distribution  which  would
otherwise be paid to the Participant during such period shall be accumulated and
paid to the  Participant  in a lump sum on the  first day of the  seventh  month
following Separation from Service. All subsequent distributions shall be paid in
the manner specified in the Plan.

     Section 6.08 Early Distributions. In the following circumstances and to the
following extent, the Plan Administrator may, in its sole discretion,  authorize
the acceleration of the payment of benefits under the Plan.

         (a)   Unforeseeable Emergency.

<PAGE>

               At  the  request  of a  Participant,  or at  the  request  of the
               Participant's  Beneficiary  after the  Participant's  death,  the
               Board may, in its sole discretion, accelerate any pay all or part
               of the value of a  Participant's  Deferred  Benefit  Account  due
               under this Plan. Accelerated  distributions at the request of the
               Participant or a Participant's Beneficiary may be allowed only in
               the event of an "unforeseeable  emergency." For these purposes an
               "unforeseeable  emergency" means a severe  financial  hardship to
               the  Participant  resulting  from an illness or  accident  of the
               Participant, the Participant's spouse, or a dependent (as defined
               in  Code  Section  152(a))  of  the  Participant,   loss  of  the
               Participant's  property  due to  casualty,  the  need  to pay for
               medical expenses, including nonrefundable deductibles, as well as
               for the costs of prescription  drug  medication,  the need to pay
               for  the  funeral  expenses  of a  spouse,  a  Beneficiary,  or a
               dependent (as defined in Code Section 152, without regard to Code
               Section  152(b)(1)(,  (b)(2),  and  (d)(1)(B)),  or other similar
               extraordinary and unforeseeable circumstances arising as a result
               of events beyond the control of the Participant.  Amounts allowed
               as a hardship  distribution may not exceed the amounts  necessary
               to satisfy such  emergency  plus  amounts  necessary to pay taxes
               reasonably  anticipated  as a result of the  distribution,  after
               taking into  account the extent to which such  hardship is or may
               be relieved through reimbursement or compensation by insurance or
               otherwise,  or by liquidation of the Participant's assets (to the
               extent the  liquidation  of such  assets  would not itself  cause
               severe financial hardship).  All hardship  distributions shall be
               made in a single cash lump sum  distribution  within  thirty (30)
               days  following  the date on which  the  Participant  suffers  an
               "unforeseeable emergency."

         (b)   Compliance with Domestic Relations Order.

               To the  extent  required  to comply  with the terms of a domestic
               relations  order  (within  the  meaning of Section  414(p) of the
               Code)   directed   to  and  served   upon  the  Plan,   the  Plan
               Administrator may direct the payment of all or any portion of the
               benefit to which a  Participant  is entitled to at any time or in
               accordance  with any benefit  payment  schedule set forth in such
               order.  Such lump sum  payment  shall be in lieu of the  benefits
               that would otherwise be payable to a Participant.

         (c)   Compliance with Certificate of Divestiture.

               To the extent  necessary to effect  compliance with a certificate
               of divestiture  (within the meaning of Section  1043(b)(2) of the
               Code), the Plan Administrator may permit a lump sum payment in an
               amount up to the  present  value of the then  remaining  benefits
               otherwise  payable to the Participant  under this Plan. Such lump
               sum payment shall be in lieu of the benefits that would otherwise
               be payable to a Participant.

     Section 6.09 Payments in the Event of a Change in Control.  In the event of
a Change in Control, a Participant's  Deferred Benefit Account(s) may be paid to
the  Participant,

<PAGE>

irrespective of whether the Participant suffers a Separation from Service if the
Participant  has  elected  a  distribution  upon  a  Change  in  Control  in the
Participant's Deferral Agreement.

     Section 6.10 Cashout of Small  Benefits.  Notwithstanding  anything in this
Plan to the contrary, if at any time the total present value of the payments due
and  payable to a  Participant  is equal to or less than the  applicable  dollar
amount  under  Code  Section  402(g)(1)(B)  for  year in which  the  Participant
Separates from Service, such entire present value shall be paid to the recipient
as soon as  practicable.  Any such payment  shall be in full  settlement of such
person's interest under this Plan.

     Section 6.11 Transition Election Form. Notwithstanding anything in the Plan
to the contrary,  a Participant who previously  filed a Deferral  Agreement with
the Bank may elect to change  the time and  manner of  payment  of the  Deferral
Benefit  to  another  permissible  time  and  form by  filing  with  the  Bank a
Transition Year Election Form (attached hereto as Exhibit D), provided that such
election is made by on or before December 31, 2008.

                                  ARTICLE VII

                             BENEFICIARY DESIGNATION

     Section  7.01  Beneficiary  Designation.  Each  Participant  shall have the
right,  at any time,  to designate any person or persons as his  Beneficiary  or
Beneficiaries  to whom payment under this Plan shall be paid in the event of his
death prior to complete  distribution  to the  Participant  of the  benefits due
under the Plan.

Section 7.02 Amendments. Any Beneficiary designation may be changed by a
Participant by the written filing of such change on a form prescribed by the
Bank. The filing of a new Beneficiary designation form will cancel all
Beneficiary designations previously filed.

     Section  7.03  No  Beneficiary  Designation.  If  a  Participant  fails  to
designate a Beneficiary as provided  above,  or if all designated  Beneficiaries
predecease the Participant, then any amounts to be paid to the Beneficiary shall
be paid first to the Participant's  surviving spouse, if any, otherwise,  to the
Participant's estate.

     Section 7.04 Effect of Payment. The payment to the deemed Beneficiary shall
completely discharge the Bank's obligations under this Plan.

                                  ARTICLE VIII

                        AMENDMENT AND TERMINATION OF PLAN

     Section 8.01  Amendment.  The Board may at any time amend the Plan in whole
or in part; provided,  however, that no amendment shall be effective to decrease
or restrict any Deferred  Benefit  Account at the time of such  amendment and no
amendment  shall be made which shall affect the rights of a Participant  under a
validly executed and filed Deferral Agreement.

     Section  8.02  Termination  of the Plan.  The Bank may, in its  discretion,
elect to terminate the Plan in any of the following three circumstances provided
below and accelerate the

<PAGE>

payment of the entire unpaid balance or payments of the
Participant's  benefits as if the  Participant  experienced  a  Separation  from
Service on the date of the  termination of the Plan and in accordance  with Code
Section 409A:

         (a)   The Board of Directors may terminate the Plan within 12 months of
               a corporate  dissolution  taxed under Code  section  331, or with
               approval   of  a   bankruptcy   court   pursuant   to  11  U.S.C.
               ss.503(b)(1)(A),  provided  that the amounts  deferred  under the
               Plan are included in the Participant's gross income in the latest
               of (i) the calendar year in which the Plan  terminates;  (ii) the
               calendar  year in which  the  amount is no  longer  subject  to a
               substantial risk of forfeiture;  or (iii) the first calendar year
               in which the payment is administratively practicable.

         (b)   The Board of Directors  may terminate the Plan within the 30 days
               preceding  a Change in  Control  (but not  following  a Change in
               Control),  provided  that  the  Plan  shall  only be  treated  as
               terminated if all substantially similar arrangements sponsored by
               the  Bank  are  terminated  so  that  the   Participant  and  all
               participants  under   substantially   similar   arrangements  are
               required to receive all amounts of  compensation  deferred  under
               the terminated  arrangements  within 12 months of the date of the
               termination of the arrangements.

         (c)   The Board of Directors  may  terminate the Plan provided that (i)
               the  termination  and  liquidation  does not occur proximate to a
               downturn  in  the  financial   health  of  the  Bank,   (ii)  all
               arrangements  sponsored by the Bank that would be aggregated with
               this Plan under Treasury  Regulations  Section 1.409A-1(c) if the
               Participant covered by this Plan was also covered by any of those
               other  arrangements are also terminated;  (iii) no payments other
               than  payments  that  would be  payable  under  the  terms of the
               arrangement if the  termination  had not occurred are made within
               12  months  of the  termination  of  the  arrangement;  (iv)  all
               payments  are made  within 24 months  of the  termination  of the
               arrangements;  and (v) the Bank does not adopt a new  arrangement
               that would be aggregated  with any terminated  arrangement  under
               Treasury  Regulations  Section  1.409A-1(c)  if  the  Participant
               participated in both arrangements, at any time within three years
               following the date of termination of the arrangement.

                                   ARTICLE IX

                                CLAIMS PROCEDURE

     Section 9.01 Claim for Benefits.  Benefits shall be paid in accordance with
the provisions of this agreement.  The Participant or a Beneficiary or any other
person  claiming  through  the  Participant,  shall make a written  request  for
benefits under this  agreement.  This written claim shall be mailed or delivered
to  the  Plan   Administrator.   Such  claim  shall  be  reviewed  by  the  Plan
Administrator or its delegate.

<PAGE>

     Section 9.02 Denial of Claim.  If the claim is denied,  in full or in part,
the Plan  Administrator  shall provide a written  notice within ninety (90) days
setting forth the specific  reasons for denial,  and any additional  material or
information  necessary  to perfect  the claim,  and an  explanation  of why such
material  or  information  is  necessary,   and   appropriate   information  and
explanation of the steps to be taken if a review of the denial is desired.

     Section 9.03 Review of Denied Claim. If the claim is denied and a review is
desired, the Participant (or Beneficiary) shall notify the Plan Administrator in
writing  within  sixty  (60) days (a claim  shall be  deemed  denied if the Plan
Administrator  does not take any action  within the  aforesaid  ninety  (90) day
period) after receipt of the written  notice of denial.  In requesting a review,
the  Participant or his Beneficiary may request a review of the Plan document or
other  pertinent  documents  with  regard  to the  benefit  created  under  this
agreement,  may submit any written issues and comments, may request an extension
of time for such written submission of issues and comments, and may request that
a hearing be held,  but the decision to hold a hearing  shall be within the sole
discretion of the Board.

     Section 9.04 Board  Review.  The decision on the review of the denied claim
shall be rendered by the Board  within  sixty (60) days after the receipt of the
request  for review  (if a hearing is held) or within  sixty (60) days after the
hearing  if one is held.  The  decision  shall be  written  and shall  state the
specific reasons for the decision including  reference to specific provisions of
this Plan on which the decision is based.

                                   ARTICLE X

                           NATURE OF BANK'S OBLIGATION

     Section 10.01 Unsecured General Creditor. The Bank's obligations under this
Plan shall be an unfunded  and  unsecured  promise to pay. The Bank shall not be
obligated under any  circumstances to fund its financial  obligations under this
Plan.

     Section 10.02 General Assets.  Any assets which the Bank may acquire or set
aside to help cover its financial liabilities are and must remain general assets
of the Bank  subject to the claims of its  creditors.  Neither the Bank nor this
Plan gives the Participant any beneficial ownership interest in any asset of the
Bank. All rights of ownership in any such assets are and remain in the Bank.

                                   ARTICLE XI

                                  MISCELLANEOUS

     Section 11.01  Notice.  Any notice which shall be or may be given under the
Plan or a Deferral  Agreement  shall be in writing and shall be mailed by United
States mail, postage prepaid.

     Section 11.02 Change of Address.  Any party may, from time to time,  change
the address to which notices shall be mailed by giving,  written  notice of such
new address.

<PAGE>

     Section 11.03 Binding  Agreement.  The Plan shall be binding upon the Bank,
its  assigns,  and any  successor,  and  upon a  Participant,  his  Beneficiary,
assigns, heirs, executors and administrators.

     Section 11.04 Nonassignability.  Except insofar as prohibited by applicable
law, no sale, transfer,  alienation,  assignment,  pledge,  collateralization or
attachment  of any benefits  under this Plan shall be valid or recognized by the
Bank.   Neither  the  Participant  or  Beneficiary   shall  have  any  power  to
hypothecate,  mortgage, commute, modify, or otherwise encumber in advance of any
of the benefits payable hereunder,  nor shall any of said benefits be subject to
seizure for the payment of any debts,  judgments,  alimony maintenance,  owed by
the  Participant or his  Beneficiary,  or be transferable by operation of law in
the event of bankruptcy, insolvency, or otherwise.

     Section  11.05  Gender  and  Number.  Whenever  the  context  so  requires,
masculine pronouns include the feminine and singular words include the plural.

     Section  11.06  Compliance  with  Section  409A of the  Code.  The  Plan is
intended to be a non-qualified  deferred  compensation plan described in Section
409A of the Code. The Plan shall be operated, administered and construed to give
effect to such  intent.  To the  extent  that a  provision  of the Plan fails to
comply with Code Section 409A and a  construction  consistent  with Code Section
409A is not possible,  such provision shall be void ab initio. In addition,  the
Plan  shall  be  subject  to  amendment,  with  or  without  advance  notice  to
Participants and other interested  parties,  and on a prospective or retroactive
basis, including but not limited to amendment in a manner that adversely affects
the rights of Participants and other interested parties, to the extent necessary
to effect such compliance.

     Section  11.07  Applicable  Law. This Plan shall be governed by the laws of
the state of New York.

<PAGE>

                                    Exhibit A

                            SENECA FALLS SAVINGS BANK
              AMENDED AND RESTATED 2005 DEFERRED COMPENSATION PLAN
                 DEFERRAL AGREEMENT WITH DISTRIBUTION ELECTIONS

     I, ____________________________, and Seneca Falls Savings Bank (the "Bank")
hereby agree for good and valuable  consideration,  the value of which is hereby
acknowledged, that I shall participate in the Amended and Restated 2005 Deferred
Compensation Plan (the "Plan"), initially effective as of May, 1981, amended and
restated  effective  January  1,  2005 , and do  further  agree to the terms and
conditions thereof.

     Pursuant  to  Article  IV of the  Plan,  I  understand  that I may  make an
election to defer the receipt of a fixed  percentage  of my annual  compensation
and/or of my director's fees due to me during calendar year 200__. Accordingly I
hereby make the following elections:

DEFERRAL  ELECTIONS (May be made on an annual basis,  with subsequent  elections
effective the first day of the following calendar year):

          Officers

     In  accordance  with the Plan, I hereby  elect to defer  _________ % (enter
whole  percentage)  of my annual  compensation  for the Plan Year 20_____.  Such
deferrals  shall  commence  on  January  1,  20____,  and shall  renew  annually
thereafter  unless changed at least 30 days prior to January 1 of any year under
the Plan.  I  understand  and agree that my deferral  election  applies  only to
compensation attributable to services I have not yet performed.

          Directors

     In  accordance  with the Plan, I hereby  elect to defer  __________ % of my
board fees for the Plan Year 200__.  Such deferrals shall commence on January 1,
20_____,  and shall renew  annually  thereafter  unless changed at least 30 days
prior to January 1 of any year under the Plan.  I  understand  and agree that my
deferral  election applies only to compensation  attributable to services I have
not yet performed.

     I understand  that my election to defer shall  continue in accordance  with
this Deferral Agreement with Distribution  Elections until such time as I submit
a  "Notice  of  Adjustment   of  Deferral"   (Exhibit  C  hereto)  to  the  Plan
Administrator  at least 30 days prior to January 1 of any year under the Plan. A
Notice of  Adjustment  of Deferral can be used to adjust the amount of my annual
compensation  and/or  board  fees to be  deferred  or to  discontinue  deferrals
altogether.

DISTRIBUTION  ELECTION  (To be  completed  only one time and shall  apply to all
deferrals):

     If you have  previously  made a  distribution  election,  please  skip this
section and sign and date the form on the last page.  The Plan provides that you
may  make a  single  distribution  election,  which  will  apply  to all of your
deferrals.

<PAGE>

     In accordance  with terms of the Plan, I understand and agree that all Plan
benefits shall be paid in the form I selected below, and that such  distribution
form,  once made by me, shall be. I also  understand  and agree that my Deferred
Benefit  Account shall be  distributed  commencing on the first day of the first
month  following the  occurrence  of the event giving rise to the  distribution,
provided,  however,  that if I am a Specified  Employee as  described in Section
2.17, I understand and agree that  distributions  of my Deferred Benefit Account
balance will not  commence  until the first day of the 7th month  following  the
month of my Separation from Service.

     Select either (i) or (ii) below:

     (i) Fixed Distribution Schedule at Specified Date

     In accordance  with the terms of the Plan, I hereby elect a deferral period
of  _____  years.  Payments  hereunder  shall  commence  in the  year  20__.  In
accordance  therewith,  I hereby  elect to  receive  the  amount of my  Deferred
Benefit Account in the following form (check one):

          _____ Substantially equal quarterly payments over a period of 5 years

          _____ Substantially equal annual payments over a period of 5 years

          _____ Substantially equal quarterly payments over a period of 10 years

          _____ Substantially equal annual payments over a period of 10 years

     (ii) Separation from Service

     In the event of my Separation from Service on the Board, or from employment
with the Bank for any reason  other  than  cause,  I hereby  elect to receive my
Deferred Benefit Account in the following form (check one):

          _____  Substantially equal quarterly payments over a period of 5 years

          _____ Substantially equal annual payments over a period of 5 years

          _____ Substantially equal quarterly payments over a period of 10 years

          _____ Substantially equal annual payments over a period of 10 years

                               OPTIONAL PROVISIONS

     Notwithstanding the foregoing,  in the event of my Disability,  death prior
to  termination  of employment  or from service,  or in the event of a Change in
Control of the Bank,  as such terms are defined in the Plan,  I hereby elect the
following alternative  distribution forms. I understand that these elections are
optional,  and  that if not  made,  any  relevant  distribution  will be made in
accordance with my selection under (i) or (ii) above:

<PAGE>

     (iii) Disability

     In the event that my service  on the Board or  employment  with the Bank is
terminated  on account of my  Disability,  I hereby elect to receive my Deferred
Benefit Account in the following form (check one):

          _____  Substantially equal quarterly payments over a period of 5 years

          _____ Substantially equal annual payments over a period of 5 years

          _____ Substantially equal quarterly payments over a period of 10 years

          _____ Substantially equal annual payments over a period of 10 years

     (iv) Death

     In the event of my death  prior to  termination  of service on the Board or
termination of employment with the Bank, I hereby elect that my Deferred Benefit
Account be distributed to my beneficiary(ies) in the following form (check one):

          _____  Substantially equal quarterly payments over a period of 5 years

          _____ Substantially equal annual payments over a period of 5 years

          _____ Substantially equal quarterly payments over a period of 10 years

          _____ Substantially equal annual payments over a period of 10 years

     (v) Change in Control

     In the event of a Change in Control of the Bank,  I hereby elect to receive
my Deferred Benefit Account in the following form (check one):

          _____  Substantially equal quarterly payments over a period of 5 years

          _____ Substantially equal annual payments over a period of 5 years

          _____ Substantially equal quarterly payments over a period of 10 years

          _____ Substantially equal annual payments over a period of 10 years

                            [Signature page follows]

<PAGE>

     This Deferral Agreement with Distribution  Elections shall become effective
upon execution below by both the  Participant  and a duly authorized  officer of
the Bank.

         Dated this _____ day of _______________, 20___.

         ---------------------------              ------------------------------
         (Participant)                            (Bank duly authorized Officer)

<PAGE>

                                    Exhibit B

 SENECA FALLS SAVINGS BANK AMENDED AND RESTATED 2005 DEFERRED COMPENSATION PLAN
                             BENEFICIARY DESIGNATION

     The  undersigned  Participant  under the terms of the Amended and  Restated
Seneca Falls Savings Bank 2005 Deferred Compensation Plan, hereby designates the
following  beneficiary(ies)  to receive  payments  under such Plan following his
death:

     Primary Beneficiary: -----------------------------------------

     Secondary Beneficiary: ---------------------------------------

     This  Beneficiary   Designation   hereby  revokes  any  prior   Beneficiary
Designation which may have been in effect.

     This  Beneficiary  Designation  is  revocable  by the  completion  of a new
Beneficiary Designation.

Dated: __________ ____, 200___

--------------------------------            ---------------------------------
(Witness)                                   Participant (Print)

                                            ---------------------------------
                                            Participant (Signature)

<PAGE>

                                    Exhibit C

                            SENECA FALLS SAVINGS BANK
              AMENDED AND RESTATED 2005 DEFERRED COMPENSATION PLAN
                        NOTICE OF ADJUSTMENT OF DEFERRAL

To:          Seneca  Falls  Savings  Bank
Attention:   Plan Administrator, Amended and Restated 2005 Deferred Compensation
             Plan

     I hereby give notice of my election to adjust the amount of my compensation
deferral  in  accordance  with my  Deferral  Agreement,  dated  the _____ day of
_________,  200__.  This notice is  submitted at least thirty (30) days prior to
January 1st, and shall become effective as of January 1st, as specified below.

         Adjust my deferral as of:                    January __, 20__

         Deferred Salary (if applicable)

         Previous Deferral Percentage                  _____ %
         New Deferral Percentage                       _____ %
         N/A                                           _____

         Deferred Director's Fees (if applicable)

         Previous Deferral Percentage                  _____ %
         New Deferral Percentage                       _____ %
         N/A                                           _____

Dated: __________ ____, 20___

--------------------------------            ---------------------------------
(Witness)                                   Participant (Print)

                                            ---------------------------------
                                            Participant (Signature)

<PAGE>

                                    Exhibit D

                            SENECA FALLS SAVINGS BANK
              AMENDED AND RESTATED 2005 DEFERRED COMPENSATION PLAN
                          TRANSITION YEAR ELECTION FORM

Instructions:  If you are a participant in the Seneca Falls Savings Bank Amended
and Restated 2005 Deferred  Compensation  Plan (the "Plan"),  and you previously
filed a Deferral  Agreement  with  Seneca  Falls Bank (the  "Bank") in which you
elected the time and manner of payment of your Deferral Benefit (e.g., quarterly
installments  over five  years),  you have a limited  period of time to use this
Transition  Year  Election  Form to elect to change your  previous  distribution
options. For example, if you previously elected to receive your Plan benefits in
quarterly  installments upon your Separation from Service with the Bank, you may
use this  Transition Year Election Form to change your form of benefit to annual
installments.

Due to current IRS rules,  individuals  who  participate in the Plan during 2008
must  complete  this form on or before  December 31, 2008.  You may not use this
form to change your  distribution  elections  with respect to payments  that are
scheduled to be made to you in 2008,  or otherwise to cause  payments to be made
to you in 2008.

Print Name:
            --------------------------------------

Note: If you do not wish to change your form of payment under a previously filed
Deferral Agreement with Distribution Elections (or other similar election form),
then you do not need to complete this Transition Year Election Form.

                       DISTRIBUTION FORM ELECTION OPTIONS

     In accordance  with terms of the Plan, I understand and agree that all Plan
benefits  shall be paid in the form I select below,  and that such  distribution
form, once made by me, shall be irrevocable. I also understand and agree that my
Deferred Benefit Account shall be distributed commencing on the first day of the
first  month   following  the  occurrence  of  the  event  giving  rise  to  the
distribution,  except  that if I am a  "Specified  Employee,"  as  described  in
Section 2.17, I understand and agree that  distributions  of my Deferred Benefit
Account balance will not commence until the first day of the 7th month following
the month of my Separation from Service.

     Select either (i) or (ii) below:

     (i)       Fixed Distribution Schedule at Specified Date

     In accordance  with the terms of the Plan, I hereby elect a deferral period
of  _____  years.  Payments  hereunder  shall  commence  in the  year  20__.  In
accordance  therewith,  I hereby  elect to  receive  the  amount of my  Deferred
Benefit Account in the following form (check one):

               _____  Substantially  equal quarterly payments over a period of 5
                      years

               _____  Substantially  equal  annual  payments  over a period of 5
                      years

<PAGE>

               _____  Substantially equal quarterly payments over a period of 10
                      years

               _____  Substantially  equal annual  payments  over a period of 10
                      years

     (ii)      Separation from Service

     In the event of my Separation from Service on the Board, or from employment
with the Bank for any reason  other  than  cause,  I hereby  elect to receive my
Deferred Benefit Account in the following form (check one):

               _____  Substantially  equal quarterly payments over a period of 5
                      years

               _____  Substantially  equal  annual  payments  over a period of 5
                      years

               _____  Substantially equal quarterly payments over a period of 10
                      years

               _____  Substantially  equal annual  payments  over a period of 10
                      years

                               OPTIONAL PROVISIONS

     Notwithstanding the foregoing,  in the event of my Disability,  death prior
to  termination  of employment  or from service,  or in the event of a Change in
Control of the Bank,  as such terms are defined in the Plan,  I hereby elect the
following alternative  distribution forms. I understand that these elections are
optional,  and  that if not  made,  any  relevant  distribution  will be made in
accordance with my selection under (i) or (ii) above:

<PAGE>

     (iii)     Disability

     In the event that my service  on the Board or  employment  with the Bank is
terminated  on account of my  Disability,  I hereby elect to receive my Deferred
Benefit Account in the following form (check one):

               _____  Substantially  equal quarterly payments over a period of 5
                      years

               _____  Substantially  equal  annual  payments  over a period of 5
                      years

               _____  Substantially equal quarterly payments over a period of 10
                      years

               _____  Substantially  equal annual  payments  over a period of 10
                      years

     (iv)      Death

     In the event of my death  prior to  termination  of service on the Board or
termination of employment with the Bank, I hereby elect that my Deferred Benefit
Account be distributed to my beneficiary(ies) in the following form (check one):

               _____  Substantially  equal quarterly payments over a period of 5
                      years

               _____  Substantially  equal  annual  payments  over a period of 5
                      years

               _____  Substantially equal quarterly payments over a period of 10
                      years

               _____  Substantially  equal annual  payments  over a period of 10
                      years

     (v)       Change in Control

     In the event of a Change in Control of the Bank,  I hereby elect to receive
my Deferred Benefit Account in the following form (check one):

               _____  Substantially  equal quarterly payments over a period of 5
                      years

               _____  Substantially  equal  annual  payments  over a period of 5
                      years

               _____  Substantially equal quarterly payments over a period of 10
                      years

               _____  Substantially  equal annual  payments  over a period of 10
                      years

                            [Signature page follows]

<PAGE>

     This  Transition  Year Election Form shall become  effective upon execution
below by both the Participant and a duly authorized officer of the Bank.

-----------------------------                  -------------------------------
(Participant)                                  (Bank duly authorized Officer

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