CONFIDENTIAL May 12, 2017 Ponce De Leon Federal Bank Bronx, New York 10462

Exhibit 1.1

CONFIDENTIAL

May 12, 2017

Xxxxx De Xxxx Federal Bank

0000 Xxxxxxxxxxx Xxxxxx

Bronx, New York 10462

Attention: Xxxxxx X. Xxxxxx

President

Dear Xx. Xxxxxx:

By letter dated December 2, 2016 (the “Engagement Letter”), Xxxxx De Xxxx Federal Bank (the “Bank”), on behalf of itself and the Company (as such term is defined in the Engagement Letter), and Xxxxxxx Xxxxx & Associates, Inc., (“Xxxxxxx Xxxxx”) entered into an agreement with respect to the terms under which Xxxxxxx Xxxxx would assist the Company in connection with the Bank’s proposed reorganization into the mutual holding company form of organization. This letter hereby amends the Engagement Letter to clarify certain matters with regard to the engagement of Xxxxxxx Xxxxx as provided herein. Accordingly, the Engagement Letter is hereby amended as follows:

1. Section 5(b) Success Fee is hereby amended to delete in its entirety the last sentence of such section. All other provisions of said section shall remain in full force and effect.

All other terms, conditions and obligations of the parties to the Engagement Letter remain in full force and effect and shall be otherwise unaffected by this amendment.

Please confirm that the foregoing correctly sets forth our agreement with regard to the amendment of the Engagement Letter by signing and returning to the undersigned a copy of this letter, as amended on May 12, 2017.

Very truly yours,
XXXXXXX XXXXX & ASSOCIATES, INC.
By:
Xxxxx X. Xxxx
Director of Mutual Conversions
Accepted and agreed to as of the date first written above:
XXXXX DE XXXX FEDERAL BANK
By:
Xxxxxx X. Xxxxxx
President

000 Xxxxx Xxxxxxxxx Xxxxx – 0^xx Xxxxx // Xxxxxxx, XX 00000

T 312.612.7785 // xxxxxxxxxxxx.xxx

Xxxxxxx Xxxxx & Associates, Inc., member New York Stock Exchange/SIPC

CONFIDENTIAL

December 2, 2016

Xxxxx de Xxxx Federal Bank

0000 Xxxxxxxxxxx Xxxxxx

Bronx, NY 10462

Attention: Xxxxxx X. Xxxxxx, President

Gentlemen:

It is our understanding that Xxxxx de Xxxx Federal Bank (the “Bank”), on behalf of both itself and the Company (as defined herein), desires to retain the services of Xxxxxxx Xxxxx & Associates, Inc. (“Xxxxxxx Xxxxx”) to act as financial advisor, marketing agent, and records agent to the Company in connection with the Bank’s proposed reorganization into the mutual holding company form of organization (the “Reorganization”). It is further understood that the Reorganization will include the formation of a Mutual Holding Company (the “MHC”) as well as a mid-tier stock holding company (the “Holding Company” and together with the MHC and the Bank, the “Company”) and the associated sale of common stock of the Holding Company as further described below.

Pursuant to a Plan of Reorganization from a Mutual Bank to a Mutual Holding Company and Stock Issuance Plan (the “Plan”), the Holding Company will offer and sell shares of its common stock to the Bank’s account holders in a subscription offering (the “Subscription Offering”) and, at the discretion of the Company, to members of the community or communities surrounding the Bank’s branches (a “Direct Community Offering”), and, at the discretion of the Company, to the general public (a “Syndicated Community Offering”, and with a Subscription Offering and Direct Community Offering, collectively or individually, the “Offerings”).

This letter agreement (the “Agreement”) is intended to serve as our agreement to provide the services outlined herein, to the extent requested by the Company.

1. Financial Advisory and Marketing Agent Services - As the Company’s financial advisor and marketing agent, Xxxxxxx Xxxxx will provide financial and logistical advice to the Company and will assist the Company’s management, legal counsel, accountants and other advisors in connection with the Reorganization and related matters. We anticipate our services will include the following, each as may be necessary and as the Company may reasonably request:

(a) Assist the Company in assessing the financial and securities market implications of the Plan;

(b) Assist the Company in structuring and in communicating the terms of the Plan and the Offerings;

(c) Assist the Company in the preparation of documents related to the execution of the Plan, including the prospectus, stock order and certification form and all marketing materials (it being understood that the preparation and filing of any and all such documents will be the responsibility of the Company and its counsel);

(d) Assist the Company in analyzing proposals from outside vendors in connection with execution of the Plan, as needed;

(e) Assist the Company in scheduling and preparing for meetings with potential investors and/or other broker-dealers related to the Offerings, as necessary;

(f) Establish a Stock Information Center at Xxxxxxx Xxxxx’x office in Chicago, Illinois, which shall provide a toll-free hotline to assist with investor inquiries;

000 Xxxxxxxx Xxxxxxx // Xx. Xxxxxxxxxx, XX 00000

T 727.567.1000 // xxxxxxxxxxxx.xxx

Xxxxxxx Xxxxx & Associates, Inc., member New York Stock Exchange/SIPC

Xxxxx de Xxxx Federal Bank

December 2, 2016

Page 2

(g) Provide a Xxxxxxx Xxxxx representative for on-site assistance at the Company’s Administrative Offices, or, at Company’s reasonable request, on-site assistance at other than Company’s Administrative Offices, which assistance may be in lieu thereof, as needed during the offering period to answer customer questions regarding the Reorganization, meet with interested investors, etc.;

(h) Assist in the training of Company personnel for interaction with customers during the offering period; and

(i) Such other financial advisory and investment banking services in connection with the Offerings as may be agreed upon by Xxxxxxx Xxxxx and the Company.

2. Records Agent Services - As Records Agent, Xxxxxxx Xxxxx will provide the following services, as the Company may reasonably request.

a. Customer File Processing

• processing of the Bank’s customer account records for each record date required by the Plan;

• consolidation of eligible customer accounts by ownership and creation of a central file for determination of subscription and voting rights;

• reporting of Company customers by state (support for any required Blue Sky filings);

• identification of subscription priorities;

• calculation of member votes; and

• household sorting of customer records and coordination with the Company’s financial printer for all required subscriber and member mailings.

b. Stock Order Processing

• processing of stock order forms received at the Stock Information Center;

• daily and ad-hoc status reporting to Company management;

• mailing of order acknowledgment letters to subscribers;

• allocation of shares to qualifying subscribers if the offering is oversubscribed;

• production of charter shareholder list and other final subscription reports (account withdrawals, all orders received, etc.);

• coordination with the Company’s transfer agent for stock issuance; and

• perform interest and refund calculations and provide necessary files to enable the Company or its transfer agent to generate required interest/refund checks and 1099-INT reporting.

c. Member Proxy Vote Processing

• tabulation and reporting of member proxy votes received;

• proxy target group identification and reporting to assist with solicitation efforts;

• proxy reminder mailings as needed;

• assist the Company with telephone solicitation efforts if requested;

• adjustment of member votes as required for accounts closed prior to the special meeting; and

• act as or support the Inspector of Election for the Special Meeting of Members, if requested and the election is not contested.

3. Due Diligence Review - The Company acknowledges and agrees that Xxxxxxx Xxxxx’x obligation to perform the services contemplated by this Agreement shall be subject to the satisfactory completion of such investigations and inquiries relating to the Company, and its directors, officers, agents and employees, as Xxxxxxx Xxxxx and their counsel in their sole discretion may deem appropriate under the circumstances (the “Due Diligence Review”). The Company agrees it will make available to Xxxxxxx Xxxxx all information, whether or not publicly available, which

Xxxxx de Xxxx Federal Bank

December 2, 2016

Page 3

Xxxxxxx Xxxxx reasonably requests (the “Information”), and will permit Xxxxxxx Xxxxx to discuss with the board of directors and management the operations and prospects of the Company. Xxxxxxx Xxxxx will treat all Confidential Information (as defined herein) as confidential in accordance with the provisions of Section 9 hereof. The Company recognizes and confirms that Xxxxxxx Xxxxx (a) will use and rely on and assume the accuracy and completeness of the Information in performing the services contemplated by this Agreement without having independently verified or analyzed the accuracy or completeness of same, and (b) does not assume responsibility or liability for the accuracy or completeness of the Information or to conduct any independent verification or any appraisal or physical inspection of properties or assets. The Company acknowledges and agrees that Xxxxxxx Xxxxx will rely upon Company management as to the reasonableness and achievability of any financial and operating forecasts and projections provided to Xxxxxxx Xxxxx, and that Xxxxxxx Xxxxx will assume, at the Company’s direction, that all financial forecasts and projections have been reasonably prepared by Company management on a basis reflecting the best then currently available estimates and judgments of management as to the expected future financial performance of the Company, and that such forecasts and projections will be realized in the amounts and in the time periods currently estimated by such management.

4. Regulatory Filings - The Company will cause appropriate offering documents to be filed with all regulatory agencies including the Securities and Exchange Commission (“SEC”), the Financial Industry Regulatory Authority (“FINRA”), and the appropriate federal and/or state bank regulatory agencies. In addition, the Company and Xxxxxxx Xxxxx agree that the Company’s counsel shall serve as counsel with respect to blue sky matters in connection with the Offerings, and that the Company shall cause such counsel to prepare a Blue Sky Memorandum related to the Offerings including Xxxxxxx Xxxxx’x participation therein and shall xxxxxxx Xxxxxxx Xxxxx a copy thereof addressed to Xxxxxxx Xxxxx or upon which counsel shall state Xxxxxxx Xxxxx xxx rely.

5. Fees - For the services hereunder, the Company shall pay the following fees to Xxxxxxx Xxxxx at closing unless stated otherwise:

(a) Management Fee: A Management Fee of $50,000, payable as follows: (a) $25,000 payable upon execution of this Agreement; and (b) $25,000 upon filing of the Company’s initial registration statement. Such fees shall be deemed to have been earned when due. Should the Offerings or this Agreement be terminated for any reason Xxxxxxx Xxxxx shall have earned and be entitled to be paid fees accruing through the stage at which point the termination occurred.

(b) Success Fee: A Success Fee of one percent (1.00%) of the aggregate dollar amount of Common Stock sold in the Subscription and Direct Community Offerings. Such fees shall be due at the closing of the Offerings. No fee shall be payable for any shares sold to the officers, directors, employees or the immediate family of such persons (“Insiders”), and qualified and non-qualified employee benefit plans or issued to any charitable foundation established by the Company in connection with the Reorganization. “Immediate family” includes the spouse, parents, siblings and children who live in the same house as the officer, director or employee. The Management Fee described in Section 5(a), to the extent then already paid, will be credited against the Success Fee. The obligation to pay to Xxxxxxx Xxxxx the full Success Fee upon completion of the Offerings shall survive any termination of this Agreement, including any termination occurring prior to the completion of such Offerings.

(c) Syndicated Community Offering: In the event the Company elects to pursue a Syndicated Community Offering, the Company shall pay to Xxxxxxx Xxxxx, in addition to (and not in

Xxxxx de Xxxx Federal Bank

December 2, 2016

Page 4

lieu of) the Success Fee, a commission not to exceed 6.0% of the aggregate purchase price of the shares sold in the Syndicated Community Offering. Xxxxxxx Xxxxx as sole book running manager may seek to form a syndicate of registered dealers to assist in the sale of such common stock on a best efforts basis, subject to the terms and conditions set forth in a selected dealers’ agreement to be entered into between the Company and Xxxxxxx Xxxxx. Xxxxxxx Xxxxx will endeavor to distribute the common stock among dealers, if any, in a fashion that best meets the distribution objectives of the Company and the requirements of the Plan, which may result in limiting the allocation of stock to certain selected dealers. It is understood that in no event shall Xxxxxxx Xxxxx be obligated to take or purchase any shares of the common stock in the Offering

(d) Records Agent Fee: For the Records Agent services outlined above, the Company agrees to pay Xxxxxxx Xxxxx a fee of $25,000. All fees under this Agreement shall be payable as follows: (a) $5,000 payable upon execution of this Agreement, which shall be non-refundable; and (b) the balance upon the mailing of subscription documents.

The payment of compensation by the Company to Xxxxxxx Xxxxx pursuant to this Section 5 is subject to FINRA’s review of such compensation, if such review is required under applicable FINRA rules and regulations.

6. Expenses - The Company will bear all expenses of the proposed Offerings customarily borne by issuers, including, without limitation, regulatory filing fees, SEC, “Blue Sky,” and FINRA filing and registration fees; the fees of the Company’s accountants, attorneys, appraiser, business plan consultant, transfer agent and registrar, printing, mailing and marketing and Syndicated Community Offering expenses associated with the Offerings; the fees set forth in Section 5; and fees for “Blue Sky” legal work. If Xxxxxxx Xxxxx incurs expenses on behalf of the Company, the Company will reimburse Xxxxxxx Xxxxx for such expenses.

Xxxxxxx Xxxxx will also be reimbursed for its reasonable out-of-pocket expenses, not to exceed $50,000 (subject to the provisions of this paragraph), related to the Offerings, including, but not limited to, costs of travel, meals and lodging, photocopying, telephone, facsimile, and couriers. Xxxxxxx Xxxxx will also be reimbursed for fees and expenses of its counsel not to exceed $100,000 (subject to the provisions of this paragraph). These expense caps assume no unusual circumstances or delays, and no re-solicitation in connection with the Offerings. The Company acknowledges and agrees that, in the event unusual circumstances arise or a delay or resolicitation occurs (including but not limited a delay in the Offerings which would require an update of the financial information in tabular form to reflect a period later than that set forth in the original filing of the offering documents), such expense caps may be increased by additional amounts, not to exceed an additional $10,000 in the case of additional out-of-pocket expenses of Xxxxxxx Xxxxx and an additional $25,000 in the case of additional fees and expenses of Xxxxxxx Xxxxx’x legal counsel. In addition, the Company will bear all costs related to the operating of the Stock Information Center including hiring temporary personnel, if necessary. The provisions of this paragraph are not intended to apply to or in any way impair or limit the indemnification or contribution provisions contained herein.

7. Limitations - The Company acknowledges that all opinions and advice (written or oral) given by Xxxxxxx Xxxxx to the Company in connection with Xxxxxxx Xxxxx’x engagement are intended solely for the benefit and use of the Company for the purposes of its evaluation of the proposed Offerings. Unless otherwise expressly stated in an opinion letter issued by Xxxxxxx Xxxxx or otherwise expressly agreed, no one other than the Company is authorized to rely upon this engagement of Xxxxxxx Xxxxx or any statements or conduct by Xxxxxxx Xxxxx. The Company

Xxxxx de Xxxx Federal Bank

December 2, 2016

Page 5

agrees that no such opinion or advice shall be used, reproduced, disseminated, quoted or referred to at any time, in any manner, or for any purpose, nor shall any public references to Xxxxxxx Xxxxx be made by the Company or any of its representatives without the prior written consent of Xxxxxxx Xxxxx.

The Company acknowledges and agrees that Xxxxxxx Xxxxx has been retained to act solely as financial advisor to the Company and not as an advisor to or agent of any other person, and the Company’s engagement of Xxxxxxx Xxxxx is not intended to confer rights upon any person not a party to this Agreement (including shareholders, employees or creditors of the Company) as against Xxxxxxx Xxxxx or its affiliates, or their respective directors, officers, employees or agents. In such capacity, Xxxxxxx Xxxxx shall act as an independent contractor, and any duties arising out of its engagement shall be owed solely to the Company. It is understood that Xxxxxxx Xxxxx’x responsibility to the Company is solely contractual in nature and Xxxxxxx Xxxxx does not owe the Company, or any other party, any fiduciary duty as a result of this Agreement.

The Company acknowledges and agrees that Xxxxxxx Xxxxx, as Records Agent hereunder, (a) shall have no duties or obligations other than the contractual obligations to the Company specifically set forth herein; (b) will be regarded as making no representations and having no responsibilities as to the validity, sufficiency, value or genuineness of any order form or any stock certificates or the shares represented thereby, and will not be required to and will make no representations as to the validity, value or genuineness of the offer; (c) shall not be obliged to take any legal action hereunder which might in its judgment involve any expense or liability, unless it shall have been furnished with an indemnity satisfactory to it; and (d) may rely on and shall be protected in acting in reliance upon any certificate, instrument, opinion, notice, letter, telex, telegram, or other document or security delivered to it and in good faith believed by it to be genuine and to have been signed by the proper party or parties.

The Company also agrees neither Xxxxxxx Xxxxx, nor any of its affiliates nor any officer, director, employee or agent of Xxxxxxx Xxxxx or any of its affiliates, nor any person controlling Xxxxxxx Xxxxx or any of its affiliates, shall be liable to any person or entity, including the Company and any purchaser or potential purchaser of Common Stock in the Offerings, by reason of any error of judgment, or for any act done by it in good faith, or for any mistake of law or fact in connection with this Agreement and the performance hereof, unless caused by or arising primarily out of Xxxxxxx Xxxxx’x bad faith, willful misconduct or gross negligence. The foregoing agreement shall be in addition to any rights that Xxxxxxx Xxxxx, the Company or any Indemnified Party (as defined herein) may have at common law or otherwise, including, but not limited to, any right to contribution.

Anything in this Agreement to the contrary notwithstanding, in no event shall Xxxxxxx Xxxxx be liable for special, indirect or consequential loss or damage of any kind whatsoever (including but not limited to lost profits), even if Xxxxxxx Xxxxx has been advised of the likelihood of such loss or damage and regardless of the form of action.

8. Benefit - This Agreement shall inure to the benefit of the parties hereto and their respective successors, and the obligations and liabilities assumed hereunder by the parties hereto shall be binding upon their respective successors; provided, however, that this Agreement shall not be assignable without the mutual consent of Xxxxxxx Xxxxx and the Company.

9. Confidentiality - Xxxxxxx Xxxxx acknowledges that a portion of the Information provided to it in connection with its engagement hereunder may contain confidential and proprietary business

Xxxxx de Xxxx Federal Bank

December 2, 2016

Page 6

information concerning the Company (such Information, the “Confidential Information”). Xxxxxxx Xxxxx agrees that, except as contemplated in connection with the performance of its services under this Agreement, as authorized by the Company or as required by law, regulation or legal process, it will treat as confidential all Confidential Information; provided, however, that Xxxxxxx Xxxxx xxx disclose such Confidential Information to its agents and advisors who are assisting or advising Xxxxxxx Xxxxx in performing its services hereunder and who have been instructed to be bound by the terms and conditions of this paragraph. As used herein, the term “Confidential Information” shall not include information which (a) is or becomes generally available to the public other than as a result of a disclosure by Xxxxxxx Xxxxx in violation of this Agreement, (b) was available to Xxxxxxx Xxxxx on a non-confidential basis prior to its disclosure to Xxxxxxx Xxxxx or its representatives by the Company, or (c) becomes available to Xxxxxxx Xxxxx on a non-confidential basis from a person other than the Company who is not known to Xxxxxxx Xxxxx to be bound not to disclose such information pursuant to a contractual obligation of confidentiality to the Company. The Company hereby acknowledges and agrees that the presentation materials and financial models used by Xxxxxxx Xxxxx in performing its services hereunder have been developed by and are proprietary to Xxxxxxx Xxxxx. The Company agrees that it will not reproduce or distribute all or any portion of such models or presentations without the prior consent from Xxxxxxx Xxxxx in writing.

10. Indemnification - As Xxxxxxx Xxxxx will be acting on behalf of the Company in connection with the Offerings, the Company agrees to indemnity and hold harmless Xxxxxxx Xxxxx and its affiliates, the respective partners, directors, officers, employees and agents of Xxxxxxx Xxxxx and its affiliates and each other person, if any, controlling Xxxxxxx Xxxxx or any of its affiliates and each of their successors and assigns (Xxxxxxx Xxxxx and each such person being an “Indemnified Party”) to the fullest extent permitted by law, from and against any and all losses, claims, damages and liabilities, joint or several, to which such Indemnified Party may become subject under applicable federal or state law, or otherwise related to or arising out of the Offerings or the engagement of Xxxxxxx Xxxxx pursuant to, or the performance by Xxxxxxx Xxxxx of the services contemplated by, this letter, and will reimburse any Indemnified Party for all expenses (including legal fees and expenses) as they are incurred, including expenses incurred in connection with the investigation, preparing for or defending any such action or claim whether or not in connection with pending or threatened litigation, or any action or proceeding arising therefrom, whether or not Xxxxxxx Xxxxx is a party; provided, however, that the Company will not be liable in any such case to the extent that any such loss, claim, damage, liability or expense (a) arises out of or is based upon any untrue statement of a material fact or the omission of a material fact required to be stated therein or necessary to make not misleading any statements contained in any final prospectus, or any amendment or supplement thereto, made in reliance on and in conformity with written information furnished to the Company by Xxxxxxx Xxxxx expressly for use therein or (b) to the extent that any loss, claim, damage, liability or expense is found in a final judgment by a court of competent jurisdiction to have resulted primarily from Xxxxxxx Xxxxx’x xxxxx negligence, willful misconduct or bad faith of Xxxxxxx Xxxxx.

If the indemnification provided for in the foregoing paragraph is judicially determined to be unavailable (other than in accordance with the terms hereof) to any person otherwise entitled to indemnity in respect of any losses, claims, damages or liabilities referred to herein, then, in lieu of indemnifying such person hereunder, the Company shall contribute to the amount paid or payable by such person as a result of such losses, claims, damages or liabilities (and expenses relating thereto) (i) in such proportion as is appropriate to reflect the relative benefits to the Company, on the one hand, and Xxxxxxx Xxxxx, on the other hand, of the engagement provided for in this Agreement or (ii) if the allocation provided for in clause (i) above is not available, in such proportion as is

Xxxxx de Xxxx Federal Bank

December 2, 2016

Page 7

appropriate to reflect not only the relative benefits referred to in such clause (i) but also the relative fault of each of the Company and Xxxxxxx Xxxxx, as well as any other relevant equitable considerations; provided, however, in no event shall Xxxxxxx Xxxxx’x aggregate contribution to the amount paid or payable exceed the aggregate amount of fees actually received by Xxxxxxx Xxxxx under this Agreement. For the purposes of this Agreement, the relative benefits to the Company and to Xxxxxxx Xxxxx of the engagement under this Agreement shall be deemed to be in the same proportion as (a) the total value paid or contemplated to be paid or received or contemplated to be received by the Company in the Reorganization and the Offerings that are the subject of the engagement hereunder, whether or not consummated, bears to (b) the fees paid or to be paid to Xxxxxxx Xxxxx under this Agreement.

The Company also agrees that neither Xxxxxxx Xxxxx, nor any of its affiliates nor any officer, director, employee or agent of Xxxxxxx Xxxxx or any of its affiliates, nor any person controlling Xxxxxxx Xxxxx or any of its affiliates, shall have any liability to the Company for or in connection with such engagement except for any such liability for losses, claims, damages, liabilities or expenses incurred by the Company which are finally judicially determined to have resulted primarily from Xxxxxxx Xxxxx’x bad faith, willful misconduct or gross negligence. The foregoing agreement shall be in addition to any rights that Xxxxxxx Xxxxx, the Company or any Indemnified Party may have at common law or otherwise, including, but not limited to, any right to contribution. For the sole purpose of enforcing and otherwise giving effect to the indemnification and contribution provisions of this Agreement, the Company hereby consents to personal jurisdiction and service and venue in any court in which any claim which is subject to this Agreement is brought against Xxxxxxx Xxxxx or any other Indemnified Party.

The Company agrees that it will not, without the prior written consent of Xxxxxxx Xxxxx, settle or compromise or consent to the entry of any judgment with respect to any pending or threatened claim, action, suit or proceeding in respect of which indemnification or contribution may be sought hereunder (whether or not Xxxxxxx Xxxxx is an actual or potential party to such claim, action, suit, or proceeding) unless such settlement, compromise or consent includes an unconditional release of Xxxxxxx Xxxxx from all liability arising out of such claim, action, suit or proceeding.

11. Definitive Agreement - This Agreement reflects Xxxxxxx Xxxxx’x present intention of proceeding to work with the Company on its proposed Offerings. No legal and binding obligation is created on the part of the Company or Xxxxxxx Xxxxx with respect to the subject matter hereof, except as to (i) the agreement to maintain the confidentiality of Confidential Information set forth in Section 9, (ii) the payment of certain fees as set forth in Section 5, (iii) the payment of fees and expenses as set forth in Section 6, (iv) the limitations set forth in Section 7, (v) the indemnification and contribution and other provisions set forth in Section 10 and (iv) those terms set forth in a mutually agreed upon Agency Agreement between Xxxxxxx Xxxxx and the Company to be executed prior to commencement of the Offerings, all of which, notwithstanding anything to the contrary that may be contained herein, shall constitute the binding obligations of the parties hereto and which shall survive the termination of this Agreement or the completion of the services furnished hereunder and shall remain operative and in full force and effect.

Xxxxxxx Xxxxx’x execution of such Agency Agreement shall also be subject to (a) Xxxxxxx Xxxxx’x satisfaction with its Due Diligence Review, (b) preparation of offering materials that are satisfactory to Xxxxxxx Xxxxx, (c) compliance with all relevant legal and regulatory requirements to the reasonable satisfaction of Xxxxxxx Xxxxx and its counsel, (d) agreement that the price established by the independent appraiser is reasonable, and (e) market conditions at the time of the proposed Offerings.

Xxxxx de Xxxx Federal Bank

December 2, 2016

Page 8

12. Notices – The following addresses shall be sufficient for written notices to each other:

If to the Bank:		Xxxxx de Xxxx Federal Bank
		0000 Xxxxxxxxxxx Xxxxxx
		Bronx, NY 10462
		Attention: Xxxxxx X. Xxxxxx, President
If to Xxxxxxx Xxxxx:		Xxxxxxx Xxxxx & Associates, Inc.
		880 Carillon Parkway
		St. Petersburg, FL 33716
		Attention: Xxxx Xxxxxxxxx, Managing Director-Legal, Equity Capital Markets

This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and can be altered only by written consent signed by the parties. This Agreement shall be construed and enforced in accordance with the laws of the State of New York, without regard to the conflicts of laws principles thereof. Any right to trial by jury with respect to any claim or action arising out of this Agreement or conduct in connection with the engagement is hereby waived by the parties hereto.

If the foregoing correctly sets forth our mutual understanding, please so indicate by signing and returning this Agreement to the undersigned.

Very truly yours,

XXXXXXX XXXXX & ASSOCIATES, INC.

By:
	Xxxxx X. Xxxx
Director of Mutual Conversions
XXXXX DE XXXX FEDERAL BANK
By:
	Xxxxxx X. Xxxxxx
President