Magyar Bancorp, Inc. Sample Contracts

FIRST AMENDMENT TO THE DIRECTOR SUPPLEMENTAL RETIREMENT INCOME AND DEFERRED COMPENSATION AGREEMENT FOR JOSEPH J. LUKACS, JR. MAGYAR SAVINGS BANK Upon mutual consent and for valuable consideration hereby recognized, THE DIRECTOR SUPPLEMENTAL RETIREMENT...
Magyar Bancorp, Inc. • September 16th, 2005
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EMPLOYMENT AGREEMENT FOR ELIZABETH E. HANCE
Magyar Bancorp, Inc. • September 16th, 2005 • Delaware
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EXECUTIVE SUPPLEMENTAL RETIREMENT INCOME AGREEMENT FOR ELIZABETH E. HANCE
Supplemental Retirement Income Agreement • September 16th, 2005 • Magyar Bancorp, Inc. • New Jersey
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RESTATED DIRECTOR SUPPLEMENTAL RETIREMENT INCOME and DEFERRED COMPENSATION AGREEMENT FOR MARTIN LUKACS MAGYAR BANK New Brunswick, New Jersey January 1, 2006 Financial Institution Consulting Corporation Memphis, Tennessee 38117 WATS: 1-800-873-0089...
Compensation Agreement • December 29th, 2006 • Magyar Bancorp, Inc. • Savings institution, federally chartered • New Jersey

This Restated Director Supplemental Retirement Income and Deferred Compensation Agreement for Martin Lukacs (the "Agreement"), effective as of the 1st day of January, 2006, amends and restates the Director Supplemental Retirement Income and Deferred Compensation Agreement for Martin Lukacs dated February 1, 2004, and formalizes the understanding by and between MAGYAR BANK (the "Bank"), a state chartered savings bank having its principal place of business in New Brunswick, New Jersey, and MARTIN LUKACS (hereinafter referred to as "Director"). All prior non-qualified Director deferred compensation agreements, including any and all Joinder Agreements, with respect to the Director and MAGYAR BANK, are hereby superseded and replaced by this Agreement

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DIRECTOR SUPPLEMENTAL RETIREMENT INCOME AND DEFERRED COMPENSATION AGREEMENT FOR SALVATORE ROMANO MAGYAR SAVINGS BANK NEW BRUNSWICK, NEW JERSEY FEBRUARY 1, 2004 FINANCIAL INSTITUTION CONSULTING CORPORATION 700 COLONIAL ROAD, SUITE 102 MEMPHIS,...
Director Supplemental Retirement Income and Deferred Compensation Agreement • September 16th, 2005 • Magyar Bancorp, Inc. • New Jersey
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FORM OF NON-QUALIFIED STOCK OPTION AWARD AGREEMENT
Non-Qualified Stock Option Award Agreement • August 26th, 2022 • Magyar Bancorp, Inc. • Savings institution, federally chartered • Delaware

This Non-Qualified Stock Option Agreement (“Option” or “Agreement”) is and will be subject in every respect to the provisions of the Magyar Bancorp, Inc. 2022 Equity Incentive Plan (the “Plan”) of Magyar Bancorp, Inc. (the “Company”), which are incorporated herein by reference and made a part hereof, subject to the provisions of this Agreement. A copy of the Plan and related prospectus have been provided to each person granted a stock option pursuant to the Plan. The holder of this Option (the “Participant”) hereby accepts this Option, subject to all the terms and provisions of the Plan and this Agreement, and agrees that all decisions under and interpretations of the Plan and this Agreement by the Compensation Committee of the Board of Directors of the Company (the “Committee”) or by the Board of Directors, will be final, binding and conclusive upon the Participant and the Participant’s heirs, legal representatives, successors and permitted assigns. Except where the context otherwise

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STOCK ORDER FORM -------------------------------------------------- PLEASE PRINT CLEARLY AND COMPLETE ALL For Internal Use Only APPLICABLE SHADED AREAS -------------------------------------------------- SEE REVERSE SIDE OF THIS FORM FOR ADDITIONAL...
Magyar Bancorp, Inc. • October 26th, 2005 • Savings institution, federally chartered
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EMPLOYMENT AGREEMENT JON R. ANSARI
Employment Agreement • December 22nd, 2022 • Magyar Bancorp, Inc. • Savings institution, federally chartered • Delaware

This Agreement is made effective as of the 12th day of March, 2021 (the “Effective Date”) by and between Magyar Bancorp, Inc., a Delaware corporation (the “Company”), with its principal administrative office at 400 Somerset Street, New Brunswick, New Jersey 08901, and Jon R. Ansari (“Executive”).

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EXECUTIVE SUPPLEMENTAL RETIREMENT INCOME AGREEMENT FOR JOHN FITZGERALD MAGYAR BANK New Brunswick, New Jersey January 1, 2006 Financial Institution Consulting Corporation Memphis, Tennessee 38117 WATS: 1-800-873-0089 FAX: (901) 684-7414
Retirement Income Agreement • December 29th, 2006 • Magyar Bancorp, Inc. • Savings institution, federally chartered • New Jersey

This Executive Supplemental Retirement Income Agreement for John Fitzgerald (the "Agreement"), effective as of the 1st day of January, 2006, formalizes the understanding by and between MAGYAR BANK (the "Bank"), a state chartered stock savings bank, and JOHN FITZGERALD, hereinafter referred to as "Executive".

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MAGYAR BANCORP, INC. (a Delaware Corporation) Up to 2,277,000 Shares (Subject to Increase Up to 2,618,550 Shares) COMMON STOCK ($0.01 Par Value) Subscription Price $10.00 Per Share AGENCY AGREEMENT ---------------- Ryan Beck & Co., Inc. 18 Columbia...
Agency Agreement • September 16th, 2005 • Magyar Bancorp, Inc. • New Jersey
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RESTRICTED STOCK AWARD AGREEMENT
Restricted Stock Award Agreement • August 26th, 2022 • Magyar Bancorp, Inc. • Savings institution, federally chartered • Delaware

This restricted stock agreement (“Restricted Stock Award” or “Agreement”) is and will be subject in every respect to the provisions of the 2022 Equity Incentive Plan (the “Plan”) of Magyar Bancorp, Inc. (the “Company”) which are incorporated herein by reference and made a part hereof, subject to the provisions of this Agreement. A copy of the Plan has been provided or made available to each person granted a Restricted Stock Award pursuant to the Plan. The holder of this Restricted Stock Award (the “Participant”) hereby accepts this Restricted Stock Award, subject to all the terms and provisions of the Plan and this Agreement, and agrees that all decisions under and interpretations of the Plan and this Agreement by the Compensation Committee of the Board of Directors of the Company (the “Committee”) or by the Board of Directors, will be final, binding and conclusive upon the Participant and the Participant’s heirs, legal representatives, successors and permitted assigns. Except where th

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Mr. John S. Fitzgerald President and Chief Executive Officer Magyar Bancorp, Inc. / Magyar Bank New Brunswick, New Jersey 08901 Dear Mr. Fitzgerald:
Magyar Bancorp, Inc. • March 15th, 2021 • Savings institution, federally chartered • Virginia

This letter sets forth the agreement between Magyar Bank, New Brunswick, New Jersey (the “Bank”), wholly-owned by Magyar Bancorp, Inc. (the “Company”), which in turn is the mid-tier holding company majority owned by Magyar Bancorp, MHC (the “MHC”), collectively, “Magyar” or the “Company,” and RP® Financial, LC. (“RP Financial”), whereby RP Financial will provide the independent conversion appraisal services in conjunction with Magyar’s second step conversion offering.

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CHANGE IN CONTROL AGREEMENT FOR
Change in Control Agreement • September 16th, 2005 • Magyar Bancorp, Inc. • Delaware
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MAGYAR BANK MAGYAR BANCORP, INC. CHANGE IN CONTROL AGREEMENT
Change in Control Agreement • March 15th, 2021 • Magyar Bancorp, Inc. • Savings institution, federally chartered • Jersey

This change in control agreement (the “Agreement”) is made and entered into as of December 19, 2019 (the “Effective Date”) by and between Magyar Bancorp, Inc. (the “Company”), a New Jersey corporation, Magyar Bank (the “Bank”), a New Jersey chartered savings bank and a wholly owned subsidiary of the Company, and Peter M. Brown (the “Officer”).

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INCENTIVE STOCK OPTION AWARD AGREEMENT
Incentive Stock Option Award Agreement • August 26th, 2022 • Magyar Bancorp, Inc. • Savings institution, federally chartered • Delaware

This stock option agreement (“Option” or “Agreement”) is and will be subject in every respect to the provisions of the Magyar Bancorp, Inc. 2022 Equity Incentive Plan (the “Plan”) of Magyar Bancorp, Inc. (the “Company”), which are incorporated herein by reference and made a part hereof, subject to the provisions of this Agreement. A copy of the Plan and related prospectus have been provided to each person granted a stock option pursuant to the Plan. The holder of this Option (the “Participant”) hereby accepts this Option, subject to all the terms and provisions of the Plan and this Agreement, and agrees that all decisions under and interpretations of the Plan and this Agreement by the Compensation Committee of the Board of Directors of the Company (the “Committee”) or the Board of Directors will be final, binding and conclusive upon the Participant and the Participant’s heirs, legal representatives, successors and permitted assigns. Except where the context otherwise requires, the term

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Re: Services of Conversion Agent and Data Processing Records Management Agent
Letter Agreement • March 15th, 2021 • Magyar Bancorp, Inc. • Savings institution, federally chartered • New York

This letter agreement (this “Agreement”) confirms the engagement of Keefe, Bruyette & Woods, Inc. (“KBW”) by Magyar Bancorp, MHC, Magyar Bancorp, Inc. and Magyar Bank (collectively with any of its successors or any new stock holding company formed to effect the second step offering, the “Company”), on behalf of both itself and the Company, to act as the conversion agent and the data processing records management agent (KBW in such capacities, the “Agent”) to the Company in connection with the Company’s proposed reorganization from the mutual holding company form to the full stock form of organization, including the offer and sale of the common stock (the “Conversion”) pursuant to the Company’s proposed Plan of Conversion and Reorganization (the “Plan of Conversion”). The sale will be to eligible persons in a subscription offering (the “Subscription Offering”), with any remaining unsold shares of Common Stock to then be offered to the general public in a community offering (the “Communi

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MAGYAR BANCORP, INC. (a Delaware corporation) Up to 3,910,000 Shares COMMON STOCK (Par Value $0.01 Per Share) Subscription Price $10.00 Per Share AGENCY AGREEMENT
Agency Agreement • May 4th, 2021 • Magyar Bancorp, Inc. • Savings institution, federally chartered • New York
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FIRST AMENDMENT TO THE DIRECTOR SUPPLEMENTAL RETIREMENT INCOME AND DEFERRED COMPENSATION AGREEMENT FOR SALVATORE ROMANO MAGYAR SAVINGS BANK Upon mutual consent and for valuable consideration hereby recognized, THE DIRECTOR SUPPLEMENTAL RETIREMENT...
Magyar Bancorp, Inc. • September 16th, 2005
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CONTRIBUTION AGREEMENT
Contribution Agreement • August 18th, 2006 • Magyar Bancorp, Inc. • Savings institution, federally chartered

THIS CONTRIBUTION AGREEMENT (this “Agreement”) is made this 16th day of August, 2006, by and between MAGYAR BANK, a New Jersey state chartered savings bank (“Bank”) and MAGBANK INVESTMENT COMPANY, a New Jersey Corporation (“MagBank Investment”).

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CHANGE IN CONTROL AGREEMENT FOR BRIAN STANLEY
Change in Control Agreement • August 14th, 2012 • Magyar Bancorp, Inc. • Savings institution, federally chartered • Delaware

This AGREEMENT is made effective as of the 26th day of July, 2012 by and between MAGYAR BANCORP, INC., a Delaware corporation with its principal place of business at 101 French Street, New Brunswick, New Jersey 08903 (the “Company”), and BRIAN STANLEY (the “Executive”). Any reference to “Bank” herein shall mean Magyar Bank, a New Jersey chartered stock savings bank or any successor thereto.

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FIRST AMENDMENT TO THE EXECUTIVE SUPPLEMENTAL RETIREMENT INCOME AGREEMENT FOR ELIZABETH E. HANCE
Magyar Bancorp, Inc. • September 16th, 2005
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SEPARATION AGREEMENT AND GENERAL RELEASE
Separation Agreement and General Release • February 16th, 2010 • Magyar Bancorp, Inc. • Savings institution, federally chartered • New Jersey

THIS SEPARATION AGREEMENT AND GENERAL RELEASE (“Agreement”) entered into on this 22 day of December, 2009 by and between Magyar Bancorp, Inc., a Delaware corporation with its principal administrative office at 400 Somerset Street, New Brunswick, New Jersey 08901 (hereinafter “Magyar”) and Elizabeth E. Hance (“Hance”).

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AMENDMENT 1 TO EMPLOYMENT AGREEMENT
Employment Agreement • August 14th, 2012 • Magyar Bancorp, Inc. • Savings institution, federally chartered

WHEREAS, Magyar Bancorp, Inc. (the “Company”) and John S. Fitzgerald (“Executive”) entered into an employment agreement dated November 1, 2007 (the “Agreement”); and

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DIRECTOR SUPPLEMENTAL RETIREMENT INCOME AND DEFERRED COMPENSATION AGREEMENT FOR JOSEPH J. LUKACS, JR. MAGYAR SAVINGS BANK NEW BRUNSWICK, NEW JERSEY FEBRUARY 1, 2004 FINANCIAL INSTITUTION CONSULTING CORPORATION 700 COLONIAL ROAD, SUITE 102 MEMPHIS,...
Supplemental Retirement Income and Deferred Compensation Agreement • September 16th, 2005 • Magyar Bancorp, Inc. • New Jersey
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