Common use of PAYMENT FOR CONVERSION STOCK Clause in Contracts

PAYMENT FOR CONVERSION STOCK. All payments for Conversion subscribed for or ordered in the Offerings must be delivered in full to the Bank along with a properly completed and executed Order Form, or purchase order in the case of the Syndicated Community Offering, on or prior to the expiration date specified on the Order Form or purchase order, as the case may be, unless such date is extended by the Holding Company. A properly completed original stock Order Form must be used to subscribe for Conversion Stock. Copies of an order form are not required to be accepted. The Bank shall not knowingly loan funds or otherwise extend credit to any Participant or other Person to purchase Conversion Stock. Each share of Conversion Stock shall be non-assessable upon payment in full of the Actual Purchase Price. Payment for Conversion Stock will be permitted to be made in any of the following manners: 1. By check, bank draft or money order, provided that checks will only be accepted subject to collection. Interest will be paid by the Bank at not less than the rate per annum being paid by the Bank on its passbook accounts at the time the Offerings commence, on payments for Conversion Stock received in the Offerings by check, bank draft or money order from the date payment is received until consummation or termination of the Conversion and Reorganization. The Bank shall be entitled to invest all amounts paid for subscriptions in the Offerings for its own account until completion or termination of the Conversion and Reorganization. 2. By appropriate authorization of withdrawal from designated types of deposit accounts in the Bank. The order forms will contain appropriate means by which authorization of such withdrawals may be made. For purposes of determining the withdrawable balance of such accounts, such withdrawals will be deemed to have been made upon receipt of appropriate authorization therefor, but interest at the rates applicable to the accounts from which the withdrawals have been deemed to have been made will be paid by the Bank on the amounts deemed to have been withdrawn until the date on which the Conversion and Reorganization is consummated, at which date the authorized withdrawal will actually be made. Such withdrawals may be made upon receipt of order forms authorizing such withdrawals, but interest will be paid by the Bank on the amounts withdrawn as if such amounts had remained in the accounts from which they were withdrawn until the date upon which the sales of Conversion Stock pursuant to exercise of subscription rights are actually consummated. 3. Payments for the purchase of Conversion in the Offerings will be permitted through authorization of withdrawals from certificate accounts at the Bank without early withdrawal penalties. If the remaining balances of the certificate accounts after such withdrawals are less than the minimum qualifying balances under applicable regulations, the certificates evidencing the accounts will be canceled upon consummation of the Conversion and Reorganization, and the remaining balances will thereafter earn interest at the passbook rate.

PAYMENT FOR CONVERSION STOCK. All payments A. Payment for shares of Conversion Stock subscribed for by Participants in the Subscription Offering and payment for shares of Conversion Stock ordered by Persons in the Stockholders' Offering, Community Offering and Syndicated Community Offering (if applicable) shall be equal to the Initial Purchase Price multiplied by the number of shares which are being subscribed for or ordered ordered, respectively. Such payment may be made in the Offerings must be cash, if delivered in full person, or by check or money order at the time the Order Form is delivered to the Primary Parties. In addition, the Primary Parties may elect to provide Participants and/or other Persons who have a Deposit Account with the Bank along with a properly completed and executed Order Form, or purchase order in the case opportunity to pay for shares of Conversion Stock by authorizing the Syndicated Community Offering, on or prior Bank to withdraw from such Deposit Account an amount equal to the expiration date specified aggregate Purchase Price of such shares. If the Actual Purchase Price is less than the Initial Purchase Price, the Primary Parties shall refund the difference to all Participants and other Persons, unless the Primary Parties choose to provide Participants and other Persons the opportunity on the Order Form or to elect to have such difference applied to the purchase orderof additional whole shares of Conversion Stock. If the Actual Purchase Price is more than the Initial Purchase Price, as the case may bePrimary Parties shall reduce the number of shares of Conversion Stock ordered by Participants and other Persons and refund any remaining amount which is attributable to a fractional share interest, unless such date is extended the Primary Parties choose to provide Participants and other Persons the opportunity to increase the amount of funds submitted to pay for their shares of Conversion Stock. B. Consistent with applicable laws and regulations and policies and practices of the OTS, payment for shares of Conversion Stock subscribed for by Tax-Qualified Employee Stock Benefit Plans may be made with funds contributed by the Holding Company. A properly completed original stock Company and/or funds obtained pursuant to a loan from an independent third party pursuant to a loan commitment which is in force from the time that any such plan submits an Order Form must be used until the closing of the transactions contemplated hereby. C. If a Participant or other Person authorizes the Bank to subscribe withdraw the amount of the Initial Purchase Price from his or her Deposit Account, the Bank shall have the right to make such withdrawal or to freeze funds equal to the aggregate Initial Purchase Price upon receipt of the Order Form. Notwithstanding any regulatory provisions regarding penalties for Conversion Stockearly withdrawals from certificate accounts, the Bank may allow payment by means of withdrawal from certificate accounts without the assessment of such penalties. Copies In the case of an order form are not required early withdrawal of only a portion of such account, the certificate evidencing such account shall be canceled if any applicable minimum balance requirement ceases to be acceptedmet. In such case, the remaining balance will be returned to the depositor. However, where any applicable minimum balance is maintained in such certificate account, the rate of return on the balance of the certificate account shall remain the same as prior to such early withdrawal. This waiver of the early withdrawal penalty applies only to withdrawals made in connection with the purchase of Conversion Stock and is entirely within the discretion of the Primary Parties. D. The Bank shall pay interest, at not less than the passbook rate, for all amounts paid in cash, by check or money order to purchase shares of Conversion Stock in the Subscription Offering, Public Stockholders' Offering and the Community Offering from the date payment is received until the date the Conversion and Reorganization is completed or terminated. E. The Bank shall not knowingly loan funds or otherwise extend credit to any Participant or other Person to purchase Conversion Stock. . F. Each share of Conversion Stock shall be non-assessable upon payment in full of the Actual Purchase Price. Payment for Conversion Stock will be permitted to be made in any of the following manners: 1. By check, bank draft or money order, provided that checks will only be accepted subject to collection. Interest will be paid by the Bank at not less than the rate per annum being paid by the Bank on its passbook accounts at the time the Offerings commence, on payments for Conversion Stock received in the Offerings by check, bank draft or money order from the date payment is received until consummation or termination of the Conversion and Reorganization. The Bank shall be entitled to invest all amounts paid for subscriptions in the Offerings for its own account until completion or termination of the Conversion and Reorganization. 2. By appropriate authorization of withdrawal from designated types of deposit accounts in the Bank. The order forms will contain appropriate means by which authorization of such withdrawals may be made. For purposes of determining the withdrawable balance of such accounts, such withdrawals will be deemed to have been made upon receipt of appropriate authorization therefor, but interest at the rates applicable to the accounts from which the withdrawals have been deemed to have been made will be paid by the Bank on the amounts deemed to have been withdrawn until the date on which the Conversion and Reorganization is consummated, at which date the authorized withdrawal will actually be made. Such withdrawals may be made upon receipt of order forms authorizing such withdrawals, but interest will be paid by the Bank on the amounts withdrawn as if such amounts had remained in the accounts from which they were withdrawn until the date upon which the sales of Conversion Stock pursuant to exercise of subscription rights are actually consummated. 3. Payments for the purchase of Conversion in the Offerings will be permitted through authorization of withdrawals from certificate accounts at the Bank without early withdrawal penalties. If the remaining balances of the certificate accounts after such withdrawals are less than the minimum qualifying balances under applicable regulations, the certificates evidencing the accounts will be canceled upon consummation of the Conversion and Reorganization, and the remaining balances will thereafter earn interest at the passbook rate.

PAYMENT FOR CONVERSION STOCK. All payments for Conversion subscribed for or ordered in the Offerings must be delivered in full to the Bank along with a properly completed and executed Order Form, or purchase order in the case of the Syndicated Community Offering, on or prior to the expiration date specified on the Order Form or purchase order, as the case may be, unless such date is extended by the Holding CompanyBank. A properly completed original stock Order Form must be used to subscribe for Conversion Stock. Copies of an order form are not required to be accepted. The Bank shall not knowingly loan funds or otherwise extend credit to any Participant or other Person to purchase Conversion Stock. Each share of Conversion Stock shall be non-assessable upon payment in full of the Actual Purchase Price. Payment for Conversion Stock will be permitted to be made in any of the following manners: 1. By check, bank draft or money order, provided that checks will only be accepted subject to collection. Interest will be paid by the Bank at not less than the rate per annum being paid by the Bank on its passbook accounts at the time the Offerings commence, on payments for Conversion Stock received in the Offerings by check, bank draft or money order from the date payment is received until consummation or termination of the Conversion Reorganization and ReorganizationConversion. The Bank shall be entitled to invest all amounts paid for subscriptions in the Offerings for its own account until completion or termination of the Conversion and Reorganization. 2. By appropriate authorization of withdrawal from designated types of deposit accounts in the Bank. The order forms will contain appropriate means by which authorization of such withdrawals may be made. For purposes of determining the withdrawable balance of such accounts, such withdrawals will be deemed to have been made upon receipt of appropriate authorization therefor, but interest at the rates applicable to the accounts from which the withdrawals have been deemed to have been made will be paid by the Bank on the amounts deemed to have been withdrawn until the date on which the Conversion and Reorganization is consummated, at which date the authorized withdrawal will actually be made. Such withdrawals may be made upon receipt of order forms authorizing such withdrawals, but interest will be paid by the Bank on the amounts withdrawn as if such amounts had remained in the accounts from which they were withdrawn until the date upon which the sales of Conversion Stock pursuant to exercise of subscription rights are actually consummated. 3. Wire transfers as payment for shares ordered for purchase may be permitted or accepted as proper payment. 4. Payments for the purchase of Conversion in the Offerings will be permitted through authorization of withdrawals from certificate accounts at the Bank without early withdrawal penalties. If the remaining balances of the certificate accounts after such withdrawals are less than the minimum qualifying balances under applicable regulations, the certificates evidencing the accounts will be canceled upon consummation of the Conversion and Reorganization, and the remaining balances will thereafter earn interest at the passbook rate.

PAYMENT FOR CONVERSION STOCK. All payments for Conversion Stock subscribed for or ordered in the Offerings must be delivered in full to the Bank along with a properly completed and executed Order Form, or purchase order in the case of the Syndicated Community Offering, Form on or prior to the expiration date specified on the Order Form or purchase order, as the case may be, unless such date is extended by the Holding Company. A properly completed original stock Order Form must be used to subscribe for Conversion Stock. Copies of an order form are not required to be accepted. The Bank shall not knowingly loan funds or otherwise extend credit to any Participant or other Person to purchase Conversion Stock. Each share of Conversion Stock shall be non-assessable upon payment in full of the Actual Purchase Price. Payment for Conversion Stock will be permitted to be made in any of the following manners: 1. By personal check, bank draft check or money order, provided that checks will only be accepted subject to collection. Interest will be paid by the Bank at not less than the rate per annum being paid by the Bank on its passbook accounts at the time the Offerings commence, on payments for Conversion Stock received in the Offerings by check, bank draft check or money order from the date payment is received until consummation or termination of the Conversion and Reorganization. The Bank shall be entitled to invest all amounts paid for subscriptions in the Offerings for its own account until completion or termination of the Conversion and Reorganization. 2. By appropriate authorization of withdrawal from designated types of deposit accounts in the Bank. The order forms will contain appropriate means by which authorization of such withdrawals may be made. For purposes of determining the withdrawable balance of such accounts, such withdrawals will be deemed to have been made upon receipt of appropriate authorization therefor, but interest at the rates applicable to the accounts from which the withdrawals have been deemed to have been made will be paid by the Bank on the amounts deemed to have been withdrawn until the date on which the Conversion and Reorganization is consummated, at which date the authorized withdrawal will actually be made. Such withdrawals may be made upon receipt of order forms authorizing such withdrawals, but interest will be paid by the Bank on the amounts withdrawn as if such amounts had remained in the accounts from which they were withdrawn until the date upon which the sales of Conversion Stock pursuant to exercise of subscription rights are actually consummated. 3. Payments for the purchase of Conversion Stock in the Offerings will be permitted through authorization of withdrawals from certificate accounts at the Bank without early withdrawal penalties. If the remaining balances of the certificate accounts after such withdrawals are less than the minimum qualifying balances under applicable regulations, the certificates evidencing the accounts will be canceled upon consummation of the Conversion and Reorganization, and the remaining balances will thereafter earn interest at the passbook rate.

PAYMENT FOR CONVERSION STOCK. All payments (a) Payment for shares of Conversion Stock subscribed for by Participants in the Subscription Offering and payment for shares of Conversion Stock ordered by Persons in the Public Shareholders Offering or the Community Offering shall be equal to the Initial Purchase Price multiplied by the number of shares which are being subscribed for or ordered ordered, respectively. Such payment may be made in the Offerings must be cash, if delivered in full person, or by check or money order at the time the Order Form is delivered to the Bank along Primary Parties. The Primary Parties, in their sole and absolute discretion, may also elect to receive payment for shares of Conversion Stock by wire transfer. In addition, the Primary Parties may elect to provide Participants and/or other Persons who have a Deposit Account with a properly completed and executed Order Form, or purchase order in the case Association the opportunity to pay for shares of Conversion Stock by authorizing the Syndicated Community Offering, on or prior Association to withdraw from such Deposit Account an amount equal to the expiration date specified aggregate Initial Purchase Price of such shares. If the Actual Purchase Price is less than the Initial Purchase Price, the Primary Parties shall refund the difference to all Participants and other Persons, unless the Primary Parties choose to provide Participants and other Persons the opportunity on the Order Form or to elect to have such difference applied to the purchase orderof additional whole shares of Conversion Stock. If the Actual Purchase Price is more than the Initial Purchase Price, as the case may bePrimary Parties shall reduce the number of shares of Conversion Stock ordered by Participants and other Persons and refund any remaining amount which is attributable to a fractional share interest, unless such date is extended the Primary Parties choose to provide Participants and other Persons the opportunity to increase the Actual Purchase Price submitted by them. (b) Consistent with applicable laws and regulations and policies and practices of the OTS, payment for shares of Conversion Stock subscribed for by Tax-Qualified Employee Stock Benefit Plans may be made with funds contributed by the Holding Company. A properly completed original stock Company and/or the Association and/or funds obtained pursuant to a loan from an unrelated financial institution pursuant to a loan commitment which is in force from the time that any such plan submits an Order Form must be used until the closing of the transactions contemplated hereby. (c) If a Participant or other Person authorizes the Association to subscribe withdraw the amount of the Initial Purchase Price from his or her Deposit Account, the Association shall have the right to make such withdrawal or to freeze funds equal to the aggregate Initial Purchase Price upon receipt of the Order Form. Notwithstanding any regulatory provisions regarding penalties for Conversion Stockearly withdrawals from certificate accounts, the Association may allow payment by means of withdrawal from certificate accounts without the assessment of such penalties. Copies In the case of an order form are not required early withdrawal of only a portion of such account, the certificate evidencing such account shall be canceled if any applicable minimum balance requirement ceases to be acceptedmet. In such case, the remaining balance will earn interest at the regular passbook rate. However, where any applicable minimum balance is maintained in such certificate account, the rate of return on the balance of the certificate account shall remain the same as prior to such early withdrawal. This waiver of the early withdrawal penalty applies only to withdrawals made in connection with the purchase of Conversion Stock and is entirely within the discretion of the Primary Parties. (d) The Bank Association shall pay interest, at not less than the passbook rate, for all amounts paid in cash, by check or money order to purchase shares of Conversion Stock in the Subscription Offering and the Community Offering from the date payment is received until the date the Conversion and Reorganization is completed or terminated. (e) The Association shall not knowingly loan funds or otherwise extend credit to any Participant or other Person to purchase Conversion Stock. . (f) Each share of Conversion Stock shall be non-assessable upon payment in full of the Actual Purchase Price. Payment for Conversion Stock will be permitted to be made in any of the following manners: 1. By check, bank draft or money order, provided that checks will only be accepted subject to collection. Interest will be paid by the Bank at not less than the rate per annum being paid by the Bank on its passbook accounts at the time the Offerings commence, on payments for Conversion Stock received in the Offerings by check, bank draft or money order from the date payment is received until consummation or termination of the Conversion and Reorganization. The Bank shall be entitled to invest all amounts paid for subscriptions in the Offerings for its own account until completion or termination of the Conversion and Reorganization. 2. By appropriate authorization of withdrawal from designated types of deposit accounts in the Bank. The order forms will contain appropriate means by which authorization of such withdrawals may be made. For purposes of determining the withdrawable balance of such accounts, such withdrawals will be deemed to have been made upon receipt of appropriate authorization therefor, but interest at the rates applicable to the accounts from which the withdrawals have been deemed to have been made will be paid by the Bank on the amounts deemed to have been withdrawn until the date on which the Conversion and Reorganization is consummated, at which date the authorized withdrawal will actually be made. Such withdrawals may be made upon receipt of order forms authorizing such withdrawals, but interest will be paid by the Bank on the amounts withdrawn as if such amounts had remained in the accounts from which they were withdrawn until the date upon which the sales of Conversion Stock pursuant to exercise of subscription rights are actually consummated. 3. Payments for the purchase of Conversion in the Offerings will be permitted through authorization of withdrawals from certificate accounts at the Bank without early withdrawal penalties. If the remaining balances of the certificate accounts after such withdrawals are less than the minimum qualifying balances under applicable regulations, the certificates evidencing the accounts will be canceled upon consummation of the Conversion and Reorganization, and the remaining balances will thereafter earn interest at the passbook rate.

PAYMENT FOR CONVERSION STOCK. All payments (a) Payment for shares of Conversion Stock subscribed for by Participants in the Subscription Offering and payment for shares of Conversion Stock ordered by Persons in the Public Shareholders Offering or the Community Offering shall be equal to the Initial Purchase Price multiplied by the number of shares which are being subscribed for or ordered ordered, respectively. Such payment may be made in the Offerings must be cash, if delivered in full person, or by check or money order at the time the Order Form is delivered to the Bank along Primary Parties. The Primary Parties, in their sole and absolute discretion, may also elect to receive payment for shares of Conversion Stock by wire transfer. In addition, the Primary Parties may elect to provide Participants and/or other Persons who have a Deposit Account with a properly completed and executed Order Form, or purchase order in the case Association the opportunity to pay for shares of Conversion Stock by authorizing the Syndicated Community Offering, on or prior Association to withdraw from such Deposit Account an amount equal to the expiration date specified aggregate Initial Purchase Price of such shares. If the Actual Purchase Price is less than the Initial Purchase Price, the Primary Parties shall refund the difference to all Participants and other Persons, unless the Primary Parties choose to provide Participants and other Persons the opportunity on the Order Form or to elect to have such difference applied to the purchase orderof additional whole shares of Conversion Stock. If the Actual Purchase Price is more than the Initial Purchase Price, as the case may bePrimary Parties shall reduce the number of shares of Conversion Stock ordered by Participants and other Persons and refund any remaining amount which is attributable to a fractional share interest, unless such date is extended the Primary Parties choose to provide Participants and other Persons the opportunity to increase the Actual Purchase Price submitted by them. (b) Consistent with applicable laws and regulations and policies and practices of the OTS, payment for shares of Conversion Stock subscribed for by Tax-Qualified Employee Stock Benefit Plans may be made with funds contributed by the Holding Company. A properly completed original stock Company and/or the Association and/or funds obtained pursuant to a loan from an unrelated financial institution pursuant to a loan commitment which is in force from the time that any such plan submits an Order Form must be used to subscribe for Conversion Stock. Copies until the closing of an order form are not required to be accepted. The Bank shall not knowingly loan funds or otherwise extend credit to any the transactions contemplated hereby. (c) If a Participant or other Person authorizes the Association to purchase Conversion Stock. Each share of Conversion Stock shall be non-assessable upon payment in full withdraw the amount of the Actual Initial Purchase Price. Payment for Conversion Stock will be permitted Price from his or her Deposit Account, the Association shall have the right to be made in any make such withdrawal or to freeze funds equal to the aggregate Initial Purchase Price upon receipt of the following manners: 1Order Form. By checkNotwithstanding any regulatory provisions regarding penalties for early withdrawals from certificate accounts, bank draft or money order, provided that checks will only be accepted subject to collection. Interest will be paid the Association may allow payment by the Bank at not less than the rate per annum being paid by the Bank on its passbook accounts at the time the Offerings commence, on payments for Conversion Stock received in the Offerings by check, bank draft or money order from the date payment is received until consummation or termination of the Conversion and Reorganization. The Bank shall be entitled to invest all amounts paid for subscriptions in the Offerings for its own account until completion or termination of the Conversion and Reorganization. 2. By appropriate authorization means of withdrawal from designated types of deposit certificate accounts in without the Bank. The order forms will contain appropriate means by which authorization assessment of such withdrawals may be madepenalties. For purposes In the case of determining the withdrawable balance an early withdrawal of only a portion of such accountsaccount, the certificate evidencing such withdrawals will account shall be deemed canceled if any applicable minimum balance requirement ceases to have been made upon receipt of appropriate authorization thereforbe met. In such case, but interest at the rates applicable to the accounts from which the withdrawals have been deemed to have been made will be paid by the Bank on the amounts deemed to have been withdrawn until the date on which the Conversion and Reorganization is consummated, at which date the authorized withdrawal will actually be made. Such withdrawals may be made upon receipt of order forms authorizing such withdrawals, but interest will be paid by the Bank on the amounts withdrawn as if such amounts had remained in the accounts from which they were withdrawn until the date upon which the sales of Conversion Stock pursuant to exercise of subscription rights are actually consummated. 3. Payments for the purchase of Conversion in the Offerings will be permitted through authorization of withdrawals from certificate accounts at the Bank without early withdrawal penalties. If the remaining balances of the certificate accounts after such withdrawals are less than the minimum qualifying balances under applicable regulations, the certificates evidencing the accounts balance will be canceled upon consummation of the Conversion and Reorganization, and the remaining balances will thereafter earn interest at the regular passbook rate.. However, where any applicable minimum balance is maintained in such certificate account, the rate of return on the balance of the

PAYMENT FOR CONVERSION STOCK. All payments for Conversion Stock subscribed for or ordered in the Subscription, Community and Syndicated Community Offerings must be delivered in full to the Bank along BANK, together with a properly completed and executed Order Form, or purchase order in the case of the Syndicated Community Offering, on or prior to the expiration date specified on the Order Form or purchase order, as the case may be, unless such date is extended by the Holding Company. A properly completed original stock Order Form must be used to BANK; provided, however, that if the Employee Plans subscribe for Conversion Stock. Copies of an order form are shares during the Subscription Offering, such plans will not be required to be accepted. The Bank shall not knowingly loan funds or otherwise extend credit to any Participant or other Person to purchase Conversion Stock. Each share pay for the shares at the time they subscribe but rather may pay for such shares of Conversion Stock shall be non-assessable upon payment in full of subscribed for by such plans at the Actual Purchase PricePrice upon consummation of the Conversion, provided that, in the case of the employee stock ownership plan ("ESOP") there is in force from the time of its subscription until the consummation of the Conversion, a loan commitment from the Holding Company or an unrelated financial institution to lend to the ESOP, at such time, the aggregate Subscription Price of the shares for which it subscribed. The BANK may make scheduled discretionary contributions to an Employee Plan provided such contributions do not cause the BANK to fail to meet its regulatory capital requirement. Notwithstanding the foregoing, the BANK and the Holding Company, if utilized, shall have the right, in their sole discretion, to permit institutional investors to submit contractually irrevocable orders in the Community Offering and to thereafter submit payment for the Conversion Stock for which they are subscribing in the Community Offering at any time prior to 48 hours before the completion of the Conversion, unless such 48 hour period is waived by the BANK and the Holding Company, in their sole discretion. Payment for Conversion Stock will be permitted to subscribed for shall be made either in any of the following manners: 1. By checkcash (if delivered in person), bank draft check or money order. Alternatively, provided that checks subscribers in the Subscription and Community Offerings may pay for the shares subscribed for by authorizing the BANK on the Order Form to make a withdrawal from the subscriber's Savings Account at the BANK in an amount equal to the purchase price of such shares. Such authorized withdrawal, whether from a savings passbook or certificate account, shall be without penalty as to premature withdrawal. If the authorized withdrawal is from a certificate account, and the remaining balance does not meet the applicable minimum balance requirement, the certificate shall be cancelled at the time of withdrawal, without penalty, and the remaining balance will earn interest at the passbook rate. Funds for which a withdrawal is authorized will remain in the subscriber's Savings Account but may not be used by the subscriber until the Conversion Stock has been sold or the 45-day period (or such longer period as may be approved by the OTS) following the Subscription and Community Offering has expired, whichever occurs first. Thereafter, the withdrawal will be given effect only to the extent necessary to satisfy the subscription (to the extent it can be accepted subject filled) at the purchase price per share. Interest will continue to collectionbe earned on any amounts authorized for withdrawal until such withdrawal is given effect. Interest will be paid by the Bank BANK at not less than the passbook annual rate per annum being paid by the Bank on its passbook accounts at the time the Offerings commence, on payments for Conversion Stock received in the Offerings cash or by check, bank draft check or money order order. Such interest will be paid from the date payment is received by the BANK until consummation or termination of the Conversion. If for any reason the Conversion is not consummated, all payments made by subscribers in the Subscription, Community and ReorganizationSyndicated Community Offerings will be refunded to them with interest. In case of amounts authorized for withdrawal from Savings Accounts, refunds will be made by cancelling the authorization for withdrawal. The Bank shall be entitled to invest all amounts paid for subscriptions in the Offerings for its own account until completion BANK is prohibited by regulation from knowingly making any loans or termination granting any lines of the Conversion and Reorganization. 2. By appropriate authorization of withdrawal from designated types of deposit accounts in the Bank. The order forms will contain appropriate means by which authorization of such withdrawals may be made. For purposes of determining the withdrawable balance of such accounts, such withdrawals will be deemed to have been made upon receipt of appropriate authorization therefor, but interest at the rates applicable to the accounts from which the withdrawals have been deemed to have been made will be paid by the Bank on the amounts deemed to have been withdrawn until the date on which the Conversion and Reorganization is consummated, at which date the authorized withdrawal will actually be made. Such withdrawals may be made upon receipt of order forms authorizing such withdrawals, but interest will be paid by the Bank on the amounts withdrawn as if such amounts had remained in the accounts from which they were withdrawn until the date upon which the sales of Conversion Stock pursuant to exercise of subscription rights are actually consummated. 3. Payments credit for the purchase of Conversion stock in the Offerings will be permitted through authorization of withdrawals from certificate accounts at the Bank without early withdrawal penalties. If the remaining balances of the certificate accounts after such withdrawals are less than the minimum qualifying balances under applicable regulations, the certificates evidencing the accounts will be canceled upon consummation of the Conversion and ReorganizationConversion, and the remaining balances therefore, will thereafter earn interest at the passbook ratenot do so.

PAYMENT FOR CONVERSION STOCK. All payments for Conversion subscribed for or ordered in the Offerings must be delivered in full to the Bank along with a properly completed and executed Order Form, or purchase order in the case of the Syndicated Community Offering, on or prior to the expiration date specified on the Order Form or purchase order, as the case may be, unless such date is extended by the Holding Company. A properly completed original stock Order Form must be used to subscribe for Conversion Stock. Copies of an order form are not required to be accepted. The Bank shall not knowingly loan funds or otherwise extend credit to any Participant or other Person to purchase Conversion Stock. Each share of Conversion Stock shall be non-assessable upon payment in full of the Actual Purchase Price. Payment for Conversion Stock will be permitted to be made in any of the following manners: 1. By check, bank draft or money order, provided that checks will only be accepted subject to collection. Interest will be paid by the Bank at not less than the rate per annum being paid by the Bank on its passbook accounts at the time the Offerings commence, on payments for Conversion Stock received in the Offerings by check, bank draft or money order from the date payment is received until consummation or termination of the Conversion and Reorganization. The Bank shall be entitled to invest all amounts paid for subscriptions in the Offerings for its own account until completion or termination of the Conversion and Reorganization. 2. By appropriate authorization of withdrawal from designated types of deposit accounts in the Bank. The order forms will contain appropriate means by which authorization of such withdrawals may be made. For purposes of determining the withdrawable balance of such accounts, such withdrawals will be deemed to have been made upon receipt of appropriate authorization therefor, but interest at the rates applicable to the accounts from which the withdrawals have been deemed to have been made will be paid by the Bank on the amounts deemed to have been withdrawn until the date on which the Conversion and Reorganization is consummated, at which date the authorized withdrawal will actually be made. Such withdrawals may be made upon receipt of order forms authorizing such withdrawals, but interest will be paid by the Bank on the amounts withdrawn as if such amounts had remained in the accounts from which they were withdrawn until the date upon which the sales of Conversion Stock pursuant to exercise of subscription rights are actually consummated. 3. Wire transfers as payment for shares ordered for purchase may be permitted or accepted as proper payment. 4. Payments for the purchase of Conversion in the Offerings will be permitted through authorization of withdrawals from certificate accounts at the Bank without early withdrawal penalties. If the remaining balances of the certificate accounts after such withdrawals are less than the minimum qualifying balances under applicable regulations, the certificates evidencing the accounts will be canceled upon consummation of the Conversion and Reorganization, and the remaining balances will thereafter earn interest at the passbook rate.

PAYMENT FOR CONVERSION STOCK. All payments for Conversion Stock subscribed for or ordered in the Offerings Subscription Offering must be delivered in full to the Bank Company along with a properly completed and executed Order Form, or purchase order in the case of the Syndicated Community Offering, on or prior to the expiration date specified on the Order Form or purchase order, as the case may beForm, unless such date is extended by the Holding Company. A properly completed original stock Order Form must be used to subscribe for Conversion Stock. Copies of an order form Order Form are not required to be accepted. The Bank shall not knowingly loan funds or otherwise extend credit to any Participant or other Person to purchase Conversion Stock. Each share of Conversion Stock shall be non-assessable upon payment in full of the Actual Purchase Price. Payment for Conversion Stock will be permitted to be made in any of the following manners: (1. ) By check, bank draft or money order, provided that checks will only be accepted subject to collection; provided further that payments made in connection with a resolicitation as provided in the second sentence of Section 5.06(6) may be required by the Company in its discretion to be made by certified check, bank draft or money order. Interest will be paid by the Bank Bank, at not less than the rate per annum being paid by the Bank on its passbook savings accounts at the time the Offerings commenceSubscription Offering commences, on payments for Conversion Stock received in the Offerings Subscription Offering by check, bank draft or money order from the date payment is received until consummation or termination of the date the Conversion and Reorganizationis completed or terminated. The Bank shall be entitled to invest all amounts paid for subscriptions Primary Parties will hold funds received in the Offerings for its own Subscription Offering in an escrow account until completion or termination of at the Conversion and ReorganizationBank or, in their discretion, in an account at another insured financial institution. (2. ) By appropriate authorization of withdrawal from designated types of deposit accounts in a Deposit Account at the Bank. The order forms Order Forms will contain appropriate means by which authorization of such withdrawals may be made. For purposes of determining The Bank shall have the withdrawable balance of such accounts, right to make such withdrawals will be deemed or to have been made freeze funds equal to the authorized withdrawal amount upon receipt of appropriate authorization therefor, but interest at the rates applicable to the accounts from which the withdrawals have been deemed to have been made will be paid by the Bank on the amounts deemed to have been withdrawn until the date on which the Conversion and Reorganization is consummated, at which date the authorized withdrawal will actually be madeOrder Form. Such withdrawals may be made upon receipt of order forms authorizing such withdrawals, but interest Interest will be paid by the Bank on the amounts withdrawn as if such amounts had remained in the accounts from which they were withdrawn until the date upon which the sales of Conversion Stock pursuant to exercise of subscription rights are actually consummatedis completed. (3. ) By wire transfer, only with the Bank’s prior approval and in the Bank’s sole discretion. (4) Payments for the purchase of Conversion Stock in the Offerings will be permitted through authorization of withdrawals from certificate accounts certificates of deposit at the Bank without early withdrawal or other penalties. If the remaining balances of the certificate accounts certificates of deposit after such withdrawals are less than the minimum qualifying balances under applicable regulationsbalances, the certificates evidencing the accounts will may be canceled upon consummation of the Conversion and ReorganizationConversion, and the remaining balances transferred to a statement savings account that will thereafter earn interest at the passbook rate. Where any applicable required minimum balance is maintained in such certificate of deposit, the rate of return on the balance of the certificate of deposit will remain the same as prior to such early withdrawal. If the Bank withdraws funds from a subscriber’s certificate of deposit, or places a hold on such account, in accordance with this Section 5.11, the certificate of deposit shall be handled in accordance with the Bank’s ordinary procedures and the applicable terms and conditions for the account; provided, that if the certificate of deposit matures prior to the time the Conversion is completed or is terminated and if the account is renewed, the hold will remain in place in accordance with the terms hereof, and if the certificate of deposit is not renewed, the funds shall be transferred to a statement savings account that will earn interest at the regular passbook rate. If the subscriber is a Tax-Qualified Employee Stock Benefit Plan, the subscribing Tax-Qualified Employee Stock Benefit Plan may pay for the shares of Conversion Stock at the Purchase Price on or prior to the effective date of the Conversion. If the subscribing Tax-Qualified Employee Stock Benefit Plan is an ESOP, it may pay on or prior to the effective date of the Conversion but only if it has received, prior to submitting its order, a loan commitment from the Company or a source of funds acceptable to the Company, committing to advance to the Tax-Qualified Employee Stock Benefit Plan on or before the effective date of the Conversion the aggregate Purchase Price of the shares for which the Tax-Qualified Employee Stock Benefit Plan subscribed. The Primary Parties may permit institutional investors to submit contractually irrevocable orders in the Syndicated Offering or Public Offering, if any, and to thereafter submit payment for the Conversion Stock which they are ordering in the Syndicated Offering or Public Offering, if any, any time prior to 48 hours before the completion of the Conversion, unless such 48-hour time period is waived by the Primary Parties, in their sole discretion. Such payment by institutional investors may be made by wire transfer. All funds received by Participating Broker-Dealers in the Syndicated Offering or Public Offering will be handled in accordance with the applicable rules and regulations of the SEC.

PAYMENT FOR CONVERSION STOCK. All payments (a) Payment for shares of Conversion Stock subscribed for by Participants in the Subscription Offering and payment for shares of Conversion Stock ordered by Persons in the Community Offering shall be equal to the Initial Purchase Price multiplied by the number of shares which are being subscribed for or ordered ordered, respectively. Such payment may be made in the Offerings must be cash, if delivered in full person, or by check or money order at the time the Order Form is delivered to the Primary Parties. The Primary Parties, in their sole and absolute discretion, may also elect to receive payment for shares of Conversion Stock by wire transfer. In addition, the Primary Parties may elect to provide Participants and/or other Persons who have a Deposit Account with the Bank along with a properly completed and executed Order Form, or purchase order in the case opportunity to pay for shares of Conversion Stock by authorizing the Syndicated Community Offering, on or prior Bank to withdraw from such Deposit Account an amount equal to the expiration date specified aggregate Initial Purchase Price of such shares. If the Actual Purchase Price is less than the Initial Purchase Price, the Primary Parties shall refund the difference to all Participants and other Persons, unless the Primary Parties choose to provide Participants and other Persons the opportunity on the Order Form or to elect to have such difference applied to the purchase orderof additional whole shares of Conversion Stock. If the Actual Purchase Price is more than the Initial Purchase Price, as the case may bePrimary Parties shall reduce the number of shares of Conversion Stock ordered by Participants and other Persons and refund any remaining amount which is attributable to a fractional share interest, unless such date is extended the Primary Parties choose to provide Participants and other Persons the opportunity to increase the Actual Purchase Price submitted by them. (b) Consistent with applicable laws and regulations and policies and practices of the OTS, payment for shares of Conversion Stock subscribed for by Tax-Qualified Employee Stock Benefit Plans may be made with funds contributed by the Holding Company. A properly completed original stock Company and/or the Bank and/or funds obtained pursuant to a loan from an unrelated financial institution pursuant to a loan commitment which is in force from the time that any such plan submits an Order Form must be used until the closing of the transactions contemplated hereby. (c) If a Participant or other Person authorizes the Bank to subscribe withdraw the amount of the Initial Purchase Price from his or her Deposit Account, the Bank shall have the right to make such withdrawal or to freeze funds equal to the aggregate Initial Purchase Price upon receipt of the Order Form. Notwithstanding any regulatory provisions regarding penalties for Conversion Stockearly withdrawals from certificate accounts, the Bank may allow payment by means of withdrawal from certificate accounts without the assessment of such penalties. Copies In the case of an order form are not required early withdrawal of only a portion of such account, the certificate evidencing such account shall be canceled if any applicable minimum balance requirement ceases to be acceptedmet. In such case, the remaining balance will earn interest at the regular passbook rate. However, where any applicable minimum balance is maintained in such certificate account, the rate of return on the balance of the certificate account shall remain the same as prior to such early withdrawal. This waiver of the early withdrawal penalty applies only to withdrawals made in connection with the purchase of Conversion Stock and is entirely within the discretion of the Primary Parties. (d) The Bank shall pay interest, at not less than the passbook rate, for all amounts paid in cash, by check or money order to purchase shares of Conversion Stock in the Subscription Offering and the Community Offering from the date payment is received until the date the Conversion and Reorganization is completed or terminated. (e) The Bank shall not knowingly loan funds or otherwise extend credit to any Participant or other Person to purchase Conversion Stock. . (f) Each share of Conversion Stock shall be non-assessable upon payment in full of the Actual Purchase Price. Payment for Conversion Stock will be permitted to be made in any of the following manners: 1. By check, bank draft or money order, provided that checks will only be accepted subject to collection. Interest will be paid by the Bank at not less than the rate per annum being paid by the Bank on its passbook accounts at the time the Offerings commence, on payments for Conversion Stock received in the Offerings by check, bank draft or money order from the date payment is received until consummation or termination of the Conversion and Reorganization. The Bank shall be entitled to invest all amounts paid for subscriptions in the Offerings for its own account until completion or termination of the Conversion and Reorganization. 2. By appropriate authorization of withdrawal from designated types of deposit accounts in the Bank. The order forms will contain appropriate means by which authorization of such withdrawals may be made. For purposes of determining the withdrawable balance of such accounts, such withdrawals will be deemed to have been made upon receipt of appropriate authorization therefor, but interest at the rates applicable to the accounts from which the withdrawals have been deemed to have been made will be paid by the Bank on the amounts deemed to have been withdrawn until the date on which the Conversion and Reorganization is consummated, at which date the authorized withdrawal will actually be made. Such withdrawals may be made upon receipt of order forms authorizing such withdrawals, but interest will be paid by the Bank on the amounts withdrawn as if such amounts had remained in the accounts from which they were withdrawn until the date upon which the sales of Conversion Stock pursuant to exercise of subscription rights are actually consummated. 3. Payments for the purchase of Conversion in the Offerings will be permitted through authorization of withdrawals from certificate accounts at the Bank without early withdrawal penalties. If the remaining balances of the certificate accounts after such withdrawals are less than the minimum qualifying balances under applicable regulations, the certificates evidencing the accounts will be canceled upon consummation of the Conversion and Reorganization, and the remaining balances will thereafter earn interest at the passbook rate.

PAYMENT FOR CONVERSION STOCK. All payments for Conversion Stock subscribed for or ordered in the Offerings Subscription Offering must be delivered in full to the Bank Company along with a properly completed and executed Order Form, or purchase order in the case of the Syndicated Community Offering, on or prior to the expiration date specified on the Order Form or purchase order, as the case may beForm, unless such date is extended by the Holding Company. A properly completed original stock Order Form must be used to subscribe for Conversion Stock. Copies of an order form Order Form are not required to be accepted. The Bank shall not knowingly loan funds or otherwise extend credit to any Participant or other Person to purchase Conversion Stock. Each share of Conversion Stock shall be non-assessable upon payment in full of the Actual Purchase Price. Payment for Conversion Stock will be permitted to be made in any of the following manners: (1. ) By check, bank draft or money order, provided that checks will only be accepted subject to collection; provided further that payments made in connection with a resolicitation as provided in the second sentence of Section 5.06(6) may be required by the Company in its discretion to be made by certified check, bank draft or money order. Interest will be paid by the Bank Bank, at not less than the rate per annum being paid by the Bank on its passbook savings accounts at the time the Offerings commenceSubscription Offering commences, on payments for Conversion Stock received in the Offerings Subscription Offering by check, bank draft or money order from the date payment is received until consummation or termination of the date the Conversion and Reorganizationis completed or terminated. The Bank shall be entitled to invest all amounts paid for subscriptions Conversion Stock in the Offerings Subscription Offering for its own account until completion or termination of the Conversion and ReorganizationConversion. The Primary Parties may, in their discretion, hold funds received in the Subscription Offering in an account at another financial institution instead of at the Bank. (2. ) By appropriate authorization of withdrawal from designated types of deposit accounts in a Deposit Account at the Bank. The order forms Order Forms will contain appropriate means by which authorization of such withdrawals may be made. For purposes of determining The Bank shall have the withdrawable balance of such accounts, right to make such withdrawals will be deemed or to have been made freeze funds equal to the authorized withdrawal amount upon receipt of appropriate authorization therefor, but interest at the rates applicable to the accounts from which the withdrawals have been deemed to have been made will be paid by the Bank on the amounts deemed to have been withdrawn until the date on which the Conversion and Reorganization is consummated, at which date the authorized withdrawal will actually be madeOrder Form. Such withdrawals may be made upon receipt of order forms authorizing such withdrawals, but interest Interest will be paid by the Bank on the amounts withdrawn as if such amounts had remained in the accounts from which they were withdrawn until the date upon which the sales of Conversion Stock pursuant to exercise of subscription rights are actually consummatedis completed. (3. ) By wire transfer, only with the Bank’s prior approval and in the Bank’s sole discretion. (4) Payments for the purchase of Conversion Stock in the Offerings will be permitted through authorization of withdrawals from certificate accounts certificates of deposit at the Bank without early withdrawal or other penalties. If the remaining balances of the certificate accounts certificates of deposit after such withdrawals are less than the minimum qualifying balances under applicable regulationsbalances, the certificates evidencing the accounts will may be canceled upon consummation of the Conversion and ReorganizationConversion, and the remaining balances transferred to a statement savings account that will thereafter earn interest at the passbook rate. Where any applicable required minimum balance is maintained in such certificate of deposit, the rate of return on the balance of the certificate of deposit will remain the same as prior to such early withdrawal. If the Bank withdraws funds from a subscriber’s certificate of deposit, or places a hold on such account, in accordance with this Section 5.11, the certificate of deposit shall be handled in accordance with the Bank’s ordinary procedures and the applicable terms and conditions for the account; provided, that if the certificate of deposit matures prior to the time the Conversion is completed or is terminated and if the account is renewed, the hold will remain in place in accordance with the terms hereof, and if the certificate of deposit is not renewed, the funds shall be transferred to a statement savings account that will earn interest at the regular passbook rate. If the subscriber is a Tax-Qualified Employee Stock Benefit Plan, the subscribing Tax-Qualified Employee Stock Benefit Plan may pay for the shares of Conversion Stock at the Purchase Price on or prior to the effective date of the Conversion. If the subscribing Tax-Qualified Employee Stock Benefit Plan is an ESOP, it may pay on or prior to the effective date of the Conversion but only if it has received, prior to submitting its order, a loan commitment from the Company or a source of funds acceptable to the Company, committing to advance to the Tax-Qualified Employee Stock Benefit Plan on or before the effective date of the Conversion the aggregate Purchase Price of the shares for which the Tax-Qualified Employee Stock Benefit Plan subscribed. The Primary Parties may permit institutional investors to submit contractually irrevocable orders in the Syndicated Offering or Public Offering, if any, and to thereafter submit payment for the Conversion Stock which they are ordering in the Syndicated Offering or Public Offering, if any, any time prior to 48 hours before the completion of the Conversion, unless such 48-hour time period is waived by the Primary Parties, in their sole discretion. Such payment by institutional investors may be made by wire transfer. All funds received by Participating Broker-Dealers in the Syndicated Offering or Public Offering will be handled in accordance with the applicable rules and regulations of the SEC.

PAYMENT FOR CONVERSION STOCK. All payments 1. Payment for shares of Conversion Stock subscribed for by Participants in the Subscription Offering and payment for shares of Conversion Stock ordered by Persons in the Community Offering shall be equal to the Initial Purchase Price multiplied by the number of shares which are being subscribed for or ordered ordered, respectively. Such payment may be made in the Offerings must be cash, if delivered in full person, or by check or money order at the time the Order Form is delivered to the Primary Parties. The Primary Parties may also elect to receive payment for shares of Conversion Stock by wire transfer. In addition, the Primary Parties may elect to provide Participants and/or other Persons who have a Deposit Account with the Bank along with a properly completed and executed Order Form, or purchase order in the case opportunity to pay for shares of Conversion Stock by authorizing the Syndicated Community Offering, on or prior Bank to withdraw from such Deposit Account an amount equal to the expiration date specified aggregate Initial Purchase Price of such shares. If the Actual Purchase Price is less than the Initial Purchase Price, the Primary Parties shall refund the difference to all Participants and other Persons, unless the Primary Parties choose to provide Participants and other Persons the opportunity on the Order Form or to elect to have such difference applied to the purchase orderof additional whole shares of Conversion Stock. If the Actual Purchase Price is more than the Initial Purchase Price, as the case may bePrimary Parties shall reduce the number of shares of Conversion Stock ordered by Participants and other Persons and refund any remaining amount which is attributable to a fractional share interest, unless such date is extended the Primary parties choose to provide Participants and other Persons the opportunity to increase the Actual Purchase Price submitted to them. 2. Consistent with applicable laws and regulations and policies and practices of the OTS, payment for shares of Conversion Stock subscribed for by Tax-Qualified Employee Stock Benefit Plans may be made with funds contributed by the Holding Company. A properly completed original stock Company and/or the Bank and/or funds obtained pursuant to a loan from an unrelated financial institution pursuant to a loan commitment which is in force from the time that any such plan submits an Order Form must be used until the closing of the transactions contemplated hereby. 3. If a Participant or other Person authorizes the Bank to subscribe withdraw the amount of the Initial Purchase Price from his or her Deposit Account, the Bank shall have the right to make such withdrawal or to place a hold on funds in the Deposit Account equal to the aggregate Initial Purchase Price upon receipt of the Order Form. Notwithstanding any regulatory provisions regarding penalties for Conversion Stockearly withdrawals from certificate accounts, the Bank may allow payment by means of withdrawal from certificate accounts without the assessment of such penalties. Copies In the case of an order form are not required early withdrawal of only a portion of such account, the certificate evidencing such account shall be cancelled if any applicable minimum balance requirement ceases to be acceptedmet. In such case, the remaining balance will earn interest at the regular passbook rate. However, where any applicable minimum balance is maintained in such certificate account, the rate of return on the balance of the certificate account shall remain the same as prior to such early withdrawal. This waiver of the early withdrawal penalty applies only to withdrawals made in connection with the purchase of Conversion Stock and is entirely within the discretion of the Primary Parties. 4. The Bank shall pay interest, at not less than the passbook rate, for all amounts paid in cash, by check or money order to purchase shares of Conversion Stock in the Subscription Offering and the Community Offering from the date payment is received until the date the Conversion and Reorganization is completed or terminated. 5. The Bank shall not knowingly loan funds or otherwise extend credit to any Participant or other Person to purchase Conversion Stock. 6. Each share of Conversion Stock shall be non-assessable upon payment in full of the Actual Purchase Price. Payment for Conversion Stock will be permitted to be made in any of the following manners: 1. By check, bank draft or money order, provided that checks will only be accepted subject to collection. Interest will be paid by the Bank at not less than the rate per annum being paid by the Bank on its passbook accounts at the time the Offerings commence, on payments for Conversion Stock received in the Offerings by check, bank draft or money order from the date payment is received until consummation or termination of the Conversion and Reorganization. The Bank shall be entitled to invest all amounts paid for subscriptions in the Offerings for its own account until completion or termination of the Conversion and Reorganization. 2. By appropriate authorization of withdrawal from designated types of deposit accounts in the Bank. The order forms will contain appropriate means by which authorization of such withdrawals may be made. For purposes of determining the withdrawable balance of such accounts, such withdrawals will be deemed to have been made upon receipt of appropriate authorization therefor, but interest at the rates applicable to the accounts from which the withdrawals have been deemed to have been made will be paid by the Bank on the amounts deemed to have been withdrawn until the date on which the Conversion and Reorganization is consummated, at which date the authorized withdrawal will actually be made. Such withdrawals may be made upon receipt of order forms authorizing such withdrawals, but interest will be paid by the Bank on the amounts withdrawn as if such amounts had remained in the accounts from which they were withdrawn until the date upon which the sales of Conversion Stock pursuant to exercise of subscription rights are actually consummated. 3. Payments for the purchase of Conversion in the Offerings will be permitted through authorization of withdrawals from certificate accounts at the Bank without early withdrawal penalties. If the remaining balances of the certificate accounts after such withdrawals are less than the minimum qualifying balances under applicable regulations, the certificates evidencing the accounts will be canceled upon consummation of the Conversion and Reorganization, and the remaining balances will thereafter earn interest at the passbook rate.