Document:

Exhibit 10.6

 Exhibit 10.6 
 AMENDED AND RESTATED 
 BAY-VANGUARD FEDERAL SAVINGS BANK 
 CHANGE IN CONTROL SEVERANCE COMPENSATION PLAN 
 A.
Purpose. 
 The purpose of the Bay-Vanguard Federal Savings Bank Change in Control Severance Compensation Plan (the
“Plan”) is to ensure the successful continuation of the business of Bay-Vanguard Federal Savings Bank (the “Bank”) and the fair and equitable treatment of the Bank’s employee following a Change in Control (as defined below).
The Bank has amended and restated this Plan to conform with the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”). 
 B. Covered Employees. 
 Subject to paragraph C below, any employee of the Bank with at least
one year of service as of his or her termination date shall be eligible to receive a Change in Control Severance Benefit (as defined below) if, within the period beginning on the effective date of a Change in Control and ending on the first
anniversary of such date, (i) the employee’s employment with the Bank is involuntarily terminated or (ii) the employee terminates employment with the Bank voluntarily after being offered continued employment in a position that is not
a Comparable Position (as defined below). 
 C. Limitations on Eligibility for Change in Control Severance Benefits. 
 1. No employee shall be eligible for a Change in Control Severance Benefit if (a) his or her employment is terminated for “Cause”,
(b) he or she is offered a Comparable Position within the Bank and declines to accept such position or (c) the employee is, at the time of termination of employment, a party to an individual employment agreement or change in control
agreement with the Bank and/or BV Financial, Inc. (the “Company”). 
 2. For purposes of this Plan, a termination of employment for
“Cause” shall include termination because of the employee’s personal dishonesty, incompetence, willful misconduct, breach of fiduciary duty involving personal profit, intentional failure to perform stated duties, willful violation of
any law, rule or regulation (other than traffic violations or similar offenses) or violation of any final cease-and- desist order, or material breach of any provision of the plan. 
 3. For purposes of this Plan, a “Comparable Position” shall mean a position that would (i) provide the employee with base compensation and
benefits that are comparable in the aggregate to those provided to the employee prior to the Change in Control, (ii) provide the employee with an opportunity for variable bonus compensation that is comparable to the opportunity provided to the
employee prior to the Change in Control, (iii) be in a location that would not require the employee to increase his or her daily one way commuting distance by more than twenty-five (25) miles as compared to the employee’s commuting
distance immediately prior to the Change in Control and (iv) have job skill requirements and duties that are comparable to the requirements and duties of the position held by the employee prior to the Change in Control. 
 D. Definition of Change in Control. 
 For
purposes of this Plan, “Change in Control” means the occurrence of any one of the following events: 

	 	(1)	Merger: The Company merges into or consolidates with another corporation, or merges another corporation into the Company, and as a result less than a majority of the combined
voting power of the resulting corporation immediately after the merger or consolidation is held by persons who were stockholders of the Company immediately before the merger or consolidation. 

  

	 	(2)	Acquisition of Significant Share Ownership: There is filed or required to be filed a report on Schedule 13D or another form or schedule (other than Schedule 13G) required
under Sections 13(d) or 14(d) of the Securities Exchange Act of 1934, if the schedule discloses that the filing person or persons acting in concert has or have become the beneficial owner of 25% or more of a class of the Company’s voting
securities, but this clause (b) shall not apply to beneficial ownership of Company voting shares held in a fiduciary capacity by an entity of which the Company directly or indirectly beneficially owns 50% or more of its outstanding voting
securities. 

  

	 	 (3)
	 Change in Board Composition: During any period of two consecutive years, individuals who constitute the
Company’s Board of Directors at the beginning of the two-year period cease for any reason to constitute at least a majority of the Company’s Board of Directors; provided, however, that for purposes of this clause (iii), each director who
is first elected by the board (or first nominated by the board for election by the stockholders) by a vote of at least two-thirds ( 2/3) of the directors who were directors at the beginning of the two-year period shall be deemed to have also been a director at the beginning of such period; or 

  

	 	(4)	Sale of Assets: The Company sells to a third party all or substantially all of its assets. 

 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. 
 E. Determination of the Change in Control Severance Benefit. 
 The Change in Control Severance Benefit payable to an eligible employee under this Plan shall be determined as follows: 
  

	 	(1)	An eligible employee who become entitled to receive a Change in Control Severance Payment under the Plan shall receive a benefit determined under the following schedule:

  

	 	(a)	The basic benefit under the Plan shall be determined as the product of (i) the employee’s years of service from his or her hire date (including partial years) through the
termination date and (ii) two (2) months of the employee’s Base Compensation (as defined below). A “year of service” shall mean each 12-month period of service following an employee’s hire date determined without regard
the number of hours worked during such period(s). 

  

	 	(b)	Notwithstanding anything in this Plan to the contrary, the minimum payment to an eligible employee under this Plan shall be two (2) months of Base Compensation and the maximum
payment to an eligible employee shall not exceed 199% of the employee’s Base Compensation. 

  

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	 	(2)	The Change in Control Severance payment shall be made in a lump sum not later than five (5) business days after the date of the employee’s termination of employment.

  

	 	(3)	For purpose of determinations under this paragraph D, “Base Compensation” shall mean: 

  

	 	(a)	for salaried employees, the employee’s annual base salary at the rate in effect on his or her termination date or, if greater, the rate in effect on the date immediately
preceding the Change in Control. 

  

	 	(b)	for employees whose compensation is determined in whole or in part on the basis of commission income, the employee’s base salary at termination (or, if greater, the base salary
on date immediately preceding the effective date of the Change in Control), if any, plus the commissions earned by the employee in the twelve (12) full calendar months preceding his or her termination date (or, if greater, the commissions
earned in the twelve (12) full calendar months immediately preceding the effective date of the Change in Control). 

  

	 	(c)	for hourly employees, the employee’s total hourly wages for the twelve (12) full calendar months preceding his or her termination date or, if greater, the twelve
(12) full calendar months preceding the effective date of the Change in Control. 

 F. Withholding. 
 All payments will be subject to customary withholding for federal, state and local tax purposes. 
 G. Parachute Payment. 
 Notwithstanding
anything in this Plan to the contrary, if a benefit to a employee who is a “Disqualified Individual” shall be in an amount which includes an “Excess Parachute Payment” taking into account payments under this Plan and otherwise,
the benefit under this Plan to that employee shall be reduced to the maximum amount which does not include an Excess Parachute Payment. The terms “Disqualified Individual” and “Excess Parachute Payment” shall have the same
meanings as under Section 280G of the Code, or any successor provision thereto. 
 H. Adoption by Subsidiaries. 
 Upon approval by the Board of Directors of the Bank, this Plan may be adopted by any “Subsidiary” of the Bank. Upon such adoption, the
Subsidiary shall become an Employer hereunder and the provisions of the Plan shall be fully applicable to the Employees of that Subsidiary. The term “Subsidiary” means any corporation in which the Bank, directly or indirectly, holds a
majority of the voting power of its outstanding shares of capital stock. 
 I. Administration. 
 The Plan is administered by the Board of Directors of the Bank, which shall have the discretion to interpret the terms of the Plan and to make all
determinations about eligibility and payment of benefits. All decisions of the Board, any action taken by the Board with respect to the Plan and within the powers granted to the Board under the Plan, and any interpretation by the Board of any term
or condition of the Plan, are conclusive and binding on all persons, and will be given the maximum possible deference allowed by law. The Board may delegate and reallocate any authority and responsibility with respect to the Plan. 
  

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 J. Source of Payments. 
 All amounts payable under the Plan will be paid in cash from the general funds of the Bank; no separate fund will be established under the Plan; and the Plan will have no assets. 
 K. Inalienability. 
 In no event may any
Employee sell, transfer, anticipate, assign or otherwise dispose of any right or interest under the Plan. At no time will any such right or interest be subject to the claims of creditors, nor liable to attachment, execution or other legal process.

 L. Governing Law. 
 The
provisions of the Plan will be construed, administered and enforced in accordance with the laws of the State of Maryland, except to the extent that federal law applies. 
 M. Severability. 
 If any provision of the Plan is held invalid or unenforceable, its
invalidity or unenforceability will not affect any other provision of the Plan, and the Plan will be construed and enforced as if such provision had not been included. 
 N. No Employment Rights. 
 Neither the establishment nor the terms of this Plan shall be held
or construed to confer upon any employee the right to a continuation of employment by the Bank, nor constitute a contract of employment, express or implied. The Bank reserves the right to dismiss or otherwise deal with any employee to the same
extent and on the same basis as though this Plan had not been adopted. Nothing in this Plan is intended to alter the at-will status of the Bank’s employees, it being understood that, except to the extent otherwise expressly set forth to the
contrary in an individual employment-related agreement, the employment of any employee may be terminated at any time by either the Bank or the employee with or without cause. 
 O. Amendment and Termination. 
 The Plan may be terminated or amended in any respect by
resolution adopted by a majority of the Board of Directors of the Bank, unless a Change in Control has previously occurred. If a Change in Control occurs, the Plan no longer shall be subject to amendment, change, substitution, deletion, revocation
or termination in any respect whatsoever. The form of any proper amendment or termination of the Plan shall be a written instrument signed by a duly authorized officer or officers of the Bank, certifying that the amendment or termination has been
approved by the Board of Directors. A proper amendment of the Plan automatically shall effect a corresponding amendment to each Participant’s rights hereunder. A proper termination of the Plan automatically shall effect a termination of all
employees’ rights and benefits hereunder. 
  

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 P. Section 409A. 
 If when termination of employment occurs an employee is a “specified employee” (within the meaning of Section 409A of the Code), and if the cash severance payment under paragraph E. would be considered
deferred compensation under Section 409A of the Code, and, finally, if an exemption from the six-month delay requirement of Section 409A(a)(2)(B)(i) of the Code is not available, the employee’s severance benefit shall be paid to the
employee in a single lump sum, without interest, on the first payroll date of the seventh month after the month in which the employee’s employment terminates, provided the termination of employment constitutes a “separation from
service” under Section 409A of the Code. References in this Plan to Section 409A of the Code include rules, regulations, and guidance of general application issued by the Department of the Treasury under Section 409A of the Code.

  

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 Having been adopted by its Board of Directors, this Plan is executed by its duly authorized officer and
effective December 17, 2008. 
  

							
		 		 	BAY-VANGUARD FEDERAL SAVINGS BANK
				
		 		 	By:	 	 /s/ Edmund T. Leonard

	Attest:	 		 		 	For the Entire Board of Directors
				
	 /s/ Robert R. Kern, Jr.
	 		 		 	
	Corporate SecretaryExhibit 10.7

 Exhibit 10.7 
 AMENDED AND RESTATED 
 BAY-VANGUARD FEDERAL SAVINGS BANK 
 SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN 
 As of December 17, 2008 

 Amended and Restated 
 Bay-Vanguard Federal Savings Bank 
 Supplemental Executive Retirement Plan 
 Table of Contents 
  

					
	Article I	 	Introduction	  	1
			
	Article II	 	Definitions	  	1
			
	Article III	 	Eligibility and Participation	  	3
			
	Article IV	 	Benefits	  	3
			
	Article V	 	Accounts	  	5
			
	Article VI	 	Supplemental Benefit Payments	  	5
			
	Article VII	 	Claims Procedures	  	6
			
	Article VIII	 	Amendment and Termination	  	7
			
	Article IX	 	General Provisions	  	8

 Article I 
 Introduction 
 Section 1.01 Purpose, Design and Intent. 
 (a) The purpose of the Bay-Vanguard Federal Savings Bank Supplemental Executive Retirement Plan (the “Plan”) is to assist Bay-Vanguard Federal Savings Bank (the
“Bank”) and its affiliates in retaining the services of key employees until their retirement, to induce such employees to use their best efforts to enhance the business of the Bank and its affiliates, and to provide certain supplemental
retirement benefits to such employees. 
 (b) The Plan, in relevant part, is intended to constitute an unfunded “excess benefit plan” as defined in
Section 3(36) of the Employee Retirement Income Security Act of 1974, as amended. In this respect, the Plan is specifically designed to provide certain key employees with retirement benefits that would have been provided under various
tax-qualified retirement plans sponsored by the Bank but for the applicable limitations placed on benefits and contributions under such plans by various provisions of the Internal Revenue Code of 1986, as amended (the “Code”). 

(c) The Bank is amending and restating the Plan in its entirety effective as of January 1, 2005, to comply with Section 409A of the Code. 
 Article II 
 Definitions

 Section 2.01 Definitions. In this Plan, whenever the context so indicates, the singular or the plural number and the masculine or
feminine gender shall be deemed to include the other, the terms “he,” “his,” and “him,” shall refer to a Participant or a beneficiary of a Participant, as the case may be, and, except as otherwise provided, or unless
the context otherwise requires, the capitalized terms shall have the following meanings: 
 (a) “Affiliate” means any corporation,
trade or business, which, at the time of reference, is together with the Bank, a member of a controlled group of corporations, a group of trades or businesses (whether or not incorporated) under common control, or an affiliated service group, as
described in Sections 414(b), 414(c), and 414(m) of the Code, respectively, or any other organization treated as a single employer with the Bank under Section 414(o) of the Code. 
 (b) “Applicable Limitations” means one or more of the following, as applicable: 
  

	 	(i)	the maximum limitations on annual additions to a tax-qualified defined contribution plan under Section 415(c) of the Code; 

  

	 	(ii)	the maximum limitation on the annual amount of compensation that may, under Section 401(a)(17) of the Code, be taken into account in determining contributions to and benefits
under tax-qualified plans; and 

  

	 	(iii)	the maximum limitations, under Sections 401(k), 401(m), or 402(g) of the Code, on pre-tax contributions that may be made to a qualified defined contribution plan.

 (c) “Bank” means Bay-Vanguard Federal Savings Bank, and its successors. 
 (d) “Board of Directors” means the Board of Directors of the Bank. 
  

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 (e) “Change in Control” means the earliest occurrence of a “change in ownership,”
“change in effective control,” or “change in ownership of a substantial portion of assets” for purposes of Section 409A of the Code, but excluding 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). 
 (f)
“Code” means the Internal Revenue Code of 1986, as amended. 
 (g) “Committee” means the person(s) designated
by the Board of Directors, pursuant to Section 9.02 of the Plan, to administer the Plan. 
 (h) “Common Stock” means the common
stock of the Company. 
 (i) “Company” means BV Financial, Inc. and its successors. 
 (j) “Eligible Individual” means any Employee who participates in the ESOP or the 401(k) Plan, as the case may be, and whom the Board of Directors
determines is one of a “select group of management or highly compensated employees,” as such phrase is used for purposes of Sections 101, 201, and 301 of ERISA. 
 (k) “Employee” means any person employed by the Bank or an Affiliate. 
 (l)
“Employer” means the Bank or Affiliate thereof that employs the Employee. 
 (m) “ERISA” means the Employee
Retirement Income Security Act of 1974, as amended. 
 (n) “ESOP” means the Bay-Vanguard Federal Savings Bank Employee Stock
Ownership Plan, as amended from time to time. 
 (o) “ESOP Acquisition Loan” means a loan or other extension of credit incurred by
the trustee of the ESOP in connection with the purchase of Common Stock on behalf of the ESOP. 
 (p) “ESOP Valuation Date” means any
day as of which the investment experience of the trust fund of the ESOP is determined and individuals’ accounts under the ESOP are adjusted accordingly. 
 (q) “Effective Date” means July 1, 2004. 
 (r) “Participant” means an Eligible Employee who is
entitled to benefits under the Plan. 
 (s) “Plan” means this Bay-Vanguard Federal Savings Bank Supplemental Executive Retirement
Plan. 
 (t) “401(k) Plan” means the Bay-Vanguard Federal Savings Bank 401(k) Profit Sharing Plan, as amended from time to time.

 (u) “Separation from Service” means a Participant’s separation from service with the Bank, within the meaning of
Section 409A of the Code. 
 (v) “Specified Employee” means, as of a given date, a “specified employee” as of such
date for purposes of Section 409A of the Code. 
  

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 (w) “Supplemental ESOP Account” means an account established by an Employer, pursuant to
Section 5.01 of the Plan, with respect to a Participant’s Supplemental ESOP Benefit. 
 (x) “Supplemental ESOP Benefit”
means the benefit credited to a Participant pursuant to Section 4.01 of the Plan. 
 (y) “Supplemental Savings Benefit” means
the benefit credited to a Participant pursuant to Section 4.03 of the Plan. 
 (z) “Supplemental Savings Account” means an
account established by an Employer, pursuant to Section 5.03 of the Plan, with respect to a Participant’s Supplemental Savings Benefit. 
 (aa)
“Supplemental Stock Ownership Account” means an account established by an Employer, pursuant to Section 5.02 of the Plan, with respect to a Participant’s Supplemental Stock Ownership Benefit. 
 (bb) “Supplemental Stock Ownership Benefit” means the benefit credited to a Participant pursuant to Section 4.02 of the Plan. 
 Article III 
 Eligibility and
Participation 
 Section 3.01 Eligibility and Participation. 
 (a) Each Eligible Employee may participate in the Plan. An Eligible Employee shall become a Participant in the Plan upon designation as such by the Board of Directors. An Eligible Employee whom the Board of Directors
designates as a Participant in the Plan shall commence participation as of the date established by the Board of Directors. The Board of Directors shall establish an Eligible Employee’s date of participation at the same time it designates the
Eligible Employee as a Participant in the Plan. 
 (b) The Board of Directors may, at any time, designate an Eligible Employee as a Participant for any or
all supplemental benefits provided for under Article IV of the Plan. 
 Article IV 
 Benefits 
 Section 4.01 Supplemental ESOP
Benefit. 
 As of the last day of each plan year of the ESOP, the Employer shall credit the Participant’s Supplemental ESOP Account with a
Supplemental ESOP Benefit equal to the excess of (a) over (b), where: 
 (a) Equals the annual contributions made by the Employer and/or the number of
shares of Common Stock released for allocation in connection with the repayment of an ESOP Acquisition Loan that would otherwise be allocated to the accounts of the Participant under the ESOP for the applicable plan year, if the provisions of the
ESOP were administered without regard to any of the Applicable Limitations; and 
 (b) Equals the annual contributions made by the Employer and/or the number
of shares of common stock released for allocation in connection with the repayment of an ESOP Acquisition Loan that are actually allocated to the accounts of the Participant under the provisions of the ESOP for that particular 

  

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plan year, after giving effect to any reduction of such allocation required by any of the Applicable Limitations. 
 Section 4.02 Supplemental Stock Ownership Benefit. 
 (a)
Upon a Change in Control, the Employer shall credit to the Participant’s Supplemental Stock Ownership Account a Supplemental Stock Ownership Benefit equal to (i) less (ii), the result of which is multiplied by (iii), where: 
  

	 	(i)	Equals the total number of shares of Common Stock acquired with the proceeds of all ESOP Acquisition Loans (together with any dividends, cash proceeds, or other medium related to
such ESOP Acquisition Loans) that would have been allocated or credited for the benefit of the Participant under the ESOP and/or this Plan, as the case may be, had the Participant continued in the employ of the Employer through the first ESOP
Valuation Date following the last scheduled payment of principal and interest on all ESOP Acquisition Loans outstanding at the time of the Change in Control; and 

  

	 	(ii)	Equals the total number of shares of Common Stock acquired with the proceeds of all ESOP Acquisition Loans (together with any dividends, cash proceeds, or other medium related to
such ESOP Acquisition Loans) and allocated for the benefit of the Participant under the ESOP and/or this Plan, as the case may be, as of the first ESOP Valuation Date following the Change in Control; and 

  

	 	(iii)	Equals the fair market value of the Common Stock immediately preceding the Change in Control. 

 (b) For purposes of clause (i) of subsection (a) of this Section 4.02, the total number of shares of Common Stock shall be determined by multiplying the sum of (i) and (ii) by (iii), where:

  

	 	(i)	equals the average of the total shares of Common Stock acquired with the proceeds of an ESOP Acquisition Loan and allocated for the benefit of the Participant under the ESOP as of
the three most recent ESOP Valuation Dates preceding the Change in Control (or lesser number if the Participant has not participated in the ESOP for three full years); 

  

	 	(ii)	equals the average number of shares of Common Stock credited to the Participant’s Supplemental ESOP Account for the three most recent plan years of the ESOP (such that the
three most recent plan years coincide with the three most recent ESOP Valuation Dates referred to in (i) above); and 

  

	 	(iii)	equals the original number of scheduled annual payments on the ESOP Acquisition Loans. 

 Section 4.03 Supplemental Savings Benefit. 
 A Participant’s Supplemental Savings Benefit under the
Plan shall be equal to the excess of (a) over (b), where: 
 (a) is the sum of the matching contributions and other contributions of the Employer that
would otherwise be allocated to an account of the Participant under the 401(k) Plan for a particular year, if the provisions of the 401(k) Plan were administered without regard to any of the Applicable Limitations; and 
  

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 (b) is the sum of the matching contributions and other contributions of the Employer that are actually allocated on
account of the Participant under the provisions of the 401(k) Plan for that particular year, after giving effect to any reduction of such allocation required by any of the Applicable Limitations. 
 Article V 
 Accounts 

Section 5.01 Supplemental ESOP Benefit Account. 
 For
each Participant who is credited with a benefit pursuant to Section 4.01 of the Plan, the Employer shall establish, as a memorandum account on its books, a Supplemental ESOP Account. Each year, the Committee shall credit to the
Participant’s Supplemental ESOP Account the amount of benefits determined under Section 4.01 of the Plan for that year. The Committee shall credit the account with an amount equal to the appropriate number of shares of Common Stock or
other medium of contribution that would have otherwise been made to the Participant’s accounts under the ESOP but for the limitations imposed by the Code. Shares of Common Stock shall be valued under this Plan in the same manner as under the
ESOP. Cash contributions credited to a Participant’s Supplemental ESOP Account shall be credited annually with interest at a rate equal to the combined weighted return provided to the Participant’s non-stock accounts under the ESOP.

 Section 5.02 Supplemental Stock Ownership Account. 
 The Employer shall establish, as a memorandum account on its books, a Supplemental Stock Ownership Account. Upon a Change in Control, the Committee shall credit to the Participant’s Supplemental Stock Ownership Account the amount of
benefits determined under Section 4.02 of the Plan. The Committee shall credit the account with an amount equal to the appropriate number of shares of Common Stock or other medium of contribution that would have otherwise been made to the
Participant’s accounts under the ESOP. Shares of Common Stock shall be valued under this Plan in the same manner as under the ESOP. Cash contributions credited to a Participant’s Supplemental Stock Ownership Account shall be credited
annually with interest at a rate equal to the combined weighted return provided to the Participant’s non-stock accounts under the ESOP. 
 Section 5.03 Supplemental Savings Account. 
 The Employer shall establish a memorandum account, the “Supplemental Savings
Account” for each Participant on its books, and each year the Committee will credit the amount of contributions determined under Section 4.03 of the Plan. Contributions credited to a Participant’s Supplemental Savings Account shall be
credited monthly with interest at a rate equal to the combined weighted return provided to the Participant’s account(s) under the 401(k) Plan. 
 Article VI 
 Supplemental Benefit Payments 
 Section 6.01 Payment of Supplemental ESOP Benefit. 
 (a) A Participant’s Supplemental ESOP Benefit
shall be paid to the Participant or, in the event of the Participant’s death, to his beneficiary (as designated on a form acceptable to the Employer), in a single lump sum payment as soon as administratively practicable (but no later than 60
days) following the Participant’s Separation from Service. The form of the payment shall match the form (i.e., cash, stock or other medium) in which the Employer credited the benefit pursuant to Article V of the Plan. 
  

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 (b) A Participant shall have a non-forfeitable right to the Supplemental ESOP Benefit credited to him under this Plan in
the same percentage as he has benefits allocated to him under the ESOP at the time the benefits become distributable to him under the ESOP. 
 Section 6.02 Payment of Supplemental Stock Ownership Benefit. 
 (a) A Participant’s Supplemental Stock Ownership Benefit
shall be paid to the Participant or, in the event of the Participant’s death, to his beneficiary (as designated on a form acceptable to the Employer), in a single lump sum payment as soon as administratively practicable (but no later than 60
days) following the Participant’s Separation from Service. The form of the payment shall match the form (i.e., cash, stock or other medium) in which the Employer credited the benefit pursuant to Article V of the Plan. 
 (b) A Participant shall always have a fully non-forfeitable right to the Supplemental Stock Ownership Benefit credited to him under this Plan. 
 Section 6.03 Payment of Supplemental Savings Benefit. 
 (a) A Participant’s Supplemental Savings Benefit shall be paid to the Participant or, in the event of the Participant’s death, to his beneficiary (as designated on a form acceptable to the Employer), in a single lump sum payment
as soon as administratively practicable (but no later than 60 days) following the Participant’s Separation from Service. The form of payment shall match the form (i.e., cash, stock or other medium) in which the Employer credited the benefit
pursuant to Article V of the Plan. 
 (b) A Participant shall have a non-forfeitable right to his Supplemental Savings Benefit under this Plan in the same
percentage as he has to his matching contributions under the 401(k) Plan at the time the benefits become distributable to him under the 401(k) Plan. 
 Article VII 
 Claims Procedures 
 Section 7.01 Claims Reviewer. 
 For purposes of handling claims with respect to this Plan, the “Claims Reviewer” shall
be the Committee, unless the Committee designates another person or group of persons as Claims Reviewer. 
 Section 7.02 Claims Procedure.

 (a) An initial claim for benefits under the Plan must be made by the Participant or his beneficiary or beneficiaries in accordance with the terms of
this Section 7.02. 
 (b) Not later than ninety (90) days after receipt of such a claim, the Claims Reviewer will render a written decision on the
claim to the claimant, unless special circumstances require the extension of such 90-day period. If such extension is necessary, the Claims Reviewer shall provide the Participant or the Participant’s beneficiary or beneficiaries with written
notification of such extension before the expiration of the initial 90-day period. Such notice shall specify the reason or reasons for the extension and the date by which a final decision can be expected. In no event shall such extension exceed a
period of ninety (90) days from the end of the initial 90-day period. 
 (c) In the event the Claims Reviewer denies the claim of a Participant or any
beneficiary in whole or in part, the Claims Reviewer’s written notification shall specify, in a manner calculated to be understood by the claimant, the reason for the denial; a reference to the Plan or other document or form that is the 

  

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basis for the denial; a description of any additional material or information necessary for the claimant to perfect the claim; an explanation as to why such
information or material is necessary; and an explanation of the applicable claims procedure. 
 (d) Should the claim be denied in whole or in part and should
the claimant be dissatisfied with the Claims Reviewer’s disposition of the claimant’s claim, the claimant may have a full and fair review of the claim by the Committee upon written request submitted by the claimant or the claimant’s
duly authorized representative and received by the Committee within sixty (60) days after the claimant receives written notification that the claimant’s claim has been denied. In connection with such review, the claimant or the
claimant’s duly authorized representative shall be entitled to review pertinent documents and submit the claimant’s views as to the issues, in writing. The Committee shall act to deny or accept the claim within sixty (60) days after
receipt of the claimant’s written request for review unless special circumstances require the extension of such 60-day period. If such extension is necessary, the Committee shall provide the claimant with written notification of such extension
before the expiration of such initial 60-day period. In all events, the Committee shall act to deny or accept the claim within 120 days of the receipt of the claimant’s written request for review. The action of the Committee shall be in the
form of a written notice to the claimant and its contents shall include all of the requirements for action on the original claim. 
 (e) In no event may a
claimant commence legal action for benefits the claimant believes are due the claimant until the claimant has exhausted all of the remedies and procedures afforded the claimant by this Article VII. 
 Article VIII 
 Amendment and
Termination 
 Section 8.01 Amendment of the Plan. 
 The Bank may from time to time and at any time amend the Plan; provided, however, that such amendment may not adversely affect the rights of any Participant or beneficiary with respect to any benefit under the Plan to
which the Participant or beneficiary may have previously become entitled prior to the effective date of such amendment without the consent of the Participant or beneficiary. The Committee shall be authorized to make minor or administrative changes
to the Plan, as well as amendments required by applicable federal or state law (or authorized or made desirable by such statutes); provided, however, that such amendments must subsequently be ratified by the Board of Directors. 
 Section 8.02 Termination in the Discretion of the Bank. Except as otherwise provided in Sections 8.03, the Bank in its discretion may terminate the
Plan and distribute benefits to Participants subject to the following requirements and any others specified under Section 409A of the Code: 
 (a) All
arrangements sponsored by the Bank that would be aggregated with the Plan under Section 1.409A-1(c) of the Treasury Regulations are terminated. 
 (b)
No payments other than payments that would be payable under the terms of the Plan if the termination had not occurred are made within 12 months of the termination date. 
 (c) All benefits under the Plan are paid within 24 months of the termination date. 
  

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 (d) The Bank does not adopt a new arrangement that would be aggregated with the Plan under Section 1.409A-1(c) of
the Treasury Regulations providing for the deferral of compensation at any time within 3 years following the date of termination of the Plan. 
 (e) The
termination does not occur proximate to a downturn in the financial health of the Bank. 
 Section 8.03 Termination Upon Change in Control
Event. If the Bank terminates the Plan within thirty days preceding or twelve months following a Change in Control, the Accounts (Supplemental ESOP Account, Supplemental Savings Account and Supplemental Stock Ownership Account) of each
Participant shall become fully vested and payable to the Participant in a lump sum within twelve months following the date of termination, subject to the requirements of Section 409A of the Code. 
 Article IX 
 General Provisions 

 Section 9.01 Unfunded, Unsecured Promise to Make Payments in the Future. 
 The right of a Participant or any beneficiary to receive a distribution under this Plan shall be an unsecured claim against the general assets of the Bank or its Affiliates, and neither a Participant, nor his
designated beneficiary or beneficiaries, shall have any rights in or against any amount credited to any account under this Plan or any other assets of the Bank or an Affiliate. The Plan at all times shall be considered entirely unfunded both for tax
purposes and for purposes of Title I of ERISA. Any funds invested hereunder shall continue for all purposes to be part of the general assets of the Bank or an Affiliate and available to its general creditors in the event of bankruptcy or insolvency.
Accounts under this Plan and any benefits which may be payable pursuant to this Plan are not subject in any manner to anticipation, sale, alienation, transfer, assignment, pledge, encumbrance, attachment, or garnishment by creditors of a Participant
or a Participant’s beneficiary. The Plan constitutes a mere promise by the Bank or Affiliate to make benefit payments in the future. No interest or right to receive a benefit may be taken, either voluntarily or involuntarily, for the
satisfaction of the debts of, or other obligations or claims against, such Participant or beneficiary, including claims for alimony, support, separate maintenance and claims in bankruptcy proceedings. 
 Section 9.02 Committee as Plan Administrator. 
 (a) The
Plan shall be administered by the Committee designated by the Board of Directors of the Bank. 
 (b) The Committee shall have the authority, duty and power
to interpret and construe the provisions of the Plan as it deems appropriate. The Committee shall have the duty and responsibility of maintaining records, making the requisite calculations and disbursing the payments hereunder. In addition, the
Committee shall have the authority and power to delegate any of its administrative duties to employees of the Bank or an Affiliate, as they may deem appropriate. The Committee shall be entitled to rely on all tables, valuations, certificates,
opinions, data and reports furnished by any actuary, accountant, controller, counsel or other person employed or retained by the Bank with respect to the Plan. The interpretations, determinations, regulations and calculations of the Committee shall
be final and binding on all persons and parties concerned. 
 Section 9.03 Expenses. 
 Expenses of administration of the Plan shall be paid by the Bank or an Affiliate. 
  

 8 

 Section 9.04 Statements. 
 The Committee shall furnish individual annual statements of accrued benefits to each Participant, or current beneficiary, in such form as determined by the Committee or as required by law. 
 Section 9.05 Rights of Participants and Beneficiaries. 
 (a) The sole rights of a Participant or beneficiary under this Plan shall be to have this Plan administered according to its provisions and to receive whatever benefits he or she may be entitled to hereunder. 
 (b) Nothing in the Plan shall be interpreted as a guaranty that any funds in any trust which may be established in connection with the Plan or assets of the Bank or an
Affiliate will be sufficient to pay any benefit hereunder. 
 (c) The adoption and maintenance of this Plan shall not be construed as creating any contract
of employment or service between the Bank or an Affiliate and any Participant or other individual. The Plan shall not affect the right of the Bank or an Affiliate to deal with any Participants in employment or service respects, including their
hiring, discharge, compensation, and other conditions of employment or service. 
 Section 9.06 Incompetent Individuals. 
 The Committee may, from time to time, establish rules and procedures which it determines to be necessary for the proper administration of the Plan and the benefits
payable to a Participant or beneficiary in the event that such Participant or beneficiary is declared incompetent and a conservator or other person is appointed and legally charged with that Participant’s or beneficiary’s care. Except as
otherwise provided for herein, when the Committee determines that such Participant or beneficiary is unable to manage his financial affairs, the Committee may pay such Participant’s or beneficiary’s benefits to such conservator, person
legally charged with such Participant’s or beneficiary’s care, or institution then contributing toward or providing for the care and maintenance of such Participant or beneficiary. Any such payment shall constitute a complete discharge of
any liability of the Bank or an Affiliate and the Plan for such Participant or beneficiary. 
 Section 9.07 Sale, Merger or Consolidation of the
Bank. 
 Subject to Section 8.03, the Plan may be continued after a sale of assets of the Bank, or a merger or consolidation of the Bank into or
with another corporation or entity only if, and to the extent that, the transferee, purchaser or successor entity agrees to continue the Plan. Additionally, upon a merger, consolidation or other change in control any amounts credited to
Participant’s deferral accounts shall be placed in a grantor trust to the extent not already in such a trust. In the event that the Plan is not continued by the transferee, purchaser or successor entity, then the Plan shall be terminated
subject to the provisions of Section 8.03 of the Plan. Any legal fees incurred by a Participant in determining benefits to which such Participant is entitled under the Plan following a sale, merger, or consolidation of the Bank or an Affiliate
of which the Participant is an Employee or, if applicable, a member of the Board of Directors, shall be paid by the resulting or succeeding entity. 
 Section 9.08 Location of Participants. 
 Each Participant shall keep the Bank informed of his current address and the current
address of his designated beneficiary or beneficiaries. The Bank shall not be obligated to search for any person. If such 

  

 9 

 
person is not located within three (3) years after the date on which payment of the Participant’s benefits payable under this Plan may first be
made, payment may be made as though the Participant or his beneficiary had died at the end of such three-year period. 
 Section 9.09 Liability of
the Bank and its Affiliates. 
 Notwithstanding any provision herein to the contrary, neither the Bank nor any individual acting as an employee or
agent of the Bank shall be liable to any Participant, former Participant, beneficiary, or any other person for any claim, loss, liability or expense incurred in connection with the Plan, unless attributable to fraud or willful misconduct on the part
of the Bank or any such employee or agent of the Bank. 
 Section 9.10 Governing Law. 
 All questions pertaining to the construction, validity and effect of the Plan shall be determined in accordance with the laws of the United States and, to the extent not
preempted by such laws, by the laws of the State of Maryland. 
 Section 9.11 Aggregation of Employers. 
 To the extent required under Section 409A of the Code, if the Bank is a member of a controlled group of corporations or a group of trades or business under common
control (as described in Section 414(b) or (c) of the Code), all members of the group shall be treated as a single employer for purposes of whether there has occurred a Separation from Service and for any other purposes under the Plan as
Section 409A of the Code shall require. 
 Section 9.12 Specified Employees. 
 Notwithstanding any other provision of the Plan to the contrary, if when a Separation from Service occurs a Participant is a Specified Employee, the Participant’s
benefit shall be paid to the Participant in a single lump sum without interest on the first payroll date of the seventh month following the date on which the Separation from Service occurs. 
 Section 9.13 Section 409A. 
 It is intended that the
Plan is intended to be (a) a plan that is not qualified within the meaning of Section 401(a) of the Code, so as to prevent the inclusion in gross income of any benefits accrued hereunder in a taxable year prior to the taxable year or years
in which such amount would otherwise be actually distributed or made available to the Participants. The Plan shall be administered and interpreted to the extent possible in a manner consistent with that intent. 
 Section 9.14 409A Application. 
 References in this Plan
to Section 409A of the Code include rules, regulations, and guidance of general application issued by the Department of the Treasury under Section 409A of the Code. 
  

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 Having been adopted by its Board of Directors, this Plan as
amended and restated in its entirety is executed by its duly authorized officer this 17th day of December, 2008. 
  

							
		 		 	BAY-VANGUARD FEDERAL SAVINGS BANK
				
	Attest:	 		 	By:	 	 /s/ Edmund T. Leonard

		 		 		 	For the Entire Board of Directors
	 /s/ Robert R. Kern, Jr.
	 		 		 	
	Corporate Secretary	 		 		 	

  

 11

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