Document:

EX-10.24

 Exhibit 10.24 

EMPLOYMENT AGREEMENT 

This Employment Agreement (“Agreement”) is made between Inspirato LLC (the “Company”), and Web Neighbor (the
“Executive”) and is effective as of consummation of the transactions contemplated by the Business Combination Agreement (the “BCA”), dated as of June 30, 2021 to which the Company is a party (the “Effective Date”).

 WHEREAS, the Company desires to employ the Executive and the Executive desires to be employed by the Company on the terms and conditions
contained herein. 
 NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained and other good and
valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows: 
 1. Employment.

 (a) Term. The Company shall employ the Executive and the Executive shall be employed by the Company pursuant to this Agreement
commencing as of the Effective Date, and continuing until such employment is terminated in accordance with the provisions hereof (the “Term”). 

(b) Position and Duties. The Executive shall serve as the Chief Financial Officer of Inspirato Incorporated, a Delaware corporation (the
“Parent”) and Chief Financial Officer of the Company, and shall have such powers and duties as may from time to time be prescribed by Parent’s Board of Directors (the “Board”) or Chief Executive Officer. The Executive shall
be based at the Company’s Colorado headquarters and shall devote the Executive’s full working time and efforts to the business and affairs of the Company. Notwithstanding the foregoing, the Executive may serve on other boards of directors
or engage in religious, charitable, teaching, or other community activities, as long as such work, services, and activities do not conflict with or interfere with the Executive’s performance of the Executive’s duties to the Company.

 2. Compensation and Related Matters. 

(a) Base Salary. The Executive’s initial base salary shall be paid at the rate of $450,000 per year. The Executive’s base
salary shall be subject to review and may be increased (but not decreased) from time to time by the Board or the Compensation Committee of the Board (the “Compensation Committee”). The base salary in effect at any given time is
referred to herein as “Base Salary.” The Base Salary shall be payable in a manner that is consistent with the Company’s usual payroll practices for executive officers. 

(b) Incentive Compensation. The Executive’s target annual target cash incentive compensation shall be 50% of the Executive’s
Base Salary. The target annual incentive compensation in effect at any given time is referred to herein as “Target Bonus.” The Target Bonus and the earning of any actual bonus is subject to the terms of any applicable incentive
compensation plan that may be in effect from time to time with the earned amount, which could be $0 if the metrics in the incentive compensation plan are not met, to be approved by the Compensation Committee. Any bonus earned will be paid no later
than March 15 of the year following the year to which it relates and to earn incentive compensation, the Executive must be employed by the Company on the day such incentive compensation is paid. 

(c) Expenses. The Executive shall be entitled to receive prompt reimbursement for all reasonable expenses incurred by the Executive
during the Term in performing services hereunder, in accordance with the policies and procedures then in effect and established by the Company for similar executives. 

  
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 (d) Other Benefits. The Executive shall be eligible to participate in or receive
benefits under the Company’s employee benefit plans in effect from time to time, subject to the terms of such plans. Additionally, the Executive shall have benefits under the Company’s vacation property benefits with benefit levels no less
favorable than those provided to similarly situated executives. 
 (e) Paid Time Off. The Executive shall be entitled to take paid
time off in accordance with the Company’s applicable paid time off policy for similar executives, as may be in effect from time to time. 

(f) Annual Equity Grants. In 2022, the Executive shall also receive an annual equity award, with the target for the 2022
annual equity award intended to be $1,575,000, and he will be considered for annual equity awards in each subsequent year. The size and structure of any annual equity award, including the 2022 annual equity award, will be established at the time of
grant by the Compensation Committee, will be calculated based on the achievement of specific metrics established by the Compensation Committee, and could be zero if the Compensation Committee’s judgment is that metrics established by the
Compensation Committee have not been met. Any equity awards will be subject to the terms and conditions of the Parent equity plan then in effect and the applicable equity award agreements, and may have vesting based solely on performance against
metrics (which could be no vesting if the metrics are not met), solely on continued service, or be split between metric-based and service-based. Unless determined otherwise at the time of grant by the Compensation Committee, the service-based
portion of any annual equity award will vest in 16 equal quarterly installments. 
 3. Termination. The Executive’s employment
hereunder may be terminated without any breach of this Agreement under the following circumstances: 
 (a) Death. The Executive’s
employment hereunder shall terminate upon death. 
 (b) Disability. The Company may terminate the Executive’s employment if the
Executive is disabled and unable to perform or expected to be unable to perform the essential functions of the Executive’s then existing position or positions under this Agreement with or without reasonable accommodation for a period of 180
consecutive days in any 12-month period. If any question shall arise as to whether during any period the Executive is disabled so as to be unable to perform the essential functions of the Executive’s then
existing position or positions with or without reasonable accommodation, the Executive may, and at the request of the Company shall, submit to the Company a certification in reasonable detail by a physician selected by the Executive to whom the
Company has no reasonable objection as to whether the Executive is so disabled or how long such disability is expected to continue, and such certification shall for the purposes of this Agreement be conclusive of the issue. The Executive shall
cooperate with any reasonable request of the physician in connection with such certification. Nothing in this Section 3(b) shall be construed to waive the Executive’s rights, if any, under existing law including, without limitation, the
Family and Medical Leave Act of 1993, 29 U.S.C. §2601 et seq. and the Americans with Disabilities Act, 42 U.S.C. §12101 et seq. 

(c) Termination by Company for Cause. The Company may terminate the Executive’s employment hereunder for Cause, as determined by
the Company Chief Executive Officer. For purposes of this Agreement, “Cause” shall mean any of the following: 

(i) conduct by the Executive constituting a willful and material act of misconduct in connection with the performance of the
Executive’s duties, including, without limitation (A) dishonesty to the Company with respect to any material matter; or (B) misappropriation of funds or property of the Company or any of its subsidiaries or affiliates other than the
occasional, customary and de minimis use of Company property for personal purposes; 

  
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 (ii) the Executive’s conviction for, or the Executive’s plea of
guilty or no contest to (A) any felony or (B) a misdemeanor involving moral turpitude; 
 (iii) any willful
misconduct by the Executive that results in material economic injury to the Company or any of its subsidiaries or affiliates; 

(iv) the Executive’s material breach of any written agreement or covenant with the Company that is not cured by the
Executive to the Company’s reasonable satisfaction within a reasonable period of time (not to exceed 30 days) after the Executive’s receipt of written notice from the Company specifying the breach; 

(v) the Executive’s material violation of any written Company policy that is not cured by the Executive to the
Company’s reasonable satisfaction within a reasonable period of time (not to exceed 30 days) after the Executive’s receipt of written notice from the Company specifying the violation; 

(vi) the Executive’s failure to cooperate with a bona fide internal investigation or an investigation by regulatory or law
enforcement authorities, after being instructed by the Company to cooperate, or the willful destruction or failure to preserve documents or other materials known to be relevant to such investigation or the inducement of others to fail to cooperate
or to produce documents or other materials in connection with such investigation; or 
 (vii) the Executive’s failure to
substantially perform his employment duties that is not cured by the Executive to the Company’s reasonable satisfaction within a reasonable period of time (not to exceed 30 days) after the Executive’s receipt of written notice from the
Company specifying the violation.  
 (d) Termination by the Company without
Cause. The Company may terminate the Executive’s employment hereunder at any time without Cause. Any termination by the Company of the Executive’s employment under this Agreement which does not constitute a termination for Cause under
Section 3(c) and does not result from the death or disability of the Executive under Section 3(a) or (b) shall be deemed a termination without Cause. 

(e) Termination by the Executive. The Executive may terminate employment hereunder at any time for any reason, including but not limited
to, Good Reason. “Good Reason” shall mean that the Executive has completed all steps of the Good Reason Process (hereinafter defined) following the occurrence of any of the following events without the Executive’s consent
(each, a “Good Reason Condition”): 
 (i) a material diminution in the Executive’s responsibilities,
authority or duties, except that if the Executive maintains his responsibility, authority, and duties with respect to the traditional financial responsibilities of a chief financial officer (such as corporate finance, accounting, financial planning
and analysis and investor relations) the Executive will not have Good Reason under this subsection (i); 

  
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 (ii) a material diminution in the Executive’s Base Salary except for across-the-board salary reductions based on the Company’s financial performance similarly affecting all or substantially all senior management employees of the Company;

 (iii) a material change in the geographic location at which the Executive provides services to the Company, such that
there is an increase of at least thirty (30) miles of driving distance to such location from the Executive’s principal residence as of such change; or 

(iv) a material breach by the Company of any agreement between the Executive and the Company. 

The “Good Reason Process” consists of the following steps: 

(i) the Executive reasonably determines in good faith that a Good Reason Condition has occurred; 

(ii) the Executive notifies the Company in writing of the first occurrence of the Good Reason Condition within 60 days of the
first occurrence of such condition; 
 (iii) the Executive cooperates in good faith with the Company’s efforts, for a
period of not less than 30 days following such notice (the “Cure Period”), to remedy the Good Reason Condition; 

(iv) notwithstanding such efforts, the Good Reason Condition continues to exist; and 

(v) the Executive terminates employment within 60 days after the end of the Cure Period. 

If the Company cures the Good Reason Condition during the Cure Period, Good Reason shall be deemed not to have occurred. 

For this Agreement, “Change in Control” shall mean the occurrence of any of the following events: 

(i) A change in the ownership of the Company which occurs on the date that any one person, or more than one person acting as a
group (“Person”), acquires ownership of the stock of the Company that, with the stock held by such Person, constitutes more than 50% of the total voting power of the stock of the Company; provided, that for this subsection, the acquisition
of additional stock by any one Person, who prior to such acquisition is considered to own more than 50% of the total voting power of the stock of the Company will not be considered a Change in Control. Further, if the stockholders of the Company
immediately before such change in ownership continue to retain immediately after the change in ownership, in substantially the same proportions as their ownership of shares of the Company’s voting stock immediately prior to the change in
ownership, direct or indirect beneficial ownership of 50% or more of the total voting power of the stock of the Company or of the ultimate parent entity of the Company, such event shall not be considered a Change in Control under this
Section 2(f)(i). For this purpose, indirect beneficial ownership shall include, without limitation, an interest resulting from ownership of the voting securities of one or more corporations or other business entities which own the Company, as
the case may be, either directly or through one or more subsidiary corporations or other business entities; or 

  
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 (ii) A change in the effective control of the Company which occurs on the
date a majority of members of the Board is replaced during any 12-month period by Directors whose appointment or election is not endorsed by a majority of the members of the Board prior to the appointment or
election. For purposes of this subsection (ii), if any Person is considered to be in effective control of the Company, the acquisition of additional control of the Company by the same Person will not be considered a Change in Control; or 

(iii) A change in the ownership of a substantial portion of the Company’s assets which occurs on the date that any Person
acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such Person or Persons) assets from the Company that have a total gross fair market value equal to or
more than 50% of the total gross fair market value of all of the assets of the Company immediately prior to such acquisition or acquisitions; provided, that for this subsection (iii), the following will not constitute a change in the ownership of a
substantial portion of the Company’s assets: 
 (A) a transfer to an entity controlled by the Company’s
stockholders immediately after the transfer, or 
 (B) a transfer of assets by the Company to: 

(1) a stockholder of the Company (immediately before the asset transfer) in exchange for or with respect to the Company’s
stock, 
 (2) an entity, 50% or more of the total value or voting power of which is owned, directly or indirectly, by the
Company, 
 (3) a Person, that owns, directly or indirectly, 50% or more of the total value or voting power of all the
outstanding stock of the Company, or 
 (4) an entity, at least 50% of the total value or voting power of which is owned,
directly or indirectly, by a Person described in subsection (iii)(B)(1) to subsection (iii)(B)(3). 
 For this definition, gross fair market
value means the value of the assets of the Company, or the value of the assets being disposed of, determined without regard to any liabilities associated with such assets. For this definition, persons will be acting as a group if they are owners of
a corporation that enters into a merger, consolidation, purchase or acquisition of stock, or similar business transaction with the Company. For the avoidance of doubt, wholly-owned subsidiaries of the Company shall not be considered
“Persons” for purposes of this definition of Change in Control. 
 (iv) A transaction will not be a Change in
Control: 
 (A) unless the transaction qualifies as a change in control event within the meaning of Section 409A of the
Internal Revenue Code (the “Code”); or 
 (B) if its primary purpose is to (1) change the jurisdiction of the
Company’s incorporation, or (2) create a holding company owned in substantially the same proportions by the persons who held the Company’s securities immediately before such transaction. 

  
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 (f) Payment of Accrued Obligations. If the Executive’s employment with the
Company is terminated for any reason, the Company shall pay or provide to the Executive (or to the Executive’s authorized representative or estate) (i) any Base Salary earned through the Date of Termination; (ii) unpaid expense
reimbursements (subject to, and in accordance with, Section 2(c) of this Agreement); (iii) any vested benefits the Executive may have under any employee benefit plan of the Company through the Date of Termination, which vested benefits shall be
paid and/or provided in accordance with the terms of such employee benefit plans; and (iv) benefits under the Company’s Founder Club Use Policy (on the same or no less favorable terms as in effect as of the Date of Termination)
(collectively, the “Accrued Obligations”). 
 4. Notice and Date of Termination. 

(a) Notice of Termination. Except for termination as specified in Section 3(a), any termination of the Executive’s employment
by the Company or any such termination by the Executive shall be communicated by written Notice of Termination to the other party hereto. For purposes of this Agreement, a “Notice of Termination” shall mean a notice which shall indicate
the specific termination provision in this Agreement relied upon. 
 (b) Date of Termination. “Date of Termination” shall
mean: (i) if the Executive’s employment is terminated by death, the date of death; (ii) if the Executive’s employment is terminated on account of disability under Section 3(b) or by the Company for Cause under
Section 3(c), the date on which Notice of Termination is given; (iii) if the Executive’s employment is terminated by the Company without Cause under Section 3(d), the date on which a Notice of Termination is given or the date
otherwise specified by the Company in the Notice of Termination; (iv) if the Executive’s employment is terminated by the Executive under Section 3(e) other than for Good Reason, 14 days after the date on which a Notice of Termination
is given, and (v) if the Executive’s employment is terminated by the Executive under Section 3(e) for Good Reason, the date on which a Notice of Termination is given after the end of the Cure Period. Notwithstanding the foregoing, in
the event that the Executive gives a Notice of Termination to the Company, the Company may unilaterally accelerate the Date of Termination and such acceleration shall not result in a termination by the Company for purposes of this Agreement. 

5. Severance Pay and Benefits Upon Termination by the Company without Cause or by the Executive for Good Reason. If the Executive’s
employment is terminated by the Company without Cause as provided in Section 3(d), or the Executive terminates employment for Good Reason as provided in Section 3(e), then, in addition to the Accrued Obligations, and subject to
(i) the Executive signing a separation and release agreement in substantially the form attached hereto as Exhibit A, with such changes as necessary to address changes in the law (the “Separation and Release Agreement”), and
(ii) the Separation and Release Agreement becoming irrevocable, all within 60 days after the Date of Termination (or such shorter period as set forth in the Separation and Release Agreement), which shall include a seven (7) business day
revocation period, the Company shall: 
 (a) pay the Executive an amount equal to twenty-four (24) months of the
Executive’s Base Salary (the “Severance Amount”); 
 (b) pay the Executive (i) any incentive compensation pursuant to
Section 2(b) of this Agreement determined to have been earned in respect of the year preceding the year of termination but not yet paid and (ii) 200% of the Executive’s Target Bonus for the then-current year; 

  
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 (c) notwithstanding anything to the contrary in any applicable option agreement or other
stock-based award agreement, take action to ensure that (i) in the event a Change in Control has occurred prior to, occurs concurrent with, or occurs within three months following the Date of Termination, all time-based stock options and other
stock-based awards subject to only time-based vesting held by the Executive (the “Time-Based Equity Awards”) shall immediately accelerate and become fully exercisable or nonforfeitable, and (ii) in the event a Change of Control has
not occurred prior to, does not occur concurrent with, and does not occur within three months following the Date of Termination, 50% of all Time-Based Equity Awards shall immediately accelerate and become fully exercisable or nonforfeitable. In all
such cases, the Time-Based Equity Awards will accelerate and become fully exercisable and non-forfeitable as of the later of (x) the Date of Termination or (y) the effective date of the Separation
Agreement and Release (the “Accelerated Vesting Date”) and the post-termination exercise period for any stock options will be extended for one year after termination of employment (unless the stock option terminates earlier because it has
reached its maximum term or in connection with a change in control). For avoidance of doubt, any severance protections applicable to performance-based equity awards will be set out in the agreements governing such awards; and 

(d) subject to the Executive’s copayment of premium amounts at the applicable active employees’ rate and the Executive’s proper
election to receive benefits under COBRA, pay to the group health plan provider, the COBRA provider or the Executive a monthly payment equal to the monthly employer contribution that the Company would have made to provide health insurance to the
Executive if the Executive had remained employed by the Company until the earliest of (A) the twenty-four (24) month anniversary of the Date of Termination; (B) the Executive’s eligibility for group medical plan benefits under
any other employer’s group medical plan; or (C) the cessation of the Executive’s continuation rights under COBRA; provided, however, if the Company determines that it cannot pay such amounts to the group health plan provider or the
COBRA provider (if applicable) without potentially violating applicable law (including, without limitation, Section 2716 of the Public Health Service Act), then the Company shall convert such payments to payroll payments directly to the
Executive for the time period specified above. Such payments shall be subject to tax-related deductions and withholdings and paid on the Company’s regular payroll dates. 

The amounts payable under Section 5(a) and Section 5(b) shall be paid out in substantially equal bi-monthly
installments with the number of installments equal to two (2) multiplied by the number of months based on which the Severance Amount is determined in accordance with the Company’s payroll practice commencing within 60 days after the
Date of Termination; provided, however, that if the 60-day period begins in one calendar year and ends in a second calendar year, the Severance Amount, to the extent it qualifies as “non-qualified deferred compensation” within the meaning of Section 409A of the Code, shall begin to be paid in the second calendar year by the last day of such
60-day period; provided, further, that the initial payment shall include a catch-up payment to cover amounts retroactive to the day immediately following the Date of
Termination. Notwithstanding the prior sentence, any earned but unpaid bonus for a prior year will be paid on the date that the first of the equal installments is paid. Each payment pursuant to this Agreement is intended to constitute a
separate payment for purposes of Treasury Regulation Section 1.409A-2(b)(2). 
 6.
Limitation. 
 (a) Anything in this Agreement to the contrary notwithstanding, in the event that the amount of any compensation,
payment or distribution by the Company to or for the benefit of the Executive, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise, calculated in a manner consistent with Section 280G of
the Code, and the applicable regulations thereunder (the “Aggregate Payments”), would be subject to the excise tax imposed by Section 4999 of the Code, then the Aggregate Payments shall be reduced (but not below zero) so that the sum
of all of the Aggregate Payments shall be $1.00 less than the amount at which the Executive becomes subject to the excise tax imposed by Section 4999 of the Code; provided that such reduction shall only occur if it would result in the Executive
receiving a higher After Tax Amount (as defined below) than the 

  
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Executive would receive if the Aggregate Payments were not subject to such reduction. In such event, the Aggregate Payments shall be reduced in the following order, in each case, in reverse
chronological order beginning with the Aggregate Payments that are to be paid the furthest in time from consummation of the transaction that is subject to Section 280G of the Code: (1) cash payments not subject to Section 409A of the
Code; (2) cash payments subject to Section 409A of the Code; (3) equity-based payments and acceleration; and (4) non-cash forms of benefits; provided that in the case of all the foregoing
Aggregate Payments all amounts or payments that are not subject to calculation under Treas. Reg. §1.280G-1, Q&A-24(b) or (c) shall be reduced before any
amounts that are subject to calculation under Treas. Reg. §1.280G-1, Q&A-24(b) or (c). 

(b) For purposes of this Section 6(b), the “After Tax Amount” means the amount of the Aggregate Payments less all federal,
state, and local income, excise and employment taxes imposed on the Executive as a result of the Executive’s receipt of the Aggregate Payments. For purposes of determining the After Tax Amount, the Executive shall be deemed to pay federal
income taxes at the highest marginal rate of federal income taxation applicable to individuals for the calendar year in which the determination is to be made, and state and local income taxes at the highest marginal rates of individual taxation in
each applicable state and locality, net of the maximum reduction in federal income taxes which could be obtained from deduction of such state and local taxes. 

(c) The determination as to whether a reduction in the Aggregate Payments shall be made pursuant to Section 6(b) shall be made by a
nationally recognized accounting or valuation firm selected by the Company (the “Accounting Firm”), which shall provide detailed supporting calculations both to the Company and the Executive within 15 business days of the Date of
Termination, if applicable, or at such earlier time as is reasonably requested by the Company or the Executive. Any determination by the Accounting Firm shall be binding upon the Company and the Executive. 

7. Section 409A. 

(a) Anything in this Agreement to the contrary notwithstanding, if at the time of the Executive’s separation from service within the
meaning of Section 409A of the Code, the Company determines that the Executive is a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code, then to the extent any payment or benefit that the Executive
becomes entitled to under this Agreement or otherwise on account of the Executive’s separation from service would be considered deferred compensation otherwise subject to the 20 percent additional tax imposed pursuant to
Section 409A(a) of the Code as a result of the application of Section 409A(a)(2)(B)(i) of the Code, such payment shall not be payable and such benefit shall not be provided until the date that is the earlier of (A) six months and one
day after the Executive’s separation from service, or (B) the Executive’s death. If any such delayed cash payment is otherwise payable on an installment basis, the first payment shall include a
catch-up payment covering amounts that would otherwise have been paid during the six-month period but for the application of this provision, and the balance of the
installments shall be payable in accordance with their original schedule. 
 (b) All in-kind benefits
provided and expenses eligible for reimbursement under this Agreement shall be provided by the Company or incurred by the Executive during the time periods set forth in this Agreement. All reimbursements shall be paid as soon as administratively
practicable, but in no event shall any reimbursement be paid after the last day of the taxable year following the taxable year in which the expense was incurred. The amount of in-kind benefits provided or
reimbursable expenses incurred in one taxable year shall not affect the in-kind benefits to be provided or the expenses eligible for reimbursement in any other taxable year (except for any lifetime or other
aggregate limitation applicable to medical expenses). Such right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit. 

  
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 (c) To the extent that any payment or benefit described in this Agreement constitutes “non-qualified deferred compensation” under Section 409A of the Code, and to the extent that such payment or benefit is payable upon the Executive’s termination of employment, then such payments
or benefits shall be payable only upon the Executive’s “separation from service.” The determination of whether and when a separation from service has occurred shall be made in accordance with the presumptions set forth in Treasury
Regulation Section 1.409A-1(h). 
 (d) The parties intend that this Agreement will be
administered in accordance with Section 409A of the Code. To the extent that any provision of this Agreement is ambiguous as to its compliance with Section 409A of the Code, the provision shall be read in such a manner so that all payments
hereunder comply with Section 409A of the Code. Each payment pursuant to this Agreement or the Restrictive Covenants Agreement is intended to constitute a separate payment for purposes of Treasury Regulation
Section 1.409A-2(b)(2). The parties agree that this Agreement may be amended, as reasonably requested by either party, and as may be necessary to fully comply with Section 409A of the Code and all
related rules and regulations in order to preserve the payments and benefits provided hereunder without additional cost to either party. 

(e) The Company makes no representation or warranty and shall have no liability to the Executive or any other person if any provisions of this
Agreement are determined to constitute deferred compensation subject to Section 409A of the Code but do not satisfy an exemption from, or the conditions of, such Section. 

8. Continuing Obligations.  

(a) Proprietary Rights and Inventions Assignment Agreement. The Executive is party to the Proprietary Rights and Inventions
Assignment Agreement, attached hereto as Exhibit B (the “PRIA”). The Executive acknowledges that during the term of his employment, he has had and will continue to have access to trade secrets of the Company and/or be part of the
Company’s management team. Therefore, for the period of his employment by the Company and continuing until one year after his Date of Termination, regardless of the reason for the termination of his employment, the Executive agrees that he
shall not, without the prior written consent of the Company, directly or indirectly, own, invest in, manage, operate, control or advise or join in or participate in the ownership, management, operation or control of or be employed by or connected in
any manner with any businesses that sell, market, operate or have investment in; villa rental, fractional ownership, cooperative vacation club, home exchange and/or luxury destination club or any entity in the United States which is in direct
competition with the Company’s Business and acknowledges that the agreement not to compete set forth in this provision is both reasonable and necessary for the protection of the Company’s trade secrets, as contemplated by CO Rev. Stat.
§ 8-2-113(2)(b). For purposes of this Agreement, the Company’s Business shall mean the Company’s business on the Executive’s Date of Termination,
including all prior products, services or diversified lines of business. For purposes of this Agreement, the obligations in this Section 8 and those that arise in the PRIA and any other agreement relating to confidentiality, assignment
of inventions, or other restrictive covenants shall collectively be referred to as the “Continuing Obligations.” The parties agree that the value of the Continuing Obligations to the Company is no less than the value of any severance
amounts paid to the Executive. 
 (b) Non-Solicitation. For the period of my employment by the
Company and continuing until two years after my last day of employment with the Company, regardless of the reason for the termination of my employment, I will not directly or indirectly induce any employee of the Company to terminate or negatively
alter his or her relationship with the Company. 

  
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 (c) Third-Party Agreements and Rights. The Executive hereby confirms that the
Executive is not bound by the terms of any agreement with any previous employer or other party which restricts in any way the Executive’s use or disclosure of information, other than confidentiality restrictions (if any), or the
Executive’s engagement in any business. The Executive represents to the Company that the Executive’s execution of this Agreement, the Executive’s employment with the Company and the performance of the Executive’s proposed duties
for the Company will not violate any obligations the Executive may have to any such previous employer or other party. In the Executive’s work for the Company, the Executive will not disclose or make use of any information in violation of any
agreements with or rights of any such previous employer or other party, and the Executive will not bring to the premises of the Company any copies or other tangible embodiments of non-public information
belonging to or obtained from any such previous employment or other party. 
 (d) Litigation and Regulatory Cooperation. During and
after the Executive’s employment, the Executive shall cooperate fully with the Company in (i) the defense or prosecution of any claims or actions now in existence or which may be brought in the future against or on behalf of the Company
which relate to events or occurrences that transpired while the Executive was employed by the Company, and (ii) the investigation, whether internal or external, of any matters about which the Company believes the Executive may have knowledge or
information. The Executive’s full cooperation in connection with such claims, actions or investigations shall include, but not be limited to, being available to meet with counsel to answer questions or to prepare for discovery or trial and to
act as a witness on behalf of the Company at mutually convenient times. During and after the Executive’s employment, the Executive also shall cooperate fully with the Company in connection with any investigation or review of any federal, state
or local regulatory authority as any such investigation or review relates to events or occurrences that transpired while the Executive was employed by the Company. The Company shall reimburse the Executive for any reasonable out-of-pocket expenses. 
 (e) Relief. The Executive agrees
that it would be difficult to measure any damages caused to the Company which might result from any breach by the Executive of the Continuing Obligations, and that in any event money damages would be an inadequate remedy for any such breach.
Accordingly, the Executive agrees that if the Executive breaches, or proposes to breach, any portion of the Continuing Obligations, the Company shall be entitled, in addition to all other remedies that it may have, to an injunction or other
appropriate equitable relief to restrain any such breach without showing or proving any actual damage to the Company. 
 9. Arbitration of
Disputes. 
 (a) Arbitration Generally. Any controversy or claim arising out of or relating to this Agreement or the breach
thereof or otherwise arising out of the Executive’s employment or the termination of that employment shall, to the fullest extent permitted by law, be settled by arbitration in any forum and form agreed upon by the parties or, in the absence of
such an agreement, under the auspices of JAMS in Denver, Colorado in accordance with the JAMS Employment Arbitration Rules, including, but not limited to, the rules and procedures applicable to the selection of arbitrators. The Executive understands
that the Executive may only bring such claims in the Executive’s individual capacity, and not as a plaintiff or class member in any purported class proceeding or any purported representative proceeding. The Executive further understands that,
by signing this Agreement, the Company and the Executive are giving up any right they may have to a jury trial on all claims they may have against each other. Judgment upon the award rendered by the arbitrator may be entered in any court having
jurisdiction thereof. This Section 9 shall be specifically enforceable. Notwithstanding the foregoing, this Section 9 shall not preclude either party from pursuing a court action for the sole purpose of obtaining a temporary restraining
order or a preliminary injunction in circumstances in which such relief is appropriate, including without limitation relief sought under the Restrictive Covenants Agreement; provided that any other relief shall be pursued through an arbitration
proceeding pursuant to this Section 9. 

  
 10 

 (b) Arbitration Fees and Costs. The Executive shall be required to pay an arbitration
fee to initiate any arbitration equal to what the Executive would be charged as a first appearance fee in court. The Company shall advance the remaining fees and costs of the arbitrator. However, to the extent permissible under the law, and
following the arbitrator’s ruling on the matter, the arbitrator may rule that the arbitrator’s fees and costs be distributed in an alternative manner. Each party shall pay its own costs and attorneys’ fees, if any. If, however, any
party prevails on a statutory or contractual claim that affords the prevailing party attorneys’ fees (including pursuant to this Agreement), the arbitrator may award attorneys’ fees to the prevailing party to the extent permitted by law.

 10. Consent to Jurisdiction. To the extent that any court action is permitted consistent with or to enforce Section 9 of this
Agreement, the parties hereby consent to the jurisdiction of the state and federal courts of the State of Colorado. Accordingly, with respect to any such court action, the Executive (a) submits to the exclusive personal jurisdiction of
such courts; (b) consents to service of process; and (c) waives any other requirement (whether imposed by statute, rule of court, or otherwise) with respect to personal jurisdiction or service of process. 

11. Waiver of Jury Trial. Each of the Executive and the Company irrevocably and unconditionally WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY
PROCEEDING (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE EXECUTIVE’S EMPLOYMENT BY THE COMPANY OR ANY AFFILIATE OF THE COMPANY, INCLUDING WITHOUT LIMITATION THE EXECUTIVE’S OR THE
COMPANY’S PERFORMANCE UNDER, OR THE ENFORCEMENT OF, THIS AGREEMENT. 
 12. Integration. This Agreement constitutes the entire
agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements between the parties concerning such subject matter, provided that the Restrictive Covenants Agreement and the Equity Documents remain in full
force and effect. 
 13. Withholding; Tax Effect. All payments made by the Company to the Executive under this Agreement shall be net
of any tax or other amounts required to be withheld by the Company under applicable law. Nothing in this Agreement shall be construed to require the Company to make any payments to compensate the Executive for any adverse tax effect associated with
any payments or benefits or for any deduction or withholding from any payment or benefit. 
 14. Assignment. Neither the Executive nor
the Company may make any assignment of this Agreement or any interest in it, by operation of law or otherwise, without the prior written consent of the other; provided, however, that the Company may assign its rights and obligations under this
Agreement (including the Restrictive Covenants Agreement) without the Executive’s consent to any affiliate or to any person or entity with whom the Company shall hereafter effect a reorganization, consolidate with, or merge into or to whom it
transfers all or substantially all of its properties or assets; provided further that if the Executive remains employed or becomes employed by the Company, the purchaser or any of their affiliates in connection with any such transaction, then the
Executive shall not be entitled to any payments, benefits or vesting pursuant to Section 5 of this Agreement solely as a result of such transaction but the transaction may result in a change in the Executive’s position that would entitle
him to resign for Good Reason and receive benefits under Section 5. This Agreement shall inure to the benefit of and be binding upon the Executive and the Company, and each of the Executive’s and the Company’s respective successors,
executors, administrators, heirs and permitted assigns. 

  
 11 

 15. Enforceability. If any portion or provision of this Agreement (including, without
limitation, any portion or provision of any section of this Agreement) shall to any extent be declared illegal or unenforceable by a court of competent jurisdiction, then the remainder of this Agreement, or the application of such portion or
provision in circumstances other than those as to which it is so declared illegal or unenforceable, shall not be affected thereby, and each portion and provision of this Agreement shall be valid and enforceable to the fullest extent permitted by
law. 
 16. Survival. The provisions of this Agreement shall survive the termination of this Agreement and/or the termination of the
Executive’s employment to the extent necessary to effectuate the terms contained herein. 
 17. Waiver. No waiver of any
provision hereof shall be effective unless made in writing and signed by the waiving party. The failure of any party to require the performance of any term or obligation of this Agreement, or the waiver by any party of any breach of this Agreement,
shall not prevent any subsequent enforcement of such term or obligation or be deemed a waiver of any subsequent breach. 
 18.
Notices. Any notices, requests, demands and other communications provided for by this Agreement shall be sufficient if in writing and delivered in person or sent by a nationally recognized overnight courier service or by registered or
certified mail, postage prepaid, return receipt requested, to the Executive at the last address the Executive has filed in writing with the Company or, in the case of the Company, at its main offices, attention of the Board. 

19. Amendment. This Agreement may be amended or modified only by a written instrument signed by the Executive and by a duly authorized
representative of the Company and no subsequent writing will abrogate the Executive’s rights under this Agreement without specifically mentioning and waiving this Section 19. 

20. Effect on Other Plans and Agreements. An election by the Executive to resign for Good Reason under the provisions of this Agreement
shall not be deemed a voluntary termination of employment by the Executive for the purpose of interpreting the provisions of any of the Company’s benefit plans, programs or policies. Nothing in this Agreement shall be construed to limit the
rights of the Executive under the Company’s benefit plans, programs or policies except as otherwise provided in Section 8 hereof, and except that the Executive shall have no rights to any severance benefits under any Company severance pay
plan, offer letter or otherwise. In the event that the Executive is party to an agreement with the Company providing for payments or benefits under such plan or agreement and under this Agreement, the terms of this Agreement shall govern and the
Executive may receive payment under this Agreement only and not both. The provisions of the prior sentence will not apply to any performance-based equity grants and any severance protections set forth in the award agreements for such
performance-based equity grants will govern. 
 21. Governing Law. This is a Colorado contract and shall be construed under and be
governed in all respects by the laws of the State of Colorado, without giving effect to the conflict of laws principles thereof. With respect to any disputes concerning federal law, such disputes shall be determined in accordance with the law
as it would be interpreted and applied by the United States Court of Appeals for the Tenth Circuit. 
 22. Counterparts. This
Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be taken to be an original; but such counterparts shall together constitute one and the same document. 

  
 12 

 IN WITNESS WHEREOF, the parties have executed this Agreement effective on the Effective
Date. 
  

			
	INSPIRATO LLC
		
	By:	 	/s/ Brent Handler
		 	Brent Handler
		
	Its:	 	 Chief Executive Officer

		
	Date:	 	 September 15, 2021

	
	EXECUTIVE
		
	By:	 	/s/ Web Neighbor
		 	Web Neighbor
		
	Date:	 	 September 15, 2021

  
 13Exhibit 10.1

       

      SUBORDINATED NOTE PURCHASE AGREEMENT

       

      This SUBORDINATED NOTE PURCHASE AGREEMENT (this “Agreement”) is dated as of September 15, 2021, and is made by and among Greene County Bancorp, Inc., a federal corporation (the “Company”),

        and the purchasers of the Subordinated Notes (as defined herein) identified on the signature pages hereto (each a “Purchaser” and collectively, the “Purchasers”).

       

      RECITALS

       

      WHEREAS, the Company is offering up to $30 million in aggregate principal amount of Subordinated Notes.

       

      WHEREAS, the Company has engaged FinPro Capital Advisors, Inc., as its exclusive placement agent (“Placement Agent”) for the offering of the Subordinated Notes.

       

      WHEREAS, each of the Purchasers is an institutional “accredited investor” as such term is defined in Rule 501 of Regulation D (“Regulation D”) promulgated under the Securities Act of 1933, as amended (the “Securities

            Act”) or a QIB (as defined below).

       

      WHEREAS, the offer and sale of the Subordinated Notes by the Company is being made in reliance upon the exemptions from registration available under Section 4(a)(2) of the Securities Act and Rule 506(b) of Regulation D.

       

      WHEREAS, each Purchaser is willing to purchase from the Company a Subordinated Note in the principal amount set forth on such Purchaser’s respective signature page hereto (the “Subordinated Note Amount”) in accordance
          with the terms, subject to the conditions and in reliance on, the recitals, representations, warranties, covenants and agreements set forth herein and in the Subordinated Notes.

       

      NOW, THEREFORE, in consideration of the mutual covenants, conditions and agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto
          hereby agree as follows:

       

      AGREEMENT

       

      1.           DEFINITIONS.

       

      1.1          Defined Terms.  The following capitalized terms used in this Agreement and
        in the Subordinated Notes have the meanings defined or referenced below.  Certain other capitalized terms used only in specific sections of this Agreement may be defined in such sections.

       

      “Affiliate(s)” means, with respect to any Person, such Person’s immediate family members, partners, members or parent and subsidiary corporations, and any other Person directly or indirectly
        controlling, controlled by, or under common control with such Person and their respective Affiliates.

       

      “Agreement” has the meaning set forth in the preamble hereto.

       

      
        
          

      

      
      “Bank” means The Bank of Greene County, a federal savings association and wholly owned subsidiary of the Company.

       

      “Business Day” means any day other than a Saturday, Sunday or any other day which is a federal legal holiday in the United States.

       

      “Bylaws” means the Bylaws of the Company, as in effect on the Closing Date.

       

      “Charter” means the Stock Holding Company Charter of the Company, as in effect on the Closing Date.

       

      “Closing” has the meaning set forth in Section 2.5.

       

      “Closing Date” means September 15, 2021.

       

      “Company” has the meaning set forth in the preamble hereto and shall include any successors to the Company.

       

      “Company Covered Person” has the meaning set forth in Section 4.2.4.

       

      “Company’s Reports” means (i) the Company’s filings with the Securities and Exchange Commission, including the audited financial
        statements of the Company for the year ended June 30, 2021; (ii) the Company’s FR Y-9SP for the year ended June 30, 2021 as filed with the FRB as required by regulations of the FRB, and (iii) the Consolidated Reports of Condition and Income for a
        Bank with Domestic Offices Only (Call Report) on Form FFIEC 041 filed by the Bank for the period ended June 30, 2021.

       

      “Data Room” has the meaning set forth in Section 6.8.

       

      “Disbursements” has the meaning set forth in Section 3.1.

       

      “Disqualification Event” has the meaning set forth in Section 4.2.4.

       

      “Equity Interest” means any and all shares, interests, participations or other equivalents (however designated) of capital stock of a
        corporation, any and all equivalent ownership interests in a Person which is not a corporation, and any and all warrants, options or other rights to purchase any of the foregoing.

       

      “Event of Default” has the meaning set forth in the Subordinated Notes.

       

      “Exchange Act” means the Securities Exchange Act of 1934, as amended.

       

      “FDIC” means the Federal Deposit Insurance Corporation.

       

      “FRB” means the Board of Governors of the Federal Reserve System.

       

      “GAAP” means generally accepted accounting principles in effect from time to time in the United States of America.

       

      
        2

        
          

      

      “Governmental Agency(ies)” means, individually or collectively, any federal, state, county or local governmental department, commission,
        board, regulatory authority or agency (including, without limitation, each applicable Regulatory Agency) with jurisdiction over the Company or a Subsidiary.

       

      “Governmental Licenses” has the meaning set forth in Section 4.3.

       

      “Hazardous Materials” means flammable explosives, asbestos, urea formaldehyde insulation, polychlorinated biphenyls, radioactive
        materials, hazardous wastes, toxic or contaminated substances or similar materials, including, without limitation, any substances which are “hazardous substances,” “hazardous wastes,” “hazardous materials” or “toxic substances” under the Hazardous
        Materials Laws and/or other applicable environmental laws, ordinances or regulations.

       

      “Hazardous Materials Laws” mean any laws, regulations, permits, licenses or
        requirements pertaining to the protection, preservation, conservation or regulation of the environment which relate to real property, including:  the Clean Air Act, as amended, 42 U.S.C. Section 7401 et seq.; the Federal Water Pollution Control
        Act, as amended, 33 U.S.C. Section 1251 et seq.; the Resource Conservation and Recovery Act of 1976, as amended, 42 U.S.C. Section 6901 et seq.; the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended (including
        the Superfund Amendments and Reauthorization Act of 1986), 42 U.S.C. Section 9601 et seq.; the Toxic Substances Control Act, as amended, 15 U.S.C. Section 2601 et seq.; the Occupational Safety and Health Act, as amended, 29 U.S.C. Section 651 et
        seq.; the Emergency Planning and Community Right-to-Know Act of 1986, 42 U.S.C. Section 11001 et seq.; the Mine Safety and Health Act of 1977, as amended, 30 U.S.C. Section 801 et seq.; the Safe Drinking Water Act, 42 U.S.C. Section 300f et seq.;
        and all comparable state and local laws and regulations.

       

      “Indebtedness” means:  (i) all items arising from the borrowing of money that, according to GAAP as in effect from time to time, would be included in determining total liabilities as shown
        on the consolidated balance sheet of the Company; and (ii) all obligations for indebtedness secured by any lien in property owned by the Company or any Subsidiary whether or not such obligations shall have been assumed; provided, however, Indebtedness shall not include deposits or other Indebtedness created, incurred or maintained in the ordinary course of the Company’s or the Bank’s business (including,
        without limitation, federal funds purchased, advances from any Federal Home Loan Bank, secured deposits of municipalities, letters of credit issued by the Company or the Bank or any other Subsidiary and repurchase arrangements) and consistent with
        customary banking practices and applicable laws and regulations.

       

      “Investor Presentation” has the meaning set forth in Section 4.7.

       

      “Leases” means all leases, licenses or other documents providing for the use or occupancy of any portion of any Property, including all amendments, extensions, renewals, supplements,
        modifications, sublets and assignments thereof and all separate letters or separate agreements relating thereto.

       

      
        3

        
          

      

      “Material Adverse Effect” means any change or effect that (i) is or would be reasonably likely to be material and adverse to the financial condition, results of operations or business of the
        Company and its Subsidiaries, on a consolidated basis, or (ii) would or would be reasonably likely to materially impair the ability of the Company to perform its obligations under any of the Transaction Documents, or otherwise materially impede the
        consummation of the transactions contemplated hereby; provided, however, that “Material Adverse Effect” shall not be deemed to include the impact of (1) changes in
        banking and similar laws, rules or regulations of general applicability or interpretations thereof by Governmental Agencies, (2) changes in GAAP or regulatory accounting requirements applicable to financial institutions and their holding companies
        generally, (3) general economic or capital market conditions affecting financial institutions or their market prices generally and not specifically related to the Company, the Bank or the Purchasers, (4) direct effects of compliance with this
        Agreement on the operating performance of the Company, the Bank or the Purchasers, including expenses incurred by the Company, the Bank or the Purchasers in consummating the transactions contemplated by this Agreement, and (5) the effects of any
        action or omission taken by the Company with the prior written consent of the Purchasers, and vice versa, or as otherwise contemplated by this Agreement and the Subordinated Notes.

       

      “Maturity Date” means September 15, 2031.

       

      “OCC” means the Office of the Comptroller of the Currency.

       

      “Person” means an individual, a corporation (whether or not for profit), a partnership, a limited liability company, a joint venture, an association, a trust, an unincorporated organization,
        a government or any department or agency thereof (including a Governmental Agency) or any other entity or organization.

       

      “Placement Agent” has the meaning set forth in the Recitals.

       

      “Property” means any real property owned or leased by the Company or any Affiliate or Subsidiary of the Company.

       

      “Purchaser” or “Purchasers” has the meaning set forth in the preamble hereto.

       

      “QIB” means a “qualified institutional buyer” as defined in Rule 144A of the Securities Act.

       

      “Regulation D” has the meaning set forth in the Recitals.

       

      “Regulatory Agency” means any federal or state agency charged with the supervision or regulation of depository institutions or holding companies of depository institutions, or engaged in the
        insurance of depository institution deposits, or any court, administrative agency or commission or other authority, body or agency having supervisory or regulatory authority with respect to the Company, the Bank or any of their Subsidiaries.

       

      “Risk Factors” has the meaning set forth in Section 4.7.

       

      “Securities Act” has the meaning set forth in the Recitals.

       

      
        4

        
          

      

      “Subordinated Note” means the Subordinated Note (or collectively, the “Subordinated Notes”) in the form attached as Exhibit A hereto, as amended, restated, supplemented or
        modified from time to time, and each Subordinated Note delivered in substitution or exchange for such Subordinated Note.

       

      “Subordinated Note Amount” has the meaning set forth in the Recitals.

       

      “Subsidiary” or “Subsidiaries” means with respect to any Person, any corporation or entity in which a majority of the outstanding Equity Interest is directly or indirectly owned by
        such Person.

       

      “Subsidiary Bank” has the meaning set forth in Section 4.1.1.2.

       

      “Tier 2 Capital” has the meaning given to the term “Tier 2 capital” in 12 C.F.R. Part 217, as amended, modified and supplemented and in effect from time to time or any replacement thereof.

       

      “Transaction Documents” has the meaning set forth in Section 3.2.1.1.

       

      1.2        Interpretations.  The foregoing definitions are equally applicable to both
        the singular and plural forms of the terms defined.  The words “hereof,” “herein” and “hereunder” and words of like import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. 
        The word “including” when used in this Agreement without the phrase “without limitation,” shall mean “including, without limitation.” All references to time of day herein are references to Eastern Time unless otherwise specifically provided.  All
        references to this Agreement and Subordinated Notes shall be deemed to be to such documents as amended, modified or restated from time to time.  With respect to any reference in this Agreement to any defined term, (i) if such defined term refers to
        a Person, then it shall also mean all heirs, legal representatives and permitted successors and assigns of such Person, and (ii) if such defined term refers to a document, instrument or agreement, then it shall also include any amendment,
        replacement, extension or other modification thereof.

       

      1.3          Exhibits Incorporated.  All Exhibits attached are hereby incorporated into
        this Agreement.

       

      2.           SUBORDINATED DEBT.

       

      2.1          Certain Terms.  Subject to the terms and conditions herein contained, the
        Company hereby agrees to issue and sell to the Purchasers, severally and not jointly, Subordinated Notes in an aggregate principal amount equal to the aggregate of the Subordinated Note Amounts.  The Purchasers, severally and not jointly, each
        agree to purchase the Subordinated Notes from the Company on the Closing Date in accordance with the terms of, and subject to the conditions and provisions set forth in, this Agreement and the Subordinated Notes.  The Subordinated Note Amounts
        shall be disbursed in accordance with Section 3.1.  The Subordinated Notes shall bear interest per annum as set forth in the Subordinated Notes.  The unpaid principal balance of the Subordinated Notes plus all accrued but unpaid interest
        thereon shall be due and payable on the Maturity Date, or such earlier date on which such amount shall become due and payable on account of (i) acceleration by the Purchasers in accordance with the terms of the Subordinated Notes and this Agreement
        or (ii) the Company’s delivery of a notice of redemption or repayment in accordance with the terms of the Subordinated Notes.

       

      
        5

        
          

      

      2.2          Subordination.  The Subordinated Notes shall be subordinated in accordance
        with the subordination provisions set forth therein.

       

      2.3          Maturity Date.  On the Maturity Date, all sums due and owing under this
        Agreement and the Subordinated Notes shall be repaid in full.  The Company acknowledges and agrees that the Purchasers have not made any commitments, either express or implied, to extend the terms of the Subordinated Notes past their Maturity Date,
        and shall not extend such terms beyond the Maturity Date unless the Company and the Purchasers hereafter specifically otherwise agree in writing.

       

      2.4          Unsecured Obligations.  The obligations of the Company to the Purchasers
        under the Subordinated Notes shall be unsecured and not covered by a guarantee of the Company or an Affiliate of the Company.

       

      2.5          The Closing.  The closing of the sale and purchase of the Subordinated Notes
        (the “Closing”) shall occur remotely via the electronic or other exchange of documents and signature pages, on the Closing Date, or at such other place or time or on such other date as the parties hereto may agree.

       

      2.6         Payments.  The Company agrees that matters concerning payments and
        application of payments shall be as set forth in this Agreement and in the Subordinated Notes.

       

      2.7       Right of Offset.  Each Purchaser hereby expressly waives any right of offset
        it may have against the Company or any of its Subsidiaries.

       

      2.8         Use of Proceeds.  The Company shall use the net proceeds from the sale of
        the Subordinated Notes for general corporate purposes, organic growth and for investment in The Bank of Greene County as regulatory capital.

       

      3.           DISBURSEMENT.

       

      3.1        Disbursement.  On the Closing Date, assuming all of the terms and conditions
        set forth in Section 3.2 have been satisfied by the Company and the Company has executed and delivered to each of the Purchasers this Agreement and such Purchaser’s Subordinated Note and any other related documents in form and substance
        reasonably satisfactory to the Purchasers, each Purchaser shall disburse by wire transfer to the Company in immediately available funds the Subordinated Note Amount set forth on each Purchaser’s respective signature page hereto in exchange for a
        Subordinated Note with a principal amount equal to such Subordinated Note Amount (the “Disbursement”).  The Company will deliver to the respective Purchaser one or more certificates representing the Subordinated Notes in definitive form (or
        provide evidence of the same with the original to be delivered by the Company by overnight delivery on the next calendar day in accordance with the delivery instructions of the Purchaser), registered in such names and denominations as such
        Purchasers may request.

       

      
        6

        
          

      

      3.2          Conditions Precedent to Disbursement.

       

      3.2.1      Conditions to the Purchasers’ Obligation.
        The obligation of each Purchaser to consummate the purchase of the Subordinated Notes to be purchased by them at Closing and to effect the Disbursement is subject to delivery by or at the direction of the Company to such Purchaser each of the
        following (or written waiver by such Purchaser prior to the Closing of such delivery):

       

      3.2.1.1   Transaction Documents.  This Agreement and the Subordinated Notes
        (collectively, the “Transaction Documents”), each duly authorized and executed by the Company.

       

      3.2.1.2       Authority Documents.

       

      (a)        A copy, certified by the Secretary or Assistant Secretary of the Company, of the Charter of the Company;

       

      (b)          A certificate of existence of the Company as a registered savings and loan holding company issued by the FRB;

       

      (c)          A copy, certified by the Secretary or Assistant Secretary, of the Bylaws of the Company;

       

      (d)          A copy, certified by the Secretary or Assistant Secretary of the Company, of the resolutions of the board of directors of the Company, and
        any committee thereof, authorizing the execution, delivery and performance of the Transaction Documents;

       

      (e)          An incumbency certificate of the Secretary or Assistant Secretary of the Company certifying the names of the officer or officers of the
        Company authorized to sign the Transaction Documents and the other documents provided for in this Agreement; and

       

      (f)          The opinion of Luse Gorman, PC, counsel to the Company, dated as of the Closing Date, substantially in the form set forth as Exhibit B
        attached hereto addressed to the Purchasers and Placement Agent.

       

      3.2.1.3     Other Documents.  Such other certificates, schedules, resolutions, notes and/or other
        documents which are provided for hereunder or as a Purchaser may reasonably request.

       

      3.2.2          Conditions to the Company’s Obligation.

       

      3.2.2.1      With respect to a given Purchaser, the obligation of the Company to consummate the sale of the Subordinated Notes and to effect the Closing
        is subject to delivery by or at the direction of such Purchaser to the Company of this Agreement, duly authorized and executed by such Purchaser.

       

      
        7

        
          

      

      4.          REPRESENTATIONS AND WARRANTIES OF THE COMPANY.

       

      The Company hereby represents and warrants to each Purchaser as follows:

       

      4.1          Organization and Authority.

       

      4.1.1          Organization Matters of the Company and Its Subsidiaries.

       

      4.1.1.1      The Company is a duly organized corporation, is validly existing and in good standing under the laws of the United States
        and has all requisite corporate power and authority to conduct its business and activities as presently conducted, to own its properties, and to perform its obligations under the Transaction Documents.  The Company is duly qualified as a foreign
        corporation to transact business and is in good standing in each other jurisdiction in which such qualification is required, whether by reason of the ownership or leasing of property or the conduct of business, except where the failure so to
        qualify or to be in good standing would not result in a Material Adverse Effect.  The Company is duly registered as a savings and loan holding company under the Home Owners’ Loan Act, as amended.

       

      4.1.1.2     The entities set forth on Schedule 4.1.1.2 attached hereto are the only direct or indirect Subsidiaries of the
        Company.  Each Subsidiary of the Company (other than the Bank and Greene County Commercial Bank, a wholly-owned subsidiary of the Bank (the “Subsidiary Bank”) has been duly organized and is validly existing either as a corporation or limited
        liability company, or, in the case of the Bank, has been duly chartered and is validly existing as a federal savings association, and in the case of the Subsidiary Bank has been duly chartered and is validly existing as a New York State-chartered
        limited purpose commercial bank, in each case in good standing under the laws of the jurisdiction of its incorporation, formation or organization, has corporate or organizational power and authority to own, lease and operate its properties and to
        conduct its business and is duly qualified as a foreign corporation or other business entity to transact business and is in good standing in each jurisdiction in which such qualification is required, whether by reason of the ownership or leasing of
        property or the conduct of business, except where the failure so to qualify or to be in good standing would not result in a Material Adverse Effect.  All of the issued and outstanding shares of capital stock or other equity interests in each
        Subsidiary of the Company have been duly authorized and validly issued, are fully paid and non-assessable and are owned by the Company, directly or through Subsidiaries of the Company, free and clear of any security interest, mortgage, pledge,
        lien, encumbrance or claim; none of the outstanding shares of capital stock of, or other Equity Interests in, any Subsidiary of the Company were issued in violation of the preemptive or similar rights of any security holder of such Subsidiary of
        the Company or any other entity.

       

      4.1.1.3      The Bank is a federal savings association.  The deposit accounts of the Bank are insured by the FDIC up to applicable
        limits.  The Bank has not received any notice or other information indicating that the Bank is not an “insured depository institution” as defined in 12 U.S.C. Section 1813, nor has any event occurred which could reasonably be expected to adversely
        affect the status of the Bank as an FDIC-insured institution.

       

      
        8

        
          

      

      4.1.1.4       The Subsidiary Bank is a New York State-chartered limited purpose commercial bank. The deposit accounts of the Subsidiary
        Bank are insured by the FDIC up to applicable limits.

       

      4.1.2          Capital Stock and Related Matters.  The Charter of the Company authorizes
        the Company to issue 12,000,000 shares of common stock, $0.10 par value per share, and 1,000,000 shares of preferred stock.  As of the date of this Agreement, there are 8,513,414 shares of the Company’s common stock issued and outstanding and no
        shares of the Company’s preferred stock issued and outstanding.  All of the outstanding capital stock of the Company has been duly authorized and validly issued and is fully paid and non-assessable.  Except as disclosed on Schedule 4.1.2 attached
        hereto, there are, as of the date hereof, no outstanding options, rights, warrants or other agreements or instruments obligating the Company to issue, deliver or sell, or cause to be issued, delivered or sold, additional shares of the capital stock
        of the Company or obligating the Company to grant, extend or enter into any such agreement or commitment to any Person other than the Company except pursuant to the Company’s equity incentive plans duly adopted by the Company’s Board of Directors.

       

      4.2          No Impediment to Transactions.

       

      4.2.1         Transaction is Legal and Authorized.  The issuance of the Subordinated
        Notes, the borrowing of the aggregate of the Subordinated Note Amount, the execution of the Transaction Documents and compliance by the Company with all of the provisions of the Transaction Documents are within the corporate and other powers of the
        Company.

       

      4.2.2       Agreement.  This Agreement has been duly authorized, executed and delivered
        by the Company, and, assuming due authorization, execution and delivery by the other parties hereto, constitutes the legal, valid and binding obligations of the Company, enforceable against the Company in accordance with its terms, except as
        enforcement thereof may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws relating to or affecting creditors’ rights generally or by general equitable principles.

       

      4.2.3        Subordinated Notes.  The
        Subordinated Notes have been duly authorized by the Company and when executed by the Company and issued, delivered to and paid for by the Purchasers in accordance with the terms of the Agreement, will have been duly executed,

        authenticated, issued and delivered, and will constitute the legal, valid and binding obligations of the Company and enforceable in accordance with their terms, except as enforcement thereof may be limited by bankruptcy, insolvency, reorganization,
        moratorium or other similar laws relating to or affecting creditors’ rights generally or by general equitable principles.

       

      4.2.4        Exemption from Registration.
        Neither the Company, nor any of its Subsidiaries or Affiliates, nor to the Company’s knowledge, any Person acting on its or their behalf, has engaged in any form of general solicitation or general advertising (within the meaning of Regulation D) in
        connection with the offer or sale of the Subordinated Notes.  Assuming the accuracy of the representations and warranties of each Purchaser set forth in this Agreement and by the Placement Agent in the engagement letter between the Company and the
        Placement Agent dated July 26, 2021, the Subordinated Notes will be issued in a transaction exempt from the registration requirements of the Securities Act.  No “bad actor” disqualifying event described in Rule 506(d)(1)(i)-(viii) of the Securities
        Act (a “Disqualification Event”) is applicable to the Company or, to the Company’s knowledge, any Person described in Rule 506(d)(1) (each, a “Company Covered Person”).  The Company has complied, to the extent applicable, with its
        disclosure obligations under Rule 506(e).

       

      
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      4.2.5          No Defaults or Restrictions.  Neither the execution and delivery of the
        Transaction Documents nor compliance with their respective terms and conditions will (whether with or without the giving of notice or lapse of time or both) (i) violate, conflict with or result in a breach of, or constitute a default under:  (1)
        the Charter or Bylaws of the Company; (2) any of the terms, obligations, covenants, conditions or provisions of any corporate restriction or of any contract, agreement, indenture, mortgage, deed of trust, pledge, bank loan or credit agreement, or
        any other agreement or instrument to which the Company or Bank, as applicable, is now a party or by which it or any of its properties may be bound or affected; (3) any judgment, order, writ, injunction, decree or demand of any court, arbitrator,
        grand jury, or Governmental Agency applicable to the Company or the Bank; or (4) any statute, rule or regulation applicable to the Company, except, in the case of items (2), (3) or (4), for such violations and conflicts that would not, singularly
        or in the aggregate, result in a Material Adverse Effect, or (ii) result in the creation or imposition of any lien, charge or encumbrance of any nature whatsoever upon any property or asset of the Company.  Neither the Company nor the Bank is in
        default in the performance, observance or fulfillment of any of the terms, obligations, covenants, conditions or provisions contained in any indenture or other agreement creating, evidencing or securing Indebtedness of any kind or pursuant to which
        any such Indebtedness is issued, or any other agreement or instrument to which the Company or the Bank, as applicable, is a party or by which the Company or the Bank, as applicable, or any of its properties may be bound or affected, except, in each
        case, for defaults that would not, singularly or in the aggregate, result in a Material Adverse Effect.

       

      4.2.6         Governmental Consent.  No governmental orders, permissions, consents,
        approvals or authorizations are required to be obtained by the Company that have not been obtained, and no registrations or declarations are required to be filed by the Company that have not been filed in connection with, or, in contemplation of,
        the execution and delivery of, and performance under, the Transaction Documents, except for applicable requirements, if any, of the Securities Act, the Exchange Act or state securities laws or “blue sky” laws of the various states and any
        applicable federal or state banking laws and regulations.

       

      4.3          Possession of Licenses and Permits.  The Company and its Subsidiaries
        possess such permits, licenses, approvals, consents and other authorizations (collectively, “Governmental Licenses”) issued by the appropriate Governmental Agencies necessary to conduct the business now operated by them except where the
        failure to possess such Governmental Licenses would not, singularly or in the aggregate, have a Material Adverse Effect. The Company and each Subsidiary of the Company is in compliance with the terms and conditions of all such Governmental
        Licenses, except where the failure so to comply would not, individually or in the aggregate, have a Material Adverse Effect. All of the Governmental Licenses are valid and in full force and effect, except where the invalidity of such Governmental
        Licenses or the failure of such Governmental Licenses to be in full force and effect would not have a Material Adverse Effect on the Company or such applicable Subsidiary of the Company. Neither the Company nor any Subsidiary of the Company has
        received any notice of proceedings relating to the revocation or modification of any such Governmental Licenses.

       

      
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      4.4          Financial Condition.

       

      4.4.1          Company Financial Statements.  The financial statements of the Company
        included in the Company’s Reports (including the related notes, where applicable), which have been provided to the Purchasers (i) have been prepared from, and are in accordance with, the books and records of the Company; (ii) fairly present in all
        material respects the results of operations, cash flows, changes in stockholders’ equity and financial position of the Company and its consolidated Subsidiaries, for the respective fiscal periods or as of the respective dates therein set forth
        (subject in the case of unaudited statements to recurring year-end audit adjustments normal in nature and amount), as applicable; (iii) complied as to form, as of their respective dates of filing in all material respects with applicable accounting
        and banking requirements with respect thereto; and (iv) have been prepared in accordance with GAAP consistently applied during the periods involved, except, in each case, (x) as indicated in such statements or in the notes thereto, (y) for any
        statement therein or omission therefrom that was corrected, amended, or supplemented or otherwise disclosed or updated in a subsequent Company’s Report, and (z) to the extent that any unaudited interim financial statements do not contain the
        footnotes required by GAAP, and were or are subject to normal and recurring year-end adjustments, which were not or are not expected to be material in amount, either individually or in the aggregate. The books and records of the Company have been,
        and are being, maintained in all material respects in accordance with GAAP and any other applicable legal and accounting requirements. The Company does not have any material liability of any nature whatsoever (whether absolute, accrued, contingent
        or otherwise and whether due or to become due), except for those liabilities that are reflected or reserved against on the consolidated balance sheet of the Company contained in the Company’s Reports for the Company’s most recently completed
        quarterly or annual fiscal period, as applicable, and for liabilities incurred in the ordinary course of business consistent with past practice or in connection with the Transaction Documents and the transactions contemplated hereby and thereby.

       

      4.4.2         Absence of Default.  Since the end of the Company’s last fiscal year ended
        June 30, 2021, no event has occurred which either of itself or with the lapse of time or the giving of notice or both, would give any creditor of the Company the right to accelerate the maturity of any material Indebtedness of the Company.  The
        Company is not in default under any other Lease, agreement or instrument, or any law, rule, regulation, order, writ, injunction, decree, determination or award, except for such defaults as would not result in a Material Adverse Effect.

       

      4.4.3          Solvency.  After giving effect to the consummation of the transactions
        contemplated by this Agreement, the Company has capital sufficient to carry on its business and transactions and is solvent and able to pay its debts as they mature.  No transfer of property is being made and no Indebtedness is being incurred in
        connection with the transactions contemplated by this Agreement with the intent to hinder, delay or defraud either present or future creditors of the Company or any Subsidiary of the Company.

       

      
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      4.4.4          Ownership of Property.  The Company and each of its Subsidiaries has good
        and marketable title as to all real property owned by it and good title to all assets and properties owned by the Company and such Subsidiary in the conduct of its businesses, whether such assets and properties are real or personal, tangible or
        intangible, including assets and property reflected in the most recent balance sheet contained in the Company’s Reports or acquired subsequent thereto (except to the extent that such assets and properties have been disposed of in the ordinary
        course of business, since the date of such balance sheet), subject to no encumbrances, liens, mortgages, security interests or pledges, except (i) those items which secure liabilities for public or statutory obligations or any discount with,
        borrowing from or other obligations to the Federal Home Loan Bank, inter-bank credit facilities, reverse repurchase agreements or any transaction by the Bank acting in a fiduciary capacity, (ii) statutory liens for amounts not yet delinquent or
        which are being contested in good faith and (iii) which would not, individually or in the aggregate, result in a Material Adverse Effect.  The Company and each of its Subsidiaries, as lessee, has the right under valid and existing Leases of real
        and personal properties that are material to the Company or such Subsidiary, as applicable, in the conduct of its business to occupy or use all such properties as presently occupied and used by it.

       

      4.5          No Material Adverse Change.  Since the end of the Company’s last fiscal year
        ended June 30, 2021, to the Company’s knowledge, there has been no development or event which has had or would have a Material Adverse Effect.

       

      4.6          Legal Matters.

       

      4.6.1       Compliance with Law.  The Company and each of its Subsidiaries (i) has
        complied with and (ii) to the Company’s knowledge, is not under investigation with respect to, and, to the Company’s knowledge, has not been threatened to be charged with or given any notice of any material violation of, any applicable statutes,
        rules, regulations, orders and restrictions of any domestic or foreign government, or any instrumentality or agency thereof, having jurisdiction over the conduct of its business or the ownership of its properties, except where any such failure to
        comply or violation would not have a Material Adverse Effect.  The Company and each of its Subsidiaries is in compliance with, and at all times prior to the date hereof has been in compliance with its own privacy policies and written commitments to
        customers, consumers and employees, concerning data protection, the privacy and security of personal data, and the nonpublic personal information of its customers, consumers and employees, in each case except where any such failure to comply would
        not result, individually or in the aggregate, in a Material Adverse Effect. At no time during the two years prior to the date hereof has the Company or any of its Subsidiaries received any written notice asserting any violations of any of the
        foregoing.

       

      4.6.2        Regulatory Enforcement Actions.  The Company, the Bank and its other
        Subsidiaries are in compliance in all material respects with all laws administered by and regulations of any Governmental Agency applicable to it or to them, except for such violations as would not have a Material Adverse Effect.  None of the
        Company, the Bank, the Company’s or the Bank’s Subsidiaries nor any of their officers or directors is now operating under any restrictions, agreements, memoranda, commitment letter, supervisory letter or similar regulatory correspondence, or other
        commitments (other than restrictions of general application) imposed by any Governmental Agency, nor are, to the Company’s knowledge, any such restrictions threatened, or any agreements, memoranda or commitments being sought by any Governmental
        Agency.  To the Company’s knowledge, no legal or regulatory violations previously identified by, or penalties or other remedial action previously imposed by, any Governmental Agency remains unresolved.

       

      
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      4.6.3       Pending Litigation.  There are no actions, suits, proceedings or written
        agreements pending, or, to the Company’s knowledge, threatened or proposed, against the Company or any of its Subsidiaries at law or in equity or before or by any Governmental Agency, that would have a Material Adverse Effect or materially and
        adversely affect the issuance or payment of the Subordinated Notes; and neither the Company nor any of its Subsidiaries is a party to or named as subject to the provisions of any order, writ, injunction, or decree of, or any written agreement with,
        any court, commission, board or agency, domestic or foreign, that either separately or in the aggregate, could result in a Material Adverse Effect.

       

      4.6.4          Environmental.  Except as would not, singularly or in the aggregate,
        result in a Material Adverse Effect, (i) no Property is or, to the Company’s knowledge, has been a site for the use, generation, manufacture, storage, treatment, release, threatened release, discharge, disposal, transportation or presence of any
        Hazardous Materials and neither the Company nor any of its Subsidiaries has engaged in such activities, and (ii) there are no claims or actions pending or, to the Company’s knowledge, threatened against the Company or any of its Subsidiaries by any
        Governmental Agency or by any other Person relating to any Hazardous Materials or pursuant to any Hazardous Materials Law.

       

      4.6.5          Brokerage Commissions.  Except for commissions paid to the Placement
        Agent, neither the Company nor any Affiliate of the Company is obligated to pay any brokerage commission or finder’s fee to any Person in connection with the transactions contemplated by this Agreement.

       

      4.6.6         Investment Company Act.  Neither the Company nor any of its Subsidiaries
        is an “investment company” or a company “controlled” by an “investment company,” within the meaning of the Investment Company Act of 1940, as amended.

       

      4.7        No Misstatement.  No representation or warranty made in this Agreement or in
        any certificate delivered in connection with this Agreement, the statements made in the Investor Presentation, dated September 2, 2021 (the “Investor Presentation”) or the risk factors disclosure (the “Risk Factors”) included in Exhibit

          C hereto contains any untrue statement of a material fact, or omits to state a material fact necessary to make the statements contained therein not misleading in light of the circumstances in which they were made.

       

      4.8          Internal Accounting Controls.  The Company and the Bank have established and
        maintain a system of internal control over financial reporting that pertains to the maintenance of records that accurately and fairly reflect the transactions and dispositions of the Company’s assets (on a consolidated basis), provides reasonable
        assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP, and that the Company’s and the Bank’s receipts and expenditures and receipts and expenditures of each of the Company’s
        other Subsidiaries are being made only in accordance with authorizations of the Company management and Board of Directors, and provides reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of
        assets of the Company on a consolidated basis that could have a Material Adverse Effect.  Such internal control over financial reporting is effective to provide reasonable assurance regarding the reliability of the Company’s financial reporting and
        the preparation of the Company’s financial statements for external purposes in accordance with GAAP.  Since the conclusion of the Company’s last completed fiscal year there has not been and there currently is not (i) any significant deficiency or
        material weakness in the design or operation of its internal control over financial reporting which is reasonably likely to adversely affect its ability to record, process, summarize and report financial information, or (ii) any fraud, whether or
        not material, that involves management or other employees who have a role in the Company’s or the Bank’s internal control over financial reporting.  The Company (A) has implemented and maintains disclosure controls and procedures reasonably
        designed and maintained to ensure that material information relating to the Company is made known to the Chief Executive Officer and the Chief Financial Officer of the Company by others within the Company and (B) has disclosed, based on its most
        recent evaluation prior to the date hereof, to the Company’s outside auditors and the audit committee of the Company’s Board of Directors any significant deficiencies and material weaknesses in the design or operation of internal controls over
        financial reporting which are reasonably likely to adversely affect the Company’s internal controls over financial reporting.  Such disclosure controls and procedures are effective for the purposes for which they were established.

       

      
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      4.9          Tax Matters.  The Company, the Bank and each other Subsidiary of the Company have (i) filed all material foreign, U.S. federal, state and local tax returns, information returns and similar reports that are required to be filed, and all
          such tax returns are true, correct and complete in all material respects, and (ii) paid all material taxes required to be paid by it and any other material assessment, fine or penalty levied against it
          other than taxes (x) currently payable without penalty or interest, or (y) being contested in good faith by appropriate proceedings.

       

      4.10        Representations and Warranties Generally.  The representations and
        warranties of the Company set forth in this Agreement that do not contain a “Material Adverse Effect” qualification or other express materiality or similar qualification are true and correct in all material respects (i) as of the Closing Date and
        (ii) as otherwise specifically provided herein. The representations and warranties of the Company set forth in this Agreement that contain a “Material Adverse Effect” qualification or any other express materiality or similar qualification are true
        and correct (a) as of the Closing Date and (b) as otherwise specifically provided herein.

       

      5.           GENERAL COVENANTS, CONDITIONS AND AGREEMENTS.

       

      The Company hereby further covenants and agrees with each Purchaser as follows:

       

      5.1         Compliance with Transaction Documents.  The Company shall comply with,
        observe and timely perform each and every one of the covenants, agreements and obligations under the Transaction Documents.

       

      5.2        Affiliate Transactions.  The Company shall not itself, nor shall it cause,
        permit or allow any of its Subsidiaries to enter into any material transaction, including, the purchase, sale or exchange of property or the rendering of any service, with any Affiliate of the Company except in the ordinary course of business and
        pursuant to the reasonable requirements of the Company’s or such Affiliate’s business and upon terms consistent with applicable laws and regulations and reasonably found by the appropriate board(s) of directors to be fair and reasonable and no less
        favorable to the Company or such Affiliate than would be obtained in a comparable arm’s length transaction with a Person not an Affiliate.

       

      
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      5.3          Compliance with Laws.

       

      5.3.1        Generally.  The Company shall comply and cause the Bank and each of its
        other Subsidiaries to comply in all material respects with all applicable statutes, rules, regulations, orders and restrictions in respect of the conduct of its business and the ownership of its properties, except, in each case, where such
        noncompliance would not have a Material Adverse Effect.

       

      5.3.2       Regulated Activities.  The Company shall not itself, nor shall it cause,
        permit or allow the Bank or any other of its Subsidiaries to (i) engage in any business or activity not permitted by all applicable laws and regulations, except where such business or activity would not have a Material Adverse Effect or (ii) make
        any loan or advance secured by the capital stock of another bank or depository institution, or acquire the capital stock, assets or obligations of or any interest in another bank or depository institution, in each case other than in accordance with
        applicable laws and regulations and safe and sound banking practices.

       

      5.3.3        Taxes.  The Company shall and shall cause the Bank and any other of its
        Subsidiaries to promptly pay and discharge all taxes, assessments and other governmental charges imposed upon the Company, the Bank or any other of its Subsidiaries or upon the income, profits, or property of the Company or any Subsidiary and all
        claims for labor, material or supplies which, if unpaid, might by law become a lien or charge upon the property of the Company, the Bank or any other of its Subsidiaries.  Notwithstanding the foregoing, none of the Company, the Bank or any other of
        its Subsidiaries shall be required to pay any such tax, assessment, charge or claim, so long as the validity thereof shall be contested in good faith by appropriate proceedings, and appropriate reserves therefor shall be maintained on the books of
        the Company, the Bank or such other Subsidiary, as the case may be.

       

      5.3.4          Corporate Existence.  The Company shall do or cause to be done all things
        reasonably necessary to maintain, preserve and renew its corporate existence and that of the Bank and the other Subsidiaries and its and their rights and franchises, and comply in all material respects with all related laws applicable to the
        Company, the Bank or the other Subsidiaries; provided, however, that the Company may consummate a merger in which (i) the Company is the surviving entity or (ii) if the Company is not the surviving entity, the surviving entity assumes, by
        operation of law or otherwise, all of the obligations of the Company under the Subordinated Notes, including a second step conversion transaction in which the Company merges into and is succeeded  by a state-chartered corporation (a “Conversion
        Transaction”).

       

      
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      5.3.5         Dividends, Payments, and Guarantees During Event of Default.  Upon the occurrence of an Event of Default (as defined under the Subordinated Notes), until such Event of Default is cured by the Company or waived by the Noteholders (as defined under the Subordinated Notes)
        in accordance with Section 17 of the Subordinated Notes and except as required by any federal or state Governmental Agency, the Company shall not (a) declare or pay any dividends or distributions on, or redeem, purchase, acquire or make a
        liquidation payment with respect to, any of its capital stock; (b) make any payment of principal of, or interest or premium, if any, on, or repay, repurchase or redeem any of the Company’s Indebtedness that ranks equal with or junior to the
        Subordinated Notes; or (c) make any payments under any guarantee that ranks equal with or junior to the Subordinated Notes, other than (i) any dividends or distributions in shares of, or options, warrants or rights to subscribe for or purchase
        shares of, any class of the Company’s common stock; (ii) any declaration of a non-cash dividend in connection with the implementation of a shareholders’ rights plan, or the issuance of stock under any such plan in the future, or the redemption or
        repurchase of any such rights pursuant thereto; (iii) as a result of a reclassification of the Company’s capital stock or the exchange or conversion of one class or series of the Company’s capital stock for another class or series of the Company’s
        capital stock; (iv) the purchase of fractional interests in shares of the Company’s capital stock pursuant to the conversion or exchange provisions of such capital stock or the security being converted or exchanged; or (v) purchases of any class of
        the Company’s common stock related to or from any benefit plans for the Company’s directors, officers or employees or any of the Company’s dividend reinvestment plans.

       

      5.3.6          [Reserved]

       

      5.4         Absence of Control.  It is the intent of the parties to this Agreement that
        in no event shall the Purchasers, by reason of any of the Transaction Documents, be deemed to control, directly or indirectly, the Company, and the Purchasers shall not exercise, or be deemed to exercise, directly or indirectly, a controlling
        influence over the management or policies of the Company.

       

      6.           REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE PURCHASERS.

       

      Each Purchaser hereby represents and warrants to the Company, and covenants with the Company, severally and not jointly, as follows:

       

      6.1        Legal Power and Authority.  It has all necessary power and authority to
        execute, deliver and perform its obligations under this Agreement and to consummate the transactions contemplated hereby.  It is an entity duly organized, validly existing and in good standing under the laws of its jurisdiction of organization.

       

      6.2          Authorization and Execution.  The execution, delivery and performance of
        this Agreement has been duly authorized by all necessary action on the part of such Purchaser, and, assuming due authorization, execution and delivery by the other parties hereto, this Agreement is a legal, valid and binding obligation of such
        Purchaser, enforceable against such Purchaser in accordance with its terms, except as enforcement thereof may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws relating to or affecting creditors’ rights
        generally or by general equitable principles.

       

      6.3        No Conflicts.  Neither the execution, delivery or performance of the
        Transaction Documents nor the consummation of any of the transactions contemplated thereby will conflict with, violate, constitute a breach of or a default (whether with or without the giving of notice or lapse of time or both) under (i) its
        organizational documents, (ii) any agreement to which it is party, (iii) any law applicable to it or (iv) any order, writ, judgment, injunction, decree, determination or award binding upon or affecting it.

       

      6.4          Purchase for Investment.  It is purchasing the Subordinated Note for its own
        account and not with a view to distribution and with no present intention of reselling, distributing or otherwise disposing of the same.  It has no present or contemplated agreement, undertaking, arrangement, obligation, Indebtedness or commitment
        providing for, or which is likely to compel, a disposition of the Subordinated Notes in any manner.

       

      
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      6.5        Institutional Accredited Investor.  It is and will be on the Closing Date (i)
        an institutional “accredited investor” as such term is defined in Rule 501(a) of Regulation D and as contemplated by subsections (1), (2), (3) and (7) of Rule 501(a) of Regulation D, and has no less than $5,000,000 in total assets, or (ii) a QIB.

       

      6.6          Financial and Business Sophistication.  It has such knowledge and experience
        in financial and business matters that it is capable of evaluating the merits and risks of the prospective investment in the Subordinated Notes.  It has relied solely upon its own knowledge of, and/or the advice of its own legal, financial or other
        advisors with regard to, the legal, financial, tax and other considerations involved in deciding to invest in the Subordinated Notes.

       

      6.7         Ability to Bear Economic Risk of Investment.  It recognizes that an
        investment in the Subordinated Notes is a speculative investment that involves substantial risk, including risks related to the Company’s business, operating results, financial condition and cash flows, including without limitation those described
        in the Risk Factors, which risks it has carefully considered in connection with making an investment in the Subordinated Notes.  It has the ability to bear the economic risk of the prospective investment in the Subordinated Notes, including the
        ability to hold the Subordinated Notes indefinitely, and further including the ability to bear a complete loss of all of its investment in the Company.

       

      6.8         Information.  It acknowledges that (i) it is not being provided with the
        disclosures that would be required if the offer and sale of the Subordinated Notes were registered under the Securities Act, nor is it being provided with any offering circular, private placement memorandum or prospectus prepared in connection with
        the offer and sale of the Subordinated Notes; (ii) it has conducted its own examination of the Company and the terms of the Subordinated Notes to the extent it deems necessary to make its decision to invest in the Subordinated Notes; (iii) it has
        availed itself of publicly available financial and other information concerning the Company to the extent it deems necessary to make its decision to purchase the Subordinated Notes (including meeting with representatives of the Company); and (iv)
        it has not received nor relied on any form of general solicitation or general advertising (within the meaning of Regulation D) from the Company in connection with the offer and sale of the Subordinated Notes.  It has reviewed the information set
        forth in the Company’s Reports, the exhibits and schedules thereto and hereto and the information contained in the data room established by the Company in connection with the transactions contemplated by this Agreement (the “Data Room”).

       

      6.9        Access to Information.  It acknowledges that it and its advisors have been
        furnished with all materials relating to the business, finances and operations of the Company that have been requested by it or its advisors and have been provided access to the Data Room and reviewed the information contained therein, including,
        without limitation, the Risk Factors, given the opportunity to ask questions of, and to receive answers from, persons acting on behalf of the Company concerning terms and conditions of the transactions contemplated by this Agreement in order to
        make an informed and voluntary decision to enter into this Agreement.

       

      
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      6.10       Investment Decision.  It has made its own investment decision based upon its
        own judgment, due diligence and advice from such advisors as it has deemed necessary and not upon any view expressed by any other Person or entity, including the Placement Agent.  Neither such inquiries nor any other due diligence investigations
        conducted by it or its advisors or representatives, if any, shall modify, amend or affect its right to rely on the Company’s representations and warranties contained herein.  It is not relying upon, and has not relied upon, any advice, statement,
        representation or warranty made by any Person by or on behalf of the Company, including, without limitation, the Placement Agent, except for the express statements, representations and warranties of the Company made or contained in this Agreement. 
        Furthermore, it acknowledges that (i) the Placement Agent has not performed any due diligence review on behalf of it and (ii) nothing in this Agreement or any other materials presented by or on behalf of the Company to it in connection with the
        purchase of the Subordinated Notes constitutes legal, tax or investment advice.

       

      6.11        Private Placement; No Registration; Restricted Legends.  It understands and
        acknowledges that the Subordinated Notes are being sold by the Company without registration under the Securities Act in reliance on the exemption from federal and state registration set forth in, respectively, Rule 506(b) of Regulation D
        promulgated under Section 4(a)(2) of the Securities Act and Section 18 of the Securities Act, or any state securities laws, and accordingly, may be resold, pledged or otherwise transferred only if exemptions from the Securities Act and applicable
        state securities laws are available to it.  It is not subscribing for the Subordinated Notes as a result of or subsequent to any advertisement, article, notice or other communication published in any newspaper, magazine or similar media or
        broadcast over television or radio, or presented at any seminar or meeting. It further acknowledges and agrees that all certificates or other instruments representing the Subordinated Notes will bear the restrictive legend set forth in the form of
        Subordinated Note.  It further acknowledges its primary responsibilities under the Securities Act and, accordingly, will not sell or otherwise transfer the Subordinated Notes or any interest therein without complying with the requirements of the
        Securities Act and the rules and regulations promulgated thereunder and the requirements set forth in this Agreement. Neither the Placement Agent nor the Company has made or is making any representation, warranty or covenant, express or implied, as
        to the availability of any exemption from registration under the Securities Act or any applicable state securities laws for the resale, pledge or other transfer of the Subordinated Notes, or that the Subordinated Notes purchased by it will ever be
        able to be lawfully resold, pledged or otherwise transferred.

       

      6.12      Placement Agent.  It will purchase the Subordinated Note(s) directly from the
        Company and not from the Placement Agent and understands that neither the Placement Agent nor any other broker or dealer has any obligation to make a market in the Subordinated Notes.

       

      6.13        [Reserved]

       

      6.14       Not Debt of the Bank; Not Savings Accounts, etc.  It acknowledges that the
        Company is a holding company and the Company’s rights and the rights of the Company’s creditors, including the Noteholders (as defined in the Subordinated Notes), to participate in the assets of any Subsidiary during its liquidation or
        reorganization are structurally subordinate to the prior claims of the Subsidiary’s creditors. It acknowledges and agrees that the Subordinated Notes are not savings accounts or deposits of the Bank and are not insured or guaranteed by the FDIC or
        any Governmental Agency, and that no Governmental Agency has passed upon or will pass upon the offer or sale of the Subordinated Notes or has made or will make any finding or determination as to the fairness of this investment.

       

      
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      6.15        Accuracy of Representations.  It understands that each of the Placement
        Agent and the Company are relying and will rely upon the truth and accuracy of the foregoing representations, acknowledgements and agreements in connection with the transactions contemplated by this Agreement, and agrees that if any of the
        representations or acknowledgements made by it are no longer accurate as of the Closing Date, or if any of the agreements made by it are breached on or prior to the Closing Date, it shall promptly notify the Placement Agent and the Company.

       

      6.16       Representations and Warranties Generally.  The representations and warranties
        of such Purchaser set forth in this Agreement are true and correct as of the date hereof and will be true and correct as of the Closing Date and as otherwise specifically provided herein.  Any certificate signed by a duly authorized representative
        of such Purchaser and delivered to the Company or to counsel for the Company shall be deemed to be a representation and warranty by such Purchaser to the Company as to the matters set forth therein.

       

      7.           MISCELLANEOUS.

       

      7.1         Prohibition on Assignment by the Company.  Except as described in Section
        8(b) (Merger or Sale of Assets) of the Subordinated Notes, the Company may not assign, transfer or delegate any of its rights or obligations under this Agreement or the Subordinated Notes without the prior written consent of all the Noteholders (as
        defined in the Subordinated Note).

       

      7.2          Time of the Essence.  Time is of the essence for this Agreement.

       

      7.3         Waiver or Amendment.  Except as may apply to any particular waiving or
        consenting Noteholder, no waiver or amendment of any term, provision, condition, covenant or agreement herein or in the Subordinated Notes shall be effective except with the consent of the holders of at least fifty percent (50%) of the aggregate
        principal amount (excluding any Subordinated Notes held by the Company or any of its Affiliates) of the Subordinated Notes at the time outstanding; provided, however,
        that without the consent of each holder of an affected Subordinated Note, no such amendment or waiver may:  (i) reduce the principal amount of the Subordinated Note; (ii) reduce the rate of or change the time for payment of interest on any
        Subordinated Note; (iii) extend the maturity of any Subordinated Note; (iv) change the currency in which payment of the obligations of the Company under this Agreement and the Subordinated Notes are to be made; (v) lower the percentage of aggregate
        principal amount of outstanding Subordinated Notes required to approve any amendment of this Agreement or the Subordinated Notes; (vi) make any changes to Section 6 (Failure to Make Payments) of the Subordinated Notes that adversely affects the
        rights of any holder of a Subordinated Note; or (vii) disproportionately and adversely affect the rights of any of the holders of the then outstanding Subordinated Notes.  Notwithstanding the foregoing, the Company may amend or supplement the
        Subordinated Notes without the consent of the holders of the Subordinated Notes to cure any ambiguity, defect or inconsistency or to provide for uncertificated Subordinated Notes in addition to or in place of certificated Subordinated Notes, or to
        make any change that does not adversely affect the rights of any holder of any of the Subordinated Notes.  No failure to exercise or delay in exercising, by a Purchaser or any holder of the Subordinated Notes, of any right, power or privilege
        hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any right, power or privilege preclude any other or further exercise thereof, or the exercise of any other right or remedy provided by law.  The rights and
        remedies provided in this Agreement are cumulative and not exclusive of any right or remedy provided by law or equity.  No notice or demand on the Company in any case shall, in itself, entitle the Company to any other or further notice or demand in
        similar or other circumstances or constitute a waiver of the rights of the Purchasers to any other or further action in any circumstances without notice or demand.  No consent or waiver, expressed or implied, by the Purchasers to or of any breach
        or default by the Company in the performance of its obligations hereunder shall be deemed or construed to be a consent or waiver to or of any other breach or default in the performance of the same or any other obligations of the Company hereunder. 
        Failure on the part of the Purchasers to complain of any acts or failure to act or to declare an Event of Default, irrespective of how long such failure continues, shall not constitute a waiver by the Purchasers of their rights hereunder or impair
        any rights, powers or remedies on account of any breach or default by the Company.

       

      
        19

        
          

      

      7.4          Reserved.

       

      7.5          Severability.  Any provision of this Agreement which is unenforceable or
        invalid or contrary to law, or the inclusion of which would adversely affect the validity, legality or enforcement of this Agreement, shall be of no effect and, in such case, all the remaining terms and provisions of this Agreement shall subsist
        and be fully effective according to the tenor of this Agreement the same as though any such invalid portion had never been included herein.  Notwithstanding any of the foregoing to the contrary, if any provisions of this Agreement or the
        application thereof are held invalid or unenforceable only as to particular persons or situations, the remainder of this Agreement, and the application of such provision to persons or situations other than those to which it shall have been held
        invalid or unenforceable, shall not be affected thereby, but shall continue valid and enforceable to the fullest extent permitted by law.

       

      7.6          Notices.  Any notice which any party hereto may be required or may desire to
        give hereunder shall be deemed to have been given if in writing and if delivered personally, or if mailed, postage prepaid, by United States registered or certified mail, return receipt requested, or if delivered by a responsible overnight
        commercial courier promising next business day delivery, addressed:

       

      	
              if to the Company:

            	
              Greene County Bancorp, Inc.

              302 Main Street

              Catskill, New York 12414

              Tel: (518) 943-2699

              Attention: Donald E. Gibson

               

              

            
	
              with copies to:

            	
              Luse Gorman, PC

              5335 Wisconsin Avenue, NW, Suite 780

              Washington, DC 20015

              Attn: Steven Lanter, Esq.

              Email: slanter@luselaw.com

               

            
	
              if to the Purchasers:

            	
              To the address indicated on such Purchaser’s signature page.

            

      

      

      
        20

        
          

      

      or to such other address or addresses as the party to be given notice may have furnished in writing to the party seeking or desiring to give notice, as a place for the giving of notice; provided that no change in
        address shall be effective until five (5) Business Days after being given to the other party in the manner provided for above.  Any notice given in accordance with the foregoing shall be deemed given when delivered personally or, if mailed, three
        (3) Business Days after it shall have been deposited in the United States mails as aforesaid or, if sent by overnight courier, the Business Day following the date of delivery to such courier (provided next business day delivery was requested).

       

      7.7        Successors and Assigns.  This Agreement shall inure to the benefit of the
        parties and their respective heirs, legal representatives, successors and assigns; except that (i) unless a Purchaser consents in writing, no assignment made by the Company in violation of this Agreement shall be effective or confer any rights on
        any purported assignee of the Company, and (ii) unless such assignment complies with the Assignment Form attached to the Subordinated Notes, no assignment made by a Purchaser shall be effective or confer any rights on any purported assignee of
        Purchaser.  The term “successors and assigns” will not include a purchaser of any of the Subordinated Notes from any Purchaser merely because of such purchase but shall include a purchaser of any of the Subordinated Notes pursuant to an assignment
        complying with the Assignment Form attached to the Subordinated Notes.

       

      7.8         No Joint Venture.  Nothing contained herein or in any document executed
        pursuant hereto and no action or inaction whatsoever on the part of a Purchaser, shall be deemed to make a Purchaser a partner or joint venturer with the Company.

       

      7.9          Documentation.  All documents and other matters required by any of the
        provisions of this Agreement to be submitted or furnished to a Purchaser shall be in form and substance reasonably satisfactory to such Purchaser.

       

      7.10      Entire Agreement.  This Agreement and the Subordinated Notes, along with any
        exhibits hereto and thereto, constitute the entire agreement between the parties hereto with respect to the subject matter hereof and may not be modified or amended in any manner other than by supplemental written agreement executed by the parties
        hereto.  No party, in entering into this Agreement, has relied upon any representation, warranty, covenant, condition or other term that is not set forth in this Agreement or in the Subordinated Notes.

       

      7.11       Choice of Law.  This Agreement shall be governed by and construed in
        accordance with the laws of the State of New York without giving effect to its laws or principles of conflict of laws (except Sections 5-1401 and 5-1402 of New York General Obligations Law).  Nothing herein shall be deemed to limit any rights,
        powers or privileges which a Purchaser may have pursuant to any law of the United States of America or any rule, regulation or order of any department or agency thereof and nothing herein shall be deemed to make unlawful any transaction or conduct
        by a Purchaser which is lawful pursuant to, or which is permitted by, any of the foregoing.

       

      
        21

        
          

      

      7.12        No Third Party Beneficiary.  This Agreement is made for the sole benefit of
        the Company and the Purchasers, and no other Person shall be deemed to have any privity of contract hereunder nor any right to rely hereon to any extent or for any purpose whatsoever, nor shall any other Person have any right of action of any kind
        hereon or be deemed to be a third party beneficiary hereunder; provided, that the Placement Agent may rely on the representations and warranties contained herein to the same extent as if it were a party to
        this Agreement.

       

      7.13       Legal Tender of United States.  All payments hereunder shall be made in coin
        or currency which at the time of payment is legal tender in the United States of America for public and private debts.

       

      7.14      Captions; Counterparts.  Captions contained in this Agreement in no way
        define, limit or extend the scope or intent of their respective provisions.  This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall
        be deemed to be an original and all of which taken together shall constitute but one and the same instrument.  In the event that any signature is delivered by facsimile transmission, or by e-mail delivery of a “.pdf” format data file, such
        signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile signature page were an original thereof.

       

      7.15        Knowledge; Discretion.  All references herein to a Purchaser’s or the
        Company’s knowledge shall be deemed to mean the knowledge of such party based on the actual knowledge of such party’s Chief Executive Officer and Chief Financial Officer or such other persons holding equivalent offices.  Unless specified to the
        contrary herein, all references herein to an exercise of discretion or judgment by a Purchaser, to the making of a determination or designation by a Purchaser, to the application of a Purchaser’s discretion or opinion, to the granting or
        withholding of a Purchaser’s consent or approval, to the consideration of whether a matter or thing is satisfactory or acceptable to a Purchaser, or otherwise involving the decision making of a Purchaser, shall be deemed to mean that such Purchaser
        shall decide using the reasonable discretion or judgment of a prudent lender.

       

      7.16      Waiver Of Right To Jury Trial.  TO THE EXTENT PERMITTED UNDER APPLICABLE LAW,
        THE PARTIES HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE ANY RIGHT THAT THEY MAY HAVE TO A TRIAL BY JURY IN ANY LITIGATION ARISING IN ANY WAY IN CONNECTION WITH ANY OF THE TRANSACTION DOCUMENTS, OR ANY OTHER STATEMENTS OR ACTIONS OF THE
        COMPANY OR THE PURCHASERS.  THE PARTIES ACKNOWLEDGE THAT THEY HAVE BEEN REPRESENTED IN THE SIGNING OF THIS AGREEMENT AND IN THE MAKING OF THIS WAIVER BY INDEPENDENT LEGAL COUNSEL SELECTED OF THEIR OWN FREE WILL.  THE PARTIES FURTHER ACKNOWLEDGE
        THAT (I) THEY HAVE READ AND UNDERSTAND THE MEANING AND RAMIFICATIONS OF THIS WAIVER, (II) THIS WAIVER HAS BEEN REVIEWED BY THE PARTIES AND THEIR COUNSEL AND IS A MATERIAL INDUCEMENT FOR ENTRY INTO THIS AGREEMENT AND (III) THIS WAIVER SHALL BE
        EFFECTIVE AS TO EACH OF SUCH TRANSACTION DOCUMENTS AS IF FULLY INCORPORATED THEREIN.

       

      
        22

        
          

      

      7.17        Expenses.  Except as otherwise provided in this Agreement, each of the
        parties will bear and pay all other costs and expenses incurred by it or on its behalf in connection with the transactions contemplated pursuant to this Agreement.

       

      7.18       Survival.  Each of the representations and warranties set forth in this
        Agreement shall survive the consummation of the transactions contemplated hereby for a period of one year after the date hereof.  Except as otherwise provided herein, all covenants and agreements contained herein shall survive until, by their
        respective terms, they are no longer operative.

       

      [Signature Pages Follow]

      

      

      
        23

        
          

      

      IN WITNESS WHEREOF, the Company has caused this Subordinated Note Purchase Agreement to be executed by its duly authorized representative as of the date first above written.

       

      	 	
              COMPANY:

            
	 	 
	
              .

            	
              GREENE COUNTY BANCORP, INC

            
	 	 
	 	
              By:

            	 	 	 
	 	 	
              Name:

            	
              Donald Gibson

            
	 	 	
              Title:

            	
              President and Chief Executive Officer

            

      

      

      [Company Signature Page to Subordinated Note Purchase Agreement]

      

      

      
        
          

      

      IN WITNESS WHEREOF, the Purchaser has caused this Subordinated Note Purchase Agreement to be executed by its duly authorized representative as of the date first above written.

       

      	 	
              PURCHASER:

            
	 	
              [INSERT PURCHASER’S NAME]

            
	 	 
	 	
              By:

            	 	 	 
	 	 	
              Name:

            	
               [●]

            
	 	 	
              Title:

            	
              [●]

            
	 	
              Address of Purchaser:

            
	 	 
	 	
              [●]

            
	 	 
	 	
              Principal Amount of Purchased Subordinated Note:

            
	 	 
	 	
              $[●]

            

      

      

      
        [Purchaser Signature Page to Subordinated Note Purchase Agreement]

      

      

      

      
        
          

      

      EXHIBIT A

       

      FORM OF SUBORDINATED NOTE

       

      
        
          

      

      EXHIBIT B

       

      OPINION OF COUNSEL

       

      1.          Each of the Company, the Bank and the Subsidiaries (i) is validly existing and is in good standing under the laws of its jurisdiction of organization, (ii) has all requisite corporate power and authority to
        carry on its business as currently conducted and (iii) is duly qualified or licensed to do business and is in good standing as a foreign corporation, partnership or other entity as the case may be, in each jurisdiction in which such qualification
        or licensing is required, whether by reason of the ownership or leasing of  property or the conduct of business, except where the failure to be so qualified or in good standing would not, individually or in the aggregate, have a Material Adverse
        Effect.

       

      2.          The Company has all requisite corporate power and authority to execute, deliver and perform its obligations under the Transaction Documents to which it is a party and to consummate the transactions
        contemplated by the Transaction Documents.

       

      3.          The Company is a registered savings and loan holding company under the Home Owners’ Loan Act, as amended.

       

      4.          The Bank is a federal savings association validly existing and in good standing under the laws of the United States of America and holds the requisite authority from the Office of the Comptroller of the
        Currency to do business as a federal savings association.

       

      5.          The Agreement has been duly and validly authorized, executed and delivered by the Company.  The Agreement constitutes a legal, valid and binding obligation of the Company, enforceable against the Company in
        accordance with its terms, except that the enforcement thereof may be subject to (i) bankruptcy, insolvency, reorganization, receivership, moratorium, fraudulent conveyance, fraudulent transfer or other similar laws now or hereafter in effect
        relating to creditors’ rights generally and (ii) general principles of equity (whether applied by a court of law or equity) and the discretion of the court before which any proceeding therefor may be brought.

       

      6.          The execution and delivery by the Company of, and the performance by the Company of its agreements and obligations under, the Transaction Documents do not (i) to our knowledge, violate any applicable
        provisions of the federal banking laws and regulations known to us to be applicable to the Company or (ii) violate the Charter or Bylaws of the Company, each as currently in effect.

       

      7.          The Subordinated Notes have been duly and validly authorized by the Company and when duly executed, authenticated,  issued and delivered to and paid for by the Purchasers in accordance with the terms of the
        Agreement, will constitute valid and legally binding obligations of the Company, enforceable against the Company in accordance with their terms, except that the enforcement thereof may be subject to (i) bankruptcy, insolvency, reorganization,
        receivership, moratorium, fraudulent conveyance, fraudulent transfer or other similar laws now or hereafter in effect relating to creditors’ rights generally and (ii) general principles of equity (whether applied by a court of law or equity) and
        the discretion of the court before which any proceeding therefor may be brought.

       

      8.          Assuming the accuracy of the representations and warranties of each of the Purchasers set forth in the Agreement and of FinPro and the Company set forth in the Engagement Letter, the offer and sale of the
        Subordinated Notes in accordance with the Agreement will be effected in a transaction exempt from the registration requirements of the Securities Act.

       

      
        
          

      

      EXHIBIT C

       

      RISK FACTORS

       

      
        
          

      

      SCHEDULE 4.1.1.2

       

      DIRECT AND INDIRECT SUBSIDIARIES

       

      	
              Company

            	
              State of Incorporation

            	
              Percent Owned

            
	 	 	 
	
              The Bank of Greene County

            	
              Federal

            	
              100% owned by Greene County Bancorp, Inc.

            
	 	 	 
	
              Greene County Commercial Bank

            	
              New York

            	
              100% owned by The Bank of Greene County

            
	 	 	 
	
              Greene Property Holdings, Ltd.

            	
              New York

            	
              100% owned by The Bank of Greene County

            
	 	 	 
	
              Greene Risk Management, Inc.

            	
              Nevada

            	
              100% owned by Greene County Bancorp, Inc.

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