Document:

Exhibit 10.10

 Exhibit 10.10 
 HARVARD FEDERAL SAVINGS & LOAN ASSOCIATION 
 DEFERRED FEE AGREEMENT 
 THIS AGREEMENT is made this      day of
                , by and between Harvard Federal Savings & Loan Association (the “Company”), and
                                         (the
“Director”). 
 INTRODUCTION 
 To encourage the Director to remain a member of the Company’s Board of Directors, the Company is willing to provide to the Director a deferred fee opportunity. The Company will pay the benefits from its general
assets. 
 AGREEMENT 
 The
Director and the Company agree as follows: 
 Article 1 
 Definitions 
 1.1 Definitions. Whenever used in this Agreement, the following words and
phrases shall have the meanings specified: 
 1.1.1 “Change of Control” means the conversion from a mutual
association to a stock association and the transfer of 51% or more of the Company’s outstanding voting common stock followed within twelve (12) months by termination of the Director’s status as a member of the Company’s Board of
Directors. 
 1.1.2 “Code” means the Internal Revenue Code of 1986, as amended. References to a Code section
shall be deemed to be to that section as it now exists and to any successor provision. 
 1.1.3 “Disability”
means, if the Director is covered by a Company-sponsored disability insurance policy, total disability as defined in such policy without regard to any waiting period. If the Director is not covered by such a policy, Disability means the Director
suffering a sickness, accident or injury which, in the judgment of a physician satisfactory to 

 
the Company, prevents the Director from performing substantially all of the normal duties of a director. As a condition to any benefits, the Company may
require the Director to submit to such physical or mental evaluations and tests as the Company’s Board of Directors deems appropriate. 
 1.1.4 “Election Form” means the Form attached as Exhibit 1. 
 1.1.5
“Fees” means the total directors fees payable to the Director. 
 1.1.6 “Normal Termination
Date” means the Director attaining age 70 and completing 10 Years of Service. 
 1.1.7 “Termination of
Service” means the Director’s ceasing to be a member of the Company’s Board of Directors for any reason whatsoever. 
 1.1.8 “Years of Service” means the total number of twelve-month periods during which the Director serves as a member of the Company’s Board of Directors. 
 Article 2 
 Deferral Election 

 2.1 Initial Election. The Director shall make an initial deferral election under this Agreement by filing with the Company a signed
Election Form within 30 days after the date of this Agreement. The Election Form shall set forth the amount of Fees to be deferred and the form of benefit payment. The Election Form shall be effective to defer only Fees earned after the date the
Election Form is received by the Company. 
 2.2 Election Changes 
 2.2.1 Generally. The Director may modify the amount of Fees to be deferred by filing a subsequent signed Election Form with the
Company. The modified deferral shall not be effective until the calendar year following the year in which the subsequent Election Form is received by the Company. The Director may change the form of benefit payment initially elected under
Section 2.1, during a six-month period ending at least 180 days prior to the Director’s Normal Retirement date from the Board. 
 2.2.2 Hardship. If an unforeseeable financial emergency arising from the death of a family member, divorce, sickness, injury, catastrophe or similar event outside the control of the Director occurs, the
Director, by written instructions to the Company may reduce or cease deferrals under this Agreement. 

 Article 3 
 Deferral Account 
 3.1 Establishing and Crediting. The Company shall establish a Deferral
Account on its books for the Director, and shall credit to the Deferral Account the following amounts: 
 3.1.1
Deferrals. The Fees deferred by the Director as of the time the Fees would have otherwise been paid to the Director. 
 3.1.2 Interest. On the first day of each month and immediately prior to the payment of any benefits, interest on the account balance since the preceding credit under this Section 3.1.2, if any, at a rate adjusted annually on
January 1, and equal to the rate on high grade long-term corporate bonds. The rate effective January 1, 1995 shall be 8.60%. The initial projected benefit, based upon the rate effective January 1, 1995 is
$             payable for a 10 year period. 
 3.2 Statement of Accounts.
The Company shall provide to the Director, within one hundred twenty (120) days after each anniversary of this Agreement, a statement setting forth the Deferral Account balance. 
 3.3 Accounting Device Only. The Deferral Account is solely a device for measuring amounts to be paid under this Agreement. The Deferral Account is
not a trust fund of any kind. The Director is a general unsecured creditor of the Company for the payment of benefits. The benefits represent the mere Company promise to pay such benefits. The Director’s rights are not subject in any manner to
anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment, or garnishment by the Director’s creditors. 
 Article 4 
 Benefit Payments 
 4.1 Normal Termination Benefit. Upon the Director’s Termination of Service, the Company shall pay to the Director the benefit described in this Section 4.1. 
 4.1.1 Amount of Benefit. The benefit under this Section 4.1 is the Deferral Account balance at the Director’s Termination
of Service. 
 4.1.2 Payment of Benefit. The Company shall pay the benefit to the Director in the form elected by the
Director on the Election Form. The Company shall continue to credit interest under Section 3.1.2. 
  

 4.2 Early Termination Benefit. If the Director terminates service as a director before the Normal
Termination Date, and for reasons other than death or Disability, the Company shall pay to the Director the benefit described in this Section 4.2. 
 4.2.1 Amount of Benefit. The benefit under this Section 4.2 is the Deferral Account balance at the Director’s Termination of Service. 
 4.2.2 Payment of Benefit. The Company shall pay the benefit to the Director in the form elected by the Director on the Election
Form. The Company shall continue to credit interest under Section 3.1.2. 
 4.3 Disability Benefit. If the Director terminates
service as a director for Disability prior to the Normal Retirement Date, the Company shall pay to the Director the benefit described in this Section 4.3. 
 4.3.1 Amount of Benefit. The benefit under this Section 4.3 is the Deferral Account balance at the Director’s Termination
of Service. 
 4.3.2 Payment of Benefit. The Company shall pay the benefit to the Director in the form elected by the
Director on the Election Form. The Company shall continue to credit interest under Section 3.1.2. 
 4.4 Change of Control
Benefit. Upon a Change of Control while the Director is in the active service of the Company, the Company shall pay to the Director the benefit described in this Section 4.4 in lieu of any other benefit under this Agreement. 
 4.4.1 Amount of Benefit. The benefit under this Section 4.4 is the Deferral Account balance at the date of the Director’s
Termination of Service. 
 4.4.2 Payment of Benefit. The Company shall pay the benefit to the Director in the form
elected by the Director on the Election Form. The Company shall continue to credit interest under Section 3.1.2. 
 4.5 Hardship
Distribution. Upon the Company’s determination (following petition by the Director) that the Director has suffered an unforeseeable financial emergency as described in Section 2.2.2, the Company shall distribute to the Director all or
a portion of the Deferral Account balance as determined by the Company, but in no event shall the distribution be greater than is necessary to relieve the financial hardship. 

 Article 5 
 Death Benefits 
 5.1 Death During Active Service. If the Director dies while in the active
service of the Company, the Company shall pay to the Director’s beneficiary the benefit described in this Section 5.1. 
 5.1.1 Amount of Benefit. The benefit under Section 5.1 is $             payable for a period of 10 years in 120 monthly installments of
$             each. 
 5.1.2 Payment of Benefit. The
Company shall begin paying the benefit to the beneficiary within 90 days following the Director’s death. The Company shall continue to credit interest under Section 3.1.2. 
 5.2 Death During Benefit Period. If the Director dies after benefit payments have commenced under this Agreement but before receiving all such
payments, the Company shall pay the remaining benefits to the Director’s beneficiary at the same time and in the same amounts they would have been paid to the Director had the Director survived. 
 Article 6 
 Beneficiaries

 6.1 Beneficiary Designations. The Director shall designate a beneficiary by filing a written designation with the Company. The
Director may revoke or modify the designation at any time by filing a new designation. However, designations will only be effective if signed by the Director and accepted by the Company during the Director’s lifetime. The Director’s
beneficiary designation shall be deemed automatically revoked if the beneficiary predeceases the Director, or if the Director names a spouse as beneficiary and the marriage is subsequently dissolved. If the Director dies without a valid beneficiary
designation, all payments shall be made to the Director’s surviving spouse, if any, and if none, to the Director’s surviving children and the descendants of any deceased child by right of representation, and if no children or descendants
survive, to the Director’s estate. 
 6.2 Facility of Payment. if a benefit is payable to a minor, to a person declared
incompetent, or to a person incapable of handling the disposition of his or her property, the Company may pay such benefit to the guardian, legal representative or person having the care or custody of such minor, incompetent person or incapable
person. The Company may require proof of incompetency, minority or guardianship as it may deem appropriate prior to distribution of the benefit. Such distribution shall completely discharge the Company from all liability with respect to such
benefit. 
  

 Article 7 
 General Limitations 
 Notwithstanding any provision of this Agreement to the contrary, the Company
shall not pay any benefit under this Agreement that is attributable to the Company’s matching contributions or the interest earned on such contributions: 
 7.1 Excess Parachute Payment. To the extent the benefit would be an excess parachute payment under Section 280G of the Code. 
 7.2 Termination for Cause. If the Company terminates the Director’s service as a director for: 
 7.2.1 Gross negligence or gross neglect of duties; 
 7.2.2 Commission of a felony or of a
gross misdemeanor involving moral turpitude; or 
 7.2.3 Fraud, disloyalty, dishonesty or willful violation of any law or
significant Company policy committed in connection with the Director’s service and resulting in an adverse financial effect on the Company. 
 7.3 Suicide. If the Director commits suicide within two years after the date of this Agreement, or if the Director has made any material misstatement of fact on any application for life insurance purchased by the Company. 

Article 8 
 Claims and Review
Procedures 
 8.1 Claims Procedure. The Company shall notify the Director’s beneficiary in writing, within ninety
(90) days of his or her written application for benefits, of his or her eligibility or noneligibility for benefits under the Agreement. If the Company determines that the beneficiary is not eligible for benefits or full benefits, the notice
shall set forth (1) the specific reasons for such denial, (2) a specific reference to the provisions of the Agreement on which the denial is based, (3) a description of any additional information or material necessary for the claimant
to perfect his or her claim, and a description of why it is needed, and (4) an explanation of the Agreement’s claims review procedure and other appropriate information as to the steps to be taken if the beneficiary 

 
wishes to have the claim reviewed. If the Company determines that there are special circumstances requiring additional time to make a decision, the Company
shall notify the beneficiary of the special circumstances and the date by which a decision is expected to be made, and may extend the time for up to an additional ninety-day period. 
 8.2 Review Procedure. If the beneficiary is determined by the Company not to be eligible for benefits, or if the beneficiary believes that he or
she is entitled to greater or different benefits, the beneficiary shall have the opportunity to have such claim reviewed by the Company by filing a petition for review with the Company within sixty (60) days after receipt of the notice issued
by the Company. Said petition shall state the specific reasons which the beneficiary believes entitle him or her to benefits or to greater or different benefits. Within sixty (60) days after receipt by the Company of the petition, the Company
shall afford the beneficiary (and counsel, if any) an opportunity to present his or her position to the Company orally or in writing, and the beneficiary (or counsel) shall have the right to review the pertinent documents. The Company shall notify
the beneficiary of its decision in writing within the sixty-day period, stating specifically the basis of its decision, written in a manner calculated to be understood by the beneficiary and the specific provisions of the Agreement on which the
decision is based. If, because of the need for a hearing, the sixty-day period is not sufficient, the decision may be deferred for up to another sixty-day period at the election of the Company, but notice of this deferral shall be given to the
beneficiary. 
 Article 9 
 Amendments and Termination 
 The Company may amend or terminate this Agreement at any time if, pursuant to legislative, judicial or
regulatory action, continuation of the Agreement would (i) cause benefits to be taxable to the Director prior to actual receipt, or (ii) result in significant financial penalties or other significantly detrimental ramifications to the
Company (other than the financial impact of paying the benefits). In no event shall this Agreement be terminated without payment to the Director of the Deferral Account balance attributable to the Director’s deferrals and interest credited on
such amounts. 
 Article 10 
 Miscellaneous 
 10.1 Binding Effect. This Agreement shall bind the Director and the Company, and their beneficiaries,
survivors, executors, administrators and transferees. 
  

 10.2 No Guaranty of Employment. This Agreement is not a contract for services. It does not give
the Director the right to remain a director of the Company, nor does it interfere with the shareholders’ rights to replace the Director. It also does not require the Director to remain a director nor interfere with the Director’s right to
terminate services at any time. 
 10.3 Non-Transferability. Benefits under this Agreement cannot be sold, transferred, assigned,
pledged, attached or encumbered in any manner. 
 10.4 Tax Withholding. The Company shall withhold any taxes that are required to be
withheld from the benefits provided under this Agreement. 
 10.5 Applicable Law. The Agreement and all rights hereunder shall be
governed by the laws of Illinois, except to the extent preempted by the laws of the United States of America. 
 10.6 Unfunded
Arrangement. The Director and beneficiary are general unsecured creditors of the Company for the payment of benefits under this Agreement. The benefits represent the mere promise by the Company to pay such benefits. The rights to benefits are
not subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment, or garnishment by creditors. Any insurance on the Director’s life is a general asset of the Company to which the Director and
beneficiary have no preferred or secured claim. 
 10.7 Life Insurance. The Company may acquire insurance to informally fund this
Agreement. Should this Agreement terminate or the Director terminate the service on the Board, the Company will not sell, surrender or transfer ownership of any life insurance on the life of the Director, without first giving the Director the right
to purchase the net insurance benefit (cash surrender value less total death benefit) from the insurance company. After written notice by the Company of its intention to sell or surrender said policy, the Director will have 30 days to notify the
Company of his intention to purchase the net insurance benefit from the insurance company. 
 IN WITNESS WHEREOF, the Director and a duly
authorized Company officer have signed this Agreement. 
  

					
	DIRECTOR:	    	COMPANY:    Harvard Federal Savings & Loan Association
			
	  
	    	By	 	  

		    	Title	 	  

  

 HARVARD SAVINGS BANK 
 Deferred Fee Agreement 
  
 FIRST AMENDMENT 
 TO THE 
 HARVARD SAVINGS BANK 
 DEFERRED FEE AGREEMENT 
 DATED MAY 18, 1995 
 FOR

 THIS FIRST AMENDMENT is adopted this      day of         ,
200     effective as of January 1, 2005, by and between Harvard Savings Bank, a state-chartered savings bank located in Harvard, Illinois (the “Company”), and Ronald M. Seeley (the “Director”).

 The Company and the Director executed the Deferred Fee Agreement effective May 18, 1995 (the “Agreement”). 
 The undersigned hereby amend the Agreement for the purpose of bringing the Agreement into compliance with Section 409A of the Internal Revenue Code.
Therefore, the following changes shall be made: 
 Section 1.1.4 of the Agreement shall be deleted in its entirety and replaced by
the following: 
  

	1.1.4	“Election Form” means the Deferral Election Form attached as Exhibit 1 and the Distribution Election Form attached as Exhibit 2. 

 The following Section 1.1.6a shall be added to the Agreement immediately following Section 1.1.6: 
  

	1.1.6a	“Specified Employee” means an employee who at the time of Termination of Service is a key employee of the Company, if any stock of the Company is publicly traded on
an established securities market or otherwise. For purposes of this Agreement, an employee is a key employee if the employee meets the requirements of Code Section 416(i)(1)(A)(i), (ii), or (iii) (applied in accordance with the regulations
thereunder and disregarding section 416(i)(5)) at any time during the 12-month period ending on December 31 (the “identification period”). If the employee is a key employee during an identification period, the employee is treated as a
key employee for purposes of this Agreement during the twelve (12) month period that begins on the first day of April following the close of the identification period. 

 Section 1.1.7 of the Agreement shall be deleted in its entirety and replaced by the following: 
  

	1.1.7	 “Termination of Service” means the termination of the Director’s service with the 

  

 1 

 HARVARD SAVINGS BANK 
 Deferred Fee Agreement 
  
  

	 	 
Company for reasons other than death. Whether a Termination of Service takes place is determined in accordance with the requirements of Code
Section 409A and related Treasury guidance or Regulations based on the facts and circumstances surrounding the termination of the Director’s service and whether the Company and the Director intended for the Director to provide significant
services for the Company following such termination. 

 The following Section 1.1.7a shall be added to the Agreement
immediately following Section 1.1.7: 
  

	1.1.7a	“Unforeseeable Emergency” means a severe financial hardship to the Director resulting from an illness or accident of the Director, the Director’s spouse, the
Beneficiary, or the Director’s dependent (as defined in Section 152(a) of the Code), loss of the Director’s property due to casualty, or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond
the control of the Director. 

 Section 2.2.1 of the Agreement shall be deleted in its entirety and replaced by the
following: 
  

	2.2.1	Generally. The Director may modify the amount of Fees to be deferred by filing a subsequent signed Election Form with the Company. The modified deferral shall not be
effective until the calendar year following the year in which the subsequent Election Form is received by the Company. 

 Section 2.2.2 of the Agreement shall be deleted in its entirety and replaced by the following: 
  

	2.2.2	Hardship. If an Unforeseeable Emergency occurs, the Director, by written instructions to the Company, may discontinue deferrals hereunder. Any subsequent deferral elections
may be made only in accordance with Section 2.2 hereof. 

 Section 3.1.2 of the Agreement shall be deleted in its
entirety and replaced by the following: 
  

	3.1.2	Interest. On the first day of each month and immediately prior to the payment of any benefits, interest on the account balance since the preceding credit under this
Section 3.1.2, if any, at a rate adjusted annually on December 31, and equal to the rate on high grade long-term corporate bonds. The rate effective January 1, 1995 shall be 8.60%. The initial projected benefit, based upon the rate
effective January 1, 1995, is $             payable for a 10 year period. 

 Section 4.5 of the Agreement shall be deleted in its entirety and replaced by the following: 
  

	4.5	Hardship Distribution. If an Unforeseeable Emergency occurs, the Director may petition the Board to receive a distribution from the Agreement. The Board in its sole
discretion may grant such petition. If granted, the Director shall receive, within sixty (60) days, a distribution from the Agreement only to the extent deemed necessary by the Board to remedy the Unforeseeable Emergency, plus an amount
necessary to pay taxes reasonably anticipated as a result of the distribution. In any event, the maximum amount which may be paid out pursuant to this Section 4.5 is the Deferral Account balance as of the day that the Director petitioned the
Board to receive a Hardship Distribution under this Section. 

  

 2 

 HARVARD SAVINGS BANK 
 Deferred Fee Agreement 
  
  

 The following Sections 4.6, 4.7 and 4.8 shall be added to the Agreement immediately following
Section 4.5: 
  

	4.6	Restriction on Timing of Distributions. Notwithstanding any provision of this Agreement to the contrary, if the Director is considered a Specified Employee, the provisions of
this Section 4.6 shall govern all distributions hereunder. If benefit distributions which would otherwise be made to the Director due to a Termination of Service are limited because the Director is a Specified Employee, then such distributions
shall not be made during the first six (6) months following Termination of Service. Rather, any distribution which would otherwise be paid to the Director during such period shall be accumulated and paid to the Director in a lump sum on the
first day of the seventh month following the Termination of Service. All subsequent distributions shall be paid in the manner specified. 

  

	4.7	Distributions Upon Income Inclusion Under Section 409A of the Code. Upon any amount is required to be included in income by the Director prior to receipt due to a
failure of this Agreement to meet the requirements of Code Section 409A, the Director may petition the Plan Administrator for a distribution of that portion of the amount the Company has accrued with respect to the Company’s obligations
hereunder that is required to be included in the Director’s income. Upon the grant of such a petition, which grant shall not be unreasonably withheld, the Company shall distribute to the Director immediately available funds in an amount equal
to the portion of the amount the Company has accrued with respect to the Company’s obligations hereunder required to be included in income as a result of the failure of this Agreement to meet the requirements of Code Section 409A, within
ninety (90) days of the date when the Director’s petition is granted. Such a distribution shall affect and reduce the Director’s benefits to be paid under this Agreement. 

  

	4.8	Change in Form or Timing of Distributions. All changes in the form or timing of distributions hereunder must comply with the following requirements. The changes:

  

	 	(a)	may not accelerate the time or schedule of any distribution, except as provided in Section 409A of the Code and the regulations thereunder; 

  

 3 

 HARVARD SAVINGS BANK 
 Deferred Fee Agreement 
  
  

	 	(b)	must, for benefits distributable under Sections 4.1, 4.2, 4.3 and 4.4, delay the commencement of distributions for a minimum of five (5) years form the date the first
distribution was originally scheduled to be made; and 

  

	 	(c)	must take effect not less than twelve (12) months after the election is made. 

 Article 9 of the Agreement shall be deleted in its entirety and replaced by the following: 
 Article 9 
 Amendments and Termination 
  

	9.1	Amendments. This Agreement may be amended only by a written agreement signed by the Company and the Executive. However, the Company may unilaterally amend this Agreement to
conform with written directives to the Company from its auditors or banking regulators or to comply with legislative changes or tax law, including without limitation Section 409A of the Code and any and all Treasury regulations and guidance
promulgated thereunder. 

  

	9.2	Plan Termination Generally. This Agreement may be terminated only by a written agreement signed by the Company and the Executive. Except as provided in Section 9.3, the
termination of this Agreement shall not cause a distribution of benefits under this Agreement. Rather, after such termination benefit distributions will be made at the earliest distribution event permitted under Article 4 or Article 5.

  

	9.3	Plan Terminations Under Section 409A. Notwithstanding anything to the contrary in Section 9.2, if this Agreement terminates in the following circumstances:

  

	 	(a)	Within thirty (30) days before or twelve (12) months after a change in the ownership or effective control of the Company, or in the ownership of a substantial portion of
the assets of the Company as described in Section 409A(2)(A)(v) of the Code, provided that all distributions are made no later than twelve (12) months following such termination of the Agreement and further provided that all the
Company’s arrangements which are substantially similar to the Agreement are terminated so the Director and all participants in the similar arrangements are required to receive all amounts of compensation deferred under the terminated
arrangements within twelve (12) months of the termination of the arrangements; 

  

	 	(b)	Upon the Company’s dissolution or with the approval of a bankruptcy court provided that the amounts deferred under the Agreement are included in the Director’s gross
income in the latest of (i) the calendar year in which the Agreement terminates; (ii) the calendar year in which the amount is no longer subject to a substantial risk of forfeiture; or (iii) the first calendar year in which the
distribution is administratively practical; or 

  

 4 

 HARVARD SAVINGS BANK 
 Deferred Fee Agreement 
  
  

  

	 	(c)	Upon the Company’s termination of this and all other arrangements that would be aggregated with this Agreement pursuant to Treasury Regulations Section 1.409A-l(c) if the
Director participated in such arrangements (“Similar Arrangements”), provided that (i) the termination and liquidation does not occur proximate to a downturn in the financial health of the Company, (ii) all termination
distributions are made no earlier than twelve (12) months and no later than twenty-four (24) months following such termination, and (iii) the Company does not adopt any new arrangement that would be a Similar Arrangement for a minimum
of three (3) years following the date the Company takes all necessary action to irrevocably terminate and liquidate the Agreement; 

 the Company may distribute the Deferral Account balance, determined as of the date of the termination of the Agreement, to the Director in a lump sum subject to the above terms. 
 The following Section 10.8 shall be added to the Agreement immediately following Section 10.7. 
  

	10.8	Compliance with Section Code 409A. This Agreement shall be interpreted and administered consistent with Code Section 409A. 

 IN WITNESS OF THE ABOVE, the Company and the Director hereby consent to this First Amendment. 
  

					
	Director:	    	Harvard Savings Bank
			
	  
	    	By	 	  

		    	Title	 	  

  

 5Exhibit 10.11

 Exhibit 10.11 
 HARVARD SAVINGS BANK 
 Deferred Fee Agreement 
 Beneficiary Designation Form 
  
  
 HARVARD SAVINGS BANK 
 DEFERRED FEE
AGREEMENT 
 THIS DEFERRED FEE AGREEMENT (this “Agreement”) is adopted this      day of
            , 200    , by and between HARVARD SAVINGS BANK, a state chartered savings bank located in Harvard, Illinois (the “Company”), and [NAME OF DIRECTOR]
(the “Director”). 
 To encourage the Director to remain a member of the Board, the Company is willing to provide to the Director a
deferred fee opportunity. The Company will pay the benefits from is general assets. 
 Article 1 
 Definitions 
 Whenever used in this
Agreement, the following words and phrases shall have the meanings specified: 
  

	1.1	“Beneficiary” means each designated person or entity, or the estate of the deceased Director, entitled to any benefits upon the death of the Director pursuant to
Article 6. 

  

	1.2	“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. 

  

	1.3	“Board” means the Board of Directors of the Company as from time to time constituted. 

  

	1.4	“Change in Control” means the conversion from a mutual association to a stock association and the transfer of fifty-one percent (51%) or more of the
Company’s outstanding voting common stock followed within twelve (12) months by termination of the Director’s status as a member of the Company’s Board of Directors. 

  

	1.5	“Code” means the Internal Revenue Code of 1986, as amended, and all regulations and guidance thereunder, including such regulations and guidance as may be
promulgated after the Effective Date of this Agreement. 

  

	1.6	“Crediting Rate” means a rate equal to the rate on high grade long-term corporate bonds. 

  

	1.7	“Deferral Account” means the Company’s accounting of the accumulated Deferrals plus accrued interest. 

  

	1.8	“Deferrals” means the amount of Fees the Director elects to defer according to this Agreement. 

  

 1 

 HARVARD SAVINGS BANK 
 Deferred Fee Agreement 
 Beneficiary Designation Form 
  
  
  

	1.9	“Disability” means the Director: (i) is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental
impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months; or (ii) is, by reason of any medically determinable physical or mental impairment which can be
expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, receiving income replacement benefits for a period of not less than three (3) months under an accident and health plan
covering employees or directors of the Company. Medical determination of Disability may be made by either the Social Security Administration or by the provider of an accident or health plan covering employees or directors of the Company, provided
that the definition of “disability” applied under such insurance program complies with the requirements of the preceding sentence. Upon the request of the Plan Administrator, the Director must submit proof to the Plan Administrator of the
Social Security Administration’s or the provider’s determination. 

  

	1.10	“Distribution Election Form” means the form or forms established from time to time by the Plan Administrator that the Director completes, signs and returns to the
Plan Administrator to designate the time and form of distributions. 

  

	1.11	“Early Termination” means Termination of Service before Normal Termination Date except when such Termination of Service occurs: (i) following a Change in
Control; or (ii) due to death, Disability or Termination for Cause. 

  

	1.12	“Effective Date” means                     .

  

	1.13	“Fees” means the total directors fees payable to the Director. 

  

	1.14	“Fees Deferral Election Form” means each form established from time to time by the Plan Administrator that the Director completes, signs and returns to the Plan
Administrator to designate the amount of Deferrals. 

  

	1.15	“Normal Termination Date” means the Director attaining age seventy (70) and completing ten (10) Years of Service. 

  

	1.16	“Plan Administrator” means the Board or such committee or person as the Board shall appoint. 

  

	1.17	“Plan Year” means each twelve (12) month period commencing on January 1 and ending on December 31 of each year. The initial Plan Year shall commence
on the Effective Date of this Agreement and end on the following December 31. 

  

	1.18	 “Specified Employee” means an employee who at the time of Termination of Service is a key employee of the Company, if any stock of the Company is
publicly traded on an established securities market or otherwise. For purposes of this Agreement, an employee is a key employee if the employee meets the requirements of Code Section 416(i)(1)(A)(i), (ii), or (iii) (applied in accordance
with the regulations thereunder and 

  

 2 

 HARVARD SAVINGS BANK 
 Deferred Fee Agreement 
 Beneficiary Designation Form 
  
  
  

	 	 
disregarding section 416(i)(5)) at any time during the twelve (12) month period ending on December 31 (the “identification period”). If
the employee is a key employee during an identification period, the employee is treated as a key employee for purposes of this Agreement during the twelve (12) month period that begins on the first day of April following the close of the
identification period. 

  

	1.19	“Termination for Cause” means a Termination of Service for: 

  

	 	(a)	Gross negligence or gross neglect of duties to the Company; 

  

	 	(b)	Conviction of a felony or of a gross misdemeanor involving moral turpitude in connection with the Director’s employment with the Company; or 

  

	 	(c)	Fraud, disloyalty, dishonesty or willful violation of any law or significant Company policy committed in connection with the Director’s employment and resulting in a material
adverse effect on the Company. 

  

	1.20	“Termination of Service” means termination of the Director’s employment with the Company for reasons other than death. Whether a Termination of Service has
occurred is determined in accordance with the requirements of Code Section 409A based on whether the facts and circumstances indicate that the Company and Director reasonably anticipated that no further services would be performed after a
certain date or that the level of bona fide services the Director would perform after such date (whether as an employee or as an independent contractor) would permanently decrease to no more than twenty percent (20%) of the average level of
bona fide services performed (whether as an employee or an independent contractor) over the immediately preceding thirty-six (36) month period (or the full period of services to the Company if the Director has been providing services to the
Company less than thirty-six (36) months). 

  

	1.21	“Unforeseeable Emergency” means a severe financial hardship to the Director resulting from an illness or accident of the Director, the Director’s spouse, the
Beneficiary, or the Director’s dependent (as defined in Section 152(a) of the Code), loss of the Director’s property due to casualty, or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond
the control of the Director. 

  

	1.22	“Years of Service” means the twelve (12) consecutive month period beginning on the Director’s date of hire and any twelve (12) month anniversary
thereof during the entirety of which time the Director is an employee of the Company. Service with a subsidiary or other entity controlled by the Company before the time such entity became a subsidiary or under such control shall not be considered
“credited service” unless the Plan Administrator specifically agrees to credit such service. 

 Article 2

 Deferral Election 
  

	2.1	Elections Generally. The Director may annually file a Fees Deferral Election Form with the Plan Administrator no later than the end of the Plan Year preceding the Plan Year
in which services leading to such Fees will be performed. 

  

 3 

 HARVARD SAVINGS BANK 
 Deferred Fee Agreement 
 Beneficiary Designation Form 
  
  
  

	2.2	Initial Election. After being notified by the Plan Administrator of becoming eligible to participate in this Agreement, the Director may make an initial deferral election by
delivering to the Plan Administrator a signed Fees Deferral Election Form and Beneficiary Designation Form within thirty (30) days of becoming eligible. The Fees Deferral Election Form shall set forth the amount of Fees to be deferred. However,
if the Director was eligible to participate in any other account balance plans sponsored by the Company (as referenced in Code Section 409(A)) prior to becoming eligible to participate in this Agreement, the initial election to defer Fees under
this Agreement shall not be effective until the Plan Year following the Plan Year in which the Director became eligible to participate in this Agreement. 

  

	2.3	Election Changes. The Director may modify the amount of Fees to be deferred annually by filing a new Fees Deferral Election Form with the Company. The modified deferral shall
not be effective until the calendar year following the year in which the subsequent Fees Deferral Election Form is received by the Company. 

  

	2.4	Hardship. If an Unforeseeable Emergency occurs, the Director, by written instructions to the Company, may discontinue deferrals hereunder. Any subsequent Deferral Elections
may be made only in accordance with Section 2.1 hereof. 

 Article 3 
 Deferral Account 
  

	3.1	Establishing and Crediting. The Company shall establish a Deferral Account on its books for the Director and shall credit to the Deferral Account the following amounts:

  

	 	(a)	Any Deferrals hereunder; and 

  

	 	(b)	Interest as follows: 

  

	 	(i)	On the last day of each month and immediately prior to the distribution of any benefits, but only until commencement of benefit distributions under this Agreement, interest shall be
credited on the Deferral Account at an annual rate equal to the Crediting Rate, compounded monthly; and 

  

	 	(ii)	On the last day of each month during any applicable installment period, interest shall be credited on the unpaid Deferral Account balance at an annual rate equal to the Crediting
Rate, compounded monthly. Prior to any event causing distributions hereunder, the Board, in its sole discretion, may change the rate used to calculate interest in this Section 3.1(b)(ii). 

  

	3.2	Accounting Device Only. The Deferral Account is solely a device for measuring amounts to be paid under this Agreement and is not a trust fund of any kind.

 Article 4 
 Distributions During Lifetime 
  

	4.1	Normal Retirement Benefit. Upon the Director’s Termination of Service following the Normal Termination Date, the Company shall distribute to the Director the benefit
described in this Section 4.1 in lieu of any other benefit under this Article. 

  

 4 

 HARVARD SAVINGS BANK 
 Deferred Fee Agreement 
 Beneficiary Designation Form 
  
  
  

	 	4.1.1	Amount of Benefit. The benefit under this Section 4.1 is the Deferral Account balance at Termination of Service. 

  

	 	4.1.2	Distribution of Benefit. The Company shall distribute the benefit to the Director as elected by the Director on the Distribution Election Form commencing within thirty
(30) days following Termination of Service. The Company shall continue to credit interest under Section 3.1(b). 

  

	4.2	Early Termination Benefit. If Early Termination occurs, the Company shall distribute to the Director the benefit described in this Section 4.2 in lieu of any other
benefit under this Article. 

  

	 	4.2.1	Amount of Benefit. The benefit under this Section 4.2 is the Deferral Account balance determined as of the date of Termination of Service. 

  

	 	4.2.2	Distribution of Benefit. The Company shall distribute the benefit to the Director as elected by the Director on the Distribution Election Form commencing within thirty
(30) days following Termination of Service. The Company shall continue to credit interest under Section 3.1(b). 

  

	4.3	Disability Benefit. If the Director experiences a Disability which results in a Termination of Service prior to Normal Termination Date, the Company shall distribute to the
Director the benefit described in this Section 4.3 in lieu of any other benefit under this Article. 

  

	 	4.3.1	Amount of Benefit. The benefit under this Section 4.3 is the Deferral Account balance determined as of the date of the Director’s Termination of Service.

  

	 	4.3.2	Distribution of Benefit. The Company shall distribute the benefit to the Director as elected by the Director on the Distribution Election Form commencing within thirty
(30) days following Termination of Service. The Company shall continue to credit interest under Section 3.1(b). 

  

	4.4	Change in Control Benefit. If a Change in Control occurs, followed by Termination of Service, provided, however, that such Termination of Service is prior to Normal
Termination Date, the Company shall distribute to the Director the benefit described in this Section 4.4 in lieu of any other benefit under this Article. 

  

	 	4.4.1	Amount of Benefit. The benefit under this Section 4.4 is the Deferral Account balance determined as of the date of Termination of Service. 

  

	 	4.4.2	Distribution of Benefit. The Company shall distribute the benefit to the Director as elected by the Director on the Distribution Election Form commencing within thirty
(30) days following Termination of Service. The Company shall continue to credit interest under Section 3.1(b). 

  

 5 

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 Deferred Fee Agreement 
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	 	4.4.3	Parachute Payments. Notwithstanding any provision of this Agreement to the contrary, and to the extent allowed by Code Section 409A, if any benefit payment under this
Section 4.4 would be treated as an “excess parachute payment” under Code Section 280G, the Company shall reduce such benefit payment to the extent necessary to avoid treating such benefit payment as an excess parachute payment.

  

	4.5	Hardship Distribution. If an Unforeseeable Emergency occurs, the Director may petition the Board to receive a distribution from the Agreement (a “Hardship
Distribution”). The Board in its sole discretion may grant such petition. If granted, the Director shall receive, within sixty (60) days, a distribution from the Agreement only to the extent deemed necessary by the Board to remedy the
Unforeseeable Emergency, plus an amount necessary to pay taxes reasonably anticipated as a result of the distribution. In any event, the maximum amount which may be paid out pursuant to this Section 4.5 is the Deferral Account balance as of the
day the Director petitioned the Board to receive a Hardship Distribution. Such a distribution shall reduce the Deferral Account balance. 

  

	4.6	Restriction on Commencement of Distributions. Notwithstanding any provision of this Agreement to the contrary, if the Director is considered a Specified Employee, the
provisions of this Section 4.6 shall govern all distributions hereunder. If benefit distributions which would otherwise be made to the Director due to Termination of Service are limited because the Director is a Specified Employee, then such
distributions shall not be made during the first six (6) months following Termination of Service. Rather, any distribution which would otherwise be paid to the Director during such period shall be accumulated and paid to the Director in a lump
sum on the first day of the seventh month following Termination of Service. All subsequent distributions shall be paid in the manner specified. 

  

	4.7	Distributions Upon Taxation of Amounts Deferred. Upon any amount is required to be included in income by the Director prior to receipt due to a failure of this Agreement to
meet the requirements of Code Section 409A, the Director may petition the Plan Administrator for a distribution of that portion of the amount the Company has accrued with respect to the Company’s obligations hereunder that is required to
be included in the Director’s income. Upon the grant of such a petition, which grant shall not be unreasonably withheld, the Company shall distribute to the Director immediately available funds in an amount equal to the portion of the amount
the Company has accrued with respect to the Company’s obligations hereunder required to be included in income as a result of the failure of this Agreement to meet the requirements of Code Section 409A, within ninety (90) days of the
date when the Director’s petition is granted. Such a distribution shall affect and reduce the Director’s benefits to be paid under this Agreement. 

  

	4.8	Change in Form or Timing of Distributions. For distribution of benefits under this Article 4, the Director may elect to delay the timing or change the form of
distributions by submitting the appropriate Distribution Election Form to the Plan Administrator. Any such elections: 

  

	 	(a)	may not accelerate the time or schedule of any distribution, except as provided in Code Section 409A; 

  

 6 

 HARVARD SAVINGS BANK 
 Deferred Fee Agreement 
 Beneficiary Designation Form 
  
  
  

	 	(b)	must, for benefits distributable under Sections 4.1, 4.2, 4.3 and 4.4, delay the commencement of distributions for a minimum of five (5) years from the date the first
distribution was originally scheduled to be made; and 

  

	 	(c)	must take effect not less than twelve (12) months after the amendment is made. 

 Article 5 
 Distributions at Death 
  

	5.1	Death During Active Service. If the Director dies prior to Termination of Service, the Company shall distribute to the Beneficiary the benefit described in this
Section 5.1. This benefit shall be distributed in lieu of the benefit under Article 4. 

  

	 	5.1.1	Amount of Benefit. The benefit under this Section 5.1 is the Deferral Account balance determined as of the date of the Director’s death. 

 

	 	5.1.2	Distribution of Benefit. The Company shall distribute the benefit to the Beneficiary in one hundred twenty (120) consecutive monthly installments commencing on the first
day of the fourth month following the Director’s death. The Beneficiary shall be required to provide to the Company the Director’s death certificate receipt. 

  

	5.2	Death During Distribution of a Benefit. If the Director dies after any benefit distributions have commenced under this Agreement but before receiving all such distributions,
the Company shall distribute to the Beneficiary the remaining benefits at the same time and in the same amounts they would have been distributed to the Director had the Director survived. 

 Article 6 
 Beneficiaries

  

	6.1	In General. The Director shall have the right, at any time, to designate a Beneficiary to receive any benefit distributions under this Agreement upon the death of the
Director. The Beneficiary designated under this Agreement may be the same as or different from the beneficiary designated under any other plan of the Company in which the Director participates. 

  

	6.2	 Designation. The Director shall designate a Beneficiary by completing and signing the Beneficiary Designation Form and delivering it to the Plan
Administrator or its designated agent. If the Director names someone other than the Director’s spouse as a Beneficiary, the Plan Administrator may, in its sole discretion, determine that spousal consent is required to be provided in a form
designated by the Plan Administrator, executed by the Director’s spouse and returned to the Plan Administrator. The Director’s 

  

 7 

 HARVARD SAVINGS BANK 
 Deferred Fee Agreement 
 Beneficiary Designation Form 
  
  
  

	 	 
beneficiary designation shall be deemed automatically revoked if the Beneficiary predeceases the Director or if the Director names a spouse as Beneficiary
and the marriage is subsequently dissolved. 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 Plan Administrator’s rules and
procedures. Upon the acceptance by the Plan Administrator of a new Beneficiary Designation Form, all Beneficiary designations previously filed shall be cancelled. The Plan Administrator shall be entitled to rely on the last Beneficiary Designation
Form filed by the Director and accepted by the Plan Administrator 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 Plan Administrator or
its designated agent. 

  

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

  

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

 Article 7 
 General Limitations 
  

	7.1	Termination for Cause. Notwithstanding any provision of this Agreement to the contrary, the Company shall not distribute any benefit under this Agreement in excess of the
Deferrals if the Director’s employment with the Company is terminated by the Company or an applicable regulator due to a Termination for Cause. 

  

	7.2	Removal. Notwithstanding any provision of this Agreement to the contrary, the Company shall not distribute any benefit under this Agreement in excess of Deferrals
credited thereon) if 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. 

  

 8 

 HARVARD SAVINGS BANK 
 Deferred Fee Agreement 
 Beneficiary Designation Form 
  
  
  

 Article 8 
 Administration of Agreement 
  

	8.1	Plan Administrator Duties. The Plan Administrator shall administer this Agreement according to its express terms and 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 to the extent the exercise of such discretion and authority does not conflict with Code Section 409A. 

  

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

  

	8.3	Binding Effect of Decisions. Any decision or action of the Plan Administrator with respect to any question arising out of or in connection with the administration,
interpretation or 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. 

  

	8.4	Indemnity of Plan Administrator. The Company shall indemnify and hold harmless the Plan Administrator 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 the Plan Administrator. 

  

	8.5	Company Information. To enable the Plan Administrator to perform its functions, the Company shall supply full and timely information to the Plan Administrator on all matters
relating to the date and circumstances of the Director’s death, Disability or Termination of Service, and such other pertinent information as the Plan Administrator may reasonably require. 

  

	8.6	Statement of Accounts. The Plan Administrator shall provide to the Director, within one hundred twenty (120) days after the end of each Plan Year, a statement setting
forth the benefits to be distributed under this Agreement. 

 Article 9 
 Claims and Review Procedures 
  

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

  

	 	9.1.1	Initiation – Written Claim. The claimant initiates a claim by submitting to the Plan Administrator 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 

 HARVARD SAVINGS BANK 
 Deferred Fee Agreement 
 Beneficiary Designation Form 
  
  
  

	 	9.1.2	Timing of Plan Administrator Response. The Plan Administrator shall respond to such claimant within ninety (90) days after receiving the claim. If the Plan
Administrator determines that special circumstances require additional time for processing the claim, the Plan Administrator 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 Plan Administrator expects to render its decision.

  

	 	9.1.3	Notice of Decision. If the Plan Administrator denies part or all of the claim, the Plan Administrator shall notify the claimant in writing of such denial. The Plan
Administrator 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 this 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; 

  

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

  

	 	(e)	A statement of the claimant’s right to bring a civil action under ERISA Section 502(a) following an adverse benefit determination on review. 

  

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

  

	 	9.2.1	Initiation – Written Request. To initiate the review, the claimant, within sixty (60) days after receiving the Plan Administrator’s notice of denial, must file
with the Plan Administrator 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 Plan Administrator shall also provide the claimant, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant (as defined in applicable ERISA regulations) to the
claimant’s claim for benefits. 

  

	 	9.2.3	Considerations on Review. In considering the review, the Plan Administrator 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. 

  

 10 

 HARVARD SAVINGS BANK 
 Deferred Fee Agreement 
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	 	9.2.4	Timing of Plan Administrator Response. The Plan Administrator shall respond in writing to such claimant within sixty (60) days after receiving the request for review. If
the Plan Administrator determines that special circumstances require additional time for processing the claim, the Plan Administrator 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 Plan Administrator expects to render its decision.

  

	 	9.2.5	Notice of Decision. The Plan Administrator shall notify the claimant in writing of its decision on review. The Plan Administrator shall write the notification in a manner
calculated to be understood by the claimant. A notification of denial shall set forth: 

  

	 	(a)	The specific reasons for the denial; 

  

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

  

	 	(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 (as
defined in applicable ERISA regulations) to the claimant’s claim for benefits; and 

  

	 	(d)	A statement of the claimant’s right to bring a civil action under ERISA Section 502(a). 

 Article 10 
 Amendments and Termination 
  

	10.1	Amendments. This Agreement may be amended only by a written agreement signed by the Company and the Director. However, the Company may unilaterally amend this Agreement to
conform with written directives to the Company from its auditors or banking regulators or to comply with legislative changes or tax law, including without limitation Code Section 409A. 

  

	10.2	Plan Termination Generally. This Agreement may be terminated only by a written agreement signed by the Company and the Director. Except as provided in Section 10.3, the
termination of this Agreement shall not cause a distribution of benefits under this Agreement. Rather, upon such termination benefit distributions will be made at the earliest distribution event permitted under Article 4 or Article 5.

  

	10.3	Plan Terminations Under Section 409A. Notwithstanding anything to the contrary in Section 10.2, if the Company terminates this Agreement in the following
circumstances: 

  

	 	(a)	 Within thirty (30) days before or twelve (12) months after a change in the ownership or effective control of the Company, or in the ownership of a 

  

 11 

 HARVARD SAVINGS BANK 
 Deferred Fee Agreement 
 Beneficiary Designation Form 
  
  
  

	 	 
substantial portion of the assets of the Company as described in Code Section 409A(2)(A)(v), provided that all distributions are made no later than
twelve (12) months following such termination of this Agreement and further provided that all the Company’s arrangements which are substantially similar to this Agreement are terminated so the Director and all
participants in the similar arrangements are required to receive all amounts of compensation deferred under the terminated arrangements within twelve (12) months of such termination; 

  

	 	(b)	Upon the Company’s dissolution or with the approval of a bankruptcy court provided that the amounts deferred under this Agreement are included in the Director’s gross
income in the latest of (i) the calendar year in which this Agreement terminates; (ii) the calendar year in which the amount is no longer subject to a substantial risk of forfeiture; or (iii) the first calendar year in which the
distribution is administratively practical; or 

  

	 	(c)	Upon the Company’s termination of this and all other arrangements that would be aggregated with this Agreement pursuant to Treasury Regulations Section 1.409A-1(c) if the
Director participated in such arrangements (“Similar Arrangements”), provided that (i) the termination and liquidation does not occur proximate to a downturn in the financial health of the Company, (ii) all termination
distributions are made no earlier than twelve (12) months and no later than twenty-four (24) months following such termination, and (iii) the Company does not adopt any new arrangement that would be a Similar Arrangement for a minimum
of three (3) years following the date the Company takes all necessary action to irrevocably terminate and liquidate the Agreement; 

 the Company may distribute the Deferral Account balance, determined as of the date of the termination of this Agreement, to the Director in a lump sum subject to the above terms. 
 Article 11 
 Miscellaneous

  

	11.1	Binding Effect. This Agreement shall bind the Director and the Company and their beneficiaries, survivors, executors, administrators and transferees.

  

	11.2	No Guarantee of Employment. This Agreement is not a contract for employment. It does not give the Director the right to remain as an employee of the Company nor interfere
with the Company’s right to discharge the Director. It does not require the Director to remain an employee nor interfere with the Director’s right to terminate employment at any time. 

  

	11.3	Non-Transferability. Benefits under this Agreement cannot be sold, transferred, assigned, pledged, attached or encumbered in any manner. 

  

	11.4	 Tax Withholding and Reporting. The Company shall withhold any taxes that are required to be withheld, including but not limited to taxes owed under Code
Section 409A from the benefits provided under this Agreement. The Director acknowledges that the 

  

 12 

 HARVARD SAVINGS BANK 
 Deferred Fee Agreement 
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Company’s sole liability regarding taxes is to forward any amounts withheld to the appropriate taxing authorities. The Company shall satisfy all
applicable reporting requirements, including those under Code Section 409A. 

  

	11.5	Applicable Law. This Agreement and all rights hereunder shall be governed by the laws of the State of Illinois, except to the extent preempted by the laws of the United
States of America. 

  

	11.6	Unfunded Arrangement. The Director and the Beneficiary are general unsecured creditors of the Company for the distribution of benefits under this Agreement. The benefits
represent the mere promise by the Company to distribute such benefits. The rights to benefits are not subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment or garnishment by creditors. Any
insurance on the Director’s life or other informal funding asset is a general asset of the Company to which the Director and Beneficiary have no preferred or secured claim. 

  

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

  

	11.8	Entire Agreement. This Agreement constitutes the entire agreement between the Company and the Director as to the subject matter hereof. No rights are granted to the
Director by virtue of this Agreement other than those specifically set forth herein. 

  

	11.9	Interpretation. Wherever the fulfillment of the intent and purpose of this Agreement requires and the context will permit, the use of the masculine gender includes the
feminine and use of the singular includes the plural 

  

	11.10	Alternative Action. In the event it shall become impossible for the Company or the Plan Administrator to perform any act required by this Agreement due to regulatory or other
constraints, the Company or Plan Administrator may perform such alternative act as most nearly carries out the intent and purpose of this Agreement and is in the best interests of the Company, provided that such alternative act does not violate Code
Section 409A. 

  

	11.11	Headings. Article and section headings are for convenient reference only and shall not control or affect the meaning or construction of any provision herein.

  

	11.12	Validity. If any provision of this Agreement shall be illegal or invalid for any reason, said illegality or invalidity shall not affect the remaining parts hereof, but this
Agreement shall be construed and enforced as if such illegal or invalid provision had never been included herein. 

  

 13 

 HARVARD SAVINGS BANK 
 Deferred Fee Agreement 
 Beneficiary Designation Form 
  
  
  

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

  

					
		 	 Harvard Savings Bank
	 	
		 	 58 N. Ayer St.
	 	
		 	 Harvard, Illinois 60033
	 	

 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 on 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. 
  

	11.14	Deduction Limitation on Benefit Payments. If the Company reasonably anticipates that the Company’s deduction with respect to any distribution under this Agreement would
be limited or eliminated by application of Code Section 162(m), then to the extent deemed necessary by the Company to ensure that the entire amount of any distribution from this Agreement is deductible, the Company may delay payment of any
amount that would otherwise be distributed under this Agreement. The delayed amounts shall be distributed to the Director (or the Beneficiary in the event of the Director’s death) at the earliest date the Company reasonably anticipates that the
deduction of the payment of the amount will not be limited or eliminated by application of Code Section 162(m). 

  

	11.15	Compliance with Section 409A. This Agreement shall be interpreted and administered consistent with Code Section 409A. 

 IN WITNESS WHEREOF, the Director and a duly authorized representative of the Company have signed this Agreement. 
  

							
	DIRECTOR	 		 	HARVARD SAVINGS BANK
				
	  
	 		 	By:	 	  

	[Name of Director]	 		 	Title:	 	  

  

 14

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