Document:

Exhibit 10.8

 

FORM OF

 

DIRECTOR SUPPLEMENTAL RETIREMENT PLAN 

 

DIRECTOR AGREEMENT

 

THIS AGREEMENT is made
and entered into this ___ day of _______, ____, by and between St. Tammany Homestead Savings & Loan Association,
a savings and loan association organized and existing under the Jaws of the State of Louisiana, (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 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 their service on the Board;

 

ACCORDINGLY, the Board
has adopted the St. Tammany Homestead Savings & Loan Association 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 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 to 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:

 

		I.	DEFINITIONS

 

		A.	Effective Date:

 

The Effective Date of the
Plan shall be July 12, 1999.

 

		B.	Plan Year:

 

Any reference to
the “Plan Year” shall mean a calendar year from January lst to December 31st. In the year of implementation, the term
the “Plan Year” shall mean the pe1iod 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 of re-election 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 Expense [Subparagraph I (H)] for that Plan Year.

 

		G.	Index:

 

The Index for any Plan Year shall be
the aggregate annual after-tax income from the life insurance contract(s) described hereinbelow as defined by FASB Technical 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:  	Alexander Hamilton Life
	Policy Form: 	Flexible Premium Adjustable Life 
	Policy Name: 	Executive Security Plan IV 
	Insured’s Age and Sex: 	     ,          
	Riders:  	None
	Ratings:  	According to the health of the proposed insured
	Option:  	Level Death Benefit
	Face Amount: 	$                  
	Premiums Paid: 	$                  
	Number of Premium Payments: 	One
	Assumed Purchase Date: 	July 12, 1999

 

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, which illustrations will be received from the respective insurance companies and will indicate the increase
in policy values for purposes of calculating the amount of the Index.

 

    	 	2	 

     

    

 

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 Directors and their 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 any 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 after-tax thirty day (30) mortgage repurchase rate.

 

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

 

Mutual to Stock Conversion
shall mean the conversion of the Bank from a mutual savings and loan association to an entity which issues stock and is owned by
its shareholders. Such Mutual to Stock Conversion shall be deemed to be a Change of Control for purposes of this Agreement. For
the purposes of this Director Plan, transfers on account of deaths or gifts, transfers between family members or transfers to a
qualified retirement plan maintained by the Bank shall not be considered m determining whether there has been a Change of Control.

 

		J.	Normal Retirement Age:

 

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

 

		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 ten (10) equal annual 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.

 

		B.	Termination of Service:

 

Subject to Subparagraph
II (D), should a Director suffer a Termination of Service the Director shall be entitled to receive the balance in the Pre-Retirement
Account payable to the Director in ten (10) equal annual 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, the Index Retirement Benefit for each Plan Year subsequent to the year
in which the Director attains Normal Retirement 

 

    	 	3	 

     

    

 

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.

 

		C.	Death:

 

Should the Director
die prior to having received the balance of the Pre-Retirement Acco.unt the Director may be entitled to under the terms of this
Director Plan, the entire unpaid balance of the Director’s Pre-Retirement Account 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 designation
of beneficiary(ies), 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. Provided, however, that anything hereinabove to the contrary notwithstanding, no death benefit shall be payable hereunder
if the Director dies on or before the 12th day of July, 2001.

 

		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 any of the following that result in an adverse effect on the Bank (i) gross negligence or gross neglect; (ii) the commission
of a felony or gross misdemeanor involving moral turpitude, fraud, or dishonesty; (iii) the willful violation of any law, rule,
or regulation (other than a traffic violation or similar offense); (iv) an intentional failure to perform stated duties; or (v)
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.

 

		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.

 

    	 	4	 

     

    

 

		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.

 

		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 Louisiana.

 

		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.

 

		VI.	ERISA PROVISION

 

		A.	Named Fiduciary and Plan Administrator:

 

The “Named
Fiduciary and Plan Administrator” of this Director Plan shall be St. Tammany Homestead Savings & Loan Association 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 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, they
shall ‘provide in writing within sixty (60) days of receipt of such claim its

 

    	 	6	 

     

    

 

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.

 

		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.

 

    	 	7	 

     

    

 

IN WITNESS WHEREOF, the
parties hereto acknowledge that each has carefully read this Agreement and executed the original thereof on the ___ day
of ___________, ____, and that, upon execution, each has received a conforming copy.

 

	 	ST. TAMMANY HOMESTEAD SAVINGS & LOAN ASSOCIATION
	 	Covington, Louisiana

 

	 	 	By: 	 
	Witness	 	 	Title:
	 	 	 	 
	 	 	 
	Witness	 	 	 

 

    	 	8	 

     

    

 

AMENDMENT

TO THE DIRECTOR SUPPLEMENTAL RETIREMENT PLAN

DIRECTOR AGREEMENT DATED JULY 12, 1999

 

This Amendment, made and entered into this
21st day of July, 2004, by and between St. Tammany Homestead Savings & Loan Association, a savings and loan association
organized and existing under the laws of the State of Louisiana, hereinafter referred to as the ‘‘Bank,” and
, a Director of the Bank, hereinafter referred to as the “Director,” shall effectively amend the Director
Supplemental Retirement Plan Director Agreement dated July 12, 1999, as specifically set forth herein. Said Agreement shall be
amended as follows:

 

		1)	Subparagraph II (B), Termination of Service, shall be deleted
in its entirety and replaced with the following:

 

		B.	Termination of Service:

 

Subject to Subparagraph II (D), should
a Director suffer a Termination of Service, the Director shall be entitled to receive a vested percentage of the Pre-Retirement
Account and in conjunction therewith a vested percentage of the index benefit in accordance with the following schedule payable
to the Director in ten (10) equal annual installments commencing thirty (30) days following the Director’s Normal Retirement
Age [Subparagraph I (J)].

 

	Year	 	Vested
    Percentage	 
	2004	 	 	22	%
	2005	 	 	26	%
	2006	 	 	30	%
	2007	 	 	34	%
	2008	 	 	38	%
	2009	 	 	42	%
	2010	 	 	46	%
	2011	 	 	50	%
	2012	 	 	54	%
	2013	 	 	58	%
	2014	 	 	63	%
	2015	 	 	67	%
	2016	 	 	72	%
	2017	 	 	75	%
	2018	 	 	79	%
	2019	 	 	83	%
	2020	 	 	87	%
	2021	 	 	91	%
	2022	 	 	95	%
	2023	 	 	99	%
	2024	 	 	100	%

 

     

     

    

 

This Amendment shall be
effective the 1st day of January, 2004. To the extent that any term, provision, or paragraph of said agreement is not specifically
amended herein, or in any other amendment thereto, said term, provision, or paragraph shall remain in full force and effect as
set forth in said July 12, 1999, Agreement.

 

IN WITNESS WHEREOF, the
parties hereto acknowledge that each has carefully read this Amendment and executed the original thereof on the first day set forth
hereinabove, and that upon execution, each has received a conforming copy.

 

	 	ST. TAMMANY HOMESTEAD SAVINGS & LOAN ASSOCIATION
	 	Covington, Louisiana

 

	 	 	By: 	 
	Witness	 	 	Title:
	 	 	 	 
	 	 	 
	Witness	 	 	 

 

     

     

    

 

LIFE INSURANCE ENDORSEMENT METHOD

SPLIT DOLLAR PLAN AGREEMENT

 

	Insurer: 	Alexander Hamilton Life Insurance Company
	 	 
	Policy Number: 	 
	 	 
	Bank: 	St. Tammany Homestead Savings &
	 	Loan Association 
	 	 
	Insured: 	 
	 	 
	Relationship of Insured to Bank: 	Director

 

The respective rights and duties of the Bank
and the Insured in the above-referenced policy shall be pursuant to the terms set forth below:

 

		I.	DEFINITIONS

 

Refer to the policy contract
for the definition of all terms in this Agreement.

 

		II.	POLICY TITLE AND OWNERSHIP

 

Title and ownership shall reside
in the Bank for its use and for the use of the Insured all in accordance with this Agreement. The Bank alone may, to the extent
of its interest, exercise the right to borrow or withdraw on the policy cash values. Where the Bank and the Insured (or assignee,
with the consent of the Insured) mutually agree to exercise the right to increase the coverage under the subject Split Dollar policy,
then, in such event, the rights, duties and benefits of the parties to such increased coverage shall continue to be subject to
the terms of this Agreement.

 

		III.	BENEFICIARY DESIGNATION RIGHTS

 

The Insured (or assignee) shall have
the right and power to designate a beneficiary or beneficiaries to receive the Insured’s share of the proceeds payable upon
the death of the Insured, and to elect and change a payment option for such beneficiary, subject to any right or interest the Bank
may have in such proceeds, as provided in this Agreement.

 

		IV,	PREMIUM PAYMENT METHOD

 

The Bank shall pay an amount equal
to the planned premiums and any other premium payments that might become necessary to keep the policy in force.

 

		V.	TAXABLE BENEFIT

 

Annually the Insured will receive
a taxable benefit equal to the assumed cost of insurance as required by the Internal Revenue Service. The Bank (or its administrator)
will report to the Insured the amount of imputed income each year on Form W-2 or its equivalent.

 

     

     

    

 

		VI.	DIVISION OF DEATH PROCEEDS

 

Subject to Paragraphs
VII and IX herein, the division of the death proceeds of the policy is as follows:

 

		A.	Should the Insured die on or before the 12th day of July, 2001, the Insured’s beneficiary(ies),
designated in accordance with Paragraph III, shall be entitled to an amount equal to one hundred percent (100%) of the net at risk
insurance portion of the proceeds. The net at risk insurance portion is the total proceeds less the cash value of the policy.

 

		B.	Should the Insured die subsequent to the 12th day of July, 2001, the Insured’s beneficiary(ies),
designated in accordance with Paragraph III, shall be entitled to an amount equal to eighty percent (80%) of the net at risk insurance
portion of the proceeds. The net at risk insurance portion is the total proceeds less the cash value of the policy.

 

		C.	The Bank shall be entitled to the remainder of such proceeds.

 

		D.	The Bank and the Insured (or assignees) shall share in any interest due on the death proceeds on
a pro rata basis as the proceeds due each respectively bears to the total proceeds, excluding any such interest

 

		VII.	DIVISION OF THE CASH SURRENDER VALUE OF THE POLICY

 

The Bank shall at all times be entitled
to an amount equal to the policy’s cash value, as that term is defined in the policy contract, less any policy loans and
unpaid interest or cash withdrawals previously incurred by the Bank and any applicable surrender charges. Such cash value shall
be determined as of the date of surrender or death as the case may be.

 

		VIII.	RIGHTS OF PARTIES WHERE POLICY ENDOWMENT OR ANNUITY ELECTION EXISTS

 

In the event the policy involves
an endowment or annuity element, the Bank’s right and interest in any endowment proceeds or annuity benefits, on expiration
of the deferment period, shall be determined under the provisions of this Agreement by regarding such endowment proceeds or the
commuted value of such annuity benefits as the policy’s cash value. Such endowment proceeds or annuity benefits shall be
considered to be like death proceeds for the purposes of division under this Agreement.

 

		IX.	TERMINATION OF AGREEMENT

 

This Agreement shall terminate
upon the occurrence of any one of the following:

 

		1.	The Insured shall be discharged from service with the Bank for cause. The term for “cause’
shall mean any of the following that result in an adverse effect on the Bank: (i) gross negligence or gross neglect; (ii) the commission
of a felony or gross misdemeanor involving moral turpitude, fraud, or dishonesty; iii) the willful violation of any law, rule,
or regulation (other than a traffic violation or similar offense); (iv) an intentional failure to perform stated duties; or (v)
a breach of fiduciary duty involving personal profit; or

 

		2.	Surrender, lapse, or other termination of the Policy by the Bank.

 

    	 	2	 

     

    

 

Upon such termination, the Insured
(or assignee) shall have a fifteen (15) day option to receive nom the Bank an absolute assignment of the policy in consideration
of a cash payment to the Bank, whereupon this Agreement shall terminate. Such cash payment referred to hereinabove shall be the
greater of:

 

		1.	The Bank’s share of the cash value of the policy on the date of such assignment, as defined
in this Agreement; or

 

		2.	The amount of the premiums which have been paid by the Bank prior to the date of such assignment.

 

If, within said
fifteen (15) day period, the Insured fails to exercise said option, fails to procure the entire aforestated cash payment, or dies,
then the option shall terminate, and the Insured (or assignee) agrees that all of the Insured’s rights, interest and claims
in the policy shall terminate as of the date of the termination of this Agreement.

 

The Insured expressly
agrees that this Agreement shall constitute sufficient written notice to the Insured of the Insured’s option to receive an
absolute assignment of the policy as set forth herein.

 

Except as provided
above, this Agreement shall terminate upon distribution of the death benefit proceeds in accordance with Paragraph VI above.

 

		X.	INSURED’S OR ASSIGNEE’S ASSIGNMENT RIGHTS

 

The Insured may
not, without the written consent of the Bank, assign to any individual, trust or other organization, any right, title or interest
in the subject policy nor any rights, options, privileges or duties created under this Agreement.

 

		XI.	AGREEMENT BINDING UPON THE PARTIES

 

This Agreement
shall bind the Insured and the Bank, their heirs, successors, personal representatives and assigns.

 

		XII.	ERISA PROVISIONS

 

The following provisions
are part of this Agreement and are intended to meet the requirements of the Employee Retirement Income Security Act of 1974 (“ERISA”):

 

		A.	Named Fiduciary and Plan Administrator.

 

The ‘‘Named
Fiduciary and Plan Administrator” of this Endorsement Method Split Dollar Agreement shall be St. Tammany Homestead Savings
& Loan Association until resignation or removal by the Board of Directors. As Named Fiduciary and Plan Administrator, the Bank
shall be responsible for the management, control, and administration of this Split Dollar Plan as established herein. The Named
Fiduciary may delegate to others certain aspects of the management and operation responsibilities of the Plan, including the employment
of advisors and the delegation of any ministerial duties to qualified individuals.

 

    	 	3	 

     

    

 

 

		B.	Funding Policy.

 

The funding policy
for this Split Dollar Plan shall be to maintain the subject policy in force by paying, when due, all premiums required.

 

		C.	Basis of Payment of Benefits.

 

Direct payment by
the Insurer is the basis of payment of benefits under this Agreement, with those benefits in turn being based on the payment of
premiums as provided in this Agreement.

 

		D.	Claim Procedures.

 

Claim forms or claim
information as to the subject policy can be obtained by contacting The Benefit Marketing Group, Inc. (770-952-1529). When the Named
Fiduciary has a claim which may be covered under the provisions described in the insurance policy, they should contact the office
named above, and they will either complete a claim form and forward it to an authorized representative of the Insurer or advise
the Named Fiduciary what further requirements are necessary. The Insurer will evaluate and make a decision as to payment. If the
claim is payable, a benefit check will be issued in accordance with the terms of this Agreement.

 

In the event that
a claim is not eligible under the policy, the Insurer will notify the Named Fiduciary of the denial pursuant to the requirements
under the terms of the policy. If the Named Fiduciary is dissatisfied with the denial of the claim and wishes to contest such claim
denial, they should contact the office named above and they will assist in making inquiry to the Insurer. All objections to the
Insurer’s actions should be in writing and submitted to the office named above for transmittal to the Insurer.

 

		XIII.	GENDER

 

Whenever in this
Agreement 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.

 

		XIV	INSURANCE COMPANY NOT A PARTY TO THIS AGREEMENT

 

The Insurer shall
not be deemed a party to this Agreement, but will respect the rights of the parties as herein developed upon receiving an executed
copy of this Agreement. Payment or other performance in accordance with the policy provisions shall fully discharge the Insurer
for any and all liability.

 

		XV.	MUTUAL TO STQCK CONVERSION OR A CHANGE OF CONTROL

 

Mutual to Stock
Conversion shall mean the conversion of the Bank from a mutual savings and loan association to an entity which issues stock and
is owned by its shareholders. Such Mutual to Stock Conversion shall be deemed to be a Change of Control for purposes of this Agreement.
For the purposes of this Director Plan, transfers on account of deaths or gifts, transfers between family members or transfers
to a qualified retirement plan maintained by the Bank shall not be considered in determining whether there has been a Change of
Control.

 

    	 	4	 

     

    

 

		XVI.	AMENDMENT OR REVOCATION

 

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

 

		XVII.	EFFECTIVE DATE

 

The Effective Date
of this Agreement shall be July 12, 1999.

 

		XVIII.	SEVERABILITY AND INTERPRETATION

 

If a provision
of this Agreement is held to be invalid or unenforceable, the remaining provisions shall nonetheless be enforceable according to
their terms. Further, in the event that any provision is held to be over broad as written, such provision shall be deemed amended
to narrow its application to the extent necessary to make the provision enforceable according to law and enforced as amended.

 

		XVIX.	APPLICABLE LAW

 

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

 

Executed at Covington, Louisiana this 19th
day of November, 1999.

 

	 	ST. TAMMANY HOMESTEAD SAVINGS & LOAN ASSOCIATION
	 	Covington, Louisiana

 

	 	 	By: 	 
	Witness	 	 	Title:
	 	 	 	 
	 	 	 
	Witness	 	 	 

 

    	 	5Exhibit 10.9

 

ST.
TAMMANY HOMESTEAD SAVINGS AND LOAN ASSOCIATION

ENDORSEMENT
SPLIT DOLLAR LIFE INSURANCE AGREEMENT

 

THIS ENDORSEMENT SPLIT
DOLLAR LIFE INSURANCE AGREEMENT (hereinafter referred to as the “Agreement”) is made and entered into this ______
day of _________________, 20___, by and between ST. TAMMANY HOMESTEAD SAVINGS AND LOAN ASSOCIATION (hereinafter referred to as
the “Bank”), a bank with its principal place of business located in Covington, Louisiana, and ______________________
(hereinafter referred to as the “Director”).

 

The purpose of this Agreement
is to retain and reward the Director, by dividing the death proceeds of certain life insurance policies which are owned by the
Bank on the life of the Director with the designated Beneficiary of the Director. The Bank will pay the life insurance premiums
from its general assets.

 

Article 1

Definitions

 

Whenever used in this Agreement,
the following terms shall have the meanings specified:

 

		1.1	“Bank’s Interest”
means the benefit set forth in Section 2.1.

 

		1.2	“Beneficiary” means
each designated person, or the estate of the deceased Director, entitled to benefits, if any, upon the death of the Director.

 

		1.3	“Beneficiary Designation Form”
means the form established from time to time by the Plan Administrator that the Director completes, signs and returns to the Plan
Administrator to designate one or more Beneficiaries.

 

		1.4	“Board” means the Board
of Directors of the Bank as from time to time constituted.

 

		1.5	“Effective Date” means
January 1, 2014.

 

		1.6	“Director’s Interest”
means the benefit set forth in Section 2.2.

 

		1.7	“Insured” means the
individual Director whose life is insured.

 

		1.8	“Insurer” means the
insurance company issuing the Policy on the life of the Director.

 

		1.9	“Net Death Proceeds”
means the total death proceeds of the Policy minus the greater of (i) the cash surrender value or (ii) the aggregate premiums paid
by the Bank. 

 

		1.10	“Policy” or “Policies”
means the individual insurance policy or policies adopted by the Bank for purposes of insuring the Director’s life under
this Agreement.

 

		1.11	“Termination
for Cause” means the bank has terminated the Director’s service because of personal dishonesty, willful
misconduct, breach of fiduciary duty involving personal

 

    	 	 

     

    

 

profit,
intentional failure to perform stated duties, willful violation of any law, rule or regulation (other than traffic violations
or similar offenses) or final cease-and-desist order or material breach of any provision of the Agreement. For purposes of this
Agreement, no act or failure to act on the Director’s part shall be considered “willful” unless done, or omitted
to be done, by the Director not in good faith and without reasonable belief that the Director’s action or omission was in
the best interest of the Bank.

 

		1.12	“Vested Insurance Benefit”
means, subject to Section 2.3 herein, the Bank will provide the Director with continued insurance coverage until death, subject
to the forfeiture provisions detailed in Article 3. 

 

Article 2

Policy Ownership and Interests

 

		2.1	Bank’s Interest. The Bank shall own the Policy and shall have the right to exercise
all incidents of ownership, except as limited herein. The Bank shall be the beneficiary of the remaining death proceeds of the
Policy after the Director’s Interest is determined according to Section 2.2 below.

 

		2.2	Director’s Interest. The Director, or the Director’s assignee, shall have the
right to designate the Beneficiary of one of the following death benefit amounts:

 

		2.2.1	Should the Director die on or before January 1, 2016, the Director’s Beneficiary, designated
in accordance with Article 6, shall be entitled to an amount equal to one hundred percent (100%) of the Net Death Proceeds.

 

		2.2.2	Should the Director die subsequent to January 1, 2016, the Director’s Beneficiary, designated
in accordance with Article 6, shall be entitled to an amount equal to eighty percent (80%) of the Net Death Proceeds.

 

		2.2	Bank has no Obligation to Pay.
Death proceeds payable under this Agreement shall be paid solely by the Insurer from the proceeds of any Policy on the life of
the Insured. In no event shall the Bank be obligated to pay a death benefit under this Agreement from its general funds. Should
an Insurer refuse or be unable to pay death proceeds endorsed to Insured under the express terms of this Agreement, or should the
Bank cancel the Policy for any reason, Director’s Beneficiary shall not be entitled to a death benefit. 

 

Article 3

Forfeiture of Benefit

 

		3.1	Forfeiture of Benefit. Notwithstanding anything to the contrary herein, the Director shall
forfeit any right to a benefit under this Agreement if:

 

		(a)	The Director’s service is terminated
for Cause; or 

		(b)	The Director is subject to a final removal
or prohibition order issued by an appropriate federal banking agency pursuant to Section 8(e) of the Federal Deposit Insurance
Act (“FDIA”); or

		(c)	The Director provides written notice to
the Bank declining further participation in the Agreement.

 

    	 	 

     

    

 

Article 4

Comparable
Coverage

 

		4.1	Offer to Purchase. If the Bank discontinues a Policy while the Director has a Vested Insurance
Benefit that has not been forfeited, the Bank shall give the Director fifteen (15) days to purchase such Policy. The purchase price
shall be the greater of (i) the Bank’s share of the cash value of the Policy on the date of such assignment or (ii) the amount
of the premiums which have been paid by the Bank prior to the date of such assignment. Director agrees that this Agreement shall
satisfy written notice requirement.

 

Article 5

Premiums and Imputed Income

 

		5.1	Premium Payment. The Bank shall pay all premiums due on all Policies.

 

		5.2	Economic Benefit. The Bank shall determine the economic benefit attributable to the Director
based on the life insurance premium factor for the Director’s age multiplied by the aggregate death benefit payable to the
Beneficiary. The “life insurance premium factor” is the minimum factor applicable under guidance published pursuant
to Treasury Reg. § 1.61-22(d)(3)(ii) or any subsequent authority.

 

		5.3	Imputed Income. The Bank shall impute the economic benefit to the Director on an annual
basis, by adding the economic benefit to the Director’s 1099.

 

Article 6

Beneficiaries

 

		6.1	Beneficiary. The Director shall have the right, at any time, to designate a Beneficiary(ies)
to receive any benefits payable under the Agreement upon the death of the Director. The Beneficiary designated under this Agreement
may be the same as or different from the beneficiary designation under any other Agreement of the Bank in which the Director participates.

 

		6.2	Beneficiary Designation; Change. The Director shall designate a Beneficiary by completing
and signing the Beneficiary Designation Form, and delivering it to the Bank or its designated agent. The Director shall have the
right to change a Beneficiary by completing, signing and otherwise complying with the terms of the Beneficiary Designation Form
and the Bank’s rules and procedures, as in effect from time to time. Upon the acceptance by the Bank of a new Beneficiary
Designation Form, all Beneficiary designations previously filed shall be cancelled. The Bank shall be entitled to rely on the last
Beneficiary Designation Form filed by the Director and accepted by the Bank prior to the Director’s death.

 

		6.3	Acknowledgment. No designation or change in designation of a Beneficiary shall be effective
until received, accepted and acknowledged in writing by the Bank or its designated agent.

 

    	 	 

     

    

 

		6.4	No Beneficiary Designation. If the Director dies without a valid designation of Beneficiary,
or if all designated Beneficiaries predecease the Director, then the Director’s surviving spouse shall be the designated
Beneficiary. If the Director has no surviving spouse, the benefits shall be made payable to the personal representative of the
Director’s estate.

 

		6.5	Facility of Payment. If the Bank determines in its discretion that a benefit is to be paid
to a minor, to a person declared incompetent, or to a person incapable of handling the disposition of that person’s property,
the Bank may direct payment of such benefit to the guardian, legal representative or person having the care or custody of such
minor, incompetent person or incapable person. The Bank may require proof of incompetence, minority or guardianship as it may deem
appropriate prior to distribution of the benefit. Any payment of a benefit shall be a payment for the account of the Director and
the Director’s Beneficiary, as the case may be, and shall be a complete discharge of any liability under the Agreement for
such payment amount.

 

Article 7

Assignment

 

The Director may irrevocably
assign without consideration all of the Director’s Interest in this Agreement to any person, entity, or trust. In the event
the Director shall transfer all of the Director’s Interest, then all of the Director’s Interest in this Agreement shall
be vested in the Director’s transferee, who shall be substituted as a party hereunder, and the Director shall have no further
interest in this Agreement. Notwithstanding any assignment made by the Director under this Article 8, for the purpose of determining
benefits payable under this Agreement, Director’s service status shall continue to control the terms of any vesting and/or
forfeiture of benefits.

 

Article 8

Insurer

 

The Insurer shall be bound
only by the terms of its given Policy. The Insurer shall not be bound by or deemed to have notice of the provisions of this Agreement.
The Insurer shall have the right to rely on the Bank’s representations with regard to any definitions, interpretations or
Policy interests as specified under this Agreement.

 

Article 9

Claims and Review Procedure

 

		9.1	Claims Procedure. The Director or Beneficiary (“Claimant”) who has not received
benefits under the Agreement that he or she believes should be paid shall make a claim for such benefits as follows:

 

		9.1.1	Initiation – Written Claim. The Claimant initiates a claim by submitting to the Bank
a written claim for the benefits. If such a claim relates to the contents of a notice received by the Claimant, the claim must
be made within sixty (60) days after such notice was received by the Claimant. All other claims must be made within one hundred
eighty (180) days of the date on which the event that caused 

 

    	 	 

     

    

 

the claim to arise occurred. The claim must state with particularity
the determination desired by the Claimant.

 

		9.1.2	Timing of Bank Response. The Bank shall respond to such Claimant within ninety (90) days
after receiving the claim. If the Bank determines that special circumstances require additional time for processing the claim,
the Bank can extend the response period by an additional ninety (90) days by notifying the Claimant in writing, prior to the end
of the initial ninety (90) day period, that an additional period is required. The notice of extension must set forth the special
circumstances and the date by which the Bank expects to render its decision.

 

		9.1.3	Notice of Decision. If the Bank denies part or all of the claim, the Bank shall notify the
Claimant in writing of such denial. The Bank shall write the notification in a manner calculated to be understood by the Claimant.
The notification shall set forth:

 

		(a)	The specific reasons for the denial;

		(b)	A reference to the specific provisions of the Agreement on which the denial is based;

		(c)	A description of any additional information or material necessary for the Claimant to perfect the
claim and an explanation of why it is needed; and

		(d)	An explanation of the Agreement’s review procedures and the time limits applicable to such
procedures;

 

		9.2	Review Procedure. If the Bank denies part or all of the claim, the Claimant shall have the
opportunity for a full and fair review by the Bank of the denial, as follows:

 

		9.2.1	Initiation – Written Request. To initiate the review, the Claimant, within sixty (60)
days after receiving the Bank’s notice of denial, must file with the Bank a written request for review.

 

		9.2.2	Additional Submissions – Information Access. The Claimant shall then have the opportunity
to submit written comments, documents, records and other information relating to the claim. The Bank shall also provide the Claimant,
upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant to
the Claimant’s claim for benefits.

 

		9.2.3	Considerations on Review. In considering the review, the Bank shall take into account all
materials and information the Claimant submits relating to the claim, without regard to whether such information was submitted
or considered in the initial benefit determination.

 

		9.2.4	Timing of Bank’s Response. The Bank shall respond in writing to such Claimant within
sixty (60) days after receiving the request for review. If the Bank determines that special circumstances require additional time
for processing the claim, the Bank can extend the response period by an additional sixty (60) days by notifying the Claimant in
writing, prior to the end of the initial sixty (60) day period, that an additional period is required. The notice of extension
must set 

 

    	 	 

     

    

 

forth the special circumstances and the date by which the Bank expects to render its decision.

 

		9.2.5	Notice of Decision. The Bank shall notify the Claimant in writing of its decision on review.
The Bank shall write the notification in a manner calculated to be understood by the Claimant. The notification shall set forth:

 

		(a)	The specific reasons for the denial;

		(b)	A reference to the specific provisions of the Agreement on which the denial is based; and

		(c)	A statement that the Claimant is entitled to receive, upon request and free of charge, reasonable
access to, and copies of, all documents, records and other information relevant to the Claimant’s claim for benefits.

 

Article 10

Amendments and Termination

 

Notwithstanding anything
to the contrary herein, the Bank may amend or terminate this Agreement only if: (i) continuation of the Agreement would cause significant
financial harm to the Bank, (ii) the Director agrees to such action, or (iii) the Bank’s banking regulator(s) issues a written
directive to amend or terminate the Agreement.

 

Article 11

Administration

		11.1	Plan Administrator. This Agreement shall be administered by a Plan Administrator which shall
consist of the Board, or such committee or persons as the Board may choose. The Plan Administrator shall also have the discretion
and authority to (i) make, amend, interpret and enforce all appropriate rules and regulations for the administration of this Agreement
and (ii) decide or resolve any and all questions including interpretations of this Agreement, as may arise in connection with this
Agreement.

 

		11.2	Agents. In the administration of this Agreement, the Plan Administrator may employ agents
and delegate to them such administrative duties as it sees fit, (including acting through a duly appointed representative), and
may from time to time consult with counsel who may be counsel to the Bank.

 

		11.3	Binding Effect of Decisions. The decision or action of the Plan Administrator with respect
to any question arising out of or in connection with the administration, interpretation and application of this Agreement and the
rules and regulations promulgated hereunder shall be final and conclusive and binding upon all persons having any interest in this
Agreement.

 

		11.4	Indemnity of Plan Administrator. The Bank shall indemnify and hold harmless any party contracted
for the purposes of assisting the Plan Administrator in performing its duties under this Agreement against any and all claims,
losses, damages, expenses or liabilities arising from any action or failure to act with respect to this Agreement, except in the
case of willful misconduct by such contracted party.

 

    	 	 

     

    

 

		11.5	Information. To enable any party contracted for the purposes of assisting the Plan Administrator
in performing its duties under this Agreement to perform its functions, the Bank shall supply full and timely information to such
contracted party on all matters relating to the Fees of the Director, the date and circumstances of the retirement, Disability,
death or termination of the Director, and such other pertinent information as such contracted party may reasonably require.

 

Article 12

Miscellaneous

 

		12.1	Binding Effect. This Agreement shall bind the Director and the Bank, their beneficiaries,
survivors, executors, administrators and transferees and any Beneficiary.

 

		12.2	No Guarantee of Service. This Agreement is not a contract of service. It does not give the
Director the right to remain a Director of the Bank, nor does it interfere with the Bank’s right to discharge the Director.
It also does not require the Director to remain a Director nor interfere with the Director’s right to terminate service at
any time.

 

		12.3	Applicable Law. The Agreement and all rights hereunder shall be governed by and construed
according to the laws of the state where the principal offices of the Bank reside, except to the extent preempted by the laws of
the United States of America.

 

		12.4	Reorganization. The Bank shall not merge or consolidate into or with another company, or
reorganize, or sell substantially all of its assets to another company, firm or person unless such succeeding or continuing company,
firm or person agrees to assume and discharge the obligations of the Bank under this Agreement. Upon the occurrence of such event,
the term “Bank” as used in this Agreement shall be deemed to refer to the successor or survivor company.

 

		12.5	Notice. Any notice or filing required or permitted to be given to the Bank under this Agreement
shall be sufficient if in writing and hand-delivered, or sent by registered or certified mail, to the address below:

 

	 
	 
	 
	 

 

Such notice shall be deemed given
as of the date of delivery or, if delivery is made by mail, as of the date shown on the postmark or the receipt for registration
or certification.

 

Any notice or filing required or
permitted to be given to the Director under this Agreement shall be sufficient if in writing and hand-delivered, or sent by mail,
to the last known address of the Director.

 

		12.6	Entire Agreement. This Agreement, along with the Director’s Beneficiary Designation
Form, constitutes the entire agreement between the Bank and the Director as to the subject matter hereof. No rights are granted
to the Director under this Agreement other than those specifically set forth herein.

 

    	 	 

     

    

 

IN WITNESS WHEREOF, the
parties hereto acknowledge that each has carefully read this Agreement and executed the original thereof effective as of the day
set forth hereinabove, and that, upon execution, each has received a conforming copy.

 

	DIRECTOR:	 	BANK:
	 	 	 
	 	 	St. Tammany Homestead Savings and Loan Association
	 	 	 	 
	 	 	By	 
		 	 	 
	 	 	Title	 

 

    	 	 

     

    

 

BENEFICIARY DESIGNATION FORM

 

		x	New Designation

		 ̈	Change in Designation

 

I, _____________________ , designate
the following as Beneficiary under the Agreement:

 

Primary:

 

	 	 	_____%
	Name	Relationship	 
	 	 	 
	 	 	_____%
	Name	Relationship	 
	 	 	 
	 	 	_____%
	Name	Relationship	 

 

Contingent:

 

	 	 	_____%
	Name	Relationship	 
	 	 	 
	 	 	_____%
	Name	Relationship	 
	 	 	 
	 	 	_____%
	Name	Relationship	 

 

Notes:

		·	Please PRINT CLEARLY or TYPE the names
of the beneficiaries.

		·	To name a trust as beneficiary, please
provide the name of the trustee(s) and the exact name and date of the trust agreement.

		·	To name your estate as beneficiary,
please write “Estate of _[your name]_”.

		·	Be aware that none of the contingent
beneficiaries will receive anything unless ALL of the primary beneficiaries predecease you.

 

I understand that I may change these beneficiary
designations by delivering a new written designation to the Plan Administrator, which shall be effective only upon receipt and
acknowledgment by the Plan Administrator prior to my death.

 

	Name:	 	 	 	 
	 	 	 	 	 
	Signature:	 	 	Date:	 

 

SPOUSAL CONSENT (Required if Spouse is not named Beneficiary):

 

I consent to the beneficiary designation above, and acknowledge
that if I am named Beneficiary and our marriage is subsequently dissolved, the designation will automatically be revoked.

 

	Spouse Name:	 	 	 	 
	 	 	 	 	 
	Signature:	 	 	Date: 	 

 

Received by the Plan Administrator this _____
day of __________________, 2___

 

	By:	 	 
	 	 	 
	Title:

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