Document:

Exhibit 10.10 -- Directors' Supplemental Retirement Plan

 Exhibit 10.10 
  
 DIRECTOR SUPPLEMENTAL RETIREMENT PLAN 
  
 DIRECTOR AGREEMENT 
  
 THIS AGREEMENT is made and entered into this              day of
                    , 2002, by and between Bay-Vanguard Federal Savings Bank, a bank organized and existing under the laws of
the State of Maryland (hereinafter referred to as the “Bank”), and                         , a member of
the Board of Directors of the Bank (hereinafter referred to as the “Director”). 
  
 WHEREAS, the Director is now serving on the Board of the Bank (hereinafter referred to as the “Board”) and has for many years faithfully served the Bank. It is the consensus of the Board of Directors
that the Director’s services have been of exceptional merit, in excess of the compensation paid and an invaluable contribution to the profits and position of the Bank in its field of activity. The Board further believes that the Director’s
experience, knowledge of corporate affairs, reputation and industry contacts are of such value, and the Director’s continued services so essential to the Bank’s future growth and profits, that it would suffer severe financial loss should
the Director terminate his/her service on the Board; 
  
 WHEREAS, the Bank and the Director are parties to a Supplemental Director Retirement Plan Agreement dated November 21, 1995 between Vanguard Federal Savings and Loan Association and
                                 that provides for the payment of certain
benefits. This Director Supplemental Retirement Plan Agreement and the benefits provided hereunder shall replace and supersede the existing Supplemental Director Retirement Plan Agreement and the benefits provided thereby; 
  
 ACCORDINGLY, the Board has adopted the Bay-Vanguard Federal Savings
Bank Director Supplemental Retirement Plan (hereinafter referred to as the “Director Plan”) and it is the desire of the Bank and the Director to enter into this Agreement under which the Bank will agree to make certain payments to the
Director upon the Director’s retirement and to the Director’s beneficiary(ies) in the event of the Director’s death pursuant to the Director Plan; 
  
 FURTHERMORE, it is the intent of the parties hereto that this Director Plan be considered an unfunded arrangement
maintained primarily to provide supplemental retirement benefits for the Director, and be considered a non-qualified benefit plan for purposes of the Employee Retirement Security Act of 1974, as amended (“ERISA”). The Director is fully
advised of the Bank’s financial status and has had substantial input in the design and operation of this benefit plan; and 
  

 NOW THEREFORE, in consideration of services the Director has performed in the past and those to be
performed in the future, and based upon the mutual promises and covenants herein contained, the Bank and the Director agree as follows: 
  
 DEFINITIONS 
  

	 	A.	Effective Date: 

  
 The Effective Date of the Director Plan shall be
                    , 2002. 
  

	 	B.	Plan Year: 

  
 Any reference to the “Plan Year” shall mean a calendar year from January 1st to December 31st. In the year of implementation, the term
“Plan Year” shall mean the period from the Effective Date to December 31st of the year of the Effective Date. 
  

	 	C.	Retirement Date: 

  
 Retirement Date shall mean retirement from service with the Bank which becomes effective on the first day of the calendar month following the month in
which the Director reaches age seventy (70) or such later date as the Director may actually retire. 
  

	 	D.	Termination of Service: 

  
 Termination of Service shall mean the Director’s voluntary resignation from service on the Board or failure to be re-elected to the Board, prior to
the Normal Retirement Age (Subparagraph I [J]). 
  

	 	E.	Pre-Retirement Account: 

  
 A Pre-Retirement Account shall be established as a liability reserve account on the books of the Bank for the benefit of the Director. Prior to the
Director’s Termination of Service or the Director’s retirement, whichever event shall first occur, such liability reserve account shall be increased or decreased each Plan Year, until the aforestated event occurs, by the Index Retirement
Benefit (Subparagraph I [F]). 
  

	 	F.	Index Retirement Benefit: 

  
 The Index Retirement Benefit for each Director in the Director Plan for each Plan Year shall be equal to the excess (if any) of the Index (Subparagraph I
[G]) for that Plan Year over the Cost of Funds Expenses (Subparagraph I [H]) for that Plan Year, divided by a factor equal to 1.20 minus the marginal tax rate. 
  

	 	G.	Index: 

  
 The Index for any Plan Year shall be the aggregate annual after-tax income from the life insurance contract(s) described herein below as defined by FASB
Technical 

  

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Bulletin 85-4. This Index shall be applied as if such insurance contracts were purchased on the Effective Date of the Director Plan. 
  

			
	Insurance Company:	 	Jefferson Pilot Life Insurance Company
	Policy Form:	 	Flexible Premium Adjustable Life
	Policy Name:	 	ESP 100
	Insured’s Age and Sex:	 	 
	Riders:	 	None
	Ratings:	 	None
	Option:	 	Level
	Face Amount:	 	$
	Premiums Paid:	 	$
	Number of Premium Payments:	 	Single
	Assumed Purchase Date:	 	                    , 2002

  
 If such contracts of
life insurance are actually purchased by the Bank, then the actual policies as of the dates they were actually purchased shall be used in calculations under this Director Plan. If such contracts of life insurance are not purchased or are
subsequently surrendered or lapsed, then the Bank shall receive annual policy illustrations that assume the above-described policies were purchased, or had not subsequently surrendered or lapsed. Said illustrations shall be received from the
respective insurance companies and will indicate the increase in policy values for purposes of calculating the amount of the Index. 
  
 In either case, references to the life insurance contracts are merely for purposes of calculating a benefit. The Bank has no obligation to purchase such
life insurance and, if purchased, the Director and the Director’s beneficiary(ies) shall have no ownership interest in such policy and shall always have no greater interest in the benefits under this Director Plan than that of an unsecured
creditor of the Bank. 
  

	 	H.	Cost of Funds Expense: 

  
 The Cost of Funds Expense for any Plan Year shall be calculated by taking the sum of the amount of premiums for the life insurance policies described in
the definition of “Index” plus the amount of any after-tax benefits paid to the Director pursuant to the Director Plan (Paragraph II hereinafter) plus the amount of all previous years after-tax Costs of Funds Expense, and multiplying that
sum by the Average After-Tax Cost of Funds [Subparagraph I (K)]. 
  

	 	I.	Mutual to Stock Conversion or a Change of Control: 

  
 Mutual to Stock Conversion shall mean any of the following: (i) the conversion of the Bank from a mutual savings bank to an entity that issues stock and
is owned by its shareholders, (ii) the Bank merging with another mutual savings bank, or, (iii) the Bank merging with a mutual holding company. Such Mutual to Stock Conversion shall be deemed to be a Change of Control for purposes of this Agreement.

  

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	 	J.	Normal Retirement Age: 

  
 Normal Retirement Age shall mean the date on which the Director attains age seventy (70). 
  

	 	K.	Average After-Tax Cost of Funds: 

  
 The Average After-Tax Cost of Funds means, at any particular time, a ratio, the numerator of which is the total interest expense as set forth on Schedule
RI-Income Statement of the Bank’s most recently filed Consolidated Report of Condition and Income (the “Thrift Financial Report”) and the denominator of which is an amount equal to: (i) the amount of deposits in domestic offices (sum
of total of columns A and C from Schedule RC-E of the Thrift Financial Report), plus (ii) the amount of Federal funds purchased and securities sold under agreements to repurchase, as set forth on Schedule RC-Balance Sheet of the Thrift Financial
Report. In the event that the Thrift Financial Report is discontinued or is changed in any way that it is no longer a valid method for determining Average After-Tax Cost of Funds, the method for determining Average After-Tax Cost of Funds may be
changed at the sole discretion of the Bank. 
  

	II.	INDEX BENEFITS 

  

	 	A.	Retirement Benefits: 

  
 Subject to Subparagraph II (D) hereinafter, a Director who remains on the Board until the Normal Retirement Age (Subparagraph I [J]) shall be entitled to
receive the balance in the Pre-Retirement Account in one hundred twenty (120) monthly installments commencing thirty (30) days following the Director’s retirement. In addition to these payments and commencing in conjunction therewith, the Index
Retirement Benefit (Subparagraph I [F]) for each Plan Year subsequent to the Director’s retirement, and including the remaining portion of the Plan Year following said retirement, shall be paid to the Director until the Director’s death.

  
 Notwithstanding anything hereinabove to the contrary, the
total amount of the benefit each year for the entire duration of said benefit payments (i.e. the Pre-Retirement Account and the Index Retirement Benefit solely or combined with the Pre-Retirement Account) to be received by the Director shall not
exceed Six Thousand One Hundred and 00/100ths Dollars ($6,100.00). 
  

 4 

	 	B.	Termination of Service: 

  
 Subject to Subparagraph II (D), should a Director suffer a Termination of Service, the Director shall be entitled to receive ten percent (10%) times the
number of full years of service on the Board of the Bank from the date of first service on the Board of the Bank (to a maximum of 100%), times the balance in the Pre-Retirement Account payable to the Director in one hundred twenty (120) monthly
installments commencing thirty (30) days following the Director’s Normal Retirement Age (Subparagraph I [J]). In addition to these payments and commencing in conjunction therewith, ten percent (10%) times the number of full years of service on
the Board of the Bank from the date of first service on the Board of the Bank (to a maximum of 100%), times the Index Retirement Benefit for each Plan Year subsequent to the year in which the Director attains Normal Retirement Age, and including the
remaining portion of the Plan Year in which the Director attains Normal Retirement Age, shall be paid to the Director until the Director’s death. 
  
 Notwithstanding anything hereinabove to the contrary, the total amount of the benefit each year for the entire duration of said benefit payments (i.e. the
Pre-Retirement Account and the Index Retirement Benefit solely or combined with the Pre-Retirement Account) to be received by the Director shall not exceed Six Thousand One Hundred and 00/100ths Dollars ($6,100.00). 
  

	 	C.	Death: 

  
 Should the Director die while there is a balance in the Director’s Pre-Retirement Account (Subparagraph I [E]), said unpaid balance shall be paid in
a lump sum to the individual or individuals the Director may have designated in writing and filed with the Bank. In the absence of any effective beneficiary designation, the unpaid balance shall be paid as set forth herein to the duly qualified
executor or administrator of the Director’s estate. Said payment due hereunder shall be made the first day of the second month following the decease of the Director. 
  

	 	D.	Discharge for Cause: 

  
 Should the Director be Discharged for Cause at any time, all benefits under this Director Plan shall be forfeited. The term “for cause” shall
mean: (i) the conviction of a felony involving fraud; or (ii) a breach of fiduciary duty involving personal profit. If a dispute arises as to discharge “for cause,” such dispute shall be resolved by arbitration as set forth in this
Director Plan. 
  

	 	E.	Death Benefit: 

  
 Except as set forth above, there is no death benefit provided under this Agreement. 
  

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	 	F.	Disability Benefit: 

  
 In the event the Director becomes disabled prior to any Termination of Service, and the Director’s employment is terminated because of such
disability, he shall immediately begin receiving the benefits in Subparagraph II (A) above. Such benefit shall begin without regard to the Director’s Normal Retirement Age and the Director shall be one hundred percent (100%) vested in the
entire benefit amount. If there is a dispute regarding whether the Director is disabled, such dispute shall be resolved by a physician selected by the Bank and such resolution shall be binding upon all parties to this Agreement. 
  

	III.	RESTRICTIONS UPON FUNDING 

  
 The Bank shall have no obligation to set aside, earmark or entrust any fund or money with which to pay its obligations under this Director Plan. The
Directors, their beneficiary(ies), or any successor in interest shall be and remain simply a general creditor of the Bank in the same manner as any other creditor having a general claim for matured and unpaid compensation. 
  
 The Bank reserves the absolute right, at its sole discretion, to either fund
the obligations undertaken by this Director Plan or to refrain from funding the same and to determine the extent, nature and method of such funding. Should the Bank elect to fund this Director Plan, in whole or in part, through the purchase of life
insurance, mutual funds, disability policies or annuities, the Bank reserves the absolute right, in its sole discretion, to terminate such funding at any time, in whole or in part. At no time shall any Director be deemed to have any lien nor right,
title or interest in or to any specific funding investment or to any assets of the Bank. 
  
 If the Bank elects to invest in a life insurance, disability or annuity policy upon the life of the Director, then the Director shall assist the Bank by freely submitting to a physical exam and supplying such
additional information necessary to obtain such insurance or annuities. 
  

	IV.	MUTUAL TO STOCK CONVERSION OR CHANGE OF CONTROL 

  
 Upon a Mutual to Stock Conversion or a Change of Control (as defined in Subparagraph I (I) herein), if the Director’s employment is subsequently
terminated, except for cause, then the Director shall receive the benefits promised in this Agreement upon attaining Normal Retirement Age, as if he had been continuously employed by the Bank until said Normal Retirement Age. The Director will also
remain eligible for all promised death benefits in this Agreement. In addition, no sale, merger, consolidation or conversion of the Bank shall take place unless the new or surviving entity expressly acknowledges the obligations under this Agreement
and agrees to abide by its terms. 
  

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	V.	MISCELLANEOUS 

  

	 	A.	Alienability and Assignment Prohibition: 

  
 Neither the Director, nor the Director’s surviving spouse, nor any other beneficiary(ies) under this Director Plan shall have any power or right to
transfer, assign, anticipate, hypothecate, mortgage, commute, modify or otherwise encumber in advance any of the benefits payable hereunder nor shall any of said benefits be subject to seizure for the payment of any debts, judgments, alimony or
separate maintenance owed by the Director or the Director’s beneficiary(ies), nor be transferable by operation of law in the event of bankruptcy, insolvency or otherwise. In the event the Director or any beneficiary attempts assignment,
commutation, hypothecation, transfer or disposal of the benefits hereunder, the Bank’s liabilities shall forthwith cease and terminate. 
  

	 	B.	Binding Obligation of the Bank and any Successor in Interest: 

  
 The Bank shall not merge or consolidate into or with another bank or sell substantially all of its assets to another bank, firm or person until such bank,
firm or person expressly agrees, in writing, to assume and discharge the duties and obligations of the Bank under this Director Plan. This Director Plan shall be binding upon the parties hereto, their successors, beneficiaries, heirs and personal
representatives. 
  

	 	C.	Amendment or Revocation: 

  
 It is agreed by and between the parties hereto that, during the lifetime of the Director, this Director Plan may be amended or revoked at any time or
times, in whole or in part, by the mutual written consent of the Director and the Bank. 
  

	 	D.	Gender: 

  
 Whenever in this Director Plan words are used in the masculine or neuter gender, they shall be read and construed as in the masculine, feminine or neuter
gender, whenever they should so apply. 
  

	 	E.	Effect on Other Bank Benefit Plans: 

  
 Nothing contained in this Director Plan shall affect the right of the Director to participate in or be covered by any qualified or non-qualified pension,
profit-sharing, group, bonus or other supplemental compensation or fringe benefit plan constituting a part of the Bank’s existing or future compensation structure. 
  

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	 	F.	Headings: 

  
 Headings and subheadings in this Director Plan are inserted for reference and convenience only and shall not be deemed a part of this Director Plan.

  

	 	G.	Applicable Law: 

  
 The validity and interpretation of this Agreement shall be governed by the laws of the State of Maryland. 
  

	 	H.	12 U.S.C. § 1828(k): 

  
 Any payments made to the Director pursuant to this Director Plan, or otherwise, are subject to and conditioned upon their compliance with 12 U.S.C. §
1828(k) or any regulations promulgated thereunder. 
  

	 	I.	Partial Invalidity: 

  
 If any term, provision, covenant, or condition of this Director Plan is determined by an arbitrator or a court, as the case may be, to be invalid, void,
or unenforceable, such determination shall not render any other term, provision, covenant, or condition invalid, void, or unenforceable, and the Director Plan shall remain in full force and effect notwithstanding such partial invalidity. 

 

	 	J.	Continuation as Director: 

  
 Neither this Agreement nor the payment of any benefits thereunder shall be construed as giving to the Director any right to be retained as a member of the
Board of Directors of the Bank. 
  

	 	K.	Supersede and Entire Agreement: 

  
 This Agreement shall supersede the Supplemental Director Retirement Plan Agreement dated November 21, 1995 and shall constitute the entire agreement of
the parties pertaining to this particular Director Supplemental Retirement Plan Agreement. 
  

	VI.	ERISA PROVISION 

  

	 	A.	Named Fiduciary and Plan Administrator: 

  
 The “Named Fiduciary and Plan Administrator” of this Director Plan shall be Bay-Vanguard Federal Savings Bank until its resignation or removal
by the Board. As Named Fiduciary and Plan Administrator, the Bank shall be responsible for the management, control and administration of the Director Plan. The Named Fiduciary 

  

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may delegate to others certain aspects of the management and operation responsibilities of the Director Plan including the employment of advisors and the
delegation of ministerial duties to qualified individuals. 
  

	 	B.	Claims Procedure and Arbitration: 

  
 In the event a dispute arises over benefits under this Director Plan and benefits are not paid to the Director (or to the Director’s beneficiary(ies)
in the case of the Director’s death) and such claimants feel they are entitled to receive such benefits, then a written claim must be made to the Named Fiduciary and Plan Administrator named above within sixty (60) days from the date payments
are refused. The Named Fiduciary and Plan Administrator shall review the written claim and if the claim is denied, in whole or in part, it shall provide in writing within sixty (60) days of receipt of such claim the specific reasons for such denial,
reference to the provisions of this Director Plan upon which the denial is based and any additional material or information necessary to perfect the claim. Such written notice shall further indicate the additional steps to be taken by claimants if a
further review of the claim denial is desired. A claim shall be deemed denied if the Named Fiduciary and Plan Administrator fail to take any action within the aforesaid sixty-day period. 
  
 If claimants desire a second review they shall notify the Named Fiduciary and Plan Administrator in writing within sixty
(60) days of the first claim denial. Claimants may review this Director Plan or any documents relating thereto and submit any written issues and comments it may feel appropriate. In their sole discretion, the Named Fiduciary and Plan Administrator
shall then review the second claim and provide a written decision within sixty (60) days of receipt of such claim. This decision shall likewise state the specific reasons for the decision and shall include reference to specific provisions of the
Plan Agreement upon which the decision is based. 
  
 If claimants
continue to dispute the benefit denial based upon completed performance of this Director Plan or the meaning and effect of the terms and conditions thereof, then claimants may submit the dispute to an arbitrator for final arbitration. The arbitrator
shall be selected by mutual agreement of the Bank and the claimants. The arbitrator shall operate under any generally recognized set of arbitration rules. The parties hereto agree that they and their heirs, personal representatives, successors and
assigns shall be bound by the decision of such arbitrator with respect to any controversy properly submitted to it for determination. 
  
 Where a dispute arises as to the Bank’s discharge of the Director “for cause,” such dispute shall likewise be submitted to arbitration as
above described and the parties hereto agree to be bound by the decision thereunder. 
  

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	VII.	TERMINATION OR MODIFICATION OF AGREEMENT BY REASON OF CHANGES IN THE LAW, RULES OR REGULATIONS 

  
 The Bank is entering into this Agreement upon the assumption that certain existing tax laws, rules and regulations will
continue in effect in their current form. If any said assumptions should change and said change has a detrimental effect on this Director Plan, then the Bank reserves the right to terminate or modify this Agreement accordingly. Upon a Change of
Control (Subparagraph I [I]), this paragraph shall become null and void effective immediately upon said Change of Control. 
  
 IN WITNESS WHEREOF, the parties hereto acknowledge that each has carefully read this Agreement and executed the original thereof on the first day
set forth hereinabove, and that, upon execution, each has received a conforming copy. 
  

											
	 	 	 	 	BAY-VANGUARD FEDERAL SAVINGS BANK
	 	 	 	 	 Baltimore, Maryland

					
	 	 	 	 	 	 	 By:
	 	 
	 Witness
	 	 	 	 	 	 	 	Title        
					
	 	 	 	 	 	 	 	 	 
	 Witness
	 	 	 	 	 	 	 	 

  

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 BENEFICIARY DESIGNATION FORM 
 FOR THE DIRECTOR SUPPLEMENTAL RETIREMENT 
 PLAN AGREEMENT 
  

	I.	PRIMARY DESIGNATION 

 (You may refer to
the beneficiary designation information prior to completion.) 
  

	 	A.	Person(s) as a Primary Designation: 

 (Please indicate the percentage for each beneficiary.) 
  

			
	Name                                      
                                        
          	 	Relationship                                    
        /                    %
	
	Address:                                     
                                        
                                        
                                        
               
	                                (Street)	 	    (City)                    (State)             
       (Zip)
		
	Name                                      
                                        
          	 	Relationship                                    
        /                    %
	
	Address:                                     
                                        
                                        
                                        
               
	                                (Street)	 	    (City)                    (State)             
       (Zip)
		
	Name                                      
                                        
          	 	Relationship                                    
        /                    %
	
	Address:                                     
                                        
                                        
                                        
               
	                                (Street)	 	    (City)                    (State)             
       (Zip)
		
	Name                                      
                                        
          	 	Relationship                                    
        /                    %
	
	Address:                                     
                                        
                                        
                                        
               
	                                (Street)	 	    (City)                    (State)             
       (Zip)

  

	 	B.	Estate as a Primary Designation: 

  
 My Primary Beneficiary is The Estate of
                                        
                                        
                 as set forth in the last will and testament dated the             day of
            and any codicils thereto. 
  

	 	C.	Trust as a Primary Designation: 

  
 Name of the
Trust:                                       
                                        
              
 Execution Date of the Trust:
            /             /              

 Name of the Trustee:
                                        
                                        
         
 Beneficiary(ies) of the Trust (please indicate the percentage for each beneficiary):

  
 ________________________________________________________________ 
  
 ________________________________________________________________ 
  
 Is this an Irrevocable Life Insurance Trust?             Yes
             No 
 (If yes and this designation is for a Split
Dollar agreement, an Assignment of Rights form should be completed.) 
  

	II.	SECONDARY (CONTINGENT) DESIGNATION 

  

	 	A.	Person(s) as a Secondary (Contingent) Designation: 

 (Please indicate the percentage for each Beneficiary.) 
  

			
	Name                                      
                                        
          	 	Relationship                                    
        /                    %
	
	Address:                                     
                                        
                                        
                                        
               
	                                (Street)	 	    (City)                    (State)             
       (Zip)
		
	Name                                      
                                        
          	 	Relationship                                    
        /                    %
	
	Address:                                     
                                        
                                        
                                        
               
	                                (Street)	 	    (City)                    (State)             
       (Zip)
		
	Name                                      
                                        
          	 	Relationship                                    
        /                    %
	
	Address:                                     
                                        
                                        
                                        
               
	                                (Street)	 	    (City)                    (State)             
       (Zip)
		
	Name                                      
                                        
          	 	Relationship                                    
        /                    %
	
	Address:                                     
                                        
                                        
                                        
               
	                                (Street)	 	    (City)                    (State)             
       (Zip)

  

	 	B.	Estate as a Secondary (Contingent) Designation: 

  
 My Secondary Beneficiary is The Estate of
                                        
                                        
                 as set forth in my last will and testament dated the              day of
             and any codicils thereto. 
  

	 	C.	Trust as a Secondary (Contingent) Designation: 

  
 Name of the Trust:
                                        
                                        
             
 Execution Date of the Trust:
            /            /          
   
 Name of the Trustee:
                                        
                                        
         
  
 Beneficiary(ies) of the Trust (please indicate the percentage for each beneficiary): 
  
 ________________________________________________________________ 
  
 ________________________________________________________________ 
  

All sums payable under the Director Supplemental Retirement Plan Agreement by reason of my death shall be paid to the Primary Beneficiary(ies), if he
or she survives me, and if no Primary Beneficiary(ies) shall survive me, then to the Secondary (Contingent) Beneficiary(ies). This beneficiary designation is valid until the participant notifies the bank in writing. 
  

			
	_______________	 	_______________
	 	 	Date

  

 RESOLUTION OF THE BOARD OF DIRECTORS OF 
 BAY-VANGUARD FEDERAL SAVINGS BANK 
  
 WHEREAS, the Board of Directors of Bay-Vanguard Federal Savings Bank (the “Bank”) maintains the Executive Supplemental Retirement Plan for Mr. Leonard and Ms. Mroz (the “Executive Plan”),
the Director Supplemental Retirement Plan for Bank directors (“Director Plan”) and the Life Insurance Endorsement Method Split Dollar Plan for certain employees of the Bank (“Split Dollar Agreements”) for the purpose of providing
payments upon retirement or death subject to the terms of the plans and agreements; and 
  
 WHEREAS, the Board of Directors of the Bank wishes to amend the Executive Plan, the Director Plan and the Split Dollar Agreements to revise the definition of a change in control. 
  
 NOW, THEREFORE, BE IT RESOLVED, that the Executive Plan shall be, and
hereby is, amended as follows: 
  
 First Change 

 
 Effective September 14, 2004, Article I, Section (I) of the Executive
Plan shall be deleted in its entirety and replace with the following new Article I, Section (I): 
  

	I.	“Change in Control” 

  
 For purposes of this Plan a “Change in Control” shall mean: 
  
 (i) the acquisition of control of the Bank within the meaning of the Home Owners’ Loan Act of 1933, as amended, the
Federal Deposit Insurance Act, and the Rules and Regulations promulgated by the Office of Thrift Supervision (“OTS”) (or its predecessor agency), as in effect on the date of this Plan (provided, that in applying the definition of change in
control as set forth under the rules and regulations of the OTS, the Board of Directors shall substitute its judgment for that of the OTS); or 
  
 (ii) at such time as any “person” (as the term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended
(“Exchange Act”)) is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of voting securities of the Company representing 20% or more of the Bank’s outstanding voting
securities or the right to acquire such securities, except for any voting securities purchased by any employee benefit plan of the Bank; 
  
 (iii) at such time as individuals who constitute the Board of Directors on the date hereof (the “Incumbent Board”) cease for any reason to
constitute at least a majority thereof, provided that any person becoming a 

 director subsequent to the date hereof whose election was approved by a vote of at least three-quarters
of the directors constituting the Incumbent Board (or members who were nominated by the Incumbent Board), or whose nomination for election by the Bank’s stockholders was approved by a Nominating Committee solely composed of members which are
Incumbent Board members (or members nominated by the Incumbent Board), shall be, for purposes of this clause (iii), considered as though he or she were a member of the Incumbent Board; 
  
 (iv) at such time as a reorganization, merger, consolidation, or similar transaction occurs or is effectuated as a result of
which 60% of shares of the common stock of the resulting entity are owned by persons who were not stockholders of the Bank immediately prior to the consummation of the transaction; 
  
 (v) at such time as substantially all of the assets of the Bank are sold or otherwise transferred to another corporation or
other entity that is not controlled by the Bank. 
  
 Notwithstanding anything in this Plan to the contrary, in no event shall the reorganization of the Bank from the mutual holding company form of organization to the full stock holding company form of organization (including the elimination
of the mutual holding company) constitute a “Change in Control” for purposes of this Plan. 
  
 Second Change 
  
 Effective September 14, 2004, the header in Section IV and the first sentence in Section IV of the Executive Plan shall be amended to delete the reference to a Mutual to Stock Conversion. 
  
 BE IT FURTHER RESOLVED, that Director Plan shall be, and hereby is,
amended as follows: 
  
 First Change 
  
 Effective September 14, 2004, Article I, Section (I) of the Director Plan
shall be deleted in its entirety and replace with the following new Article I, Section (I): 
  

	I.	“Change in Control” 

  
 For purposes of this Plan a “Change in Control” shall mean: 
  
 (i) the acquisition of control of the Bank within the meaning of the Home Owners’ Loan Act of 1933, as amended, the
Federal Deposit 

 Insurance Act, and the Rules and Regulations promulgated by the Office of Thrift Supervision
(“OTS”) (or its predecessor agency), as in effect on the date of this Plan (provided, that in applying the definition of change in control as set forth under the rules and regulations of the OTS, the Board of Directors shall substitute its
judgment for that of the OTS); or 
  
 (ii) at such time as any
“person” (as the term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (“Exchange Act”)) is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act),
directly or indirectly, of voting securities of the Company representing 20% or more of the Bank’s outstanding voting securities or the right to acquire such securities, except for any voting securities purchased by any employee benefit plan of
the Bank; 
  
 (iii) at such time as individuals who constitute
the Board of Directors on the date hereof (the “Incumbent Board”) cease for any reason to constitute at least a majority thereof, provided that any person becoming a director subsequent to the date hereof whose election was approved by a
vote of at least three-quarters of the directors constituting the Incumbent Board (or members who were nominated by the Incumbent Board), or whose nomination for election by the Bank’s stockholders was approved by a Nominating Committee solely
composed of members which are Incumbent Board members (or members nominated by the Incumbent Board), shall be, for purposes of this clause (iii), considered as though he or she were a member of the Incumbent Board; 
  
 (iv) at such time as a reorganization, merger, consolidation, or similar
transaction occurs or is effectuated as a result of which 60% of shares of the common stock of the resulting entity are owned by persons who were not stockholders of the Bank immediately prior to the consummation of the transaction; 
  
 (v) at such time as substantially all of the assets of the Bank are sold or
otherwise transferred to another corporation or other entity that is not controlled by the Bank. 
  
 Notwithstanding anything in this Plan to the contrary, in no event shall the reorganization of the Bank from the mutual holding company form of
organization to the full stock holding company form of organization (including the elimination of the mutual holding company) constitute a “Change in Control” for purposes of this Plan. 

 Second Change 
  
 Effective September 14, 2004, the header in Section IV and the first sentence in Section IV of the Executive Plan shall be
amended to delete the reference to a Mutual to Stock Conversion. 
  
 BE IT
FURTHER RESOLVED, that the Split Dollar Agreements shall be amended as follows: 
  
 First Change 
  
 Effective
September 14, 2004, Article XV of the Split Dollar Agreements shall be deleted in its entirety and replace with the following new Article XV: 
  
 XV. CHANGE IN CONTROL 
  
 For purposes of this Agreement a “Change in Control” shall mean: 
  
 (i) the acquisition of control of the Bank within the meaning of the Home Owners’ Loan Act of 1933, as amended, the
Federal Deposit Insurance Act, and the Rules and Regulations promulgated by the Office of Thrift Supervision (“OTS”) (or its predecessor agency), as in effect on the date of this Plan (provided, that in applying the definition of change in
control as set forth under the rules and regulations of the OTS, the Board of Directors shall substitute its judgment for that of the OTS); or 
  
 (ii) at such time as any “person” (as the term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended
(“Exchange Act”)) is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of voting securities of the Company representing 20% or more of the Bank’s outstanding voting
securities or the right to acquire such securities, except for any voting securities purchased by any employee benefit plan of the Bank; 
  
 (iii) at such time as individuals who constitute the Board of Directors on the date hereof (the “Incumbent Board”) cease for any reason to
constitute at least a majority thereof, provided that any person becoming a director subsequent to the date hereof whose election was approved by a vote of at least three-quarters of the directors constituting the Incumbent Board (or members who
were nominated by the Incumbent Board), or whose nomination for election by the Bank’s stockholders was approved by a Nominating Committee solely composed of members which are Incumbent Board members (or members nominated by the Incumbent
Board), shall be, for purposes of this clause (iii), considered as though he or she were a member of the Incumbent Board; 

 (iv) at such time as a reorganization, merger, consolidation, or similar transaction occurs or is
effectuated as a result of which 60% of shares of the common stock of the resulting entity are owned by persons who were not stockholders of the Bank immediately prior to the consummation of the transaction; 
  
 (v) at such time as substantially all of the assets of the Bank are sold or
otherwise transferred to another corporation or other entity that is not controlled by the Bank. 
  
 Notwithstanding anything in this Agreement to the contrary, in no event shall the reorganization of the Bank from the mutual holding company form of
organization to the full stock holding company form of organization (including the elimination of the mutual holding company) constitute a “Change in Control” for purposes of this Agreement. Upon a Change in Control, if the Insured’s
employment is subsequently terminated, except for cause, then the Insured shall be 100% vested in the benefits promised under this Agreement.” 
  
 SECRETARY’S CERTIFICATE 
  
 The undersigned hereby certifies that he is the Secretary of Bay-Vanguard Federal Savings Bank; that the foregoing is a true and correct copy of
resolutions adopted at a meeting of the Board of Directors of the Savings Bank held on September 14, 2004, at which meeting a quorum was at all times present and acting; and that said resolutions are in full force and effect. 
  

			
	 Dated: September 14, 2004
	 	 /s/ Robert R. Kern, Jr.

	 	 	Robert R. Kern, Jr.
	 	 	SecretaryForm of Indemnification Agreement

 Exhibit 10.1 
  
 INDEMNIFICATION AGREEMENT 
  
 This Indemnification Agreement (the “Agreement”) is made as of September 14, 2004, by and between Entropin,
Inc., a Delaware corporation (the “Company”), and                             , a
director/officer of the Company (the “Indemnitee”). 
  
 RECITALS 
  
 The Company and Indemnitee
recognize the increasing difficulty in obtaining liability insurance for directors, officers, controlling persons and key employees, the significant increases in the cost of such insurance and the general reductions in the coverage of such
insurance. The Company and Indemnitee further recognize the substantial increase in corporate litigation in general, subjecting directors, officers, controlling persons and key employees to expensive litigation risks at the same time as the
availability and coverage of liability insurance has been severely limited. The current protection available to Indemnitee may not be adequate under the present circumstances, and Indemnitee and agents of the Company may not be willing to continue
to serve as agents of the Company without additional protection. The Company desires to attract and retain the services of highly qualified individuals, such as Indemnitee, and to indemnify its directors, officers, controlling persons and key
employees so as to provide them with the maximum protection permitted by law. 
  
 AGREEMENT 
  
 In
consideration of the mutual promises made in this Agreement, and for other good and valuable consideration, receipt of which is hereby acknowledged, the Company and Indemnitee hereby agree as follows: 
  
 1. Indemnification. 
  
 (a) Third Party Proceedings. The Company shall indemnify each
Indemnitee (and each person who controls Indemnitee who may be liable within the meaning of Section 15 of the Securities Act of 1933, as amended (the “Securities Act”), or Section 20 of the Securities Exchange Act of 1934, as
amended (the “Exchange Act”)) to the fullest extent permitted by law if Indemnitee is, was or becomes a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil,
criminal, administrative or investigative (other than an action by or in the right of the Company): (i) by reason of the fact that Indemnitee is or was or may be deemed to be a director, officer, controlling person, fiduciary, employee or agent of
the Company, or any subsidiary of the Company; (ii) by reason of any action or inaction on the part of Indemnitee while a director, officer, controlling person, stockholder, fiduciary, employee or agent of the Company; or (iii) by reason of the fact
that Indemnitee is or was or may be deemed to be serving at the request of the Company as a director, officer, controlling person, fiduciary, employee or agent of another corporation, partnership, limited liability company, joint venture, trust or
other enterprise, or by reason of any action or inaction on the part of such Indemnitee while serving in such capacity. Indemnification shall include, without limitation, any and all losses, claims, damages, expenses 

 and liabilities, joint or several (including any investigation, legal and other expenses incurred in connection with, and
any amount paid in settlement of, any action, suit, proceeding or any claim asserted) under the Securities Act, the Exchange Act or other federal or state statutory law or regulation, at common law or otherwise or which relate directly or indirectly
to the registration, purchase, sale or ownership of any securities of the Company or to any fiduciary obligation owed with respect thereto or as a direct or indirect result of any claim made by any stockholder of the Company against an Indemnitee
and arising out of or related to any round of financing of the Company, or made by a third party against an Indemnitee based on any misstatement or omission of a material fact by the Company in violation of any duty of disclosure imposed on the
Company by federal or state securities or common laws, against any and all expenses (including attorneys’ fees and all other costs, expenses and obligations incurred in connection with investigating, defending a witness in or participating in
(including on appeal), or preparing to defend, be a witness in or participate in, any such action, suit, proceeding, alternative dispute resolution mechanism, hearing, inquiry or investigation), judgments, fines and, to the fullest extent permitted
by law, amounts paid in settlement (if, and only if, such settlement is approved in advance by the Company, which approval shall not be unreasonably withheld) actually and reasonably incurred by Indemnitee in connection with such action, suit or
proceeding and any federal, state, local or foreign taxes imposed on Indemnitee as a result of the actual or deemed receipt of any payments under this Agreement (collectively, “Expenses”), including all interest, assessments and
other charges paid or payable in connection with or in respect of such Expenses, if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company, and, with respect to any
criminal action or proceeding, had no reasonable cause to believe Indemnitee’s conduct was unlawful. The termination of any action, suit or proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere or its
equivalent, shall not, of itself, create a presumption that Indemnitee did not act in good faith and in a manner which Indemnitee reasonably believed to be in or not opposed to the best interests of the Company, or, with respect to any criminal
action or proceeding, that Indemnitee had reasonable cause to believe that Indemnitee’s conduct was unlawful. 
  
 (b) Proceedings By or in the Right of the Company. The Company shall indemnify Indemnitee if Indemnitee was or is a party or is threatened
to be made a party to any threatened, pending or completed action or proceeding by or in the right of the Company or any subsidiary of the Company to procure a judgment in its favor by reason of the fact that Indemnitee is or was or may be deemed to
be a director, officer, controlling person, stockholder, fiduciary, employee or agent of the Company, or any subsidiary of the Company, by reason of any action or inaction on the part of Indemnitee while a director, officer, controlling person,
stockholder, fiduciary, employee or agent or by reason of the fact that Indemnitee is or was or may be deemed to be serving at the request of the Company as a director, officer, controlling person, fiduciary, employee or agent of another
corporation, partnership, joint venture, trust or other enterprise, against Expenses and, to the fullest extent permitted by law, amounts paid in settlement (if such settlement is approved in advance by the Company, which approval shall not be
unreasonably withheld), in each case to the extent actually and reasonably incurred by Indemnitee in connection with the defense or settlement of such action or suit if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to
be in or not opposed to the best 
  

 -2- 

 interests of the Company and its stockholders; provided, however that no indemnification shall be made in
respect of any claim, issue or matter as to which Indemnitee shall have been finally adjudicated by court order or judgment to be liable to the Company in the performance of Indemnitee’s duty to the Company and its stockholders unless and only
to the extent that the court in which such action or proceeding is or was pending shall determine upon application that, in view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled to indemnity for such expenses which
such court shall deem proper. 
  
 (c) Mandatory Payment of
Expenses. To the extent that Indemnitee has been successful on the merits or otherwise in defense of any action, suit or proceeding referred to in Section 1(a) or Section 1(b) or the defense of any claim, issue or matter therein, Indemnitee
shall be indemnified against Expenses actually and reasonably incurred by Indemnitee in connection therewith. 
  
 2. No Employment Rights. Nothing contained in this Agreement is intended to create in Indemnitee any right to employment by the Company.

  
 3. Expenses; Indemnification Procedure.

  
 (a) Advancement of Expenses. The Company shall
advance all Expenses incurred by Indemnitee in connection with the investigation, defense, settlement or appeal of any civil or criminal action, suit or proceeding referred to in Section l(a) or Section 1(b) (including amounts actually paid in
settlement of any such action, suit or proceeding). Indemnitee hereby undertakes to repay such amounts advanced only if, and to the extent that, it shall ultimately be determined that Indemnitee is not entitled to be indemnified by the Company as
authorized hereby. 
  
 (b) Notice/Cooperation by
Indemnitee. Indemnitee shall, as a condition precedent to his, her or its right to be indemnified under this Agreement, give the Company notice in writing as soon as practicable of any claim made against Indemnitee for which indemnification
will or could be sought under this Agreement. Notice to the Company shall be directed to the Chief Executive Officer of the Company and shall be given in accordance with the provisions of Section 12(d) below. In addition, Indemnitee shall give the
Company such information and cooperation as it may reasonably require and as shall be within Indemnitee’s power. 
  
 (c) Procedure. Any indemnification and advances provided for in Section 1 and this Section 3 shall be made no later than 20 days after
receipt of the written request of Indemnitee. If a claim under this Agreement, under any statute, or under any provision of the Company’s Certificate of Incorporation (the “Certificate”) or Bylaws providing for indemnification,
is not paid in full by the Company within 20 days after a written request for payment thereof has first been received by the Company, Indemnitee may, but need not, at any time thereafter bring an action against the Company to recover the unpaid
amount of the claim and, subject to Section 11 of this Agreement, Indemnitee shall also be entitled to be paid for the expenses (including attorneys’ fees) of bringing such action. It shall be a defense to any such action (other than an action
brought to enforce a claim for expenses incurred in connection with 
  

 -3- 

 any action, suit or proceeding in advance of its final disposition) that Indemnitee has not met the standards of conduct
which make it permissible under applicable law or this Agreement for the Company to indemnify Indemnitee for the amount claimed, but the burden of proving such defense shall be on the Company, and Indemnitee shall be entitled to receive interim
payments of expenses pursuant to Section 3(a) unless and until such defense may be finally adjudicated by court order or judgment from which no further right of appeal exists. It is the parties’ intention that if the Company contests
Indemnitee’s right to indemnification, the question of Indemnitee’s right to indemnification shall be for the court to decide, and neither the failure of the Company (including its Board of Directors, any committee or subgroup of the Board
of Directors, independent legal counsel, or its stockholders) to have made a determination that indemnification of Indemnitee is proper in the circumstances because Indemnitee has met the applicable standard of conduct required by applicable law,
nor an actual determination by the Company (including its Board of Directors, any committee or subgroup of the Board of Directors, independent legal counsel, or its stockholders) that Indemnitee has not met such applicable standard of conduct, shall
create a presumption that Indemnitee has or has not met the applicable standard of conduct. 
  
 (d) Notice to Insurers. If, at the time of the receipt of a notice of a claim pursuant to Section 3(b), the Company has director and officer liability insurance in effect, the Company shall give prompt
notice of the commencement of such proceeding to the insurers in accordance with the procedures set forth in the respective policies. The Company shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of the
Indemnitee, all amounts payable as a result of such proceeding in accordance with the terms of such policies. 
  
 (e) Selection of Counsel. In the event the Company shall be obligated under Section 3(a) to pay the expenses of any proceeding against
Indemnitee, the Company, if appropriate, shall be entitled to assume the defense of such proceeding, with counsel approved by Indemnitee, which approval shall not be unreasonably withheld or delayed, upon the delivery to Indemnitee of written notice
of its election so to do. After delivery of such notice, approval of such counsel by Indemnitee and the retention of such counsel by the Company, the Company will not be liable to Indemnitee under this Agreement for any fees of counsel subsequently
incurred by Indemnitee with respect to the same proceeding, provided that (i) Indemnitee shall have the right to employ counsel in any such proceeding at Indemnitee’s expense; and (ii) if (A) the employment of counsel by Indemnitee has been
previously authorized by the Company, (B) Indemnitee shall have reasonably concluded that there may be a conflict of interest between the Company and Indemnitee in the conduct of any such defense or (C) the Company shall not, in fact, have employed
counsel to assume the defense of such proceeding, then the fees and expenses of Indemnitee’s counsel shall be at the expense of the Company. 
  
 4. Additional Indemnification Rights; Nonexclusivity. 
  
 (a) Scope. Notwithstanding any other provision of this Agreement, the Company hereby agrees to indemnify the
Indemnitee to the fullest extent permitted by law, notwithstanding that such indemnification is not specifically authorized by the other provisions of this Agreement, the Company’s Certificate, its Bylaws or by statute. In the event of any
change, after the date of this Agreement, in any applicable law, statute, or rule which expands the right of a Delaware corporation to indemnify a member of its board of directors or an officer, 
  

 -4- 

 controlling person, stockholder, fiduciary, employee or agent, such changes shall be deemed to be within the purview of
Indemnitee’s rights and the Company’s obligations under this Agreement. In the event of any change in any applicable law, statute or rule which narrows the right of a Delaware corporation to indemnify a member of its board of directors or
an officer, controlling person, stockholder, fiduciary, employee or agent, such changes, to the extent not otherwise required by such law, statute or rule to be applied to this Agreement shall have no effect on this Agreement or the parties’
rights and obligations hereunder. 
  
 (b)
Nonexclusivity. The indemnification provided by this Agreement shall not be deemed exclusive of any rights to which Indemnitee may be entitled under the Company’s Certificate, its Bylaws, any agreement, any vote of stockholders or
disinterested members of the Company’s Board of Directors, the General Corporation Law of the State of Delaware, or otherwise, both as to action in Indemnitee’s official capacity and as to action in another capacity while holding such
office. The indemnification provided under this Agreement shall continue as to Indemnitee for any action taken or not taken while serving in an indemnified capacity even though he or she may have ceased to serve in any such capacity at the time of
any action, suit or other covered proceeding. 
  
 5. Partial
Indemnification. If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for some or a portion of the expenses, judgments, fines or penalties actually or reasonably incurred in the investigation,
defense, appeal or settlement of any civil or criminal action, suit or proceeding, but not, however, for the total amount thereof, the Company shall nevertheless indemnify Indemnitee for the portion of such expenses, judgments, fines or penalties to
which Indemnitee is entitled. 
  
 6. Mutual
Acknowledgment. Both the Company and Indemnitee acknowledge that in certain instances, Federal law or public policy may override applicable state law and prohibit the Company from indemnifying its officers, controlling persons, stockholders,
fiduciaries, employees or agents under this Agreement or otherwise. For example, the Company and Indemnitee acknowledge that the Securities and Exchange Commission (the “SEC”) has taken the position that indemnification is not
permissible for liabilities arising under certain federal securities laws, and federal legislation prohibits indemnification for certain ERISA violations. Indemnitee understands and acknowledges that the Company has undertaken or may be required in
the future to undertake with the SEC to submit the question of indemnification to a court in certain circumstances for a determination of the Company’s right under public policy to indemnify Indemnitee. 
  
 7. Officer and Director Liability Insurance. The Company shall,
from time to time, make the good faith determination whether or not it is practicable for the Company to obtain and maintain a policy or policies of insurance with reputable insurance companies providing the officers and directors of the Company
with coverage for losses from wrongful acts, or to ensure the Company’s performance of its indemnification obligations under this Agreement. Among other considerations, the Company will weigh the costs of obtaining such insurance coverage
against the protection afforded by such coverage. In all policies of director and officer liability insurance, Indemnitee shall be named as an insured in such a manner as to provide Indemnitee the same rights and benefits as are accorded to the most
favorably insured of the 
  

 -5- 

 Company’s directors, if Indemnitee is a director. Notwithstanding the foregoing, the Company shall have no
obligation to obtain or maintain such insurance if the Company determines in good faith that such insurance is not reasonably available, if the premium costs for such insurance are disproportionate to the amount of coverage provided, if the coverage
provided by such insurance is limited by exclusions so as to provide an insufficient benefit, or if Indemnitee is covered by similar insurance maintained by a parent or subsidiary of the Company. 
  
 8. Severability. Nothing in this Agreement is intended to
require or shall be construed as requiring the Company to do or fail to do any act in violation of applicable law. The Company’s inability, pursuant to court order, to perform its obligations under this Agreement shall not constitute a breach
of this Agreement. The provisions of this Agreement shall be severable as provided in this Section 8. If this Agreement or any portion hereof shall be invalidated on any ground by any court of competent jurisdiction, then the Company shall
nevertheless indemnify Indemnitee to the full extent permitted by any applicable portion of this Agreement that shall not have been invalidated, and the balance of this Agreement not so invalidated shall be enforceable in accordance with its terms.

  
 9. Exceptions. Any other provision herein to the
contrary notwithstanding, the Company shall not be obligated pursuant to the terms of this Agreement: 
  
 (a) Claims Initiated by Indemnitee. To indemnify or advance expenses to Indemnitee with respect to proceedings or claims initiated or
brought voluntarily by Indemnitee and not by way of defense, except with respect to proceedings brought to establish or enforce a right to indemnification under this Agreement or any other statute or law or otherwise as required under Section 145 of
the Delaware General Corporation Law, but such indemnification or advancement of expenses may be provided by the Company in specific cases if the Board of Directors finds it to be appropriate; 
  
 (b) Lack of Good Faith; Frivolous Claims. To indemnify an
Indemnitee for any expenses incurred by the Indemnitee with respect to any proceeding initiated by Indemnitee to enforce or interpret this Agreement, if a court of competent jurisdiction determines that each of the material assertions made by
Indemnitee in such proceeding was either frivolous or not made in good faith. 
  
 (c) Fraud. To indemnify an Indemnitee if a final decision by a court having jurisdiction in the matter shall determine that the Indemnitee has committed fraud on the Company; 
  
 (d) Insured Claims. To indemnify Indemnitee for expenses or
liabilities of any type whatsoever (including, but not limited to, judgments, fines, ERISA excise taxes or penalties, and amounts paid in settlement) to the extent such expenses or liabilities have been paid directly to Indemnitee by an insurance
carrier under a policy of officers’ and directors’ liability insurance maintained by the Company; or 
  
 (e) Claims under Section 16(b). To indemnify Indemnitee for expenses or the payment of profits arising from the purchase and sale by
Indemnitee of securities in violation of Section 16(b) of the Securities Exchange Act of 1934, as amended, or any similar successor statute. 
  

 -6- 

 10. Construction of Certain Phrases. 
  
 (a) For purposes of this Agreement, references to the
“Company” shall include, in addition to the resulting corporation, any constituent corporation (including any constituent of a constituent) absorbed in a consolidation or merger which, if its separate existence had continued, would
have had power and authority to indemnify its directors, officers, and controlling persons, stockholders, fiduciaries, employees or agents, so that if Indemnitee is or was a director, officer, controlling person, stockholder, fiduciary, employee or
agent of such constituent corporation, or is or was serving at the request of such constituent corporation as a director, officer, controlling person, stockholder, fiduciary, employee or agent of another corporation, partnership, joint venture,
trust or other enterprise, Indemnitee shall stand in the same position under the provisions of this Agreement with respect to the resulting or surviving corporation as Indemnitee would have with respect to such constituent corporation if its
separate existence had continued. 
  
 (b) For purposes of this
Agreement, references to “other enterprises” shall include employee benefit plans; references to “fines” shall include any excise taxes assessed on Indemnitee with respect to an employee benefit plan; and references
to “serving at the request of the Company” shall include any service as a director, officer, administrator, fiduciary, employee or agent of the Company which imposes duties on, or involves services by, such director, officer,
administrator, fiduciary, employee or agent with respect to an employee benefit plan, its participants, or beneficiaries; and if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in the interest of the participants
and beneficiaries of an employee benefit plan, Indemnitee shall be deemed to have acted in a manner “not opposed to the best interests of the Company” as referred to in this Agreement. 
  
 11. Attorneys’ Fees. In the event that any action is
instituted by Indemnitee under this Agreement to enforce or interpret any of the terms hereof, Indemnitee shall be entitled to be paid all court costs and expenses, including reasonable attorneys’ fees, incurred by Indemnitee with respect to
such action, unless as a part of such action, the court of competent jurisdiction determines that each of the material assertions made by Indemnitee as a basis for such action were not made in good faith, or were frivolous or fraudulent, or that
such indemnification was unlawful. In the event of an action instituted by or in the name of the Company under this Agreement or to enforce or interpret any of the terms of this Agreement, Indemnitee shall be entitled to be paid all court costs and
expenses, including attorneys’ fees, incurred by Indemnitee in defense of such action (including with respect to Indemnitee’s counterclaims and cross-claims made in such action), unless as a part of such action the court determines that
each of Indemnitee’s material defenses to such action were made in bad faith or were frivolous. 
  
 12. Miscellaneous. 
  
 (a) Governing Law. This Agreement and all acts and transactions pursuant hereto and the rights and obligations of the parties hereto shall
be governed, construed and interpreted in accordance with the laws of the State of Delaware, without giving effect to principles of conflict of law. 
  

 -7- 

 (b) Entire Agreement; Enforcement of Rights. This Agreement sets forth the entire agreement
and understanding of the parties relating to the subject matter herein and merges all prior discussions between them. No modification of or amendment to this Agreement, nor any waiver of any rights under this Agreement, shall be effective unless in
writing signed by the parties to this Agreement. The failure by either party to enforce any rights under this Agreement shall not be construed as a waiver of any rights of such party. 
  
 (c) Construction. This Agreement is the result of negotiations between and has been reviewed by each of the
parties hereto and their respective counsel, if any; accordingly, this Agreement shall be deemed to be the product of all of the parties hereto, and no ambiguity shall be construed in favor of or against any one of the parties hereto. 
  
 (d) Notices. Any notice, demand or request required or
permitted to be given under this Agreement shall be in writing and shall be deemed sufficient when delivered personally or sent by fax or 48 hours after being sent by nationally-recognized courier or deposited in the U.S. mail, as certified or
registered mail, with postage prepaid, and addressed to the party to be notified at such party’s address or fax number as set forth below or as subsequently modified by written notice. 
  
 (e) Counterparts. This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original and all of which together shall constitute one instrument. 
  
 (f) Successors and Assigns. This Agreement shall be binding upon the Company and its successors and assigns, and inure to the benefit of
Indemnitee and Indemnitee’s heirs, legal representatives and assigns. 
  
 (g) Subrogation. In the event of payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all
documents required and shall do all acts that may be necessary to secure such rights and to enable the Company to effectively bring suit to enforce such rights. 
  

[Signature Page Follows] 
  

 -8- 

 The parties hereto have executed this Agreement as of the day and year set forth on the first page of
this Agreement. 
  

			
	ENTROPIN, INC.
		
	 By:
	 	  

	 Name:
	 	Thomas G. Tachovsky
	 Title:
	 	President and Chief Executive Officer
		
	 Address:
	 	45926 Oasis Street
	 	 	Indio, CA 92201
	 Fax:
	 	760-775-1224

  
 AGREED TO AND ACCEPTED:

  

			
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

  

			
	 Address:
	 	  

	  

	  

	 Fax Number:
	 	  

  

 -9-

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