Document:

EX-10.4

 Exhibit 10.4 

BOGOTA SAVINGS BANK 

SUPPLEMENTAL EXECUTIVE 

RETIREMENT PLAN 
 Amended
and Restated as of January 1, 2016 
 Bogota, New Jersey 

 SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN 

This Supplemental Executive Retirement Plan (hereinafter the “Plan”), effective as of January 1, 2014, as amended and restated
effective January 1, 2016 (subject to the approval of the New Jersey Department of Banking and Insurance, Division of Banking), formalizes the understanding by and between Bogota Savings Bank (the “Bank”), a New Jersey state chartered
mutual savings bank, and a select group of management or highly compensated employees selected by the Board, hereinafter referred to as “Participant(s)”, who shall be eligible to participate in this Plan by execution of a Supplemental
Executive Retirement Plan Joinder Agreement (“Joinder Agreement”) in a form provided by the Bank. 
 W I T N E S S E T H :

 WHEREAS, the Participants serve the Bank as a select group of management or highly compensated employees; and 

WHEREAS, the Bank desires to recognize the Participants for their valued, long and faithful service to the Bank and to ensure the
continued service with the Bank by such Participants until retirement age; and 
 WHEREAS, the Participants wish to be assured that
they will be entitled to a certain amount of additional compensation for some definite period of time from and after retirement from active service with the Bank or other qualifying termination of service and wish to provide their beneficiaries with
benefits after their death; and 
 WHEREAS, the Bank and the Participants wish to provide the terms and conditions upon which the
Bank shall pay such additional compensation to the Participants after retirement or other termination of service and/or death benefits to their beneficiaries after death; and 

WHEREAS, the Bank and the Participants intend this Plan to be considered an unfunded arrangement, maintained primarily to provide
supplemental retirement income for such Participants; and 

  
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 WHEREAS, the Bank, through its Board of Directors (the “Board”) has adopted
this Plan, subject to the approval of the New Jersey Department of Banking and Insurance, which controls all issues relating to Retirement Benefits described herein; and 

WHEREAS, Section 409A of the Internal Revenue Code of 1986, as amended (“Code”) requires that certain types of deferred
compensation arrangements comply with its terms or be subject to current taxes and penalties. 
 NOW, THEREFORE, in consideration of
the premises and of the mutual promises herein contained, the Bank and the Participants agree as follows: 
 SECTION I 

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

	1.1	 “Administrator” means the Board. 

 

	1.2	 “Bank” means Bogota Savings Bank and any successor thereto. 

 

	1.3	 “Beneficiary” means the person or persons (and their heirs) designated as Beneficiary in the
Participant’s Joinder Agreement or Beneficiary Designation to whom the deceased Participant’s benefits are payable. If no Beneficiary is so designated, then the Participant’s Spouse, if living, will be deemed the Beneficiary. If the
Participant’s Spouse is not living, then the Children of the Participant will be deemed the Beneficiaries and will take on a per stirpes basis. If there are no living Children, then the Estate of the Participant will be deemed the
Beneficiary. 

  

	1.4	 “Benefit Age” shall mean the age specified on each Participant’s Joinder Agreement.

  

	1.5	 “Benefit Eligibility Date” shall be the date on which a Participant is entitled to receive a
benefit under the Plan. Unless otherwise set forth in another Section of this Plan, a Participant’s “Benefit Eligibility Date” shall occur on the first day of the month coincident with or next following (i) the month in which the
Participant retires following 

  
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attainment of his Benefit Age; (ii) Participant’s attainment of his Benefit Age, if Participant’s Separation from Service occurs due to voluntary or involuntary termination of
employment prior to Benefit Age (other than due to death or Disability or within two (2) years following a Change in Control); (iii) the month in which a Disability determination is made; (iv) the month in which the Participant dies; or
(v) the month in which the Participant has a Separation from Service (either voluntarily or involuntarily), if within two (2) years of a Change in Control. Notwithstanding the foregoing, if the Participant is a Specified Employee of a
publicly traded company, the Benefit Eligibility Date in the event of a Separation from Service (other than due to death or Disability) shall commence on the later of the date specified above or the first day of the seventh (7th) month following the event which triggers a distribution. 

  

	1.6	 “Board” means the board of directors of the Bank. 

 

	1.7	 “Cause” means (a) “cause” as defined in an employment agreement applicable to the
Participant, or (b) in the case of a Participant who does not have an employment agreement that defines “cause”: (i) a material violation by a Participant of any applicable material law or regulation respecting the business of the
Bank; (ii) a Participant being found guilty of, or Participant entering a plea of nolo contendere to, a felony or an act of dishonesty in connection with the performance of such Participant’s duties for the Bank, or which disqualifies
Participant from serving as an executive of the Bank; (iii) Participant is removed or suspended from banking pursuant to Section 8(e) of the Federal Deposit Insurance Act, as amended (the “FDIA”), or any other applicable state or
federal law or (iv) Participant’s willful or negligent failure to perform his duties hereunder in any material respect. 

  

	1.8	 “Change in Control” shall have occurred if one or more of the following events occurs:

  

	 	(a)	 A Person (as that term is defined for purposes of Section 13(d) and 14(d)(2) of THE
SECURITIES AND EXCHANGE ACT OF 1934) becomes the beneficial owner, directly or indirectly, of securities of, or obtains, directly or indirectly, control of the voting rights
in the Bank in a transaction or transactions subject to the notice provision of the Change in Bank Control Act of 1978, as amended, or approval under the Bank Holding Company Act of 1956, as amended; 

  
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	 	(b)	 A Person other than the Bank becomes the owner of more than 25% of the voting securities or obtains control of
more than 25% of the outstanding voting power of the Bank; 

  

	 	(c)	 The consummation of a sale, merger, consolidation, recapitalization, reorganization or similar type of
transaction with or into the Bank where less than a majority of the combined voting power of the resulting corporation or bank immediately after the sale, merger, consolidation, recapitalization or reorganization is held by persons who held the
majority of the voting power of the Bank immediately prior to the sale, merger, consolidation, recapitalization or reorganization; 

  

	 	(d)	 The filing by the Bank of a report or proxy statement with the Federal Deposit Insurance Corporation
(“FDIC”) or the Securities and Exchange Commission (“SEC”) disclosing that a Change in Control of the Bank has or may have occurred pursuant to any contract or transaction; 

 

	 	(e)	 The sale or other disposition of all or substantially all of the business and/or assets of the Bank to a third
party, other than a transfer to a Subsidiary (defined for purposes of this Agreement as a corporation or other Person in which a majority of the voting power, voting equity securities or voting equity interest is owned, directly or indirectly by the
Bank); 

  

	 	(f)	 During any period of two (2) consecutive years, the individuals who constitute the Board at the beginning
of the two-year period cease for any reason (other than retirement) to constitute at least a majority of the Board, provided however, that any director elected by a majority of the directors who were
directors at the beginning of the two-year period shall be deemed to have also been a director at the beginning of such period; or 

  
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	 	(g)	 A complete liquidation or dissolution of the Bank. 

Notwithstanding anything in this Section 1.10 to the contrary, the reorganization of the Bank from a mutual to a stock form of
organization shall not constitute a Change in Control. 
  

	1.9	 “Children” means the Participant’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. 

  

	1.10	 “Code” shall mean the Internal Revenue Code of 1986, as amended from time to time, and the
rules and regulations promulgated thereunder. 

  

	1.11	 “Disability” means any case in which a Participant: (i) is unable to engage in any
substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months; or (ii) is, by reason of
any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, receiving income replacement benefits for a period of not less than
three months under an accident and health plan covering employees of the Bank; or (iii) is determined to be disabled by the Social Security Administration. 

 

	1.12	 “Disability Benefit” means the monthly benefit payable to the Participant following a
determination of the Participant’s Disability as set forth in Section 3.6. 

  

	1.13	 “Effective Date” of this amendment and restatement of the Plan shall be January 1, 2016,
subject to the approval of the New Jersey Department of Banking and Insurance, Division of Banking. The original effective date of the Plan was January 1, 2014. 

  
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	1.14	 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to
time. 

  

	1.15	 “Estate” means the estate of the Participant. 

 

	1.16	 “Final Average Compensation” means the average base salary and bonus paid to the Participant
over the three consecutive year period ending on the date of the Participant’s Separation from Service. 

  

	1.17	 “Joinder Agreement” the agreement between the Bank and the Participant which signifies the
Participant’s participation and sets forth the features of the Plan as specifically applicable to the Participant. 

  

	1.18	 “Participant” means an executive who has been selected to participate by the Board and who
enters into a Joinder Agreement with the Bank. 

  

	1.19	 “Payout Period” shall be a period of One Hundred Twenty (120) consecutive months.

  

	1.20	 “Plan Year” shall mean the calendar year. 

 

	1.21	 “Retirement” means the Participant’s Separation from Service as an Executive of the Bank
on or after attainment of the Participant’s Benefit Age. 

  

	1.22	 “Retirement Benefit” means an annual amount payable hereunder to the Participant who retires
from or otherwise has a Separation from Service other than for Cause. The Retirement Benefit shall be specified in the Participant’s Joinder Agreement. 

  

	1.23.	 “Separation from Service” or “Separate from Service” means the Participant’s
death, Retirement or other termination of employment with the Bank within the meaning of Code Section 409A. No Separation from Service shall be deemed to occur due to military leave, sick leave or other bona fide leave of absence if the period
of such leave does not exceed six months or, if longer, so long as the Participant’s right to reemployment is provided by law or contract. If the leave exceeds six months and the Participant’s right to reemployment is not provided by law
or by contract, then the Participant shall have a Separation from Service on the first date immediately following such six-month period. 

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

 

	1.24	 “Specified Employee” with respect to an Employee of a publicly traded company, shall have the
meaning set forth in Code Section 409A and the Treasury Regulations promulgated thereunder. 

  

	1.25	 “Spouse” means the individual to whom the Participant is legally married at the time of the
Participant’s death. 

  

	1.26	 “Survivor’s Benefit” means an annual amount payable to the Beneficiary in monthly
installments throughout the Payout Period, as elsewhere detailed hereunder, including, without limitation, subject to Section 3. 

  

	1.27	 “Treasury Regulations” means the regulations promulgated under the Code.

 SECTION II 

ESTABLISHMENT OF RABBI TRUST 

The Bank may establish a rabbi trust into which the Bank may contribute assets which shall be held therein, subject to the claims of the
Bank’s creditors in the event of the Bank’s “Insolvency” as defined in the plan which establishes such rabbi trust, until the contributed assets are paid to the Participants and their Beneficiaries in such manner and at such
times as specified 

  
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in this Plan. The rabbi trust and any assets held therein, if any, shall conform to the terms of the rabbi trust agreement which may be established in conjunction with this Plan. To the extent
the language in this Plan is modified by the language in the rabbi trust agreement, the rabbi trust agreement shall supersede this Plan. Contributions to the rabbi trust, if any, shall be made during each Plan Year in accordance with the rabbi trust
agreement. 
 SECTION III 

BENEFITS 
  

	3.1	 Retirement Benefit. A Participant who remains in the service of the Bank until attainment of his Benefit
Age shall be entitled to the Retirement Benefit. Such Retirement Benefit shall commence on the Benefit Eligibility Date, and shall be payable in monthly installments throughout the Payout Period. In the event a Participant dies after commencement of
the Retirement Benefit payments but before completion of all such payments due and owing hereunder, the Bank shall pay to the Participant’s Beneficiary a continuation of the monthly installments for the remainder of the Payout Period.

  

	3.2	 Death During Employment. If the Participant dies during employment with the Bank, the
Participant’s Beneficiary shall be entitled to a Survivor’s Benefit equal to the Retirement Benefit as if the Participant had terminated employment on the date of death. The Survivor’s Benefit shall commence on the Benefit Eligibility
Date and shall be payable in monthly installments throughout the Payout Period. 

  

	3.3	 Voluntary or Involuntary Termination Prior to Benefit Age. 

 

	 	(a)	 If the Participant has a voluntarily or involuntarily Separation from Service prior to the attainment of his
Benefit Age for any reason (other than for Cause, the Participant’s death, Disability, or within two (2) years following a Change in Control), the Participant shall be entitled to the monthly Retirement Benefit throughout the Payout Period
set forth in Section 1.22(B) hereof, commencing at the Participant’s Benefit Age set forth in the Participant’s Joinder Agreement. 

  
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	 	(b)	 In the event the Participant dies at any time after commencement of payments hereunder, but prior to completion
of all such payments due and owing hereunder, the Bank shall pay to the Participant’s Beneficiary a continuation of the monthly installments for the remainder of the Payout Period. 

 

	 	(c)	 In the event the Participant dies after Separation from Service but before commencement of payments hereunder,
the Participant’s Beneficiary shall be entitled to the Retirement Benefit that would have been payable to the Participant at his or her Benefit Age, payable over the applicable Payout Period, commencing on the first day of the month following
the month in which the Participant dies. 

  

	3.4	 Termination of Service Related to a Change in Control. 

 

	 	(a)	 If the Participant’s Separation from Service occurs on or before the second (2nd) anniversary date of the effective date of the Change in Control, the Retirement Benefit shall commence within thirty (30) days following his Separation from Service, whether or not Participant
has reached his Benefit Age, and shall be payable in monthly installments throughout the Payout Period. 

  

	 	(b)	 If the Participant’s Separation from Service with the Bank occurs after the second (2nd) anniversary of the effective date of the Change in Control, the Retirement Benefit shall commence at the Participant’s Benefit Age, and shall be payable in monthly installments throughout the
Payout Period. 

  

	 	(c)	 In the event that the Participant dies at any time after commencement of the payments, but prior to completion
of all such payments due and owing hereunder, the Bank, or its successor, shall pay to the Participant’s Beneficiary a continuation of the monthly installments for the remainder of the Payout Period. 

 

	 	(d)	 If, after such termination of service, the Participant dies prior to commencement of the Retirement Benefit
hereunder, the Participant’s Beneficiary shall be entitled to the Survivor’s Benefit which shall commence on the Benefit Eligibility Date. The Survivor’s Benefit shall be payable in monthly installments over the Payout Period.

  
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	3.5	 Termination for Cause. Notwithstanding any other provision hereof, if the Participant is terminated for
Cause, all benefits under this Plan shall be forfeited by the Participant and this Plan shall become null and void as to the Participant. 

  

	3.6	 Disability Benefit. 

 

	 	(a)	 Notwithstanding any other provision hereof, a Participant who has not attained his Benefit Eligibility Date
shall be entitled to receive the Disability Benefit hereunder, in any case in which it is determined that the Participant has incurred a Disability. If the Participant’s service is terminated pursuant to this paragraph, the Participant’s
Benefit Eligibility Date shall be the first day of the month following the month in which the Disability determination is made. The Disability Benefit shall equal the Retirement Benefit determined as if the Participant had terminated employment on
the first day of the month following the month in which the Disability determination is made The Disability Benefit shall be payable in monthly installments over the Payout Period. In the event the Participant dies while receiving payments pursuant
to this Subsection, but prior to the completion of all payments due and owing hereunder, the Bank shall pay to the Participant’s Beneficiary a continuation of the monthly installments for the remainder of the Payout Period.

  

	 	(b)	 If the Participant dies after it is determined that such Participant has incurred a Disability but before the
commencement of such payments, the Participant’s Beneficiary shall be entitled to the Participant’s Disability Benefit payable over the Payout Period commencing within thirty (30) days of the Participant’s death.

  

	3.7	 Non-Competition During and After Employment.

  

	 	(a)	 In order to be eligible for the benefits hereunder, during the period of his service with the Bank and for
twelve (12) months following termination of service with the Bank, the Participant shall not: 

  

	 	(i)	 without the prior written consent of the Board, actively engage, either directly or indirectly, in any business
or other activity which is or may be deemed to be in any way competitive with or adverse to the best interests of the business of the Bank; and 

  
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	 	(ii)	 without the prior written consent of the Board, become associated with, in the capacity of an employee,
director, officer, principal, agent, trustee or in any other capacity whatsoever, any enterprise conducted in New Jersey which enterprise is, or may be deemed to be, competitive with any business carried on by the Bank either during service with the
Bank or, as of the date of the Participant’s Separation from Service or his Retirement. 

  

	 	(b)	 In the event the Participant violates Section 3.7(a), in addition to Section 3.8 and the suspension
of any payments being made to Participant, any benefits previously paid shall be reimbursed to the Bank within thirty (30) days of the Bank’s notification to Participant of its determination that Section 3.7(a) has been violated.

  

	 	(c)	 In the event of an involuntary termination of the Participant’s service by the Bank related to a Change in
Control pursuant to Section 3.4, paragraph (a) of this Section 3.7 shall cease to be a condition to the performance by the Bank of its obligations under this Plan. 

 

	3.8	 Breach. In the event of any breach by the Participant of the agreements and covenants contained herein,
the Board shall direct that any unpaid balance of any payments to the Participant under this Plan be suspended, and shall thereupon notify the Participant of such suspensions, in writing. Thereupon, if the Board shall determine that said breach by
the Participant has continued for a period of one (1) month following notification of such suspension, all rights of the Participant and his Beneficiaries under this Plan, including rights to further payments hereunder, shall thereupon
terminate. 

  

	3.9	 Release. Notwithstanding anything in this Plan to the contrary, amounts payable under this Section III
to the Participant or his Beneficiaries are contingent upon the Participant and/or the Beneficiaries, as applicable, timely signing and not revoking a release of claims in the form provided by the Bank within the thirty (30) day period
beginning on the date the Participant or Beneficiary become eligible for the benefit, provided further, that if such thirty (30) day period crosses over into a different calendar year, then the payment shall commence in the later calendar year.

  
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 SECTION IV 

BENEFICIARY DESIGNATION 

The Participant shall make an initial designation of primary and secondary Beneficiaries upon execution of his Joinder Agreement and shall
have the right to change such designation, at any subsequent time, by submitting to the Administrator in substantially the form attached as Exhibit A to the Joinder Agreement, a written designation of primary and secondary Beneficiaries. Any
Beneficiary designation made subsequent to execution of the Joinder Agreement shall become effective only when receipt thereof is acknowledged in writing by the Administrator. If the Beneficiary is neither designated or surviving, then the Estate
becomes the Beneficiary. 
 SECTION V 

RIGHTS TO ASSETS 

The rights of the Participant, any Beneficiary, or any other person claiming through the Participant under this Plan, shall be solely those of
an unsecured general creditor of the Bank. The Participant, the Beneficiary, or any other person claiming through the Participant, shall only have the right to receive from the Bank those payments so specified under this Plan. The Participant agrees
that he, his Beneficiary, or any other person claiming through him shall have no rights or interests whatsoever in any asset of the Bank, including any insurance policies or contracts which the Bank may possess or obtain to informally fund this
Plan. Any asset used or acquired by the Bank in connection with the liabilities it has assumed under this Plan, unless expressly provided herein, shall not be deemed to be held under any trust for the benefit of the Participant or his Beneficiaries,
nor shall any asset be considered security for the performance of the obligations of the Bank. Any such asset shall be and remain, a general, unpledged, and unrestricted asset of the Bank. 

  
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 SECTION VI 

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 Plan. The
Participant, his Beneficiaries or any successor in interest to him shall be and remain simply a general unsecured 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 in its sole discretion to either purchase assets to meet its obligations undertaken by this Plan or to refrain from the same and to determine the extent, nature, and method of such asset purchases. Should the Bank decide
to purchase assets such as life insurance, mutual funds, disability policies or annuities, the Bank reserves the absolute right, in its sole discretion, to terminate such assets at any time, in whole or in part. At no time shall the Participant be
deemed to have any lien, right, title or interest in or to any specific 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 Participant, then the Participant
shall assist the Bank by freely submitting to a physical examination and by supplying such additional information necessary to obtain such insurance or annuities. 

SECTION VII 

ALIENABILITY AND ASSIGNMENT PROHIBITION 

Neither the Participant 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 maintenance owed by the Participant
or his Beneficiary, nor be transferable by operation of law in the event of bankruptcy, insolvency or otherwise. In the event the Participant or any Beneficiary attempts assignment, communication, hypothecation, transfer or disposal of the benefits
hereunder, the Bank’s liabilities shall forthwith cease and terminate. 

  
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 SECTION VIII 

ERISA PROVISIONS 
  

	8.1	 Named Fiduciary and Administrator. The Board, as Administrator, shall be the “Named Fiduciary”
of this Plan, as defined under ERISA. As Administrator, the Board shall be responsible for the management, control and administration of the Plan as established herein. The Board may delegate the administration of the Plan to its executive committee
or to a pension committee appointed by the Board. Any committee so delegated shall be entitled to employ advisors and delegate ministerial duties to qualified individuals. 

 

	8.2	 Claims Procedure and Arbitration. In the event that benefits under this Plan are not paid to the
Participant (or to his Beneficiary in the case of the Participant’s death) or the payment of benefits is curtailed for reasons set forth in Sections 3.7(a) or 3.7(b) and such claimant feels that he or she is entitled to receive such benefits,
then a written claim must be made to the Administrator within sixty (60) days from the date payments are refused to be paid. The Administrator shall review said written claim and, if the claim is denied, in whole or in part, they shall provide
in writing, within ninety (90) days of receipt of such claim, their specific reasons for such denial, reference to the provisions of this Plan or the Joinder Agreement upon which the denial is based, and any additional material or information
necessary to perfect the claim. Such writing by the Bank and its Board of Directors shall further indicate the additional steps which must be undertaken by claimants if an additional review of the claim denial is desired. 

If claimant desires a second review, they shall notify the Administrator in writing within sixty (60) days of the date of the first claim
denial. Claimant may review this Plan, the Joinder Agreement 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 sixty (60) 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 or the Joinder Agreement upon which
the decision is based. 

  
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 If claimant continues to dispute the benefit denial based upon completed performance of this
Plan and the Joinder Agreement or the meaning and effect of the terms and conditions thereof, then claimant may submit the dispute to mediation, administered by the American Arbitration Association (“AAA”) in accordance with the AAA’s
Commercial Mediation Rules (or by a mediator selected by the parties). 
 SECTION IX 

MISCELLANEOUS 
  

	9.1	 No Effect on Participant’s Rights. Nothing contained herein will confer upon the Participant the
right to be retained in the service of the Bank as an employee or otherwise nor limit the right of the Bank to deal with the Participant without regard to the existence of the Plan. 

 

	9.2	 State Law. The Plan is established under, and will be construed according to, the laws of the State of
New Jersey, to the extent such laws are not preempted by ERISA and valid regulations published thereunder. 

  

	9.3	 Construction and Severability. 

 

	 	(a)	 409A Compliance. This Plan will, at all times, be operated in good faith compliance with Code
Section 409A of the Code in accordance with applicable Internal Revenue Service regulations, notices or guidance. In the event of inconsistency, the Plan shall be construed to the maximum extent possible to give effect to the Plan
provision in a manner consistent with Code Section 409A and, if such construction is not possible, as if such provision had never been included.

  

	 	(b)	 Severability. In the event that any of the provisions of this Plan or portion thereof are held to be
inoperative or invalid by any court of competent jurisdiction, then: (i) insofar as is reasonable, effect will be given to the intent manifested in the provisions held to be invalid or inoperative, and (ii) the invalidity and
enforceability of the remaining provisions will not be affected thereby. 

  
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	9.4	 Incapacity of Recipient. In the event the Participant is declared incompetent and a conservator or other
person legally charged with the care of his person or Estate is appointed, any benefits under the Plan to which such Participant is entitled shall be paid to such conservator or other person legally charged with the care of his person or Estate.

  

	9.5	 Unclaimed Benefit. The Participant shall keep the Administrator informed of his current address and the
current address of his Beneficiaries. The Administrator shall not be obligated to search for the whereabouts of any person. If the location of the Participant is not made known to the Administrator as of the date upon which any payment of any
benefits may first be made, the Administrator shall delay payment of the Participant’s benefit payment(s) until the location of the Participant is made known to the Administrator; however, the Bank shall only be obligated to hold such benefit
payment(s) for the Participant until the expiration of thirty-six (36) months. Upon expiration of the thirty-six (36) month period, the Bank may discharge its
obligation by payment to the Participant’s Beneficiary. If the location of the Participant’s Beneficiary is not made known to the Administrator by the end of an additional two (2) month period following expiration of the thirty-six (36) month period, the Bank may discharge its obligation by payment to the Participant’s Estate. If there is no Estate in existence at such time or if such fact cannot be determined by the
Administrator, the Participant and his Beneficiary (ies) shall thereupon forfeit any rights to the balance, if any, of any benefits provided for such Participant and/or Beneficiary under this Plan. 

 

	9.6	 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 shall be personally liable to the Participant or any other person for any claim, loss, liability or expense incurred in connection with the Plan. 

 

	9.7	 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. 

  

	9.8	 Effect on Other Corporate Benefit Plans. Nothing contained in this Plan shall affect the right of the
Participant to participate in or be covered by any other corporate benefit available to Participants of the Bank constituting a part of the Bank’s existing or future compensation structure. 

  
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	9.9	 Suicide. Notwithstanding anything to the contrary in this Plan, the benefits otherwise provided herein
shall not be payable and this Plan shall become null and void with respect to the Participant if the Participant’s death results from suicide, whether sane or insane, within twenty-four (24) months after the execution of his initial
Joinder Agreement under the Plan. 

  

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

  

	9.11	 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. 

  

	9.12	 Acceleration of Benefit Payments. Except as specifically permitted herein or in other sections of this
Plan, no acceleration of the time or schedule of any payment may be made hereunder. Notwithstanding the foregoing, payments may be accelerated hereunder by the Bank, in accordance with the provisions of Treasury Regulation 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)); or (v) for any other purpose set forth in the Treasury Regulations and subsequent guidance. 

SECTION X 

AMENDMENT/TERMINATION 
  

	10.1	 This Plan shall not be amended or modified at any time, in whole or part, as to the Participant, without the
mutual written consent of the Participant and the Bank, and such mutual consent shall be required even if the Participant is no longer in the service of the Bank. 

  
 18 

	10.2	 Complete Termination. The Board may completely terminate the Plan, without the Participant’s
consent, subject to the requirements of Code Section 409A. In the event of complete termination, the Plan shall cease to operate and the Bank shall pay out to the Participant his full Retirement Benefit. If the Participant has not terminated
service as of the effective date of the complete termination, the Retirement Benefit shall be calculated as if the Participant had terminated service as of the effective date of the complete termination with payments made in accordance with the
applicable payment schedule of Section 3.1 or 3.3 (or in the case of a termination in accordance with Section 10.2(b) below, in accordance with the payment schedule of Section 3.4(a)). Such complete termination of the Plan shall occur
only under the following circumstances and conditions: 

  

	 	(a)	 The Board 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 amounts deferred under the Plan are included in each Participant’s gross income 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. 

 

	 	(b)	 The Board may terminate the Plan within the 30 days preceding a Change in Control or one month following a
Change in Control, but in the later case, only if the Board which was in existence prior to the Change in Control consents to the termination, provided that the Plan shall only be treated as terminated if all substantially similar arrangements
sponsored by the Bank are terminated so that the Participants and all participants under substantially similar arrangements are required to receive all amounts of compensation deferred under the terminated arrangements within 12 months of the date
of the termination of the arrangements. 

  

	 	(c)	 The Board may terminate the Plan provided that (i) the termination and liquidation 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 

  
 19 

	 	
this Plan under Treasury Regulation 1.409A-1(c) if the Participant covered by this Plan 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 arrangement if the termination had not occurred are made within twelve (12) months of the termination of the arrangement; (iv) all payments
are made within twenty-four (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 1.409A-1(c) if the Participant participated in both arrangements, at any time within three years following the date of termination of the arrangement. 

 

	 	(d)	 The Board may terminate the Plan pursuant to such other terms and conditions as the Internal Revenue Service
may permit from time to time. 

 SECTION XI 

EXECUTION 
  

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

 

	11.2	 This Plan shall be executed in triplicate, each copy of which, when so executed and delivered, shall be an
original, but all three copies shall together constitute one and the same instrument. 

 [Signature Page Follows] 

  
 20 

 IN WITNESS WHEREOF, the Bank has caused this amended and restated Plan to be executed
and effective as of January 1, 2016, subject to the approval of the New Jersey Department of Banking and Insurance, Division of Banking. 
  

							
		 		 	BOGOTA SAVINGS BANK
				
	 July 27, 2016
	 	                                    	 	By:	 	 /s/ Steven M. Goldberg

	Date	 		 	Its:	 	Chairman, Board of Directors

  
 21 

 SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN 

JOINDER AGREEMENT 
 I,
JOSEPH COCCARO, and Bogota Savings Bank hereby agree that I shall participate in the Supplemental Executive Retirement Plan (“Plan”) established by Bogota Savings Bank, as such Plan may now exist or hereafter be modified; and do
further agree to the terms and conditions thereof. I understand that my receipt (or my Beneficiary’s receipt) of the Retirement Benefit (or Survivor’s Benefit) shall be subject to all provisions of the Plan, including subject to execution
of a release as provided pursuant to Plan Section 3.9. I acknowledge that a copy of the Plan document has been provided to me along with a copy of this Joinder Agreement. I acknowledge that I have read the Plan and agree to be bound by its
terms. In the event of any inconsistencies in the Plan and this Joinder Agreement, the terms of the Plan shall control; provided, this Joinder Agreement is to read in conjunction with the Plan and the terms of the Plan shall apply, as specifically
supplemented herein. 
 I understand that I must execute this Supplemental Executive Retirement Plan Joinder Agreement (“Joinder
Agreement”) within 30 days of my first becoming eligible for the Plan with respect to amounts deferred in my initial year of eligibility and that thereafter, any amended or new Joinder Agreement I execute shall take effect as of the execution
of such Joinder Agreement. 
 My “Benefit Age” shall be age 65. 

My annual “Retirement Benefit” shall be equal to 15% of my Final Average Compensation. Such annual Retirement Benefit
shall be paid in twelve equal monthly installments throughout my Payment Period. I shall be entitled to a Retirement Benefit upon my Separation from Service upon attainment of my Benefit Age, or due to voluntary or involuntary Separation from
Service prior to Benefit Age (including following a Change in Control) or due to Disability. 
 My “Payout Period” shall be
one hundred twenty (120) consecutive months (i.e., 10 years). 

 I hereby designate the following individuals as my “Beneficiary” and I am
aware that I can subsequently change such designation by submitting to the Administrator, at any subsequent time, and in substantially the form attached hereto as Exhibit A, a written designation of the primary and secondary Beneficiaries to whom
payment under the Plan shall be made in the event of my death prior to complete distribution of the benefits due and payable under the Plan. I understand that any Beneficiary designation made subsequent to execution of the Joinder Agreement shall
become effective only when receipt thereof is acknowledged in writing by the Administrator. 
 PRIMARY BENEFICIARY: 

Name:
                                         
                       % of Benefit:
                                         
                        
 Name:
                                         
                       % of Benefit:
                                         
                        
 Name:
                                         
                       % of Benefit:
                                         
                        
 SECONDARY
BENEFICIARY (if all Primary Beneficiaries pre-decease the Participant): 
 Name:
                                         
                       % of Benefit:
                                         
                        
 Name:
                                         
                       % of Benefit:
                                         
                        
 Name:
                                         
                       % of Benefit:
                                         
                        

I hereby consent to the amendment and restatement of the Plan effective January 1, 2016. I further understand that I am entitled to
review or obtain a copy of the Plan, at any time, and may do so by contacting the Bank. 
  

					
	  
	 	                                    	 	  

	Date	 		 	Participant
			
	  
	 		 	  

	Date	 		 	Bank’s Duly Authorized Officer

 Exhibit A 

BOGOTA SAVINGS BANK 

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN 

BENEFICIARY DESIGNATION (FORM FOR AMENDMENT) 

The Participant, under the terms of the Supplemental Retirement Plan executed by Bogota Savings Bank, of Bogota, New Jersey hereby designates
the following Beneficiary(ies) to receive any guaranteed payments or death benefits under such Plan, following his death: 
 PRIMARY BENEFICIARY: 

Name:
                                         
                       % of Benefit:
                                         
                        
 Name:
                                         
                       % of Benefit:
                                         
                        
 Name:
                                         
                       % of Benefit:
                                         
                        
 SECONDARY
BENEFICIARY (if all Primary Beneficiaries pre-decease the Participant): 
 Name:
                                         
                       % of Benefit:
                                         
                        
 Name:
                                         
                       % of Benefit:
                                         
                        
 Name:
                                         
                       % of Benefit:
                                         
                        

This Beneficiary Designation hereby revokes any prior Beneficiary Designation which may have been in effect and this Beneficiary Designation
is revocable. 
  

					
	  
	 	                                    	 	  

	Date	 		 	Participant
			
	  
	 		 	  

	Date	 		 	Bank’s Duly Authorized OfficerEX-10.5

 Exhibit 10.5 

BOGOTA SAVINGS BANK 

EXECUTIVE BONUS PLAN 

ARTICLE I 

Establishment, Purpose and Duration 

1.1     Establishment. This Executive Bonus Plan (the “Plan”) is adopted by Bogota Savings Bank (the
“Bank”), effective as of                     , 2019 (the “Effective Date”). 

1.2    Purpose. The objectives of the Plan are to optimize the profitability and growth of the Bank (including Bogota
Financial Corp. (the “Company”), the bank holding company for the Bank, and other affiliates) through incentives consistent with the Bank’s goals in order to link and align the personal interests of the Participants with the
incentive for individual and overall performance of the Bank, while maintaining safety and soundness of the Bank. This Plan is further intended to provide flexibility to the Bank in its ability to motivate, attract and retain the services of
Participants who make significant contributions to the Bank’s success and to allow Participants to share in the success of the Bank. 

1.3    Duration of this Plan. This Plan shall commence on the Effective Date, and shall remain in effect until terminated,
modified or amended in accordance with Section 4.1 of the Plan. 
 ARTICLE II 

Certain Definitions 
 Certain
Definitions. Whenever used in this Plan, the following words and phrases shall have the meanings specified: 

2.1    “Base Salary” means the Participant’s annual rate of base salary paid during each calendar year,
excluding bonuses and other forms of variable income, fringe benefits, reimbursements, etc. 
 2.2    “Bonus
Award” means an annual bonus paid as a cash lump sum under the Plan. 
 2.3    “Committee” means the
Compensation Committee of the Bank or the Company, as applicable. 
 2.4    “Eligible Employee” means employees
of the Bank who are selected by the Committee, in its sole discretion, to participate in this Plan. Being selected to participate in this Plan for one Plan Year does not guarantee selection for participation in the Plan for any other Plan Year. 

2.5    “Plan Year” means the Bank’s fiscal year, which is the calendar year. 

2.6    “Participant” means an Eligible Employee who has been notified by the Committee that he or she has been
selected to participate in this Plan for the current Plan Year. 

 ARTICLE III 

Annual Cash Bonuses 

3.1    Bonus Award 

(a)    No later than 120 days after the commencement of each Plan Year, the Committee shall set performance objectives
pursuant to Section 3.2 for each Participant in writing in an incentive work sheet (the “Work Sheet”), which shall be provided to each Participant and included as an exhibit to the Plan. If the performance objectives for the
Participant are accomplished, the Participant shall receive a Bonus Award under the Plan equal to a designated percentage of the Participant’s Base Salary, as determined by the Committee in its sole discretion and set forth in the
Participant’s Work Sheet. 
 (b)    In addition to the attainment of the performance objectives set forth by the
Committee for the Participant in the Work Sheet, payment of the Bonus Award is also contingent on the Bank’s and/or the Participant’s overall performance level being satisfactory, as determined by the Committee. The Committee shall have
the final authority to determine whether the Bank and/or any Participant has satisfied these requirements. 
 (c)    If
an Eligible Employee becomes a Participant at any time after the beginning of a Plan Year, the Bonus Award payable to that Participant may be pro-rated (at the sole discretion of the Committee), in which case
the percentage of Base Salary that constitutes the Bonus Award for that Plan Year shall be multiplied by a fraction, where the numerator is the number of days that the individual was a Participant during the Plan and the denominator is 365. 

3.2    Performance Objectives. 

(a)    Payment of Bonus Awards in any Plan Year is contingent upon the performance objectives specified by the Committee
for any Participant being met by the Bank and/or Participant. The specific performance objectives are determined annually by the Committee and are subject to change by the Committee, but generally include objective performance targets focused on
financial performance, profitability growth, asset quality, and risk management, including, but not limited to, net income, return on average assets, return on equity, net loan growth, asset quality, efficiency ratio (including as compared to a peer
group) and subjective, discretionary performance targets, such as particular qualitative factors for each Participant, based on his or her duties for the Bank or the satisfaction of, or continue adherence to, the Bank’s strategic business plan.

 (b)    Each performance objective may specify levels of achievement of goals (e.g., ranging from threshold level to
maximum level) and be weighted based on priority as a percentage of the total Bonus Award payable to the Participant. The weight of each performance objective attributable to a Participant shall be set forth in his or her Work Sheet. 

3.3    Termination of Employment. Unless otherwise determined by the Committee, a Participant who is not employed as of the
payout date for his or her Bonus Award shall forfeit the Bonus Award. 

  
 2 

 3.4    Time of Payout. No later than two and one half (2 1⁄2) months after the close of the Plan Year for which performance is measured, the Bonus Award will be paid to the Participant in a cash lump sum, through the
Bank’s regular payroll practices, including all applicable withholdings. Bonus Awards under the Plan are intended to be exempt from Section 409A of the Internal Revenue Code under the “short term deferral rule” set forth in
Treasury Regulations Section 1.409A-1(b)(4). The Bonus Awards shall be certified by the Committee. 

ARTICLE IV 

Amendments, Termination and Clawback 

4.1    Right to Amend or Terminate. The Committee may amend or terminate this Plan at any time without the consent of any
Participants, provided, however, that except as otherwise provided in the Plan and/or a Work Sheet, the Committee may not reduce the amount of the Bonus Award already earned by any Participant in any Plan Year (determined based on the sole
discretion of the Committee) without the Participant’s consent. Notwithstanding the foregoing, the Committee has the authority to adjust the Bonus Award (both positively or negatively) in the event of extraordinary, non-recurring or unusual circumstances or events, as determined in the sole discretion of the Committee. 

4.2    Clawback. Notwithstanding any provision of the Plan or Work Sheet to the contrary, any Bonus Award received under the
Plan shall be subject to potential cancellation, recoupment, rescission, payback or other action in accordance with the terms of any applicable Company or Bank clawback policy or any applicable law, rule or regulation, as may in effect from time to
time. 
 ARTICLE V 

Miscellaneous 

5.1    Binding Effect. This Plan shall be binding on the Participants, the Bank and their beneficiaries, survivors,
executors, successors, administrators and transferees. 
 5.2    No Guarantee of Employment. This Plan is not an
employment policy or contract. It does not give any Participant the right to remain an employee of the Bank, nor does it interfere with the Bank’s right to discharge the Participant. It also does not interfere with the Participant’s right
to terminate employment at any time. 
 5.3    Non-Transferability. Bonus Awards
under this Plan cannot be sold, transferred, assigned, pledged, attached, or encumbered in any manner. 
 5.4    Applicable
Law. The Plan and all rights hereunder shall be governed by the laws of the State of New Jersey, except to the extent preempted by the laws of the United States of America. 

5.5    Entire Agreement. This Plan constitutes the entire agreement between the Bank and each Participant as to the subject
matter hereof. No rights are granted to the Participant by virtue of this Plan other than those specifically set forth herein. 

  
 3 

 5.6    Administration. The Committee shall have powers which are necessary
to administer this Plan, including but not limited to: 
  

	 	(a)	 Interpreting the provisions of the Plan, including the determining the amount of Bonus Awards payable
hereunder; 

  

	 	(b)	 Determine the persons eligible to participate in the Plan; 

 

	 	(c)	 Maintaining a record of benefit payments; 

 

	 	(d)	 Establishing rules and prescribing any forms necessary or desirable to administer the Plan; and

  

	 	(e)	 Allocating all or a portion of its responsibilities (at its sole discretion) to any one or more of its members,
including to other disinterested members of the Board of Directors of the Company or the Bank. 

 [Signature Page to
Follow] 

  
 4 

 IN WITNESS WHEREOF, the Bank has executed this Plan on the date set forth below. 

 

							
		 		 		 	BOGOTA SAVINGS BANK
				
	  
	 	                                      
                                         
                     	 	By:	 	  

	Date	 		 		 	

  
 5 

 BOGOTA SAVINGS BANK 

EXECUTIVE BONUS PLAN 

WORKSHEET 
 [Name]

 [Position] 

Salary =
$                             

PERFORMANCE 
 RESULT FACTORS 

Bonus Award Amount 

        % of Base Salary or
$                 
  

			
	 Weight
	  	 Summary of Criteria

		  	
		  	
		  	
		  	
		  	
		  	
	 Total = 100%
	  	n/a

 Notes:

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