Document:

Exhibit 10.4

 

HERITAGE BANK OF ST. TAMMANY

SALARY CONTINUATION AGREEMENT

FOR

WILLIAM DAVID CRUMHORN

 

THIS SALARY CONTINUATION
PLAN FOR WILLIAM DAVID CRUMHORN (the “Plan”) is effective as of January 1, 2017, and is entered into by Heritage
Bank of St. Tammany (the “Bank”) and William David Crumhorn (“Executive”).

 

WHEREAS, the purpose
of the Plan is to provide additional retirement benefits to Executive, who, as a member of senior management, has contributed significantly
to the success of the Bank, and whose continued services are vital to the Bank’s continued growth and success; and

 

WHEREAS, this Plan
is intended to be an unfunded, non-qualified deferred compensation plan that complies with Sections 451 and 409A of the Internal
Revenue Code of 1986, as amended (the “Code”), and the regulations thereunder and is also intended to be a “top
hat” pension plan within the meaning of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”).

 

ARTICLE I

DEFINITIONS

 

When used herein, the following
words and phrases shall have the meanings below unless the context clearly indicates otherwise:

 

1.1         “Accrued
Benefit” means, as of any date, the liability that should be accrued by the Bank under generally accepted accounting principles
(“GAAP”) to reflect the Bank’s obligation to Executive under the Plan.

 

1.2         “Administrator”
means the Bank and/or its Board of Directors, provided, however, the Board of Directors can designate a committee of the Board
of Directors (“Committee”) as the Administrator.

 

1.3         “Bank”
means Heritage Bank of St. Tammany and any successor to its business and/or assets which assumes and agrees to perform the duties
and obligations under this Plan by operation of law or otherwise.

 

1.4         “Beneficiary”
means the person or persons (and, if applicable, their heirs) designated by Executive as the beneficiary to whom the deceased Executive’s
benefits are payable. The beneficiary designation shall be made on the form attached hereto as Exhibit A (or a similar form acceptable
to the Administrator) and filed with the Administrator. If no Beneficiary is so designated, then Executive’s Spouse, if living,
will be deemed the Beneficiary. If Executive’s Spouse is not living at the time of Executive’s death or dies prior
to payment to her of the Survivor’s Benefit, then the Children of Executive will be deemed the Beneficiaries and will take
on a per stirpes basis. If there are no living Children, then Executive’s estate will be deemed the Beneficiary. For this
purpose, the term “Children” means Executive’s children, or the issue of any deceased Children, then living at
the time payments are due the Children under this Plan. The term “Children” shall include both natural and adopted
children, as well as stepchildren. Also, for this purpose, the term “Spouse” means the individual to whom Executive
is legally married at the time of Executive’s death, provided, however, that the term “Spouse” shall not refer
to an individual to whom Executive is legally married at the time of death if Executive and the individual have entered into a
formal separation agreement (provided that the separation

 

     

     

    

 

agreement does
not provide otherwise or state that the individual is entitled to a portion of the benefits hereunder) or initiated divorce proceedings.

 

1.5         “Benefit
Eligibility Date” shall be the date on which Executive is entitled to commencement of benefits under the Plan.

 

(a)          In
the event benefits become payable on account of Executive’s attainment of his Normal Retirement Age, the Benefit Eligibility
Date shall be the first day of the second month following Executive’s attainment of his Normal Retirement Age.

 

(b)          In
the event the Accrued Benefit becomes payable to Executive in the event of Executive’s Separation from Service prior to his
Normal Retirement Age, the Benefit Eligibility Date shall be the first day of the second month following the attainment of his
Normal Retirement Age, subject to Section 1.5(e).

 

(c)          In
the event the Survivor’s Benefit becomes payable under Section 2.3(a) of the Plan on account of Executive’s death,
the Benefit Eligibility Date shall be the first day of the second month following Executive’s death.

 

(d)          In
the event a benefit becomes payable pursuant to Section 2.5 of the Plan on account of Executive’s Separation from Service
(other than for Cause) coincident with or within two (2) years following a Change in Control, the Benefit Eligibility Date shall
be the first day of the second month following Separation from Service, subject to Section 1.5(e) below.

 

(e)          Notwithstanding
anything in this Section 1.5 to the contrary, if Executive is a Specified Employee of a publicly-traded company and the payment(s)
are due to Executive’s Separation from Service (other than due to death), then the Benefit Eligibility Date shall be the
first day of the seventh month following Executive’s Separation from Service (if later than the date otherwise specified
as the Benefit Eligibility Date). The payments that otherwise would have been received from the date of Separation from Service
to the Specified Employee’s Benefit Eligibility Date shall be aggregated and shall be paid on the same date as the initial
payment (e.g., on the first day of the seventh month) and all remaining payments shall be made as otherwise scheduled. For purposes
of Section 409A of the Code, the payments due hereunder shall be deemed a single payment.

 

1.6         “Board
of Directors” shall mean the Board of Directors of the Bank.

 

1.7         “Cause”
shall mean, if Executive is subject to a written employment agreement (or other similar written agreement) with the Bank or its
holding company that provides a definition of “Cause,” then, for purposes of this Plan, the term “Cause”
shall have meaning set forth in such agreement. Otherwise, the term “Cause” shall mean Executive’s (i) personal
dishonesty; (ii) willful misconduct; (iii) incompetence; (iv) breach of fiduciary duty involving personal profit; (v) intentional
failure to perform his stated duties; or (vi) willful violation of any law, rule or regulation (other than traffic violations or
similar offenses) or final cease-and-desist order.

 

For purposes of this paragraph, no
act or failure to act on the part of Executive shall be considered “willful” unless done, or omitted to be done, by
Executive not in good faith and without reasonable belief that Executive’s action or omission was in the best interest of
the Bank.

 

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1.8         “Change
in Control” shall mean (a) a change in the ownership of the Bank, (b) a change in the effective control of the Bank, or (c)
a change in the ownership of a substantial portion of the assets of the Bank as defined in accordance with Section 409A of the
Code.

 

(a)          A
change in the ownership occurs on the date that any one person, or more than one person acting as a group (as defined in Treasury
Regulation 1.409A-3(i)(5)(v)(B)), acquires ownership of stock of the Bank that, together with stock held by such person or group,
constitutes more than 50 percent of the total fair market value or total voting power of the stock of the Bank.

 

(b)          A
change in the effective control of the Bank occurs on the date that either (i) any one person, or more than one person acting as
a group (as defined in Treasury Regulation 1.409A-3(i)(5)(vi)(D)) acquires (or has acquired during the 12-month period ending on
the date of the most recent acquisition by such person or persons) ownership of stock of the Bank possessing 30 percent or more
of the total voting power of the stock of the Bank, or (ii) a majority of the members of the Board of Directors 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 of Directors
prior to the date of the appointment or election, provided that this subsection “(ii)” is inapplicable where a majority
shareholder of the Bank is another corporation.

 

(c)          A
change in a substantial portion of the Bank’s assets occurs on the date that any one person or more than one person acting
as a group (as defined in Treasury Regulation 1.409A-3(i)(5)(vii)(C)) 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 Bank that have a total gross fair market
value equal to or more than 40 percent of the total gross fair market value of (i) all of the assets of the Bank, or (ii) the value
of the assets being disposed of, either of which is determined without regard to any liabilities associated with such assets.

 

(d)          For
all purposes hereunder, the definition of Change in Control shall be construed to be consistent with the requirements of Treasury
Regulation 1.409A-3(i)(5), except to the extent that such regulations are superseded by subsequent guidance.

 

(e)          Notwithstanding
anything herein to the contrary, the reorganization of the Bank as the wholly-owned subsidiary of a holding company in a standard
conversion or mutual holding company reorganization shall not be deemed to be a Change in Control. Further, in the event of the
reorganization of the Bank as a wholly-owned subsidiary of a stock holding company in a standard conversion or as a wholly-owned
or majority owned subsidiary in a mutual holding company reorganization, then this provision shall apply equally to a Change in
Control of the Bank or the holding company of the Bank (or to a change in control of the mutual holding company) that is the majority-owned
or wholly owned subsidiary of the mutual holding company.

 

1.9         “Executive”
means William David Crumhorn, who has been selected and approved by the Board of Directors to participate in the Plan.

 

1.10       “Normal
Retirement Age” means age 72

 

1.11       “Payout
Period” means the time frame during which benefits payable under the Plan shall be distributed. The Payout Period shall be
for ten (10) years, commencing on the Benefit Eligibility Date and, if paid in installments, on each anniversary thereafter.

 

1.12       “Separation
from Service” means Executive’s death, retirement or other termination of employment with the Bank within the meaning
of Section 409A of the Code. No Separation from

 

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Service shall be
deemed to occur due to military leave, sick leave or other bona fide leave of absence if the period of the leave does not exceed
six months or, if longer, so long as Executive’s right to reemployment is provided by law or contract. If the leave exceeds
six months and Executive’s right to reemployment is not provided by law or by contract, then Executive shall have a Separation
from Service on the first date immediately following the six-month period.

 

Whether a Separation from Service
has occurred is determined based on whether the facts and circumstances indicate that the Bank and Executive reasonably anticipated
that no further services would be performed after a certain date or that the level of bona fide services Executive would
perform after that date (whether as an employee or as an independent contractor) would permanently decrease to less than 50% of
the average level of bona fide services performed over the immediately preceding 36 months (or the lesser period of time
in which Executive performed services for the Bank). The determination of whether Executive has had a Separation from Service shall
be made by applying the presumptions set forth in the Treasury Regulations under Section 409A of the Code.

 

1.13       “Specified
Employee” means an individual who also satisfies the definition of “key employee” as that term is defined in
Section 416(i) of the Code (without regard to paragraph (5) thereof).

 

1.14       “Survivor’s
Benefit” means the benefit payable to Executive’s Beneficiary following his death in accordance with Section 2.3 of
the Plan.

 

ARTICLE II

BENEFITS

 

2.1         Benefit
Upon Attainment of Normal Retirement Age.

 

Upon attainment of his Normal Retirement
Age, Executive shall be entitled to an annual benefit equal to $21,650. The benefit under this Section 2.1 shall commence on Executive’s
Benefit Eligibility Date specified in Section 1.5(a) and shall be payable in annual installments over the Payout Period specified
in Section 1.11 of the Plan.

 

2.2         Separation
from Service Before Normal Retirement Age.

 

If Executive has a Separation from
Service (other than due to Cause or death) prior to the attainment of his Normal Retirement Age, Executive shall be entitled to
the Accrued Benefit (annuitized for a period of ten (10) years using the discount rate utilized for accounting purposes as of the
date of the Separation from Service) payable commencing on the Benefit Eligibility Date specified in Section 1.5(b) of the Plan
and payable in annual installments over the Payout Period specified in Section 1.11 of the Plan.

 

2.3         Survivor’s
Benefit.

 

(a)          If
Executive dies while in the active service of the Bank and prior to attaining his Normal Retirement Age, Executive’s Beneficiary
shall be entitled to the Accrued Benefit payable in a single lump sum on the Benefit Eligibility Date specified in Section 1.5(c)
of the Plan.

 

(b)          If
Executive dies after reaching his Normal Retirement Age but prior to the commencement of benefit payments to Executive, Executive’s
Beneficiary shall be entitled to the benefit payments that would have been made to Executive at the same time

 

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and in the same amounts they would
have been paid to Executive had Executive survived for a period of ten (10) years (10 annual installments). If Executive dies after
the commencement of benefit payments, Executive’s Beneficiary shall be entitled to the remaining benefit payments at the
same time and in the same amounts as would have been paid to Executive had Executive survived for ten (10) years following the
commencement of benefit payments and received 10 annual installments. For the avoidance of doubt, if Executive had received 10
annual installments at the time of his death, his Beneficiary will not be entitled to any benefit payments following the death
of Executive. If Executive had received 7 annual installments at the time of his death, his Beneficiary would be entitled to 3
annual installments following the death of Executive. No benefits will be paid from the Plan following the death of Executive’s
Beneficiary regardless of whether the death occurs before the payment of 10 annual installments.

 

2.4         Termination
for Cause. Notwithstanding any other provision of this Plan to the contrary, if Executive is terminated for Cause, all benefits
under this Plan shall be forfeited by Executive and Executive’s participation in this Plan shall become null and void.

 

2.5         Benefit
Payable on Separation from Service within Two Years Following a Change in Control. In the event a Change in Control occurs
followed by Executive’s Separation from Service (other than for Cause) within two (2) years and prior to Executive’s
attainment of his Normal Retirement Age, Executive shall be entitled to his present value of the benefit that would otherwise be
due under Section 2.1 of the Plan payable commencing on the Benefit Eligibility Date specified in Section 1.5(d), in a lump sum
(using the discount rate utilized for accounting purposes as of the date of the Separation from Service). The calculation of the
present value of the benefit shall be made by determining the present value of the normal retirement benefit as of Executive’s
Normal Retirement Age and then discounting such amount to its present value as of Executive’s date of Separation from Service.

 

ARTICLE III

BENEFICIARY DESIGNATION

 

Executive shall make an
initial designation of primary and secondary Beneficiaries upon initial participation in the Plan by completion of a Beneficiary
form substantially in the form attached as Exhibit A, and shall have the right to change the designation, at any subsequent time.
Any Beneficiary designation shall become effective only when receipt thereof is acknowledged in writing by the Administrator.

 

ARTICLE IV

EXECUTIVE’S RIGHT TO ASSETS,

ALIENABILITY AND ASSIGNMENT PROHIBITION

 

At no time shall Executive
be deemed to have any lien, right, title or interest in or to any specific investment or asset of the Bank. The rights of Executive,
any Beneficiary, or any other person claiming through Executive under this Plan, shall be solely those of an unsecured general
creditor of the Bank. Executive, the Beneficiary, or any other person claiming through Executive, shall only have the right to
receive from the Bank those payments so specified under this Plan. Neither Executive nor any Beneficiary under this Plan shall
have any power or right to transfer, assign, anticipate, hypothecate, mortgage, commute, modify or otherwise encumber in advance
any of the benefits payable hereunder, nor shall any of said benefits be subject to seizure for the payment of any debts, judgments,
alimony or separate

 

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maintenance owed by Executive or his Beneficiary,
nor be transferable by operation of law in the event of bankruptcy, insolvency or otherwise.

 

ARTICLE V

ERISA PROVISIONS

 

5.1         Named
Fiduciary and Administrator. The Bank shall be the Named Fiduciary and Administrator of this Plan. As Administrator, the Bank
shall be responsible for the management, control and administration of the Plan as established herein. The Administrator may delegate
to others certain aspects of the management and operational responsibilities of the Plan, including the employment of advisors
and the delegation of ministerial duties to qualified individuals.

 

5.2         Claims
Procedure and Arbitration. In the event that benefits under this Plan is not paid to Executive (or to his Beneficiary in the
case of Executive’s death) and the claimant(s) feel he or they are entitled to receive the benefits, then a written claim
must be made to the Administrator within sixty (60) days from the date payments are refused. The Administrator shall review the
written claim and, if the claim is denied, in whole or in part, it shall provide in writing, within thirty (30) days of receipt
of such claim, its specific reasons for such denial, reference to the provisions of this Plan upon which the denial is based, and
any additional material or information necessary for such claimants to perfect the claim. The written notice by the Administrator
shall further indicate the additional steps which must be undertaken by claimants if an additional review of the claim denial is
desired.

 

If claimants desire a second review,
they shall notify the Administrator in writing within thirty (30) days of the first claim denial. Claimants may review this Plan
or any documents relating thereto and submit any issues and comments, in writing, they may feel appropriate. In its sole discretion,
the Administrator shall then review the second claim and provide a written decision within thirty (30) days of receipt of such
claim. This decision shall state the specific reasons for the decision and shall include reference to specific provisions of this
Plan upon which the decision is based.

 

No claimant shall
institute any action or proceeding in any state or federal court of law or equity or before any administrative tribunal or arbitrator
for a claim for benefits under the Plan until the claimant has first exhausted the provisions set forth in this Section 5.2.

 

ARTICLE VI

MISCELLANEOUS

 

6.1         No
Effect on Employment Rights. Nothing contained herein will confer upon Executive the right to be retained in the service of
the Bank nor limit the right of the Bank to discharge or otherwise deal with Executive without regard to the existence of the Plan.

 

6.2         State
Law. The Plan is established under, and will be construed according to, the laws of the State of Louisiana, to the extent such
laws are not preempted by ERISA and valid regulations published thereunder or any other federal law.

 

6.3         Severability
and Interpretation of Provisions. The Bank shall have full power and authority to interpret, construe and administer this Plan
and the Bank’s interpretation and construction thereof and actions thereunder shall be binding and conclusive on all persons
for all purposes. No employee or representative of the Bank shall be liable to any person for any actions taken or omitted in connection
with the interpretation and administration of this Plan unless attributable to

 

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his own willful misconduct or lack
of good faith. In the event that any of the provisions of this Plan or portion hereof are held to be inoperative or invalid by
any court of competent jurisdiction, or in the event that any provision is found to violate Code Section 409A and would subject
Executive to additional taxes and interest on the amounts deferred hereunder, or in the event that any legislation adopted by any
governmental body having jurisdiction over the Bank would be retroactively applied to invalidate this Plan or any provision hereof
or cause the benefits under this Plan to be taxable, then: (1) insofar as is reasonable, effect will be given to the intent manifested
in the provisions held invalid or inoperative, and (2) the validity and enforceability of the remaining provisions will not be
affected thereby. In the event that the intent of any provision shall need to be construed in a manner to avoid taxability, this
construction shall be made by the Administrator in a manner that would manifest to the maximum extent possible the original meaning
of such provisions.

 

6.4         Incapacity
of Recipient. If a benefit is payable to a minor, to a person declared incompetent, or to a person incapable of handling the
disposition of his property, the Bank may pay such benefit to the guardian, legal representative or person having the care or custody
of such minor, incompetent person or incapable person. The Bank may require proof of incompetence, minority or guardianship as
it may deem appropriate prior to distribution of the benefit. The distribution shall completely discharge the Bank for all liability
with respect to the benefit.

 

6.5         Unclaimed
Benefit. Executive shall keep the Bank informed of his or her current address and the current address of his Beneficiaries.
If the location of Executive is not made known to the Bank, the Bank shall delay payment of Executive’s benefit payment(s)
until the location of Executive is made known to the Bank; however, the Bank shall only be obligated to hold the benefit payment(s)
for Executive until the expiration of three (3) years. Upon expiration of the three (3) year period, the Bank may discharge its
obligation by payment to Executive’s Beneficiary. If the location of Executive’s Beneficiary is not known to the Bank,
Executive and his Beneficiary(ies) shall thereupon forfeit any rights to the balance, if any, of any benefits provided for such
Executive and/or Beneficiary under this Plan.

 

6.6         Limitations
on Liability. Notwithstanding any of the preceding provisions of the Plan, no individual acting as an employee or agent of
the Bank, or as a member of the Board of Directors shall be personally liable to Executive or any other person for any claim, loss,
liability or expense incurred in connection with the Plan.

 

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

 

6.8         Effect
on Other Corporate Benefit Plans. Nothing contained in this Plan shall affect the right of Executive to participate in or be
covered by any qualified or nonqualified pension, profit sharing, group, bonus or other supplemental compensation or fringe benefit
agreement constituting a part of the Bank’s existing or future compensation structure.

 

6.9         Inurement.
This Plan shall be binding upon and shall inure to the benefit of the Bank, its successors and assigns, and Executive, his successors,
heirs, executors, administrators, and Beneficiaries.

 

6.10       Acceleration
of Payments. Except as specifically permitted under this Section 6.10 or in other sections of this Plan, no acceleration of
the time or schedule of any payment may be made under this Plan. Notwithstanding the foregoing, payments may be accelerated hereunder
by the Bank, 

 

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in
accordance with the provisions of Treasury Regulation Section 1.409A-3(j)(4) and any subsequent guidance issued by the United States
Treasury Department. Accordingly, payments may be accelerated, in accordance with requirements and conditions of the Treasury Regulations
(or subsequent guidance) in the following circumstances: (i) as a result of certain domestic relations orders; (ii) in compliance
with ethics agreements with the Federal Government; (iii) in compliance with ethics laws or conflicts of interest laws; (iv) in
limited cash-outs (but not in excess of the limit under Code Section 402(g)(1)(B)); (v) in the case of certain distributions to
avoid a non-allocation year under Code Section 409(p); (vi) to apply certain offsets in satisfaction of a debt of Executive to
the Bank; (vii) in satisfaction of certain bona fide disputes between Executive and the Bank; or (viii) for any other purpose
set forth in the Treasury Regulations and subsequent guidance.

 

6.11       Headings.
Headings and sub-headings in this Plan are inserted for reference and convenience only and shall not be deemed a part of this Plan.

 

6.12       12
U.S.C. §1828(k). Any payments made to Executive pursuant to this Plan or otherwise are subject to and conditioned upon
compliance with 12 U.S.C. § 1828(k) or any regulations promulgated thereunder.

 

6.13       Payment
of Employment and Code Section 409A Taxes. Any distribution under this Plan shall be reduced by the amount of any taxes required
to be withheld from the distribution. This Plan shall permit the acceleration of the time or schedule of a payment to pay employment-related
taxes as permitted under Treasury Regulation Section 1.409A-3(j) or to pay any taxes that may become due at any time that the arrangement
fails to meet the requirements of Code Section 409A and the regulations and other guidance promulgated thereunder. In the latter
case, such payments shall not exceed the amount required to be included in income as the result of the failure to comply with the
requirements of Code Section 409A.

 

6.14       Successors
to the Bank. The Bank, as applicable, will require any successor (whether direct or indirect, by purchase, merger, consolidation
or otherwise) to all or substantially all of the business and/or assets of the Bank to assume expressly and agree to perform the
duties and obligations under this Plan in the same manner and to the same extent as the Bank would be required to perform it if
no such succession had taken place.

 

6.15       Legal
Fees. In the event Executive retains legal counsel to enforce any of the terms of the Plan, the Bank will pay the reasonable
legal fees and related expenses reasonably incurred by him, but only if Executive prevails in an action seeking legal and/or equitable
relief against the Bank.

 

ARTICLE VII

AMENDMENT/TERMINATION

 

7.1         This
Plan may be amended or modified at any time, in whole or part, with the mutual written consent of Executive and the Bank. Notwithstanding
anything to the contrary herein, the Plan may be amended without Executive’s consent to the extent necessary to comply with
existing tax laws or changes to existing tax laws or to amend or terminate the Plan in accordance with Section 7.2 below.

 

7.2         Termination
of Plan.

 

(a)          Partial
Termination. The Board of Directors, at its discretion, may partially terminate the Plan by freezing future accruals if, in
its sole judgment, the tax, accounting, or other

 

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effects of the continuance of the Plan,
or potential payments thereunder, would not be in the best interests of the Bank.

 

(b)          Complete
Termination. Subject to the requirements of Code Section 409A, in the event of complete termination of the Plan, the Plan shall
cease to operate and the Bank shall pay out to Executive his benefits as if Executive had terminated employment as of the effective
date of the complete termination. A complete termination of the Plan shall occur only under the following circumstances and conditions:

 

(i)          The
Board of Directors may terminate the Plan within 12 months of a corporate dissolution taxed under Code Section 331, or with approval
of a bankruptcy court pursuant to 11 U.S.C. §503(b)(1)(A), provided that the benefit is included in Executive’s (or
his Beneficiary’s) gross income (and paid to Executive or his Beneficiary) in the latest of (i) the calendar year in which
the Plan terminates; (ii) the calendar year in which the amount is no longer subject to a substantial risk of forfeiture; or (iii)
the first calendar year in which the payment is administratively practicable.

 

(ii)         The
Board of Directors may terminate the Plan by Board of Directors action taken within the 30 days preceding or 12 months following
a Change in Control, provided that the Plan shall only be treated as terminated if all substantially similar arrangements sponsored
by the Bank are terminated so that Executive and all participants under substantially similar arrangements are required to receive
all amounts payable under the terminated arrangements within 12 months of the date of the termination of the arrangements.

 

(iii)        The
Board of Directors may terminate the Plan at any time provided that (i) the termination does not occur proximate to a downturn
in the financial health of the Bank, (ii) all arrangements sponsored by the Bank that would be aggregated with this Plan under
Treasury Regulations Section 1.409A-1(c) if Executive was also covered by any of those other arrangements are also terminated;
(iii) no payments other than payments that would be payable under the terms of the arrangements if the termination had not occurred
are made within 12 months of the termination of the arrangement (e.g., Executive’s benefit); (iv) all payments are made within
24 months of the termination of the arrangements; and (v) the Bank does not adopt a new arrangement that would be aggregated with
any terminated arrangement under Treasury Regulations Section 1.409A-1(c) if Executive participated in both arrangements, at any
time within three years following the date of termination of the arrangement.

 

ARTICLE VIII

EXECUTION

 

8.1         This
Plan sets forth the entire understanding of the Bank and Executive with respect to the transactions contemplated hereby, and any
previous agreements or understandings between them regarding the subject matter hereof are merged into and superseded by this Plan.

 

8.2         This
Plan shall be executed in duplicate, each copy of which, when so executed and delivered, shall be an original, but both copies
shall together constitute one and the same instrument.

 

[signature page follows]

 

    	 	9	 

     

    

 

IN WITNESS WHEREOF, the
Bank has caused this Plan to be executed, effective as of the day and date first above written.

 

	ATTEST:	 	HERITAGE BANK OF ST. TAMMANY
	 	 	 
	/s/ W. David Crumhorn	 	By:	/s/ W. Thomas Ballantine, Jr.
	WILLIAM DAVID CRUMHORN	 	 	 
	 	 	Title:	Director-Chair Compensation Committee
	1/3/17	 	 	 
	Date	 	Date:	3/1/17

 

    	 	10Exhibit 10.5

 

EXECUTIVE SUPPLEMENTAL RETIREMENT PLAN

 

EXECUTIVE AGREEMENT

 

THIS AGREEMENT is made
and entered into this 19th day of November, 1999, by and between St. Tammany Homestead Savings & Loan Association, a savings
and loan association organized and existing under the laws of the State of Louisiana (hereinafter referred to as the, “Bank”),
and William David Crumhorn, an Executive of the Bank (hereinafter referred to as the, “Executive”).

 

WHEREAS, the Executive
is now in the employ of the Bank and has for many years faithfully served the Bank. It is the consensus of the Board of Directors
(hereinafter referred to as the, “Board”) that the Executive’s services have been of exceptional merit, in excess
of the compensation paid and an invaluable contribution to the profits and position of the Bank in its field of activity. The Board
further believes that the Executive’s experience, knowledge of corporate affairs, reputation and industry contacts are of
such value, and the Executive’s continued services so essential to the Bank’s future growth and profits, that it would
suffer severe financial loss should the Executive terminate their services;

 

ACCORDINGLY, the Board
has adopted the St. Tammany Homestead Savings & Loan Association Executive Supplemental Retirement Plan (hereinafter referred
to as the, “Executive Plan”) and it is the desire of the Bank and the Executive to enter into this agreement which
the Bank will agree to make certain payments to the Executive upon the Executive’s retirement and to the Executive’s
beneficiary(ies) in the event of the Executive’s death pursuant to the Executive Plan;

 

FURTHERMORE, it is the
intent of the parties hereto that this Executive Plan be considered an unfunded arrangement maintained primarily to provide supplemental
retirement benefits for the Executive, and to be considered a non-qualified benefit plan for purposes of the Employee Retirement
Security Act of 1974, as amended (“ERISA”). The Executive is fully advised of the Bank’s financial status and
has had substantial input in the design and operation of this benefit plan; and

 

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

 

		I.	DEFINITIONS

 

	 	A.	Effective Date:
	 	 	 
	 	 	The Effective Date of the Plan shall be July 12, 1999.
	 	 	 
	 	B.	Plan Year:
	 	 	 
	 	 	Any reference to the “Plan Year” shall mean a calendar year from January 1st to December 31st. In the year of implementation, the term the “Plan Year” shall mean the period from the Effective Date to December 31st of the year of the Effective Date.
	 	 	 
	 	C.	Retirement Date:
	 	 	 
	 	 	Retirement Date shall mean retirement from service with the Bank which becomes effective on the first day of the calendar month following the month in which the Executive reaches age sixty-five (65) or such later date as the Executive may actually retire.

 

     

     

    

  

	 	D.	Termination of Service:
	 	 	 
	 	 	Termination of Service shall mean the Executive’s voluntary resignation of service by the Executive or the Bank’s discharge of the Executive without cause, prior to the Normal Retirement Age [Subparagraph I (J)].
	 	 	 
	 	E.	Pre-Retirement Account:
	 	 	 
	 	 	A Pre-Retirement Account shall be established as a liability reserve account on the books of the Bank for the benefit of the Executive. Prior to the Executive’s Termination of Service or the Executive’s retirement, whichever event shall first occur, such liability reserve account shall be increased or decreased each Plan Year, until the aforestated event occurs, by the Index Retirement Benefit [Subparagraph I (F)].
	 	 	 
	 	F.	Index Retirement Benefit:
	 	 	 
	 	 	The Index Retirement Benefit for each Executive in the Executive Plan for each Plan Year shall be equal to the excess (if any) of the Index [Subparagraph I (G)] for that Plan Year over the Cost of Funds Expense [Subparagraph I (H)] for that Plan Year.
	 	 	 
	 	G.	Index:
	 	 	 
	 	 	The Index for any Plan Year shall be the aggregate annual after-tax income from the life insurance contract(s) described hereinafter as defined by FASB Technical Bulletin 85-4. This Index shall be applied as if such insurance contract(s) were purchased on the Effective Date of the Executive Plan.

 

	 	Insurance Company:	Alexander Hamilton Life
	 	Policy Form:	Flexible Premium Adjustable Life 
	 	Policy Name:	Executive Security Plan IV Insured’s Age and Sex:
	 	 	45, Male
	 	Riders:	None
	 	Ratings:	According to the health of the proposed insured
	 	Option:	Level Death Benefit
	 	Face Amount:	$382,000
	 	Premiums Paid:	$132,000
	 	Number of Premium Payments:	One
	 	Assumed Purchase Date:  	July 12, 1999
	 	 	 
	 	Insurance Company:	Security Life of Denver
	 	Policy Form:	Whole Life 
	 	Policy Name:	Corp IV 
	 	Insured’s Age and Sex:	46, Male 
	 	Riders:	None
	 	Ratings:	According to the health of the proposed insured
	 	Option:	Level Death Benefit
	 	Face Amount:	$326,295
	 	Premiums Paid:	$132,000
	 	Number of Premium Payments:	One
	 	Assumed Purchase Date:  ·	July 12, 1999

 

    	 	2	 

     

    

  

	
         

         
	 	If such contracts of life insurance are actually purchased by the Bank, then the actual policies as of the dates they were actually purchased shall be used in calculations under this Executive Plan. If such contracts of life insurance are not purchased or are subsequently surrendered or lapsed, then the Bank shall receive annual policy illustrations that assume the above-described policies were purchased or had not subsequently surrendered or lapsed, which illustration will be received from the respective insurance companies and will indicate the increase in policy values for purposes of calculating the amount of the Index.
	 	 	 
	 	 	In either case, references to the life insurance contracts are merely for purposes of calculating a benefit. The Bank has no obligation to purchase such life insurance and, if purchased, the Executives and their beneficiary(ies) shall have no ownership interest in such policy and shall always have no greater interest in the benefits under this Executive Plan than that of an unsecured creditor of the Bank.
	 	 	 
	 	H.	Cost of Funds Expense:
	 	 	 
	 	 	The Cost of Funds Expense for any Plan Year shall be calculated by taking the sum of the amount of premiums for the life insurance policies described in the definition of “Index” plus the amount of any after-tax benefits paid to any Executive pursuant to the Executive Plan (Paragraph II hereinafter) plus the amount of all previous years after-tax Costs of Funds Expense, and multiplying that sum by the after-tax thirty {30) day mortgage repurchase rate.
	 	 	 
	 	I.	Mutual to Stock Conversion or a Change of Control:
	 	 	 
	 	 	Mutual to Stock Conversion shall mean the conversion of the Bank from a mutual savings and loan association to an entity which issues stock and is owned by its shareholders. Such Mutual to Stock Conversion shall be deemed to be a Change of Control for purposes of this Agreement. For the purposes of this Executive Plan, transfers on account of deaths or gifts, transfers between family members or transfers to a qualified retirement plan maintained by the Bank shall not be considered in determining whether there has been a Change of Control.
	 	 	 
	 	J.	Normal Retirement Age:
	 	 	 
	 	 	Normal Retirement Age shall mean the date on which the Executive attains age sixty-five (65).

 

		II.	INDEX BENEFITS

 

	 	A.	Retirement Benefits:
	 	 	 
	 	 	Subject to Subparagraph II (D) hereinafter, an Executive who remains in the employ of the Bank until the Normal Retirement Age [Subparagraph I (J)] shall be entitled to receive the balance in the Pre-Retirement Account in ten (10) equal annual installments commencing thirty (30) days following the Executive’s retirement. In addition to these payments and commencing in conjunction therewith, the Index Retirement Benefit [Subparagraph I (F)] for each Plan Year subsequent to the Executive’s retirement, and including the remaining portion of the Plan Year following said retirement, shall be paid to the Executive until the Executive’s death.

 

    	 	3	 

     

    

  

	 	B.	Termination of Service:
	 	 	 
	 	 	Subject to Subparagraph II (D), should an Executive suffer a Termination of Service the Executive shall be entitled to receive the balance in the Pre-Retirement Account payable to the Executive in ten (10) equal annual installments commencing thirty (30) days following the Executive’s Normal Retirement Age [Subparagraph I (J)). In addition to these payments and commencing in conjunction therewith, the Index Retirement Benefit for each Plan Year subsequent to the year in which the Executive attains Normal Retirement Age, and including the remaining portion of the Plan Year in which the Executive attains Normal Retirement Age, shall be paid to the Executive until the Executive’s death.
	 	 	 
	 	C. 	Death:
	 	 	 
	 	 	Should the Executive die prior to having received the balance of the Pre-Retirement Account the Executive may be entitled to under the terms of this Executive Plan, the entire unpaid balance of the Executive’s Pre- Retirement Account shall be paid in a lump sum to the individual or individuals the Executive may have designated in writing and filed with the Bank. In the absence of any effective designation of beneficiary(ies), the unpaid balance shall be paid as set forth herein to the duly qualified executor or administrator of the Executive’s estate. Said payment due hereunder shall be made the first day of the second month following the decease of the Executive. Provided, however, that anything hereinabove to the contrary notwithstanding, no death benefit shall be payable hereunder if the Executive dies on or before the 12th day of July, 2001.
	 	 	 
	 	D. 	Discharge for Cause and Termination of Service:
	 	 	 
	 	 	Should the Executive suffer a Termination of Service prior to serving five (5) full years with the Bank from the Effective Date of this Agreement, or be Discharged for Cause at any time, all benefits under this Executive Plan shall be forfeited. The term for “cause” shall mean any of the following that result in an adverse effect on the Bank: (i) gross negligence or gross neglect; (ii) the commission of a felony or gross misdemeanor involving moral turpitude, fraud, or dishonesty; (iii) the willful violation of any law, rule, or regulation (other than a traffic violation or similar offense); (iv) an intentional failure to perform stated duties; or (v) a breach of fiduciary duty involving personal profit. If a dispute arises as to discharge for “cause”, such dispute shall be resolved by arbitration as set forth in this Executive Plan.
	 	 	 
	 	E. 	Death Benefit:
	 	 	 
	 	 	Except as set forth above, there is no death benefit provided under this Agreement.

 

		III.	RESTRICTIONS UPON FUNDING

 

The Bank shall have no obligation
to set aside, earmark or entrust any fund or money with which to pay its obligations under this Executive Plan. The Executive,
their beneficiary(ies), or any successor in interest shall be and remain simply a general creditor of the Bank in the same manner
as any other creditor having a general claim for matured and unpaid compensation.

 

The Bank reserves the absolute right,
at its sole discretion, to either fund the obligations undertaken by this Executive Plan or to refrain from funding the same and
to determine the

 

    	 	4	 

     

    

  

extent, nature and method of such
funding. Should the Bank elect to fund this Executive Plan, in whole or in part, through the purchase of life absolute right, in
its sole discretion, to terminate such funding at any time, in whole or in part. At no time shall any Executive be deemed to have
any lien nor right, title or interest in or to any specific funding investment or to any assets of the Bank.

 

If the Bank elects to invest in a
life insurance, disability or annuity policy upon the life of the Executive, then the Executive shall assist· the Bank by
freely submitting to a physical exam and supplying such additional information necessary to obtain such insurance or annuities.

 

		IV.	MUTUAL TOSTOCK CONVERSION OR CHANGE OF CONTROL

 

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

 

		V.	MISCELLANEOUS

 

		A.	Alienability and Assignment Prohibition:

 

Neither the Executive, nor the Executive’s
surviving spouse, nor any other beneficiary(ies) under this Executive Plan sl1all have any power or right to transfer, assign,
anticipate, hypothecate, mortgage, commute, modify or otherwise encumber in advance any of the benefits payable hereunder nor shall
any of said benefits be subject to seizure for the payment of any debts, judgments, alimony or separate maintenance owed by the
Executive or the Executive’s beneficiary(ies), nor be transferable by operation of law in the event of bankruptcy, insolvency
or otherwise. In the event the Executive or any beneficiary attempts assignment, commutation, hypothecation, transfer or disposal
of the benefits hereunder, the Bank’s liabilities shall forthwith cease and terminate.

 

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

 

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

 

		C.	Amendment or Revocation:

 

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

 

		D.	Gender:

 

Whenever in this Executive Plan words
are used in the masculine or neuter gender, they

 

    	 	5	 

     

    

  

shall be read and construed as in the
masculine, feminine or neuter gender, whenever they should so apply.

 

		E.	Effect on Other Bank Benefit Plans:

 

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

 

		F.	Headings:

 

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

 

		G.	Applicable Law:

 

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

 

		H.	12 U.S.C. § 1828(k):

 

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

 

		I.	Partial Invalidity:

 

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

 

		J.	Employment:

 

No provision of this Executive Plan
shall be deemed to restrict or limit any existing employment agreement by and between the Bank and the Executive, nor shall any
conditions herein create specific employment rights to the Executive nor limit the right of the Employer to discharge the Executive
with or without cause. In a similar fashion, no provision shall limit the Executive’s rights to voluntarily sever the Executive’s
employment at any time.

 

    	 	6	 

     

    

  

		VI.	ERISA PROVISION

 

		A.	Named Fiduciary and Plan Administrator:

 

The “Named Fiduciary and Plan
Administrator” of this Executive Plan shall be St. Tammany Homestead Savings & Loan Association until its resignation
or removal by the Board. As Named Fiduciary and Plan Administrator, the Bank shall be responsible for the management, control and
administration of the Executive Plan. The Named Fiduciary may delegate to others certain aspects of the management and operation
responsibilities of the Executive Plan including the employment of advisors and the delegation of ministerial duties to qualified
individuals.

 

		B.	Claims Procedure and Arbitration:

 

In the event a dispute arises over
benefits under this Executive Plan and benefits are not paid to the Executive (or to the Executive’s beneficiary(ies) in
the case of the Executive’s death) and such claimants feel they are entitled to receive such benefits, then a Written claim
must be made to the Named Fiduciary and Plan Administrator named above within sixty (60) days from the date payments are refused.
The Named Fiduciary and Plan Administrator shall review the written claim and if the claim is denied, in whole or in part, they
shall provide in writing within sixty (60) days of receipt of such claim its specific reasons for such denial, reference to the
provisions of this Executive Plan upon which the denial is based and any additional material or information necessary to perfect
the claim. Such written notice shall further indicate the additional steps to be taken by claimants if a further review of the
claim denial is desired. A claim shall be deemed denied if the Named Fiduciary and Plan Administrator fail to take any action within
the aforesaid sixty-day period.

 

If claimants desire a second review
they shall notify the Named Fiduciary and Plan Administrator in writing within sixty (60) days of the first claim denial. Claimants
may review this Executive Plan or any documents relating thereto and submit any written issues and comments it may feel appropriate.
In their sole discretion, the Named Fiduciary and Plan Administrator shall then review the second claim and provide a written decision
within sixty (60) days of receipt of such claim. This decision shall likewise state the specific reasons for the decision and shall
include reference to specific provisions of the Plan Agreement upon which the decision is based.

 

If claimants continue to dispute the
benefit denial based upon completed performance of this Executive Plan or the meaning and effect of the terms and conditions thereof,
then claimants may submit the dispute to an Arbitrator for final arbitration. The Arbitrator shall be selected by mutual agreement
of the Bank and the claimants. The Arbitrator shall operate under any generally recognized set of arbitration rules. The parties
hereto agree that they and their heirs, personal representatives, successors and assigns shall be bound by the decision of such
Arbitrator with respect to any controversy properly submitted to it for determination.

 

Where a dispute arises as to the Bank’s
discharge of the Executive for “cause”, such dispute shall likewise be submitted to arbitration as above- described
and the parties hereto agree to be bound by the decision thereunder.

 

    	 	7	 

     

    

  

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

 

The Bank is entering into this Agreement
upon the assumption that certain existing tax laws, rules and regulations will continue in effect in their current form. If any
said assumptions should change and said change has a detrimental effect on this Executive Plan, then the Bank reserves the right
to terminate or modify this Agreement accordingly. Upon a Change of Control [Subparagraph I (1)], this paragraph shall become null
and void effective immediately upon said Change of Control.

 

    	 	8	 

     

    

  

IN WITNESS WHEREOF, the parties hereto acknowledge that each has
carefully read this Agreement and executed the original thereof on the 19th day of November, 1999, and that, upon execution, each
has received a conforming copy.

 

	 	 	ST. TAMMANY HOMESTEAD SAVINGS & LOAN ASSOCIATION
	 	 	Covington, Louisiana
	 	 	 
	 /s/
    Christina Easen-Finnen	 	By:	/s/ William G. Silversten, Treasurer
	Witness	 	 	Title:

 

	/s/ Dana Whitaker	 	/s/ W. David Crumhorn
	Witness	 	William David Crumhorn

 

    	 	9	 

     

    

  

AMENDMENT

TO THE EXECUTIVE SUPPLEMENTAL RETIREMENT
PLAN

EXECUTIVE AGREEMENT

DATED JULY 12, 1999

  

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

 

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

 

B.          Termination
of Service:

 

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

 

	Year	 	Vested Percentage	 
	 	 	 	 
	2004	 	 	28%	 
	2005	 	 	33%	 
	2006	 	 	38%	 
	2007	 	 	44%	 
	2008	 	 	49%	 
	2009	 	 	54%	 
	2010	 	 	59%	 
	2011	 	 	64%	 
	2012	 	 	69%	 
	2013	 	 	75%	 
	2014	 	 	95%	 
	2015	 	 	100%	 

 

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

 

     

     

    

  

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

 

	 	 	ST. TAMMANY HOMESTEAD SAVINGS & LOAN ASSOCIATION
	 	 	Covington, Louisiana
	 	 	 
	/s/ Dana Whitaker	 	By:	/s/ Alvin L. Ross, III, SVP
	Witness	 	 	Title:
	 	 	 
	 	 	 
	/s/ Mary B. Brand	 	/s/ W. David Crumhorn
	Witness	 	William David Crumhorn

 

    	 	2	 

     

    

409A Amendment to the

St. Tammany Homestead Savings & Loan
Association

Executive Supplemental Retirement Plan Executive
Agreement for

William David Crumhorn

 

St. Tammany Homestead Savings
& Loan Association (“Bank”) and William David Crumhom (“Executive”) originally entered into the St.
Tammany Homestead Savings & Loan Association Executive Supplemental Retirement Plan Executive Agreement (“Agreement”)
on November 19; 1999. Pursuant to Subparagraph V (C) of the Agreement, the Bank and the Executive hereby adopt this 409A Amendment,
effective January 1, 2005.

 

RECITALS

 

This Amendment is intended
to bring the Agreement into compliance with the requirements of Internal Revenue Code Section 409A. Accordingly, the intent of
the parties hereto is that the Agreement shall be operated and interpreted consistent with the requirements of Section 409A. Therefore,
the following changes shall be made:

 

		1.	Subparagraph I (I), “Mutual to Stock Conversion or Change of Control”, shall be deleted
in its entirety, renamed “Change in Control” and replaced with the following Subparagraph I (I):

 

Change in Control: “Change
in Control” shall mean a change in ownership or control of the Bank as defined in Treasury Regulation § i.409A-3(i)(5)
or any subsequently applicable Treasury Regulation.

 

		2.	The following provision regarding “Separation from Service” distributions shall be
added as a new subparagraph (K) under Section I, as follows:

 

Separation from Service: Notwithstanding
anything to the contrary in this Agreement, to the extent that any benefit under this Agreement is payable upon a “Termination
of Employment,” “Termination of Service,” or other event involving the Executive’s cessation of services,
such payment(s) shall not be made unless such event constitutes a “Separation from Service” as defined in Treasury
Regulations Section 1.409A-l(h).

 

		3.	Subparagraph II (A), “Retirement Benefits”, shall be modified to insert the word “annually’’
into the second sentence after the word “paid”.

 

		4.	A new Subparagraph II (F) shall be added as follows:

 

Restriction on Timing of Distribution:
Notwithstanding any provision of this Agreement to the contrary, distributions under this Agreement may not commence earlier than
six (6) months after the date of a Separation from Service (as described under the “Separation from Service” provision
herein) if, pursuant to Internal Revenue Code Section 409A, the participant hereto is considered a “specified employee”
(under Internal Revenue Code Section 416(i)) of the Bank if any stock of the Bank is publicly traded on an established securities
market or otherwise. In the event a distribution is delayed pursuant to this Section, the originally scheduled distribution shall
be delayed for six (6) months, and shall commence instead on the first day of the seventh month following Separation from Service.
If payments are scheduled to be made in installments, the first six

 

     

     

    

 

(6) months of installment payments
shall be delayed, aggregated, and paid instead on the first day of the seventh month, after which all installment payments shall
be made on their regular schedule. If payment is scheduled to be made in a lump sum, the lump sum payment shall be delayed for
six (6) months and instead be made on the first day of the seventh month.

 

		5.	A new Subparagraph II (G) shall be added as follows:

 

Certain Accelerated Payments:
The Bank may make any accelerated distribution permissible under Treasury Regulation 1.409A-3(j)(4) to the Executive of deferred
amounts, provided that such distribution(s) meets the requirements of Section 1.409A-3(j)(4).

 

		6.	Section IV, Mutual to Stock Conversion or Change of Control”, shall be renamed “Change
in Control”. Section IV shall be modified to delete the first sentence and replace it with the following sentence:

 

Upon a Change in Control (as defined
in Subparagraph I [I] herein), the Executive shall receive the benefits promised in Subparagraph II (A) of this Agreement in the
same form and with the same timing, except that the payments shall commence upon the Executive attaining Normal Retirement Age.

 

		7.	A new Subparagraph V (K) shall be added as follows:

 

Subsequent Changes to Time and Form
of Payment: The Bank may permit a subsequent change to the time and form of benefit distributions. Any such change shall be
considered made only when it becomes irrevocable under the terms of the Agreement. Any change will be considered irrevocable not
later than thirty (30) days following acceptance of the change by the Plan Administrator, subject to the following rules:

 

		(1)	the subsequent deferral election may not take effect until at least twelve (12) months after the
date on which the election is made;

		(2)	the payment (except in the case of death, disability, or unforeseeable emergency) upon which the
subsequent deferral election is made is deferred for a period of not less than five (5) years from the date such payment would
otherwise have been paid; and

		(3)	in the case of a payment made at a specified time, the election must be made not less than twelve
(12) months before the date the payment is scheduled to be paid.

 

Therefore, the foregoing changes are agreed
to.

 

	 	 	 	 
	For the Bank	 	William David Crumhorn	 
	 	 	 	 
	Date	 	 	Date		 

 

    	 	2	 

     

    

 

SECOND AMENDMENT

TO THE EXECUTIVE SUPPLEMENTAL RETIREMENT
PLAN

EXECUTIVE AGREEMENT EFFECTIVE JULY 12, 1999

 

THIS AMENDMENT,
made and entered into this 2nd day of February, 2007, by and between St. Tammany Homestead Savings & Loan Association,
a savings and loan association organized and existing under the laws of the State of Louisiana, hereinafter referred to as the
‘‘Bank”, and William D. Crumhorn, a Key Employee and Executive of the Bank, hereinafter referred to as the “Executive”,
shall effectively amend the Executive Supplemental Retirement Plan Executive Agreement effective July 12, 1999 as follows:

 

1.            Subparagraph
I (G) titled, “Index”, of the Executive Supplemental Retirement Plan Executive Agreement shall be amended to delete
the Security Life of Denver Insurance Policy and replace the same as follows:

 

		I.	DEFINITIONS

 

		H.	Index:

 

	Insurance Company: 	Security Life of Denver
	Policy Form:	Flexible Premium Adjustable Life
	Policy Name:	Executive UL
	Insured’s Age and Sex:	52, Male
	Riders: 	None 
	Ratings: 	None 
	Option:	Level
	Face Amount:	$382,389
	Premiums Paid:	$161,721.39
	Number of Premium Payments: 	One
	Assumed Purchase Date:	July 12, 2005

 

This Amendment shall have the
effect of using the Index from the previous Security Life of Denver and Alexander Hamilton Life Insurance Company policies until
July 12, 2005. The Index on and subsequent to July 12, 2005 shall be based upon the Security Life of Denver Insurance Company Policy
set forth hereinabove as well as the Alexander Hamilton Life Insurance Company Policy as set forth in the original July 12, 1999
Agreement.

 

This Amendment shall be effective the 12th
day of July 2005. To the extent that any paragraph, term, or provision of said agreement is not specifically amended herein, or
in any other amendment thereto, said paragraph, term, or provision shall remain in full force and effect as set forth in said Agreements.

 

     

     

    

 

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

 

	 	ST. TAMMANY HOMESTEAD SAVINGS & LOAN ASSOCIATION
	 	Covington, Louisiana

 

	/s/ Alvin
    L. Ross, III	 	By: 	/s/ Dana Whitaker, AVP
	Witness	 	 	Title:
	 	 	 	 
	/s/ Erin Hughes	 	/s/ W. David Crumhorn
	Witness	 	William David Crumhorn

 

    	 	2

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