Item 5.02    Departure of directors or Certain Officers: Election of Directors;
             Appointment of Certain Officers, Compensatory Arrangements of
             Certain Officers.

On January 27, 2023, TC Federal Bank and Greg Eiford executed an amended and restated employment agreement reflecting Mr. Eiford's service as TC Federal Bank's chief executive officer.

The employment agreement with Mr. Eiford has an initial term of three years, with optional one-year renewals thereafter. Under the employment agreement, the current annual base salary for Mr. Eiford is $300,000. The Board of Director's will review Mr. Eiford's base salary at least annually to determine whether an increase is appropriate. In addition to base salary, Mr. Eiford is entitled to participate in bonus and incentive programs and other benefit plans available to management employees and will be reimbursed for all reasonable business expenses incurred. Mr. Eiford is entitled to reimbursements for regular membership dues to a single country club and a monthly automobile allowance.

Under the employment agreement, if the bank terminates Mr. Eiford's employment for "cause," as that term is defined in the employment agreement, Mr. Eiford will not receive any compensation or benefits after the termination date other than compensation and benefits that have accrued or vested through the date of the termination. If the bank terminates Mr. Eiford's employment without cause or if Mr. Eiford terminates employment for "good reason," as that term is defined in the employment agreement, Mr. Eiford will be entitled to severance payments paid over the next 12 months in an aggregate amount equal to his base salary. If the termination of employment occurs during the term of the employment agreement but within 6 months prior to, or up to 12 months after, a change in control, Mr. Eiford will be entitled to an additional severance payout equal to two times the sum of current base salary and average bonus paid during the prior three years immediately preceding the change in control in a lump sum payment.

The employment agreement also contains confidentiality and proprietary information protections in favor of TC Federal Bank as well as certain post-employment obligations (non-competition and non-solicitation) that may apply for 12 months following a termination of employment depending on the nature of the termination.

The foregoing summary of the employment agreement does not purport to be complete and is qualified in its entirety by reference to such document, which is filed as Exhibit 10.1 and is incorporated by reference

Item 9.01 Financial Statements and Exhibits.




Exhibits

Exhibit No.       Description of Exhibit
10.1                Amended and Restated Employment Agreement with G. Eiford, dated
                  January 27, 2023

104               Cover Page Interactive Data File - the cover page XBRL tags are
                  embedded within the Inline XBRL document

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