Document:

EXHIBIT 10.8

          AMENDED AND RESTATED SUPPLEMENTAL RETIREMENT INCOME PLAN

                          COMMUNITY SAVINGS, F. A.

                           AMENDED AND RESTATED
                   SUPPLEMENTAL RETIREMENT INCOME PLAN

<PAGE>
                             TABLE OF CONTENTS
                             -----------------

                         ARTICLE 1 -- DEFINITIONS
                         ------------------------

1.1   Beneficiary. . . . . . . . . . . . . . . . . . . . . . . .      1
1.2   Change in Control of the Company . . . . . . . . . . . . .      1
1.3   Company. . . . . . . . . . . . . . . . . . . . . . . . . .      2
1.4   Compensation . . . . . . . . . . . . . . . . . . . . . . .      2
1.5   Early Retirement Date. . . . . . . . . . . . . . . . . . .      3
1.6   Employer . . . . . . . . . . . . . . . . . . . . . . . . .      3
1.7   Normal Retirement Date . . . . . . . . . . . . . . . . . .      3
1.8   Participant. . . . . . . . . . . . . . . . . . . . . . . .      3
1.9   Plan . . . . . . . . . . . . . . . . . . . . . . . . . . .      3
1.10  Committee. . . . . . . . . . . . . . . . . . . . . . . . .      3

               ARTICLE II -- ELIGIBILITY AND PARTICIPATION
               -------------------------------------------

2.1   Conditions of Eligibility. . . . . . . . . . . . . . . . .      3
2.2   Commencement of Participation. . . . . . . . . . . . . . .      3
2.3   Additional Compensation. . . . . . . . . . . . . . . . . .      4

                   ARTICLE III -- RETIREMENT BENEFITS
                   ----------------------------------

3.1   Early Retirement Benefit . . . . . . . . . . . . . . . . .      4
3.2   Normal Retirement Benefit  . . . . . . . . . . . . . . . .      4
3.3   Late Retirement Benefit  . . . . . . . . . . . . . . . . .      5
3.4   Change in Control Benefit. . . . . . . . . . . . . . . . .      5
3.5   Determination of Normal Retirement Benefit . . . . . . . .      5
3.6   Payment of Retirement Benefits . . . . . . . . . . . . . .      6

                      ARTICLE IV -- DEATH BENEFITS
                      ----------------------------

4.1   Participant's Death Benefits . . . . . . . . . . . . . . .      6
4.2   Death of Beneficiary . . . . . . . . . . . . . . . . . . .      7

                    ARTICLE V -- PLAN ADMINISTRATION
                    --------------------------------

5.1   Committee  . . . . . . . . . . . . . . . . . . . . . . . .      7
5.2   Claim  . . . . . . . . . . . . . . . . . . . . . . . . . .      8
5.3   Denial of Claim  . . . . . . . . . . . . . . . . . . . . .      8
5.4   Review of Claim. . . . . . . . . . . . . . . . . . . . . .      8
5.5   Final Decision . . . . . . . . . . . . . . . . . . . . . .      8

                   ARTICLE VI -- PARTICIPANT'S RIGHTS
                   ----------------------------------

6.1   Participant's Rights . . . . . . . . . . . . . . . . . . .      9
6.2   Spendthrift Provision. . . . . . . . . . . . . . . . . . .      9
6.3   Plan Not An Employment Agreement . . . . . . . . . . . . .      9
6.4   Protective Provisions. . . . . . . . . . . . . . . . . . .      9

                     ARTICLE VII -- MISCELLANEOUS
                     ----------------------------

7.1   Termination of Plan. . . . . . . . . . . . . . . . . . . .      10
7.2   Inurement. . . . . . . . . . . . . . . . . . . . . . . . .      10
7.3   Amendments and Modifications . . . . . . . . . . . . . . .      11
7.4   Governing Law. . . . . . . . . . . . . . . . . . . . . . .      11

                          COMMUNITY SAVINGS, F. A.
                           AMENDED AND RESTATED
                    SUPPLEMENTAL RETIREMENT INCOME PLAN

    THIS SUPPLEMENTAL RETIREMENT INCOME PLAN was originally entered into at
North Palm Beach, Florida, on the 12th day of December 1991, for the benefit
of certain employees of Community Savings, F. A., a federally chartered
savings and loan association (hereinafter sometimes referred to as
"Employer").  The Plan was subsequently amended and restated as of the 27th
day of January 2000 and the 30th day of March 2000.

                         ARTICLE I - DEFINITIONS

    The following words and phrases as set forth in this Supplemental
Retirement Income Plan shall have the meaning and application set forth below:

      1.1  Beneficiary.  A person or entity designated in accordance
with Article IV of this Plan to receive benefits upon the death of a
Participant.

      1.2  Change in Control of the Company.  The occurrence of any of
the following:  (i) the acquisition of control of the Company as defined in 12
C.F.R. Section 574.4, unless a presumption of control is successfully rebutted
or unless the transaction is exempted by 12 C.F.R.  Section 574.3(c)(vii), or
any successor to such sections; (ii) an event that would be required to be
reported in response to Item 1(a) of Form 8-K or Item 6(e) of Schedule 14A of
Regulation 14A pursuant to the Securities Exchange Act of 1934, as amended
(the "Exchange Act") or any successor thereto, whether or not any class of
securities of the Company is registered under the Exchange Act; (iii) any
"person" (as such term is used in Sections 13(d) and 14(d) of the Exchange
Act) is or becomes the "beneficial owner" (as defined in Rule 13d-3 under the
Exchange Act), directly or indirectly, of securities of the Company
representing 25% or more of the combined voting power of the Company's then

outstanding securities; or (iv) during any period of three (3) consecutive
years after March 30, 2000, individuals who at the beginning of such period
constitute the Board of Directors of the Company cease for any reason to
constitute at least two-thirds (2/3) thereof unless the election, or the
nomination for election by shareholders of the Company, of each new director
was approved by a vote of at least a majority of the directors then still in
office who were directors at the beginning of the period.   If any of the
events enumerated in clauses (i) through (iv) occur, the Board of Directors of
Employer shall determine the effective date of the Change in Control of the
Company resulting therefrom for purposes of the Plan.

      1.3  Company.   Community Savings Bankshares, Inc., the parent
holding company for the Employer.

      1.4  Compensation.  The highest level of compensation paid to a
Participant by the Employer and/or the Company or any subsidiary thereof
during the calendar year in which the Participant's retirement (Early, Normal
or Late) or the Change in Control of the Company occurs (determined on an
annualized basis) or either of the two calendar years immediately preceding
the calendar year in which the Participant's retirement or the Change in
Control of the Company occurs. Such compensation shall be amounts which were
paid and either (i) included in the Participant's gross income for tax
purposes, including but not limited to base salary, bonuses and amounts
taxable to the Participant under any qualified or non-qualified employee
benefit plans of the Employer or the Company, or (ii) deferred at the election
of the Participant; provided, however, that for purposes of the calculation of
Compensation, income related to restricted stock plans and stock option plans
of the Employer and/or the Company shall not be included.

                                    -2-

      1.5  Early Retirement Date.  The date on which a Participant has
completed his tenth (10th) year of service for the Employer and has reached
fifty (50) years of age.

      1.6  Employer.  For purposes of this Plan, Employer is Community
Savings, F. A., a federally chartered savings and loan association.

      1.7  Normal Retirement Date.  The date on which a Participant
reaches sixty-five (65) years of age.

      1.8  Participant.  An employee of the Employer who is eligible to
participate in this Plan according to standards adopted by the Board of
Directors of the Employer.

      1.9  Plan.  This Supplemental Retirement Income Plan as adopted
by the Employer and as may be hereafter amended.

      1.10 Committee. The SERP Administration Committee as appointed by
the Board of Directors of the Employer from time to time.

                  ARTICLE II - ELIGIBILITY AND PARTICIPATION

      2.1  Conditions of Eligibility.  Eligibility to become a Participant in
this Plan will be determined by the Board of Directors of the Employer.  Such
determination shall be conclusive and binding upon all persons.

      2.2  Commencement of Participation.  The Employer or the
Committee  shall notify each employee of his eligibility to participate in
this Plan.  Eligible employees shall become Participants in this Plan as of
the effective date hereof or upon becoming eligible to participate in this
Plan, as the case may be.  Each employee who becomes a Participant in this
Plan shall complete such forms as are reasonably required by the Committee for
Plan participation.

                                    -3-

      2.3  Additional Compensation. Participant shall receive the
benefits provided for herein in addition to any compensation paid to or
benefits provided to Participant.  Except as otherwise provided herein,
nothing in this Plan shall be construed as limiting, varying or reducing any
provision or benefit to Participant, Participant's estate or Beneficiaries
pursuant to any employment agreement, any retirement plan, including any
qualified pension or profit sharing plan, any health, disability or life
insurance policies or any other agreement between Employer and Participant.

                      ARTICLE III - RETIREMENT BENEFITS

      3.1  Early Retirement Benefit.  (a) If a Participant retires from
full-time employment with Employer after the Early Retirement Date, Employer
will pay to Participant an Early Retirement Benefit as calculated in
accordance with Paragraph 3.1(b), payable pursuant to the provisions of
Paragraph 3.6.

      (b)  The amount of the Early Retirement Benefit shall be equal to
a Participant's Normal Retirement Benefit as calculated pursuant to Paragraph
3.5, multiplied by the Participant's Early Retirement Multiplier as set forth
in the table on Exhibit B attached hereto.  Such Early Retirement Multiplier
shall be the factor under the Participant's name which is opposite the
Participant's Attained Age.  However, for purposes of completing such benefit
calculation, Normal Retirement Date shall mean the date of the Participant's
early retirement instead of age sixty-five (65). The Participant's Attained
Age shall be equal to the Participant's age (in whole years) as of the
Participant's retirement date.

      3.2  Normal Retirement Benefit.  If a Participant retires from
full-time employment with Employer after the Normal Retirement Date, Employer
will pay to Participant a

                                    -4-

Normal Retirement Benefit, determined pursuant to Paragraph 3.5, payable
pursuant to the provisions of Paragraph 3.6.

      3.3  Late Retirement Benefit.  If a Participant  remains employed
by Employer after the Normal Retirement Date, such Participant shall receive
the Normal Retirement Benefit upon actual retirement, actuarially adjusted to
reflect such Participant's later retirement.

      3.4  Change in Control Benefit.  Upon Participant's cessation
from full-time employment with Employer after the occurrence of a Change in
Control of  the Company and prior to attaining Normal Retirement Date,
Employer will pay to Participant an annual amount equal to the Normal
Retirement Benefit, as determined pursuant to Paragraph 3.5.  However, for
purposes of completing such benefit calculation, Normal Retirement Date shall
mean the date of Participant's  cessation of employment instead of age sixty-
five (65).  At the election of the Participant, payments of benefits under
this paragraph shall be made in either (i) quarterly payments pursuant to
Paragraph 3.6 or (ii) in a single lump sum payment within five (5) days of
Participant's cessation of employment.  In the event that the Participant
elects the lump sum payment option, such single lump sum payment shall equal
the present value of the stream of quarterly installment  payments specified
in Paragraph 3.6 discounted to present value at a discount rate equal to the
applicable federal rate, as defined in Section 7872(f)(2) of the Internal
Revenue Code of 1986, as amended, or any successor thereto, as in effect as of
the date of the Participant's cessation of employment.

      3.5  Determination of Normal Retirement Benefit.  A Participant's
annual Normal Retirement Benefit shall be an amount, determined as of such
Participant's Normal Retirement Date, equal to the difference between (i)
seventy-five (75%) percent of the Participant's Compensation; and (ii) the sum
of (A) such Participant's Annual Normal Retirement Benefit as specified on
Exhibit

                                    -5-

A attached hereto, and (B) the annual Primary Insurance Amount to which such
Participant is entitled under the federal Social Security system, determined by
the actuary then serving this Plan, as of the date of such Participant's
retirement from the Employer, without regard to cost of living adjustments
occurring after such date and without regard to whether or not such Participant
receives such Primary Insurance Amount from the federal Social Security system.

      3.6  Payment of Retirement Benefits.  Early, Normal, Late Retirement or
Change in Control Benefits (collectively referred to as "Retirement Benefits")
payable to a Participant upon such Participant's retirement or cessation, as
the case may be, from full-time employment with Employer, pursuant to the
provisions of Paragraphs 3.1, 3.2, 3.3 or 3.4 hereof, shall be payable in the
form of a quarterly benefit for fifteen (15) consecutive years beginning with
the first day of the second calendar quarter following such retirement or
cessation.

                         ARTICLE IV - DEATH BENEFITS

      4.1  Participant's Death Benefit.  If a Participant dies while
receiving quarterly installment benefits under the Plan or would have
qualified to receive a Retirement Benefit had such Participant retired or
ceased employment with the Employer the day immediately preceding his/her
death, Employer shall pay to the Beneficiary or Beneficiaries designated in
writing by Participant on Schedule A (or to Participant's Estate if
Participant fails to so designate a Beneficiary or Beneficiaries) the
Retirement Benefit installments that the Participant would have otherwise been
entitled to receive, if any. Such benefits shall be paid to the Beneficiary or
Beneficiaries in the same manner as they would have been paid to the
Participant.  For purposes of the Plan, a Participant who dies while actively
employed by the Employer and has satisfied the requirements to receive a
Retirement Benefit pursuant to Article III but for his/her actual retirement
or cessation of

                                    -6-

employment, as the case may be, shall be deemed to have retired and ceased
employment with the Employer as of the day immediately preceding his/her date
of death and become entitled to a Retirement Benefit as determined pursuant to
Article III of the Plan.  Such Retirement Benefit payments shall be deemed to
have commenced as of the Participant's date of death.

      4.2  Death of Beneficiary.  In the event of death of a Beneficiary who is
entitled to receive a Retirement Benefit in installments pursuant to Paragraph
4.1, such benefit to which such Beneficiary was entitled at the time of such
Beneficiary's death shall continue to be payable to the beneficiary or
beneficiaries, designated in writing by such Beneficiary, on a form to be
submitted by such Beneficiary to the Committee (or to the Beneficiary's estate
if the Beneficiary fails to so designate a beneficiary or beneficiaries).

                      ARTICLE V -- PLAN ADMINISTRATION

      5.1  Committee.  This Plan and all matters related hereto, shall
be administered by the Committee which shall be the "named fiduciary".  The
Committee will interpret the provisions of this Plan and shall determine all
questions arising in the administration, eligibility, interpretation and
application of this Plan.  Any such determination by the Committee shall be
conclusive and binding on all persons and shall be consistently and uniformly
applied to all persons similarly situated.  The Committee shall engage the
services of such independent actuaries and administrative personnel, who shall
certify, from time to time, to the Committee, that the funding policy
established by Employer, and the investments acquired pursuant thereto, are
sufficient, from time to time, to provide for such projected Retirement and
Death Benefit under the Plan.

                                    -7-

      5.2  Claim.  Any person claiming a benefit, requesting an
interpretation or ruling under this Plan, or requesting information under the
Plan shall present the request, in writing, to the Committee which shall
respond in writing as soon as practicable.

      5.3  Denial of Claim.  If the claim or request is denied, the
written notice of denial shall state:

           (a)  The reason for denial, with specific reference to the
                Plan provisions on which the denial is based.

           (b)  A description of any additional material or
                information required and an explanation of why it is
                necessary.

           (c)  An explanation of the Plan's claim review procedure.

      5.4  Review of Claim.  Any person whose claim or request is
denied or who has not received a response within 90 days may (within 60 days
after such denial or 90-day period, whichever is earlier) request review by
notice given in writing to the Committee.  Such request for review must state
the specific reasons, including any Plan provisions, upon which such request
for review is based.  The claim or request shall be reviewed by the Committee
which may, but shall not be required to, grant the claimant a hearing.  On
review, the claimant may have representation, examine pertinent documents, and
submit issues and comments in writing.

      5.5  Final Decision.  The decision on review shall normally be
made within 60 days.  If an extension of time is required for a hearing or
other special circumstances,  the claimant shall be notified and the time
limit shall be 120 days.  The decision shall be in writing and shall state the
reason and the relevant Plan provisions.  All decisions on review shall be
final and binding on all parties concerned.

                                    -8-

                     ARTICLE VI -- PARTICIPANT'S RIGHTS

      6.1  Participant's Rights.  The rights of a Participant or a
Participant's Beneficiaries to benefits under this Plan shall be solely those
of an unsecured creditor of Employer.  Any insurance policy or other asset
acquired or held by, or on behalf of, Employer or funds allocated by Employer
in connection with the liabilities assumed by Employer pursuant to this Plan
shall not be deemed to be held under any trust for the benefit of a
Participant or a Participant's Beneficiaries or to be security for the
performance of Employer's obligations pursuant hereto, but shall be and remain
a general asset of Employer.

      6.2  Spendthrift Provision.  Neither a Participant nor any other
person shall have any right to commute, sell, assign, transfer, pledge,
anticipate, mortgage or otherwise encumber, transfer, hypothecate or convey in
advance of actual receipt the amounts, if any, payable hereunder, or any part
thereof, which are, and all rights to which are, expressly declared to be non-
assignable and non-transferrable.  No part of the amounts payable shall, prior
to actual payment, be subject to seizure or sequestration for the payment of
any debts, judgments, alimony or separate maintenance owed by a Participant or
any other person, nor be transferable by operation of law in the event of a
Participant's or any other person's bankruptcy or insolvency.

      6.3  Plan Not An Employment Agreement.  This Plan shall not be
deemed to constitute an employment agreement between the parties hereto nor
shall any provision, hereof, restrict the right of Employer to discharge a
Participant as an employee of Employer or restrict a Participant's right to
terminate his employment.

      6.4  Protective Provisions.  Participant will cooperate with
Employer by furnishing any and all information requested by Employer in order
to facilitate the payment of benefits

                                    -9-

hereunder, taking such physical examinations as Employer may deem necessary and
taking such other action as may be requested by Employer.  If a Participant
makes any material misstatement of information or nondisclosure of medical
history, then a Participant shall not be considered as having been a
Participant in the Plan.

                       ARTICLE VII - MISCELLANEOUS

      7.1  Termination of Plan.  Employer, upon written notice to the
Participant(s), shall have the right, at any time, to terminate this Plan.
Such termination shall become effective when authorized by the Board of
Directors of Employer and written notice is given to Participant.  Upon
termination of this Plan, those Participants then receiving Retirement
Benefits pursuant to the provisions of Article III and those Beneficiaries
receiving Death Benefits pursuant to the provisions of Article IV shall
continue to receive such Benefits in accordance with this Plan.  If, as of the
date of termination of this Plan, a Participant shall have satisfied the
requirements to receive a Retirement Benefit pursuant to Article III but for
his actual retirement or cessation of employment, the Participant shall, for
purposes of this Plan only, be deemed to have retired and ceased employment on
the day immediately preceding the effective date of such termination. A
Participant deemed to have retired and ceased employment shall receive
Retirement Benefits pursuant to the provisions of Article III hereof as if
such Participant had retired and ceased employment on the day immediately
preceding the termination of the Plan and had commenced the receipt of such
Retirement Benefits as of the termination of the Plan.

      7.2  Inurement.  This Plan shall be binding upon and shall inure
to the benefit of Employer and each Participant hereunder and their respective
heirs, executors, administrators, successors and assigns.

                                   -10-

      7.3  Amendments and Modifications.  The Board of Directors of
Employer may, at any time or from time to time, amend or modify this Plan in
any respect and without consent of any Participant or Beneficiary; provided,
however, that any such amendment or modification shall not impair the right of
any Participant or any Beneficiary to receive the benefits or to continue to
receive the benefits provided by Articles III and IV hereof as in effect prior
to such amendment or modification unless such Participant or such Beneficiary
has consented to such amendment or modification if at the time of such
amendment or modification, such Participant or Beneficiary shall have
satisfied the requirements to receive a Retirement Benefit or Death Benefit
but for such Participant's actual retirement, cessation of employment or
death; and further provided that this Agreement shall not be amended, modified
or terminated in any respect in contemplation of a Change in Control of the
Company.  For purposes of this Paragraph 7.3, an amendment, modification or
termination in contemplation of a Change in Control of the Company shall be
deemed to have occurred if a Change in Control of the Company occurs within
twelve (12) months of any amendment or modification to this Plan, or
termination of this Plan.  In such event, any such amendment, modification or
termination shall be null and void.  The Board of Directors of Employer  may,
at any time in its sole and absolute discretion, accelerate the payment of
benefits under the Plan to a Participant or Beneficiary.

      7.4  Governing Law.  This Plan is made pursuant to, and shall be
governed by, the laws of the State of Florida, in all respects, including
matters of construction, validity and performance.

                                   -11-

<PAGE>
      IN WITNESS WHEREOF, the Employer has adopted this Amended and Restated
Supplemental Retirement Income Plan the day and year first above written.

                                      COMMUNITY SAVINGS, F. A.

                                     By:  /s/  Frederick A. Teed
                                          ------------------------------------
                                          Frederick A. Teed
                                          Chairman of the Board of Directors

                                     By:  /s/  James B. Pittard, Jr.
                                          ------------------------------------
                                          James B. Pittard, Jr.
                                          President and Chief Executive Officer

                                    -12-

<PAGE>
                                  Exhibit A
                      Annual Normal Retirement Benefit

                                                 Annual Normal
                Participant                    Retirement Benefit
        ---------------------------        ---------------------------

        Larry J. Baker                            $59,916.24
        Cecil F. Howard, Jr.                      $63,539.28
        James B. Pittard, Jr.                     $87,235.92

                                   -13-

<PAGE>
                                 Exhibit B
                        Early Retirement Multiplier

               ----------------------------------------------------------------
                                    Early Retirement Multiplier
-------------------------------------------------------------------------------
Attained Age   Cecil F. Howard, Jr.    Larry J. Baker     James B. Pittard, Jr.
-------------------------------------------------------------------------------
    50                .00                   .32                    .48
-------------------------------------------------------------------------------
    51                .07                   .36                    .52
-------------------------------------------------------------------------------
    52                .13                   .41                    .55
-------------------------------------------------------------------------------
    53                .20                   .45                    .59
-------------------------------------------------------------------------------
    54                .27                   .50                    .62
-------------------------------------------------------------------------------
    55                .33                   .55                    .66
-------------------------------------------------------------------------------
    56                .40                   .59                    .69
-------------------------------------------------------------------------------
    57                .47                   .64                    .72
-------------------------------------------------------------------------------
    58                .53                   .68                    .76
-------------------------------------------------------------------------------
    59                .60                   .73                    .79
-------------------------------------------------------------------------------
    60                .67                   .77                    .83
-------------------------------------------------------------------------------
    61                .73                   .82                    .86
-------------------------------------------------------------------------------
    62                .80                   .86                    .90
-------------------------------------------------------------------------------
    63                .87                   .91                    .93
-------------------------------------------------------------------------------
    64                .93                   .95                    .97
-------------------------------------------------------------------------------
    65               1.00                  1.00                   1.00
-------------------------------------------------------------------------------

                                    -14-INDEMNIFICATION AGREEMENT

Exhibit 10.15

INDEMNIFICATION AGREEMENT

 

This Indemnification Agreement (the "Agreement") is entered into as of the 27th day of March, 2001, by and among AMERICAN COMMUNITY PROPERTIES TRUST, INC., a Maryland business trust (the "Company"), and T. MICHAEL SCOTT (the
"Indemnitee").

WHEREAS, existing statutes, regulations, trust documents and bylaws regarding indemnification of trustees and officers and limitation of liability of trustees and officers are often not adequate to provide them with protection against risks to
which they may be exposed by virtue of serving as trustees and officers of a business trust,

WHEREAS, damages sought by class action plaintiffs in some cases amount to substantial dollar amounts and, whether or not the case is meritorious, the cost of defending these suits can be enormous with few individual trustees and officers having
the resources to sustain such legal costs or a judgment in favor of the plaintiffs even in cases where the defendant was neither culpable nor profited personally to the detriment of the corporation;

WHEREAS, it is generally recognized that the issues in controversy in such litigation are usually related to the knowledge, motives and intent of the trustee or officer and that he is usually the only witness with firsthand knowledge of the
essential facts or of exculpating circumstances who is qualified to testify in his defense regarding matters of such subjective nature, and that the long period of time which normally and usually elapses before such suits can be disposed of can extend
beyond the normal time for retirement for a trustee or officer, with the result that he, after retirement, or in the event of his death, his spouse, heirs, executors, administrators, as the case may be, may be faced with limited ability, undue hardship
and an intolerable burden in launching and maintaining a proper and adequate defense of such party or his estate against claims for damages;

WHEREAS, the trust instrument and bylaws of the Company and the rules and regulations governing the Company allow it to indemnify and hold harmless their management personnel and their affiliates and each of their respective trustees and officers
for losses, claims, damages, expenses or liabilities incurred by such persons by reason of any action, omission to act or decision made by any such persons in connection with the business of the Company;

WHEREAS the Board of Trustees (as defined in Article I hereto) has concluded that it is reasonable, prudent and necessary for the Company contractually to obligate itself to indemnify the Indemnitees in reasonable and adequate manner to the
fullest extent permitted by applicable law, to assume for itself maximum liability for expenses and damages in connection with claims lodged against them for their decisions and actions and to provide for the advancement of expenses incurred by the
Indemnitees; and

WHEREAS, the Indemnitees are willing to serve, for or on behalf of the Company on the condition that they be so indemnified.

NOW, THEREFORE, in consideration of the mutual promises made herein and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto, intending to be legally bound, agree as follows:

WITNESSETH

I.

DEFINITIONS

For purposes of this Agreement, the following terms shall have the meanings set forth below:

A."Board of Trustees" shall mean the board of trustees of the Company.

B."Change in Control" shall mean:

(i)the acquisition by an individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the "Exchange Act")) (a "Person") of beneficial ownership of
the Company if, after such acquisition, such Person beneficially owns (within the meaning of Rule 13d-3 promulgated under the Exchange Act) 50% or more of either (x) the then-outstanding Common Shares of the Company (the "Outstanding Company
Common Shares") or (y) the combined voting power of the then-outstanding securities of the Company entitled to vote generally in the election of trustees (the "Outstanding Voting Securities"); provided, however, that for purposes of
this subsection (i), the following acquisitions shall not constitute a Change in Control:  (A) any acquisition directly from the Company (excluding an acquisition pursuant to the exercise, conversion or exchange of any security exercisable for,
convertible into or exchangeable for Common Shares or voting securities of the Company, unless the Person exercising, converting or exchanging such security acquired such security directly from the Company or an underwriter or agent of the Company),
(B) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any company controlled by the Company, or (C) any acquisition by any company pursuant to a Business Combination (as defined below)
which complies with clauses (x) and (y) of subsection (ii) of this definition; or

(ii)the consummation of an amalgamation, merger, consolidation, reorganization, recapitalization or statutory share exchange involving the Company or a sale or other disposition of all or substantially all of the assets of the Company (a "
Business Combination"), unless, immediately following such Business Combination, each of the following two conditions is satisfied: (x) all or substantially all of the individuals and entities who were the beneficial owners of the Outstanding
Company Common Shares and Outstanding Company Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than 50% of the then-outstanding shares of Common Shares and the combined voting power of the
then-outstanding securities entitled to vote generally in the election of directors, respectively, of the resulting or acquiring company in such Business Combination (which shall include, without limitation, a company which as a result of such transaction
owns the Company or substantially all of the Company's assets either directly or through one or more subsidiaries) (such resulting or acquiring company is referred to herein as the "Acquiring Corporation") in substantially the same proportions
as their ownership of the Outstanding Company Common Shares and Outstanding Company Voting Securities, respectively, immediately prior to such Business Combination, and (y) no Person (excluding the Acquiring Corporation, any Exempt Persons or any employee
benefit plan (or related trust) maintained or sponsored by the Company or by the Acquiring Corporation) beneficially owns, directly or indirectly, 50% or more of the then-outstanding Common Shares of the Acquiring Corporation, or of the combined voting
power of the then-outstanding securities of such company entitled to vote generally in the election of directors (except to the extent that such ownership existed prior to the Business Combination).

C."Disinterested Trustee" shall mean a trustee of the Company who neither is nor was a party to the Proceeding in respect of which indemnification or advance of expenses is being sought by an Indemnitee.

D."Expenses" shall mean, without limitation, expenses of Proceedings including all attorneys' fees, retainers, court costs, transcript costs, fees of experts, accounting and witness fees, travel expenses, duplicating costs,
printing and binding costs, telephone charges, postage, delivery service fees, and all other disbursements or expenses of the type customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating or being or
preparing to be a witness or party in a Proceeding.

E."Bad Faith" shall mean with respect to a particular Indemnitee, such Indemnitee not having acted in a manner the Indemnitee reasonably believed to be in or not opposed to the best interests of the Company, and, with respect
to any criminal Proceeding such Indemnitee having acted in a certain manner without reasonable cause to believe his conduct was lawful.

F."Liabilities" shall mean liabilities of any type whatsoever, including without limitation, any judgments, fines, ERISA excise taxes and penalties, penalties and amounts paid in settlement (including all interest, assessments
and other charges paid or payable in connection with or in respect of such judgments, fines, penalties, or amounts paid in settlement) in connection with the investigation, defense, settlement or appeal of any Proceeding or any claim, issue or matter
therein.

G."Official Status" describes the status of a person who is or was a trustee or officer of the Company, or a member of any committee of the Board of Trustees, and the status of a person who, while a trustee or officer of the
Company, is or was serving at the request of the Company as a trustee or officer of an employee benefit plan.

H."Proceeding" includes any threatened, pending or completed action, suit, arbitration, alternative dispute resolution mechanism, investigation, administrative hearing or any other actual, threatened or completed proceeding
whether civil, criminal, administrative or investigative, including, without limitation, any proceeding arising out of or relating to acts or omissions with respect to any and all related transactions, filings and other actions, whether or not such acts
or omissions occurred prior to or subsequent to the date of this Agreement; provided, however, that the term Proceeding shall not include a Proceeding initiated by any of the Indemnitees against the Company or any trustee, officer, employee or agent of
the Company unless (i) the Company has joined in or the Board of Trustees has consented to the initiation of such Proceeding, or (ii) the Proceeding is instituted after a Change in Control.

I."Voting Securities" shall mean any securities of an entity whose holder or holders are entitled to vote generally in the election of the Board of Trustees.

II.

TERM OF AGREEMENT

This Agreement shall continue until and terminate with respect to any Indemnitee upon the later of:

1.10 years after the date that such Indemnitee shall have ceased to serve as a trustee or officer of the Company or of any other corporation, partnership, limited liability company or partnership, joint venture, trust, employee benefit plan or
other entity which such Indemnitee served at the request of the Company, or 

2.The final termination of any Proceeding then pending in respect of which such Indemnitee is granted rights of indemnification of Liabilities or advancement of Expenses hereunder and of any Proceeding commenced by the Company pursuant to
Section IV.E of this Agreement relating thereto.

This Agreement shall be binding upon the Company and its successors and assigns and shall inure to the benefit of the Indemnitees and their heirs, executors and administrators.

III.

SERVICES BY INDEMNITEE, NOTICE

OF PROCEEDINGS AND DEFENSE OF CLAIM

A.Agreement to Serve.  Each Indemnitee shall serve and/or continue to serve, at the will of the Company or under separate contract, if such exists, as a trustee or officer of the Company.  This Agreement does not create any additional
right for any of the Indemnitees to serve as directors or officers other than at the will of the Company or as otherwise provided by separate contract.  Indemnitee's resignation as a trustee shall not constitute a breach of this Agreement.

B.Notice of Proceedings.  Each Indemnitee shall notify the Company promptly in writing upon being served with any summons, citation, subpoena, complaint, indictment, information or other document relating to any Proceeding or matter
which may be subject to indemnification of Liabilities or advancement of Expenses covered hereunder, but the Indemnitee's omission to so notify the Company shall not relieve the Company from any liability which it may have to the Indemnitees under this
Agreement unless such omission materially prejudices the rights of the Company (including, without limitation, the Company having lost any substantive or procedural rights with respect to the defense of any Proceeding).  If such omission does materially
prejudice the rights of the Company, the Company shall be relieved from liability under this Agreement to the extent of such prejudice; but such omission will not relieve the Company from any liability which it may owe to an Indemnitee otherwise than
under this Agreement.

C.Defense of Claims.  The Company will be entitled to participate at its own expense in any Proceeding of which it has notice.  The Company, jointly with any other indemnifying party similarly notified of any Proceeding, will be
entitled to assume the defense of any Indemnitee therein, with counsel reasonably satisfactory to such Indemnitee; provided, however, that the prior written consent of the Indemnitee shall be required for the Company to assume the defense of an Indemnitee
in a Proceeding (i) if there has been a Change in Control of the Company, or (ii) if the Indemnitee has reasonably concluded that there may be a conflict of interest between the Company and such Indemnitee, or between one Indemnitee and another, with
respect to any Proceeding and has provided written notice thereof to the Company setting forth in reasonable detail the basis for the determination of such conflict of interest.  After receipt of written notice from the Company to an Indemnitee of the
Company's election to assume the defense of such Indemnitee in any Proceeding, the Company will not be liable to such Indemnitee under this Agreement for any Expenses subsequently incurred by such Indemnitee in connection with the defense thereof.  An
Indemnitee shall have the right to employ his own counsel in any such Proceeding, but the fees and expenses of such counsel incurred after receipt of written notice from the Company of its assumption of the defense thereof shall be at the expense of such
Indemnitee unless:

1.The employment of counsel by such Indemnitee has been authorized in writing by the Company;

2.There is a conflict of interest between the Company and such Indemnitee with respect to such Proceeding and the Company has not employed separate counsel for such Indemnitee; or

3.The Company shall not in fact have employed counsel to assume the defense of such Indemnitee in such Proceeding or such counsel has not in fact assumed such defense or such counsel is not acting in connection therewith with reasonable
diligence and Indemnitee has so notified the Company and the Company has not taken corrective action by causing such counsel to act thereafter with reasonable diligence or by substituting counsel; and in each such case the fees and expenses of such
Indemnitee's counsel shall be paid as incurred, but in any event no later than 30 days within receipt of notice of such fees and expenses, by the Company pursuant to Article V.

D.Settlement of Claims.  The Company shall not settle any Proceeding in any manner which would impose any liability, penalty or limitation on any of the Indemnitees without the written consent of such Indemnitee; provided, however, that
such Indemnitee shall not unreasonably withhold, delay or condition consent to any proposed settlement.  The Company shall not be liable to indemnify any of the Indemnitees under this Agreement or otherwise for any amounts paid in settlement of any
Proceeding effected by such Indemnitee without the Company's written consent.  The Company shall not unreasonably withhold, delay or condition its consent to any proposed settlement.

IV.

INDEMNIFICATION

A.In General.  The Company shall indemnify any Indemnitees against any and all Expenses and Liabilities:  (i) as provided in this Agreement, (ii) to the fullest extent consistent with applicable law in effect on the date
hereof and to such greater extent as applicable law may hereafter from time to time permit, (iii) for any acts or omissions which occurred prior to each Indemnitee becoming a trustee of the Company, or establishing any formal relationship with the
Company.  The rights of the Indemnitees provided under the preceding sentence shall include, but shall not be limited to, the rights set forth in this Article IV.  It is expressly agreed and understood that the Company's indemnification to Indemnitee
shall be absolute, total and unconditional with respect to any activity or event, including without limitation the preparation or distribution of any proxy statement, which occurs prior to the date of commencement of Indemnitee's service as a trustee of
the Company and no process or procedure shall be needed to establish or confirm such indemnification, except as may be required by applicable law (provided Indemnitee is notified appropriately by the Company).

B.Indemnification of a Party to a Proceeding.  An Indemnitee shall be entitled to the rights of indemnification provided in this Section IV.B if, by reason of his Official Status, he is, or is threatened to be made, a party to any
Proceeding.  In accordance with this Section IV.B, an Indemnitee shall be indemnified against all Expenses and Liabilities actually incurred by him or on his behalf in connection with such Proceeding or any claim, issue or matter therein, unless the acts
or omissions of such Indemnitee are material to the matter giving rise to the Proceeding, and (a) were committed in Bad Faith (as determined pursuant to either Section IV.D.2 or Section IV.E below), or (b) were the result of active and
deliberate dishonesty, or (c) for which the Indemnitee actually received an improper personal benefit in money, property or services; provided, however, that, if applicable law so provides, no indemnification against such Expenses and Liabilities
shall be made in respect of any claim, issue or matter in a Proceeding brought by or on behalf of the Company as to which a final nonappealable judgment has been issued by a court of competent jurisdiction that the Indemnitee is liable to the Company,
unless and to the extent that such court shall determine that such indemnification may be made.

C.Indemnification for Expenses of Witness.  Notwithstanding any other provision of this Agreement, to the extent that an Indemnitee, by reason of such Indemnitee's Official Status, has prepared to serve or has served as a witness in any
Proceeding, such Indemnitee shall be indemnified against all Expenses actually and reasonably incurred by or for him in connection therewith and that are not otherwise reimbursed.

D.Specific Limitations on Indemnification.  Notwithstanding anything in this Agreement to the contrary, the Company shall not be obligated under this agreement to make any payment to any Indemnitee for indemnification with respect to
any Proceeding:

1.To the extent that payment is actually made to such Indemnitee under any insurance policy or is made to such Indemnitee by the Company otherwise than pursuant to this Agreement.

2.If a court in such Proceeding has entered a judgment or other adjudication which is final and has become nonappealable and established that a claim of such Indemnitee for such indemnification arose from acts or omissions of such Indemnitee
which are material to the matter giving rise to the Proceeding and (a) which were committed in bad faith, or (b) which were the result of active and deliberate dishonesty, or (c) for which the Indemnitee actually received an improper
personal benefit in money, property or services.

3.For Liabilities in connection with Proceedings settled without the consent of the Company.

4.For an accounting of profits made from the purchase or sale by such Indemnitee of securities of the Company within the meaning of Section 16(b) of the Securities Exchange Act of 1934 or similar provisions of any federal, state or local
statute or regulation.

5.For any liability of an Indemnitee in connection with insider trading as defined under the United States securities laws or similar provisions of any state or local statute or regulation.

E.Determination of Bad Faith.

1.An Indemnitee will be deemed to have acted in Bad Faith if such is proven by a preponderance of the evidence by the Company in one of the forums listed below.  Such Indemnitee subject to a claim by the Company that he acted in Bad Faith
shall be entitled to select from among the following forums in which the validity of the Company's claim will be heard:

(a)A court of competent jurisdiction, or

(b)a panel of three arbitrators, one of whom is selected by the Company, another of whom is selected by such Indemnitee and the last of whom is selected by the first two arbitrators so selected, the arbitration to be conducted under the
Commercial Arbitration Rules of the American Arbitration Association.

2.As soon as practicable, and in no event later than thirty (30) days after written notice of such Indemnitee's choice of forum pursuant to this Section IV.E, the Company shall at its own expense, submit to the selected forum in such manner as
is set forth above its claim that such Indemnitee is not entitled to indemnification.  The fees and expenses of the selected forum in connection with making the determination contemplated hereunder shall be paid by the losing party.  If the Company shall
fail to submit the matter to the selected forum within thirty (30) days after such Indemnitee's written notice, the requisite determination that such Indemnitee has the right to indemnification shall be deemed to have been made.

F.Directors' and Officers' Liability Insurance.  In addition to the indemnification protection provided to the Indemnitee by the other sections of this Agreement, the Company shall also purchase and maintain Directors' and Officers'
Liability Insurance, at its expense and in amounts that are subject to such terms as shall be determined by the Board of Trustees of the Company, to protect the Indemnitee against any expense, liability or loss incurred by it or him in any such capacity,
or arising out of his status as such.

V.

ADVANCEMENT OF EXPENSES

A.Advancement of Expenses.  The Company shall advance to an Indemnitee all Expenses incurred by him in connection with any Proceeding for which such Indemnitee is entitled to indemnification pursuant to Article IV above, provided that such
Indemnitee executes and submits an undertaking to repay Expenses advanced in the form of Exhibit A attached hereto (the "Undertaking").

B.Procedure for Advancement.  The Company shall advance Expenses pursuant to subsection A above within ten (10) business days after the receipt by the Company of an Undertaking.  Each Indemnitee hereby agrees to repay any Expenses
advanced hereunder if it shall be determined that such Indemnitee is not entitled to be indemnified against such Expenses.  Any advances and the undertaking to repay pursuant to this Article V shall bear interest at the prime rate for commercial loans as
reported from time to time in The Wall Street Journal.

VI.

PRESUMPTIONS AND EFFECT OF CERTAIN PROCEEDINGS

A.Burden of Proof.  In making a determination with respect to entitlement to indemnification of Liabilities and advancement of Expenses hereunder, including a determination pursuant to Section IV.E, the tribunal making such determination
shall consider the Indemnitee's right to such entitlement de novo.

B.Effect of Other Proceedings.  The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order or settlement or conviction, or upon a plea of nolo contendere or its equivalent shall not of itself affect
the right of an Indemnitee to indemnification or create a presumption that such Indemnitee acted in Bad Faith but may be considered along with any other admissible evidence.

C.Actions of Others.  The knowledge and/or actions, or failure to act, of any trustee, officer, agent or employee of the Company shall not be imputed to the Indemnitees for purposes of determining the right to indemnification under this
Agreement.

VII.

NON-EXCLUSIVITY AND MISCELLANEOUS

A.Non-Exclusivity.  The rights of such Indemnitee hereunder shall not be deemed exclusive of any other rights to which such Indemnitee may at any time be entitled under any provision of law, regulation, the Company's charter, bylaws,
vote of shareholders, resolution of trustees or otherwise, and to the extent that during the term of this Agreement the rights of the then existing trustees and officers are more favorable to such trustees and officers than the rights currently provided
to the Indemnitees under this Agreement, the Indemnitees shall be entitled to the full benefits of such more favorable rights.

B.Notices.  All notices, requests, demands and other communications hereunder shall be in writing and shall be deemed to have been duly given if (i) delivered by hand and receipted for by the party to whom said notice or other
communication shall have been directed, when received, or (ii) mailed by certified or registered mail with postage prepaid, on the date of receipt.

If to an Indemnitee, addressed to the Indemnitee at the following addresses:

Mr. T. Michael Scott

c/o Cambridge

560 Herndon Parkway

Suite 210

Herndon, Virginia  20170

With a copy to:

Steven S. Snider, Esq.

Hale and Dorr LLP

1455 Pennsylvania Avenue, N.W.

Suite 1000

Washington, D.C.  20004

202-942-8484 (fax)

If to the Company, addressed to the Company at the following address:

American Community Properties Trust

c/o Edwin L. Kelly

222 Smallwood Village Center

St. Charles, Maryland  20602

With a copy to:

Alfred H. Moses, Esq.

Covington & Burling

1201 Pennsylvania Avenue, N.W.

Washington, D.C.  20004

C.GOVERNING LAW.  THE PARTIES AGREE THAT THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE SUBSTANTIVE LAWS OF THE STATE OF MARYLAND WITHOUT REGARD TO ITS CHOICE OF LAW RULES.

D.Entire Agreement.  This Agreement constitutes the entire agreement and understanding between the parties hereto in reference to the subject matter hereof, provided, however, that the parties acknowledge and agree that the trust documents
and bylaws of the Company may contain provisions on the subject matter hereof and that this Agreement is not intended to, and does not, limit the rights or obligations of the parties hereto pursuant to such instruments.

E.Successors and Assigns.  The rights, benefits, responsibilities and obligations arising hereunder shall inure to the benefit of and be binding upon the parties hereto and their respective heirs, executors, assigns, successors,
affiliates, agents and representatives.

F.Amendment of Agreement and Schedules.  No amendment, alteration, rescission or replacement of this Agreement or any provision hereof shall (i) be effective as to any Indemnitee or the Company unless executed in writing by the
Indemnitee(s) affected thereby and the Company if affected thereby, or (ii) be effective as to any Indemnitee with respect to any action or inaction by such Indemnitee in the Indemnitee's Official Status prior to such amendment, alteration,
rescission or replacement.

G.Titles.  The titles to the articles and sections of this Agreement are inserted for convenience or reference only and should not be deemed a part hereof or affect the construction or interpretation of any provisions hereof.

H.Invalidity of Provisions.  Every provision of this Agreement is severable, and the invalidity or unenforceability of any term or provision shall not affect the validity or enforceability of the remainder of this Agreement.

I.Pronouns and Plurals.  Whenever the context may require, any pronoun used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the
plural and vice versa.

J.Severability.  If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever:

1.The validity, legality and enforceability of the remaining provisions of this Agreement (including, without limitation, each portion of any Article of this Agreement containing any such provision held to be invalid, illegal or unenforceable,
that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby; and

2.to the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of any Article of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself
invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested thereby.

K.Counterparts.  This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together constitute one agreement binding on all the parties hereto.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written.

The Company:

AMERICAN COMMUNITY PROPERTIES TRUST

 

 
By:/s/ J. Michael Wilson

_____________________________________

Name:  J. Michael Wilson

Title:    Chairman

 

 

Indemnitee:

/s/ T. Michael Scott

___________________________________________

T. Michael Scott

EXHIBIT A

FORM OF UNDERTAKING TO REPAY EXPENSES ADVANCED

 

Re:Undertaking to Repay Expenses Advanced

Board of Trustees

American Community Properties Trust (the Company):

Pursuant to the Indemnification Agreement dated as of the ____ day of _____________, 2001, by and among the Company and the Indemnitees (the "Agreement"), the undersigned is an Indemnitee and is thereby entitled to advancement of
expenses in connection with [DESCRIPTION OF PROCEEDING] (the "Proceeding").  Terms used herein and not otherwise defined shall have the meanings specified in the Indemnification Agreement.

I am subject to the Proceeding by reason of my Official Status or by reason of actions allegedly taken or omitted by me in such capacity.  During the period of time to which the Proceeding relates I was [NAME OF POSITION HELD] of __
______________________________ (the "_______").  Pursuant to Section V of the Indemnification Agreement, the Company is obligated to advance to me Expenses that are reasonably incurred by or for me in connection with the Proceeding, provided
that I execute and submit to the Company an Undertaking in which I undertake to repay the Company for any Expenses paid by it on my behalf together with interest thereon at the prime rate for commercial loans as reported from time to time in The Wall Street Journal if it shall be determined that I am not entitled to be indemnified by the Company against such Expenses.  I hereby affirm my good faith belief that I have met the standard of conduct necessary for indemnification by the
Company and under the Agreement, and that as a condition to indemnification I shall evidence in writing reasonably satisfactory to the Company the Expenses incurred by me or on my behalf.

[DESCRIPTION FO EXPENSES INCURRED OR TO BE INCURRED BY OR FOR INDEMNITEE]

This letter shall constitute my undertaking to repay to the Company any Expenses paid by it on my behalf in connection with the Proceeding if it is determined that I am not entitled to be indemnified by the Company with respect to such Expenses as
set forth in the Agreement.  I hereby affirm my good faith belief that I have met the standard of conduct necessary for indemnification by the Company and that I am entitled to such indemnification.

 

__________________________________

Signature

__________________________________

Name

__________________________________

Date

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