<SEC-DOCUMENT>0000943374-22-000360.txt : 20220826
<SEC-HEADER>0000943374-22-000360.hdr.sgml : 20220826
<ACCEPTANCE-DATETIME>20220826162104
ACCESSION NUMBER:		0000943374-22-000360
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		7
FILED AS OF DATE:		20220826
DATE AS OF CHANGE:		20220826
EFFECTIVENESS DATE:		20220826

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Magyar Bancorp, Inc.
		CENTRAL INDEX KEY:			0001337068
		STANDARD INDUSTRIAL CLASSIFICATION:	SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035]
		IRS NUMBER:				204154978
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-267102
		FILM NUMBER:		221205467

	BUSINESS ADDRESS:	
		STREET 1:		400 SOMERSET STREET
		CITY:			NEW BRUNSWICK
		STATE:			NJ
		ZIP:			08901
		BUSINESS PHONE:		732-249-2438

	MAIL ADDRESS:	
		STREET 1:		400 SOMERSET STREET
		CITY:			NEW BRUNSWICK
		STATE:			NJ
		ZIP:			08901
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-8
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                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Registration No. 333-&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <br>
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    <div style="text-align: center; font-weight: bold;"> <br>
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    <div style="text-align: center; font-weight: bold;">As filed with the Securities and Exchange Commission on August 26, 2022</div>
    <div style="text-align: center; font-weight: bold;"> <br>
    </div>
    <div style="text-align: center; font-size: 12pt;"><font style="font-weight: bold;">UNITED STATES</font></div>
    <div style="text-align: center; font-size: 12pt;"><font style="font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</font></div>
    <div style="text-align: center; font-size: 12pt;"><font style="font-weight: bold;">Washington, D.C.&#160; 20549</font></div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">_________________________</div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 8pt;"> <br>
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    <div style="text-align: center; font-size: 12pt; font-weight: bold;">FORM S-8</div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;">REGISTRATION STATEMENT</div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;">UNDER</div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;">THE SECURITIES ACT OF 1933 </div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;"> <br>
    </div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;">Magyar Bancorp, Inc.</div>
    <div style="text-align: center; font-size: 8pt;">(Exact Name of Registrant as Specified in its Charter)</div>
    <div><br>
    </div>
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            <div style="text-align: center; font-size: 12pt; font-weight: bold;">Delaware</div>
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          <td style="width: 47.32%; vertical-align: top;">
            <div style="text-align: center; font-size: 12pt; font-weight: bold;">20-4154978</div>
          </td>
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            <div style="text-align: center; font-size: 8pt;">(State or Other Jurisdiction of Incorporation or Organization)</div>
          </td>
          <td style="width: 5.34%; vertical-align: top;">&#160;</td>
          <td style="width: 47.32%; vertical-align: top;">
            <div style="text-align: center; font-size: 8pt;">(I.R.S. Employer Identification No.)</div>
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    <div style="text-align: center; font-size: 12pt; font-weight: bold;">400 Somerset Street</div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;">New Brunswick, New Jersey 08901</div>
    <div style="text-align: center; font-size: 12pt;"><font style="font-size: 8pt;">(Address of Principal Executive Offices)</font><font style="font-weight: bold;"></font></div>
    <div style="text-align: center; font-size: 12pt;"><font style="font-weight: bold;"> <br>
      </font></div>
    <div style="text-align: center; font-size: 12pt;"><font style="font-weight: bold;">Magyar Bancorp, Inc. 2022 Equity Incentive Plan</font></div>
    <div style="text-align: center; font-size: 8pt;">(Full Title of the Plan)</div>
    <div style="text-align: center; font-size: 8pt;"> <br>
    </div>
    <div style="text-align: center;">Copies to:</div>
    <table cellspacing="0" cellpadding="0" id="z5080d2f9d9e44603a2b0e08267796069" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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            <div style="text-align: center;">John S. Fitzgerald</div>
          </td>
          <td style="width: 5.34%; vertical-align: top;">&#160;</td>
          <td style="width: 47.32%; vertical-align: top;">
            <div style="text-align: center;">John J. Gorman, Esq.</div>
          </td>
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            <div style="text-align: center;">President and Chief Executive Officer</div>
          </td>
          <td style="width: 5.34%; vertical-align: top;">&#160;</td>
          <td style="width: 47.32%; vertical-align: top;">
            <div style="text-align: center;">Steven T. Lanter, Esq.</div>
          </td>
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            <div style="text-align: center;">Magyar Bancorp, Inc.</div>
          </td>
          <td style="width: 5.34%; vertical-align: top;">&#160;</td>
          <td style="width: 47.32%; vertical-align: top;">
            <div style="text-align: center;">Luse Gorman, PC</div>
          </td>
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            <div style="text-align: center;">400 Somerset Street</div>
          </td>
          <td style="width: 5.34%; vertical-align: top;">&#160;</td>
          <td style="width: 47.32%; vertical-align: top;">
            <div style="text-align: center;">5335 Wisconsin Ave., N.W., Suite 780</div>
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            <div style="text-align: center;">New Brunswick, New Jersey 08901</div>
          </td>
          <td style="width: 5.34%; vertical-align: top;">&#160;</td>
          <td style="width: 47.32%; vertical-align: top;">
            <div style="text-align: center;">Washington, DC 20015-2035</div>
          </td>
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            <div style="text-align: center;">(732) 342-7600</div>
          </td>
          <td style="width: 5.34%; vertical-align: top;">&#160;</td>
          <td style="width: 47.32%; vertical-align: top;">
            <div style="text-align: center;">(202) 274-2000</div>
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            <div style="text-align: center;">(Name, Address and Telephone</div>
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          <td style="width: 47.32%; vertical-align: top;">&#160;</td>
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            <div style="text-align: center;">Number of Agent for Service)</div>
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          <td style="width: 5.34%; vertical-align: top;">&#160;</td>
          <td style="width: 47.32%; vertical-align: top;">&#160;</td>
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          <td style="width: 5.34%; vertical-align: top;">&#160;</td>
          <td style="width: 47.32%; vertical-align: top;">&#160;</td>
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    <div>Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an
      emerging growth company. See the definitions of &#8220;large accelerated filer,&#8221; &#8220;accelerated filer,&#8221; &#8220;smaller reporting company&#8221; and &#8220;emerging growth company&#8221; in Rule 12b-2 of the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;):</div>
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            <div>Large accelerated filer &#9744;</div>
          </td>
          <td style="width: 33.34%; vertical-align: top;">
            <div>Accelerated filer &#9744;</div>
          </td>
        </tr>
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          <td style="width: 66.66%; vertical-align: top;">
            <div>Non-accelerated filer&#160; &#8999;</div>
          </td>
          <td style="width: 33.34%; vertical-align: top;">
            <div>Smaller reporting company &#8999;</div>
          </td>
        </tr>
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          <td style="width: 66.66%; vertical-align: top;">
            <div>Emerging growth company &#9744;</div>
          </td>
          <td style="width: 33.34%; vertical-align: top;">&#160;</td>
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    <div><br>
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    <div>If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or
      revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act, as amended (the &#8220;Securities Act&#8221;).&#160; &#9744;</div>
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    <div><font style="font-weight: bold;">PART I.</font><font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab"> </font><font style="font-weight: bold;">INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</font></div>
    <div><br>
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    <div style="margin-bottom: 12pt;"><font style="font-weight: bold;">Items 1 and 2.</font><font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab"> </font><font style="font-weight: bold;">Plan Information; and Registrant Information and Employee Plan Annual Information</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The documents containing the information specified in Part I of Form S-8 have been or will be sent or given to
      participants in the Plan as specified by Rule 428(b)(1) promulgated by the Securities and Exchange Commission (the &#8220;Commission&#8221;) under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Such documents are not being filed with the Commission but constitute (along with the documents incorporated by
      reference into this Registration Statement pursuant to Item 3 of Part II hereof) a prospectus that meets the requirements of Section 10(a) of the Securities Act.</div>
    <div style="margin-bottom: 12pt;"><font style="font-weight: bold;">PART II.</font><font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab"> </font><font style="font-weight: bold;">INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</font></div>
    <div style="margin-bottom: 12pt;"><font style="font-weight: bold;">Item 3.</font><font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab"> </font><font style="font-weight: bold;">Incorporation of Documents by Reference</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The following documents previously
        filed by Magyar Bancorp, Inc. (the &#8220;Company&#8221;) with the Commission under the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;), are incorporated herein by reference (other than any such documents or portions thereof that are furnished
        under Item 2.02 or Item 7.01 of Form&#160;8-K,&#160;unless otherwise indicated therein, including any exhibits included with such Items):</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">(a)<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>The Company&#8217;s Annual Report on <a href="https://www.sec.gov/Archives/edgar/data/0001337068/000117494721001150/0001174947-21-001150-index.html">Form
          10-K for the year ending September 30, 2021, filed with the Commission on December 20, 2021</a> (Commission File No. 000-51726) (including information specifically
          incorporated by reference therein from the <a href="https://www.sec.gov/Archives/edgar/data/1337068/000117494722000028/def14a-27134_mgyr.htm">Company&#8217;s definitive proxy statement on Schedule 14A, filed on January 6, 2022</a>);</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">(b)<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>The Company&#8217;s Quarterly Report on <a href="https://www.sec.gov/Archives/edgar/data/0001337068/000117494722000234/0001174947-22-000234-index.html">Form
          10-Q for the quarter ended December 31, 2021, filed with the Commission on February 11, 2022</a>, the Company&#8217;s Quarterly Report on <a href="https://www.sec.gov/Archives/edgar/data/0001337068/000117494722000680/0001174947-22-000680-index.html">Form
          10-Q for the quarter ended March 31, 2022, filed with the Commission on May 12, 2022</a>, and the Company&#8217;s Quarterly Report on <a href="https://www.sec.gov/Archives/edgar/data/0001337068/000117494722000957/0001174947-22-000957-index.html">Form 10-Q for the quarter ended June 30, 2022, filed with the Commission on August 15, 2022</a> (Commission File No. for all
        000-51726);</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">(c)<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>The Company&#8217;s definitive proxy statement on <a href="https://www.sec.gov/Archives/edgar/data/0001337068/000110465922080425/0001104659-22-080425-index.html">Schedule 14A, filed on July 18, 2022</a> (File No. 000-51726);</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">(d)<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>The Company&#8217;s Current Reports on <a href="https://www.sec.gov/Archives/edgar/data/0001337068/000117494722000076/0001174947-22-000076-index.html">Form
          8-K filed with the Commission on January 27, 2022</a>, <a href="https://www.sec.gov/Archives/edgar/data/0001337068/000117494722000257/0001174947-22-000257-index.html">February 18, 2022</a>, <a href="https://www.sec.gov/Archives/edgar/data/0001337068/000117494722000533/0001174947-22-000533-index.html">April 21, 2022</a>, <a href="https://www.sec.gov/Archives/edgar/data/0001337068/000117494722000834/0001174947-22-000834-index.html">July
          21, 2022</a>, and <a href="https://www.sec.gov/Archives/edgar/data/0001337068/000117494722000851/0001174947-22-000851-index.html">July 26, 2022</a> (filed portion only) (Commission File No. for all 000-51726); and</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">(e)<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>The description of the Company&#8217;s common stock contained in the Registration Statement on <a href="https://www.sec.gov/Archives/edgar/data/0001337068/000094337406000057/0000943374-06-000057-index.html">Form 8-A filed with the Commission on January 13, 2006</a>&#160;(Commission
        File No. 000-51726),<font style="font-weight: bold;">&#160;</font>as updated by the description of our common
          stock contained in <a href="https://www.sec.gov/Archives/edgar/data/1337068/000117494721001150/ex4-2.htm">Exhibit 4.2 to the Form 10-K</a><a href="https://www.sec.gov/Archives/edgar/data/1337068/000117494721001150/ex4-2.htm"> for the
          fiscal year ended September 30, 2021 filed with the Commission on December 20, 2021</a> (Commission File No. for all 000-51726), and including any subsequent amendments
          or reports filed for the purpose of updating such description.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">All documents subsequently filed by the Company with the Commission pursuant to Sections 13(a), 13(c), 14, or 15(d)
      of the Exchange Act, after the date hereof, and prior to the filing of a post-effective amendment which indicates that all securities offered hereby have been sold or which deregisters all securities then remaining unsold, shall be deemed
      incorporated by reference into this Registration Statement and to be a part thereof from the date of the filing of such documents.&#160; Any statement contained in the documents incorporated, or deemed to be incorporated, by reference herein or therein
      shall be deemed to be modified or superseded for purposes of this Registration Statement and the prospectus to the extent that a statement contained herein or therein or in any other subsequently filed document which also is, or is deemed to be,
      incorporated by reference herein or therein modifies or supersedes such statement.&#160; Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement and the
      prospectus.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"> <br>
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    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">All information appearing in this Registration Statement and the prospectus is qualified in its entirety by the
      detailed information, including financial statements, appearing in the documents incorporated herein or therein by reference.</div>
    <div style="margin-bottom: 12pt; font-weight: bold;">Item 4.&#160; Description of Securities</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">Not applicable.</div>
    <div style="margin-bottom: 12pt; font-weight: bold;">Item 5.&#160; Interests of Named Experts and Counsel</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">None.</div>
    <div style="margin-bottom: 12pt; font-weight: bold;">Item 6.&#160;&#160;Indemnification of Directors and Officers</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 145 of the Delaware General Corporation Law (&#8220;DGCL&#8221;), inter alia, empowers a Delaware corporation to
      indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by or in the right of
      the corporation), by reason of the fact that such person is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, or
      other enterprise, against expenses (including attorneys&#8217; fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by the person in connection with such action, suit or proceeding if the person acted in good faith and in
      a manner the person reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe the person&#8217;s conduct was unlawful. Similar indemnity
      is authorized for such person against expenses (including attorneys&#8217; fees) actually and reasonably incurred in connection with the defense or settlement of any such threatened, pending or completed action or suit if such person acted in good faith
      and in a manner he reasonably believed to be in or not opposed to the best interests of the corporation, and provided further that (unless a court of competent jurisdiction otherwise provides) such person shall not have been adjudged liable to the
      corporation. Any such indemnification may be made only as authorized in each specific case upon a determination by the shareholders or disinterested directors or by independent legal counsel in a written opinion that indemnification is proper because
      the indemnitee has met the applicable standard of conduct.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Any such indemnification and advancement of expenses provided under Section 145 shall continue as to a person who
      has ceased to be a director, officer, employee or agent and shall inure to the benefit of such person's heirs, executors and administrators.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Section 145 further authorizes a corporation to purchase and maintain insurance on behalf of any person who is or
      was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation or enterprise, against any liability asserted against him, and
      incurred by him in any such capacity, or arising out of his status as such, whether or not the corporation would otherwise have the power to indemnify him under Section 145.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">In accordance with the DGCL (being Chapter 1 of Title 8 of the Delaware Code), Articles 9 and 10 of the Company&#8217;s
      Certificate of Incorporation provide as follows:</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">NINTH:</div>
    <div>
      <div style="text-indent: 36pt; margin-top: 6pt;">A.<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>Each person who was or is made a party or is threatened to be made a party to or is otherwise involved in any action, suit or proceeding, whether
          civil, criminal, administrative or investigative (hereinafter a &#8220;proceeding&#8221;), by reason of the fact that he or she is or was a Director or an Officer of the Corporation or is or was serving at the request of the Corporation as a Director,
          Officer, employee or agent of another corporation or of a partnership, joint venture, trust or other enterprise, including service with respect to an employee benefit plan (hereinafter an &#8220;indemnitee&#8221;), whether the basis of such proceeding is
          alleged action in an official capacity as a Director, Officer, employee or agent or in any other capacity while serving as a Director, Officer, employee or agent, shall be indemnified and held harmless by the Corporation to the fullest extent
          authorized by the Delaware General Corporation Law, as the same exists or may hereafter be amended (but, in the case of any such amendment, only to the extent that such amendment permits the Corporation to provide broader indemnification rights
          than such law permitted the Corporation to provide prior to such amendment), against all expense, liability and loss (including attorneys&#8217; fees, judgments, fines, ERISA excise taxes or penalties and amounts paid in settlement) reasonably incurred
          or suffered by such indemnitee in connection therewith; provided, however, that, except as provided in Section C hereof with respect to proceedings to enforce rights to indemnification, the Corporation shall indemnify any such indemnitee in
          connection with a proceeding (or part thereof) initiated by such indemnitee only if such proceeding (or part thereof) was authorized by the Board of Directors of the Corporation.</div>
      <div style="text-indent: 36pt; margin-top: 6pt;"> <br>
        </div>
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        <div style="page-break-after: always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-indent: 36pt; margin-top: 6pt;">B.<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>The right to indemnification conferred in Section A of this Article NINTH shall include the right to be paid by the Corporation the expenses
          incurred in defending any such proceeding in advance of its final disposition (hereinafter an &#8220;advancement of expenses&#8221;); provided, however, that, if the Delaware General Corporation Law requires an advancement of expenses incurred by an
          indemnitee in his or her capacity as a Director of Officer (and not in any other capacity in which service was or is rendered by such indemnitee, including, without limitation, service to an employee benefit plan) indemnification shall be made
          only upon delivery to the Corporation of an undertaking (hereinafter an &#8220;undertaking&#8221;), by or on behalf of such indemnitee, to repay all amounts so advanced if it shall ultimately be determined by final judicial decision from which there is no
          further right to appeal (hereinafter a &#8220;final adjudication&#8221;) that such indemnitee is not entitled to be indemnified for such expenses under this Section or otherwise. The rights to indemnification and to the advancement of expenses conferred in
          Sections A and B of this Article NINTH shall be contract rights and such rights shall continue as to an indemnitee who has ceased to be a Director, Officer, employee or agent and shall inure to the benefit of the indemnitee&#8217;s heirs, executors and
          administrators.</div>
      <div style="text-indent: 36pt; margin-top: 6pt;">C<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>.If a claim under Section A or B of this Article NINTH is not paid in full by the Corporation within sixty days after a written claim has been received by
          the Corporation, except in the case of a claim for an advancement of expenses, in which case the applicable period shall be twenty days, the indemnitee may at any time thereafter bring suit against the Corporation to recover the unpaid amount of
          the claim. If successful in whole or in part in any such suit, or in a suit brought by the Corporation to recover an advancement of expenses pursuant to the terms of an undertaking, the indemnitee also shall be entitled to be paid the expense of
          prosecuting or defending such suit. In (i)&#160;any suit brought by the indemnitee to enforce a right to indemnification hereunder (but not in a suit brought by the indemnitee to enforce a right to an advancement of expenses) it shall be a defense
          that, and (ii)&#160;in any suit by the Corporation to recover an advancement of expenses pursuant to the terms of an undertaking the Corporation shall be entitled to recover such expenses upon a final adjudication that, the indemnitee has not met any
          applicable standard for indemnification set forth in the Delaware General Corporation Law. Neither the failure of the Corporation (including its Board of Directors, independent legal counsel, or its stockholders) to have made a determination
          prior to the commencement of such suit that indemnification of the indemnitee is proper in the circumstances because the indemnitee has met the applicable standard of conduct set forth in the Delaware General Corporation Law, nor an actual
          determination by the Corporation (including its Board of Directors, independent legal counsel, or its stockholders) that the indemnitee has not met such applicable standard of conduct, shall create a presumption that the indemnitee has not met
          the applicable standard of conduct or, in the case of such a suit brought by the indemnitee, be a defense to such suit. In any suit brought by the indemnitee to enforce a right to indemnification or to an advancement of expenses hereunder, or by
          the Corporation to recover an advancement of expenses pursuant to the terms of an undertaking, the burden of proving that the indemnitee is not entitled to be indemnified, or to such advancement of expenses, under this Article NINTH or otherwise
          shall be on the Corporation.</div>
    </div>
    <div>
      <div style="font-size: 8pt;">&#160;</div>
    </div>
    <div>
      <div style="text-indent: 36pt;">D.<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>The rights to indemnification and to the advancement of expenses conferred in this Article NINTH shall not be exclusive of any other right which any person may have or
          hereafter acquire under any statute, the Corporation&#8217;s Certificate of Incorporation, Bylaws, agreement, vote of stockholders or disinterested Directors or otherwise.</div>
    </div>
    <div>
      <div><br>
      </div>
    </div>
    <div>
      <div style="text-indent: 36pt;">E.<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>The Corporation may maintain insurance, at its expense, to protect itself and any Director, Officer, employee or agent of the Corporation or another corporation, partnership,
          joint venture, trust or other enterprise against any expense, liability or loss, whether or not the Corporation would have the power to indemnify such person against such expense, liability or loss under the Delaware General Corporation Law.</div>
    </div>
    <div>
      <div><br>
      </div>
    </div>
    <div>
      <div style="text-indent: 36pt;">F.<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>The Corporation may, to the extent authorized from time to time by the Board of Directors, grant rights to indemnification and to the advancement of expenses to any employee
          or agent of the Corporation to the fullest extent of the provisions of this Article NINTH with respect to the indemnification and advancement of expenses of Directors and Officers of the Corporation.</div>
    </div>
    <div>
      <div><br>
      </div>
      <div style="text-indent: 24.5pt;">TENTH: A Director of this Corporation shall not be personally liable to the Corporation or its stockholders for monetary damages for
        breach of fiduciary duty as a Director, except for liability (i)&#160;for any breach of the Director&#8217;s duty of loyalty to the Corporation or its stockholders, (ii)&#160;for acts or omissions not in good faith or which involve intentional misconduct or a
        knowing violation of law, (iii)&#160;under Section&#160;174 of the Delaware General Corporation Law, or (iv)&#160;for any transaction from which the Director derived an improper personal benefit. If the Delaware General Corporation Law is amended to authorize
        corporate action further eliminating or limiting the personal liability of Directors, then the liability of a Director of the Corporation shall be eliminated or limited to the fullest extent permitted by the Delaware General Corporation Law, as so
        amended.</div>
      <div style="text-indent: 24.5pt;"> <br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="page-break-after: always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div><br>
      </div>
      <div style="text-indent: 24.5pt;">Any repeal or modification of the foregoing paragraph by the stockholders of the Corporation shall not adversely affect any right or
        protection of a Director of the Corporation existing at the time of such repeal or modification.</div>
      <div><br>
      </div>
    </div>
    <div style="text-align: justify; font-weight: bold;">Item 7.&#160;&#160;Exemption From Registration Claimed</div>
    <div><br>
    </div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">Not applicable.</div>
    <div style="font-weight: bold;">Item 8.&#160; List of Exhibits.</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="zd2179fa7e84a43fa9e057883fcf35cb7" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 10%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">Regulation S-K</div>
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">Exhibit Number</div>
          </td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 74.16%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>Document</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">&#160;</td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 74.16%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;"><a href="https://www.sec.gov/Archives/edgar/data/1337068/000118811205001668/tex4-7609.txt">4</a></div>
          </td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 74.16%; vertical-align: top;">
            <div style="text-align: justify;">Form of Common Stock Certificate (incorporated by reference to Exhibit 4 to the Registration Statement on Form SB-2, as amended (File No.
              333-128392), originally filed on September 16, 2005, as amended)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">&#160;</td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 74.16%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;"><a href="ex5.htm">5</a></div>
          </td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 74.16%; vertical-align: top;">
            <div>Opinion of Luse Gorman, PC</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top; text-align: center;">&#160;</td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 74.16%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;"><a href="https://www.sec.gov/Archives/edgar/data/1337068/000110465922080425/tm2221043d1_def14a.htm">10.1</a></div>
          </td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 74.16%; vertical-align: top;">
            <div style="text-align: justify;">Magyar Bancorp, Inc. 2022 Equity Incentive Plan (incorporated by reference to Appendix A to the proxy statement for the Special Meeting of
              Stockholders (File No. 000-51726), filed under the Exchange Act on July 18, 2022)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top; text-align: center;">&#160;</td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 74.16%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;"><a href="ex10-2.htm">10.2</a></div>
          </td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 74.16%; vertical-align: top;">
            <div>Form of Restricted Stock Award Agreement</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top; text-align: center;">&#160;</td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 74.16%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;"><a href="ex10-3.htm">10.3</a></div>
          </td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 74.16%; vertical-align: top;">
            <div>Form of Incentive Stock Option Award Agreement</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top; text-align: center;">&#160;</td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 74.16%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;"><a href="ex10-4.htm">10.4</a></div>
          </td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 74.16%; vertical-align: top;">
            <div>Form of Non-Qualified Stock Option Award Agreement</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top; text-align: center;">&#160;</td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 74.16%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;"><a href="ex5.htm">23.1</a></div>
          </td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 74.16%; vertical-align: top;">
            <div>Consent of Luse Gorman, PC (contained in Exhibit 5)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top; text-align: center;">&#160;</td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 74.16%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;"><a href="ex23-2.htm">23.2</a></div>
          </td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 74.16%; vertical-align: top;">
            <div>Consent of RSM US LLP (Independent Registered Public Accounting Firm)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top; text-align: center;">&#160;</td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 74.16%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;"><a href="#POWEROFATTORNEY">24</a></div>
          </td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 74.16%; vertical-align: top;">
            <div>Power of Attorney (contained on signature page)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top; text-align: center;">&#160;</td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 74.16%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;"><a href="ex-107.htm">107</a></div>
          </td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 74.16%; vertical-align: top;">
            <div>Filing Fee Table</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: -18pt; margin-left: 18pt; margin-bottom: 12pt; font-weight: bold;">Item 9.&#160;&#160;Undertakings</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The undersigned registrant hereby undertakes:</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">1.<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>To file, during any period in which offers or sales are being made, a post-effective amendment to the Registration Statement:</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(i)<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>to include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(ii)<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>to reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent
        post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement.&#160; Notwithstanding the foregoing, any increase or decrease in volume of securities
        offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the
        Commission pursuant to Rule 424(b) (section 230.424(b)) if, in the aggregate, the changes in volume and price represent no more than 20% change in the maximum aggregate offering price set forth in the &#8220;Calculation of Registration Fees&#8221; table in the
        effective registration statement;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"> <br>
      </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(iii)<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>to include any material information with respect to the plan of distribution not previously disclosed in this Registration Statement or any
        material change to such information in this Registration Statement;</div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-style: italic;">provided, however</font>, that
      paragraphs 1(i) and 1(ii) above do not apply if the information required to be included in a post-effective amendment by these paragraphs is contained in reports filed with or furnished to the Commission by the Corporation pursuant to Section 13 or
      Section 15(d) of the Exchange Act that are incorporated by reference in this Registration Statement.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">2.<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new
        registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial <font style="font-style: italic;">bona
          fide</font> offering thereof;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">3.<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of
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    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">4.<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the
        registrant's annual report pursuant to Section 13(a) or 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan's annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in
        the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof; and</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">5.<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the
        registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable.&#160;
        In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action,
        suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent,
        submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"> <br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: center;"><font style="font-weight: bold;">SIGNATURES</font></div>
    <div><br>
    </div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">The Registrant.</font>&#160;
      Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this registration statement to
      be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New Brunswick, State of New Jersey, on August 26, 2022.</div>
    <table cellspacing="0" cellpadding="0" id="z9cb112a7f7474f4e8d45142ee8644c9e" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 44.94%; vertical-align: top;">&#160;</td>
          <td style="width: 10.14%; vertical-align: top;">&#160;</td>
          <td style="width: 44.92%; vertical-align: top;">
            <div style="text-align: justify; font-weight: bold;">MAGYAR BANCORP, INC.</div>
            <div>&#160;</div>
            <div>&#160;</div>
            <div>&#160;</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 44.94%; vertical-align: top;">&#160;</td>
          <td style="width: 10.14%; vertical-align: top;">
            <div style="text-align: right;">By:&#160;&#160; <br>
            </div>
          </td>
          <td style="width: 44.92%; vertical-align: top;">
            <div style="text-align: justify;"><u>/s/ John S. Fitzgerald</u></div>
          </td>
        </tr>
        <tr>
          <td style="width: 44.94%; vertical-align: top;">&#160;</td>
          <td style="width: 10.14%; vertical-align: top;">&#160;</td>
          <td style="width: 44.92%; vertical-align: top;">
            <div style="text-align: justify;">John S. Fitzgerald</div>
          </td>
        </tr>
        <tr>
          <td style="width: 44.94%; vertical-align: top;">&#160;</td>
          <td style="width: 10.14%; vertical-align: top;">&#160;</td>
          <td style="width: 44.92%; vertical-align: top;">
            <div style="text-align: justify;">President and Chief Executive Officer</div>
          </td>
        </tr>
        <tr>
          <td style="width: 44.94%; vertical-align: top;">&#160;</td>
          <td style="width: 10.14%; vertical-align: top;">&#160;</td>
          <td style="width: 44.92%; vertical-align: top;">
            <div style="text-align: justify;">(Duly Authorized Representative)</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;"><a name="POWEROFATTORNEY"><!--Anchor--></a>POWER OF ATTORNEY</div>
    <div><br>
    </div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">We, the undersigned directors and officers of Magyar Bancorp, Inc. (the &#8220;Company&#8221;) hereby severally constitute and
      appoint John S. Fitzgerald, as our true and lawful attorney and agent, to do any and all things in our names in the capacities indicated below which said John S. Fitzgerald may deem necessary or advisable to enable the Company to comply with the
      Securities Act of 1933, as amended, and any rules, regulations and requirements of the Securities and Exchange Commission, in connection with the registration of shares of common stock to be granted and shares of common stock to be issued upon the
      exercise of stock options to be granted under the Magyar Bancorp, Inc. 2022 Equity Incentive Plan, including specifically, but not limited to, power and authority to sign for us in our names in the capacities indicated below the registration
      statement and any and all amendments (including post-effective amendments) thereto; and we hereby approve, ratify and confirm all that said John S. Fitzgerald shall do or cause to be done by virtue thereof.</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">Pursuant to the requirements of the Securities Act of 1933, as amended, this registration statement has been signed by
      the following persons in the capacities and on the date indicated.</div>
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        <tr>
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          <td style="width: 29.14%; vertical-align: top;">&#160;</td>
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          <td style="width: 3.94%; vertical-align: top;">&#160;</td>
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          <td style="width: 3.96%; vertical-align: top;">&#160;</td>
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          <td style="width: 29.14%; vertical-align: top;">&#160;</td>
          <td style="width: 5.48%; vertical-align: top;">&#160;</td>
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          <td style="width: 5.46%; vertical-align: top;">&#160;</td>
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          <td style="width: 5.48%; vertical-align: top;">&#160;</td>
          <td style="width: 30.8%; vertical-align: top;">&#160;</td>
          <td style="width: 5.46%; vertical-align: top;">&#160;</td>
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          <td style="width: 5.46%; vertical-align: top;">&#160;</td>
          <td style="width: 29.12%; vertical-align: top;">&#160;</td>
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          <td style="width: 29.14%; vertical-align: top;">&#160;</td>
          <td style="width: 5.48%; vertical-align: top;">&#160;</td>
          <td style="width: 30.8%; vertical-align: top;">&#160;</td>
          <td style="width: 5.46%; vertical-align: top;">&#160;</td>
          <td style="width: 29.12%; vertical-align: top;">&#160;</td>
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        <tr>
          <td style="width: 29.14%; vertical-align: top;">&#160;</td>
          <td style="width: 5.48%; vertical-align: top;">&#160;</td>
          <td style="width: 30.8%; vertical-align: top;">&#160;</td>
          <td style="width: 5.46%; vertical-align: top;">&#160;</td>
          <td style="width: 29.12%; vertical-align: top;">&#160;</td>
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          <td style="width: 29.14%; vertical-align: top; border-bottom: #000000 2px solid;">
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          <td style="width: 30.8%; vertical-align: top;">
            <div>Director</div>
          </td>
          <td style="width: 5.46%; vertical-align: top;">&#160;</td>
          <td style="width: 29.12%; vertical-align: top;">
            <div>August 26, 2022</div>
          </td>
        </tr>
        <tr>
          <td style="width: 29.14%; vertical-align: top;">
            <div>Joseph A. Yelencsics</div>
          </td>
          <td style="width: 5.48%; vertical-align: top;">&#160;</td>
          <td style="width: 30.8%; vertical-align: top;">&#160;</td>
          <td style="width: 5.46%; vertical-align: top;">&#160;</td>
          <td style="width: 29.12%; vertical-align: top;">&#160;</td>
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        <tr>
          <td style="width: 29.14%; vertical-align: top;">&#160;</td>
          <td style="width: 5.48%; vertical-align: top;">&#160;</td>
          <td style="width: 30.8%; vertical-align: top;">&#160;</td>
          <td style="width: 5.46%; vertical-align: top;">&#160;</td>
          <td style="width: 29.12%; vertical-align: top;">&#160;</td>
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          <td style="width: 29.14%; vertical-align: top;">&#160;</td>
          <td style="width: 5.48%; vertical-align: top;">&#160;</td>
          <td style="width: 30.8%; vertical-align: top;">&#160;</td>
          <td style="width: 5.46%; vertical-align: top;">&#160;</td>
          <td style="width: 29.12%; vertical-align: top;">&#160;</td>
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            <div>/s/ Edward C. Stokes, III</div>
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          <td style="width: 5.48%; vertical-align: top;">&#160;</td>
          <td style="width: 30.8%; vertical-align: top;">
            <div>Director</div>
          </td>
          <td style="width: 5.46%; vertical-align: top;">&#160;</td>
          <td style="width: 29.12%; vertical-align: top;">
            <div>August 26, 2022</div>
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        <tr>
          <td style="width: 29.14%; vertical-align: top;">
            <div>Edward C. Stokes, III</div>
          </td>
          <td style="width: 5.48%; vertical-align: top;">&#160;</td>
          <td style="width: 30.8%; vertical-align: top;">&#160;</td>
          <td style="width: 5.46%; vertical-align: top;">&#160;</td>
          <td style="width: 29.12%; vertical-align: top;">&#160;</td>
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          <td style="width: 5.48%; vertical-align: top;">&#160;</td>
          <td style="width: 30.8%; vertical-align: top;">&#160;</td>
          <td style="width: 5.46%; vertical-align: top;">&#160;</td>
          <td style="width: 29.12%; vertical-align: top;">&#160;</td>
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    <div><br>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5
<SEQUENCE>2
<FILENAME>ex5.htm
<DESCRIPTION>OPINION OF LUSE GORMAN, PC
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Luse Gorman
         Document created using EDGARfilings PROfile 8.3.1.0
         Copyright 1995 - 2022 Broadridge -->
  </head>
<body bgcolor="#ffffff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;">
  <div>
    <div style="text-align: right;">Exhibit 5</div>
    <div><br>
    </div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;">LUSE GORMAN, PC</div>
    <div style="text-align: center; font-size: 8pt; font-weight: bold;">ATTORNEYS AT LAW</div>
    <div><br>
    </div>
    <div style="text-align: center; font-size: 8pt; font-weight: bold;">5335 WISCONSIN AVENUE, N.W., SUITE 780</div>
    <div style="text-align: center; font-size: 8pt; font-weight: bold;">WASHINGTON, D.C. 20015</div>
    <div><br>
    </div>
    <div style="text-align: center; font-size: 8pt; font-weight: bold;">TELEPHONE (202) 274-2000</div>
    <div style="text-align: center; font-size: 8pt; font-weight: bold;">FACSIMILE (202) 362-2902</div>
    <div style="text-align: center; font-size: 8pt;">www.luselaw.com</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div>August 26, 2022</div>
    <div><br>
    </div>
    <div>Board of Directors</div>
    <div>Magyar Bancorp, Inc.</div>
    <div>400 Somerset Street</div>
    <div>New Brunswick, New Jersey 08901</div>
    <div><br>
    </div>
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        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman',Times,serif; font-weight: bold; text-align: right;">Re: &#160; <br>
          </td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;">Magyar Bancorp, Inc. 2022 Equity Incentive Plan</div>
            <div style="font-weight: bold;"> Registration Statement on Form S-8</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div>Ladies and Gentlemen:</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">You have requested the opinion of this firm as to certain matters in connection with the registration of 547,400 shares of common stock,
      $0.01 par value per share (the &#8220;Shares&#8221;), of Magyar Bancorp Inc. (the &#8220;Company&#8221;) to be issued pursuant to the Magyar Bancorp, Inc. 2022 Equity Incentive Plan (the &#8220;Equity Plan&#8221;).</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">In rendering the opinion expressed herein, we have reviewed the Certificate of Incorporation and Bylaws of the Company, the Equity Plan,
      the Company&#8217;s Registration Statement on Form S-8 (the &#8220;Form S-8&#8221;), as well as resolutions of the board of directors of the Company and applicable statutes and regulations governing the Company.&#160; We have assumed the authenticity, accuracy and
      completeness of all documents in connection with the opinion expressed herein.&#160; We have also assumed the legal capacity and genuineness of the signatures of persons signing all documents in connection with which the opinions expressed herein are
      rendered.&#160; This opinion is limited to matters of Delaware corporate law.</div>
    <div><br>
    </div>
    <div style="text-indent: 36pt;">Based on the foregoing, we are of the following opinion:</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Following the effectiveness of the Form S-8, the Shares of the Company, when issued in accordance with the terms and conditions of the
      Equity Plan, will be legally issued, fully paid and non-assessable.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">This opinion has been prepared solely for the use of the Company in connection with the preparation and filing of the Form S-8, and
      shall not be used for any other purpose or relied upon by any other person without the prior express written consent of this firm.&#160; We hereby consent to the use of this opinion in the Form S-8.&#160; By giving such consent, we do not hereby admit that we
      are in the category of persons whose consent is required under Section&#160;7 of the Securities Act of 1933, as amended.</div>
    <div><br>
    </div>
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        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">
            <div>Very truly yours,</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top; border-bottom: #000000 2px solid;">/s/ LUSE GORMAN, PC </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">
            <div>LUSE GORMAN, PC</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
  </div>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>ex10-2.htm
<DESCRIPTION>FORM OF RESTRICTED STOCK AWARD AGREEMENT
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Luse Gorman
         Document created using EDGARfilings PROfile 8.3.1.0
         Copyright 1995 - 2022 Broadridge -->
  </head>
<body bgcolor="#ffffff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;">
  <div style="text-align: right;">Exhibit<font style="font-variant: small-caps;"> 10.2</font></div>
  <div><br>
  </div>
  <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-variant: normal; font-weight: bold; text-transform: uppercase;">Restricted Stock</div>
  <div><br>
  </div>
  <div style="text-align: center; font-variant: small-caps; font-weight: bold;">FORM OF</div>
  <div style="text-align: center; font-weight: bold;">RESTRICTED STOCK AWARD AGREEMENT</div>
  <div style="margin-bottom: 12pt;"><br>
  </div>
  <div style="text-align: center;">Granted by</div>
  <div><br>
  </div>
  <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-variant: normal; font-weight: bold; text-transform: uppercase;">Magyar Bancorp, Inc.</div>
  <div><br>
  </div>
  <div style="text-align: center;">under the</div>
  <div><br>
  </div>
  <div style="text-align: center; font-weight: bold;">MAGYAR BANCORP, INC.</div>
  <div style="text-align: center; font-weight: bold;">2022 EQUITY INCENTIVE PLAN</div>
  <div><br>
  </div>
  <div style="text-indent: 36pt;">This restricted stock agreement (&#8220;<font style="font-weight: bold;">Restricted
      Stock Award</font>&#8221; or &#8220;<font style="font-weight: bold;">Agreement</font>&#8221;) is and will be subject in every respect to the provisions of the 2022 Equity Incentive Plan (the &#8220;<font style="font-weight: bold;">Plan</font>&#8221;) of Magyar Bancorp, Inc. (the &#8220;<font style="font-weight: bold;">Company</font>&#8221;)
    which are incorporated herein by reference and made a part hereof, subject to the provisions of this Agreement.&#160; A copy of the Plan has been provided or made available to each person granted a Restricted Stock Award pursuant to the Plan.&#160; The holder of
    this Restricted Stock Award (the &#8220;<font style="font-weight: bold;">Participant</font>&#8221;) 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 &#8220;<font style="font-weight: bold;">Committee</font>&#8221;) or by the Board of Directors, will be final, binding and conclusive upon the Participant and the Participant&#8217;s heirs, legal representatives, successors and permitted assigns.&#160; Except where the context
    otherwise requires, the term &#8220;Company&#8221; will include the parent and all present and future subsidiaries of the Company as defined in Section 424(e) and 424(f) of the Internal Revenue Code of 1986, as amended from time to time (the &#8220;<font style="font-weight: bold;">Code</font>&#8221;).&#160; Capitalized terms used herein but not defined will have the same meaning as in the Plan.</div>
  <div style="text-indent: 36pt;"> <br>
  </div>
  <font style="font-size: 1px;"><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font></font>
  <div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z3431f678ddcc4be1a104c53bd80883c4" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36.7pt; vertical-align: top; align: right;">
              <div>1.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div><font style="font-weight: bold;">Name of Participant:</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 287.3pt"> _<font style="font-size: 10pt;">_______________________________</font></font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z1d44cbde17cb4c8fb3f6e2daf2ae054e" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36.7pt; vertical-align: top; align: right;">
              <div>2.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-indent: 0px;"><font style="font-weight: bold;">Date of Grant: </font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 287.3pt"><font style="font-size: 10pt;">_______________________________</font></font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 216pt"> <br>
                </font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div>
    <table cellspacing="0" cellpadding="0" id="z77f54489940541fe8337596cd1619851" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 37.05pt; vertical-align: top; align: right;">
            <div>3.</div>
          </td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold; text-indent: 0px;">Total number of shares of Company common stock, $0.01 par value per share, covered by this Restricted Stock
              Award:___________________<br>
              <font style="font-weight: normal;">(subject to adjustment pursuant to Section 8 hereof).</font><br>
            </div>
          </td>
        </tr>

    </table>
  </div>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="z72d3a1f802144922b9edbbb814500a12" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt; vertical-align: top; align: right;">4.</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div><font style="font-weight: bold;">Vesting Schedule</font>.&#160; Except as otherwise provided in this Agreement,
            this Restricted Stock Award first becomes earned in accordance with the vesting schedule specified herein.</div>
        </td>
      </tr>

  </table>
  <div style="text-align: justify; margin-left: 36.7pt; margin-bottom: 12pt;">The Restricted Stock granted under this Agreement shall vest in ____ (__) equal annual installments (provided that
    fractional shares of Restricted Stock will not vest), with the first installment vesting on the first anniversary of the date of grant, or <u>&#160; &#160; &#160;&#160; </u>, 20<u>&#160;&#160; </u>, and succeeding installments on each anniversary thereafter, through <u>&#160; &#160; &#160; &#160; &#160;
        &#160; &#160; </u>, 20<u>&#160;&#160; </u>, subject to accelerated vesting under Section 9 of this Agreement.&#160; Notwithstanding the foregoing, to the extent vesting would vest
    in a fractional share of Restricted Stock vesting, the number of shares of Restricted Stock vesting should be rounded to the nearest share (with &#8220;.5&#8221; of a share rounded up).</div>
  <div style="text-align: justify; margin-left: 36.7pt; margin-bottom: 12pt;"> <br>
  </div>
  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
    <div style="page-break-after: always;" id="DSPFPageBreak">
      <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
  </div>
  <!--PROfilePageNumberReset%Num%2%%%-->
  <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">As set forth in Section 9 of this Agreement, vesting will automatically accelerate pursuant to Sections 2.7 and 4.1
    of the Plan in the event of death, Disability, or Involuntary Termination of Service at or following a Change in Control.</div>
  <table cellspacing="0" cellpadding="0" id="z22120d5988b7417798b4f24cfa6b41f8" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt; vertical-align: top; align: right;">5.</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div><font style="font-weight: bold;">Grant of Restricted Stock Award.&#160; </font>The Restricted Stock Award will
            be in the form of issued and outstanding shares of Stock registered in the name of the Participant and held by the Company, together with a stock power executed by the Participant in favor of the Company, pending the vesting or forfeiture of
            the Restricted Stock.&#160; Notwithstanding the foregoing, the Company may, in its sole discretion, issue Restricted Stock in any other format (e.g., electronically) in order to facilitate the paperless transfer of the Awards.</div>
        </td>
      </tr>

  </table>
  <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">If certificated, the certificates evidencing the Restricted Stock Award will bear a legend restricting the
    transferability of the Restricted Stock.&#160; The Restricted Stock awarded to the Participant will not be sold, encumbered hypothecated or otherwise transferred except in accordance with the terms of the Plan and this Agreement.</div>
  <table cellspacing="0" cellpadding="0" id="z06bd23ca9f024ef6b102cb97ad2d2bd2" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt; vertical-align: top; align: right;">&#160;6.</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div><font style="font-weight: bold;">Terms and Conditions</font>.</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" id="z1fbf3a67227c4ec5a4b4760a56e88f41" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 34.95pt;"><br>
        </td>
        <td style="width: 37.05pt; vertical-align: top; align: right;">6.1</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div>The Participant will have the right to vote the shares of Restricted Stock awarded and outstanding under this Agreement on matters that require a shareholder vote.</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" id="z927772acf0804e70b9ad72ef4a3eea7a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">6.2</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div>Any cash dividends or distributions declared with respect to shares of Restricted Stock awarded and outstanding under this Agreement will be distributed to the
            Participant at the time the underlying shares of Restricted Stock vest.&#160; Any Stock dividends declared on shares of Stock subject to a Restricted Stock Award will be subject to the same restrictions as the Restricted Stock and will vest at the
            same time as the shares of Restricted Stock from which said dividends were derived.</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" id="z95787ffaaf8844d7abb54e81e962315f" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt; vertical-align: top; align: right;">7.</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div><font style="font-weight: bold;">Delivery of Shares</font>.&#160; Delivery of shares of Stock under this
            Restricted Stock Award will comply with all applicable laws (including, the requirements of the Securities Act), and the applicable requirements of any securities exchange or similar entity.</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" id="z48fabf79be904694ab12b8fff1c09fbf" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 36pt; vertical-align: top; align: right;">8.</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div><font style="font-weight: bold;">Adjustment Provisions.&#160; </font>This Restricted Stock Award, including the
            number of shares subject to the Restricted Stock Award, will be adjusted upon the occurrence of the events specified in, and in accordance with the provisions of, Section 3.4 of the Plan.</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="z66e16e721252484f831078b6f33294fe" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt; vertical-align: top; align: right;">9.</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div><font style="font-weight: bold;">Effect of Termination of Service on Restricted Stock Award</font>.</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" id="z842ae4b858654d9ea81d13c6b3c86b22" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">9.1</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div>Upon the Participant&#8217;s Termination of Service, this Restricted Stock Award will vest as follows:</div>
        </td>
      </tr>

  </table>
  <div>
    <table cellspacing="0" cellpadding="0" id="z1eb811af3daf45e4b9f8661c400d8d7d" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 108pt; vertical-align: top; font-style: normal;">
            <div style="margin-left: 72pt; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif;">(i)</div>
          </td>
          <td style="width: auto; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-weight: bold;">Death</font>.&#160; In the event of
              the Participant&#8217;s Termination of Service by reason of death, any unvested shares of Restricted Stock subject to this Agreement will immediately vest.</div>
          </td>
        </tr>

    </table>
  </div>
  <div>
    <table cellspacing="0" cellpadding="0" id="z0cd12bb0639e4b0fa6f578f4d02c5433" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 108pt; vertical-align: top; align: right;">
            <div style="margin-left: 72pt; margin-bottom: 12pt;">(ii)</div>
          </td>
          <td style="width: auto; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-weight: bold;">Disability</font>.&#160; In the
              event of the Participant&#8217;s Termination of Service by reason of Disability, any unvested shares of Restricted Stock subject to this Agreement will immediately vest.</div>
          </td>
        </tr>

    </table>
  </div>
  <div>
    <table cellspacing="0" cellpadding="0" id="zb714f880a8c24d8090b1dfc1746fca9b" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 108.3pt; vertical-align: top; align: right;">
            <div style="margin-left: 71.25pt; margin-bottom: 12pt;">(iii)</div>
          </td>
          <td style="width: auto; vertical-align: top;">
            <div style="margin-bottom: 12pt;"><font style="font-weight: bold;">Retirement</font>.&#160; In the event
              of the Participant&#8217;s Termination of Service by reason of Retirement, any unvested shares of Restricted Stock subject to this Agreement will expire and be forfeited as of the date of the Termination of Service.</div>
          </td>
        </tr>

    </table>
    <div> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">2</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
  </div>
  <div>
    <table cellspacing="0" cellpadding="0" id="z39a90e8141ce4e65a09c25313d9f11ea" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 108.3pt; vertical-align: top; align: right;">
            <div style="margin-left: 71.25pt; margin-bottom: 12pt;">(iv)</div>
          </td>
          <td style="width: auto; vertical-align: top;">
            <div style="margin-bottom: 12pt;"><font style="font-weight: bold;">Change in Control</font>.&#160; In the
              event of the Participant&#8217;s Involuntary Termination of Service at or following a Change in Control, any unvested shares of Restricted Stock subject to this Agreement will immediately vest.</div>
          </td>
        </tr>

    </table>
  </div>
  <div>
    <table cellspacing="0" cellpadding="0" id="zf853bde3b7f249bc9103280f0fd3b334" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 108pt; vertical-align: top; align: right;">
            <div style="margin-left: 72pt; margin-bottom: 12pt;">(v)</div>
          </td>
          <td style="width: auto; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-weight: bold;">Termination for Cause</font><font style="font-style: italic;">.</font>&#160; In the event of the Participant&#8217;s Termination of Service for Cause, any unvested shares of Restricted Stock subject to this Agreement will
              expire and be forfeited as of the date of the Termination of Service.</div>
          </td>
        </tr>

    </table>
  </div>
  <div>
    <table cellspacing="0" cellpadding="0" id="z55e981d1eaf64534b60c783f7db9602e" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 108pt; vertical-align: top; align: right;">
            <div style="margin-left: 72pt; margin-bottom: 12pt;">(vi)</div>
          </td>
          <td style="width: auto; vertical-align: top;">
            <div style="margin: 0px 0px 0px; text-align: justify;"><font style="font-weight: bold;">Other Termination</font><font style="font-style: italic;">.</font> In the event of the Participant&#8217;s Termination of Service for any reason other than due to death, Disability or for Cause or an Involuntary
              Termination of Service at or following a Change in Control, any unvested shares of Restricted Stock subject to this Agreement will expire and be forfeited as of the date of the Termination of Service.</div>
          </td>
        </tr>

    </table>
  </div>
  <table cellspacing="0" cellpadding="0" id="zb4413dc39f384214aab8b076bd0e1c9a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">10.</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-weight: bold;">Miscellaneous.</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" id="z616d877fa60b4431b32e97454b43fef2" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">10.1</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div>This Restricted Stock Award will confer upon the Participant any rights as a stockholder of the Company with respect to the shares underlying the Award prior to the date
            on which the individual fulfills all conditions for receipt of such rights.</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" id="z24359d0652d24734862c691750dd75f1" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">10.2</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div>Except as otherwise provided for in the Plan, this Agreement may not be amended or otherwise modified unless evidenced in writing and signed by the Company and the
            Participant.</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" id="za7a3c261138d4359bc748b8dc697c610" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">10.3</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div>This Restricted Stock Award is not transferable except as provided for in the Plan.</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" id="z1b9527bc0bef4f80adaff9eb8c46877a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">10.4</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div>This Restricted Stock Award will be governed by and construed in accordance with the laws of the State of Delaware, without reference to principles of conflict of laws, except as superseded by applicable federal law.</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" id="z400fdea5024146adb77990ef443beb93" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">10.5</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div>This Restricted Stock Award is subject to all laws, regulations and orders of any governmental authority which may be applicable thereto and, notwithstanding any of the
            provisions hereof, the Company will not be obligated to issue any shares of Stock hereunder if the issuance of the shares would constitute a violation of any such law, regulation or order or any provision thereof.</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" id="z7ca7b03ec9eb413c942c8e0d984d03b9" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">10.6</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div>Restricted Stock Awards under this Agreement are subject to any required federal, state and local tax withholding which may be effected in the manner or manners permitted
            by the Company.</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" id="zcff55a7f99b94ecc96d0217a685d58b2" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">10.7</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div>Nothing in this Agreement will interfere with or limit in any way the right of the Company or any Affiliate to terminate the employment or service of the Participant at
            any time, nor confer upon the Participant any right to continue in the employ or service of the Company or any Affiliate.</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" id="z3eee7cc6387c4ab18f56351b6df6d0d8" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">10.8</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div>In the event of a conflict between the terms of this Agreement and the Plan, the terms of the Plan will control.</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" id="ze30659fe82fd43e78b674031dfc6c735" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">10.9</td>
        <td style="width: auto; vertical-align: top;">
          <div>This Award Agreement shall be binding upon any successor of the Company, in accordance with the terms of this Agreement and the Plan.</div>
        </td>
      </tr>

  </table>
  <div style="text-align: center; margin-bottom: 12pt;">[Signature Page Follows]</div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">3</font></div>
    <div id="DSPFPageBreak" style="page-break-after:always;">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
  </div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">IN WITNESS WHEREOF, the Company has caused this instrument to be executed in its name and on its behalf as of the
    date of grant of this Restricted Stock Award set forth above.</div>
  <table cellspacing="0" cellpadding="0" id="zefb70dfa044242629fa50851c0c0e30d" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 41.46%; vertical-align: top;">&#160;</td>
        <td style="width: 5.27%; vertical-align: top;">&#160;</td>
        <td style="width: 53.27%; vertical-align: top;">
          <div style="text-align: justify; font-weight: bold;">MAGYAR BANCORP, INC.</div>
        </td>
      </tr>
      <tr>
        <td style="width: 41.46%; vertical-align: top;">&#160;</td>
        <td style="width: 5.27%; vertical-align: top;">&#160;</td>
        <td style="width: 53.27%; vertical-align: top;">
          <div style="text-align: justify;">By:_______________________________<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 216pt"> <br>
            </font></div>
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          <div style="text-align: justify;">Its:_______________________________<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 216pt"> <br>
            </font></div>
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  </div>
  <div style="margin-bottom: 12pt;"><br>
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  <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">PARTICIPANT&#8217;S ACCEPTANCE</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The undersigned hereby accepts the foregoing Restricted Stock Award and agrees to the terms and conditions hereof,
    including the terms and provisions of the Plan. The undersigned hereby acknowledges receipt of a copy of the Plan and related prospectus.</div>
  <table cellspacing="0" cellpadding="0" id="z657fda81187f4fe0b2878c457da85183" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 41.46%; vertical-align: top;">&#160;</td>
        <td style="width: 5.27%; vertical-align: top;">&#160;</td>
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          <div style="text-align: justify; font-weight: bold;">PARTICIPANT</div>
        </td>
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      <tr>
        <td style="width: 41.46%; vertical-align: top;">&#160;</td>
        <td style="width: 5.27%; vertical-align: top;">&#160;</td>
        <td style="width: 53.27%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 41.46%; vertical-align: top;">&#160;</td>
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        <td style="width: 53.27%; vertical-align: top;">__________________________________ <br>
        </td>
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<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>ex10-3.htm
<DESCRIPTION>FORM OF INCENTIVE STOCK OPTION AWARD AGREEMENT
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Luse Gorman
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<body bgcolor="#ffffff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;">
  <div>
    <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">Exhibit 10.3</div>
    <div><br>
    </div>
    <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-variant: normal; font-weight: bold; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-style: normal; text-transform: uppercase;">Incentive
      Stock Option</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-variant: small-caps; font-weight: bold;">FORM OF</div>
    <div style="text-align: center; font-weight: bold;">INCENTIVE STOCK OPTION AWARD AGREEMENT</div>
    <div><br>
    </div>
    <div style="text-align: center;">Granted by</div>
    <div><br>
    </div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-variant: normal; font-weight: bold; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-style: normal; text-transform: uppercase;">Magyar
      Bancorp, Inc.</div>
    <div><br>
    </div>
    <div style="text-align: center;">under the</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">MAGYAR BANCORP, INC.</div>
    <div style="text-align: center; font-weight: bold;">2022 EQUITY INCENTIVE PLAN</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">This stock option agreement (&#8220;<font style="font-weight: bold;">Option</font>&#8221; or &#8220;<font style="font-weight: bold;">Agreement</font>&#8221;) is and will be subject in every respect to the provisions of the Magyar Bancorp, Inc. 2022 Equity Incentive Plan (the &#8220;<font style="font-weight: bold;">Plan</font>&#8221;) of Magyar Bancorp, Inc.
      (the &#8220;<font style="font-weight: bold;">Company</font>&#8221;), which are incorporated herein by reference and made a part hereof, subject to the provisions of this Agreement.&#160; A copy of the
      Plan and related prospectus have been provided to each person granted a stock option pursuant to the Plan.&#160; The holder of this Option (the &#8220;<font style="font-weight: bold;">Participant</font>&#8221;)
      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 &#8220;<font style="font-weight: bold;">Committee</font>&#8221;) or the Board of Directors will be final, binding and conclusive upon the Participant and the Participant&#8217;s heirs, legal
      representatives, successors and permitted assigns.&#160; Except where the context otherwise requires, the term &#8220;Company&#8221; includes the parent and all present and future subsidiaries of the Company as defined in Section 424(e) and 424(f) of the Internal
      Revenue Code of 1986, as amended from time to time (the &#8220;<font style="font-weight: bold;">Code</font>&#8221;).&#160; Capitalized terms used herein but not defined will have the same meaning as in
      the Plan.<br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z12c86a7575f6482da7b3cfe297969f29" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">1.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;"><font style="font-weight: bold;">Name of Participant</font>:______________________________&#160;
                <font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 324pt"><br>
                </font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z8f4d4a9882b24849b3c58d33e9b76555" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="font-weight: bold;">2.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; text-indent: 0px;"><font style="font-weight: bold;">Date of Grant</font>:
                ________________, 20___</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z8a265df3a2a54bba9c2d4ac81f108b99" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 37.05pt; vertical-align: top; align: right;">
              <div style="font-weight: bold;">3.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-indent: 0px;"><font style="font-weight: bold;">Total number of shares of Company
                  common stock, $0.01 par value per share, that may be acquired pursuant to this Option</font>:________________<br>
                (subject to adjustment pursuant to Section 9 hereof).</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="zc12b3293b2ae49349c913edfff929f11" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 90pt; vertical-align: top; align: right;">
              <div style="margin-left: 72pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">This Award is intended to be an Incentive Stock Option. The Option will be an Incentive Stock Option to the maximum extent permitted under Code
                Section 422(d),&#160; which convers incentive tax treatment on the first $100,000 of Incentive Stock Options (based on the exercise price of the Option) that vest in any one calendar year, provided the Participant holds the share(s) received on
                exercise for the longer of one year from the date of exercise or two years from the date of grant of the Option.</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="font-weight: bold;">4.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; text-indent: 0px;"><font style="font-weight: bold;">Exercise price per
                  share:___________________</font><br>
                <div>(subject to adjustment pursuant to Section 9 below)</div>
              </div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z0f67632ceebd4f0f89a1dfb8072d430b" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">5.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><font style="font-weight: bold;">Expiration Date of Option: </font>_________, 20<u>&#160; &#160; &#160; </u>.&#160; Notwithstanding anything in this Agreement to the contrary, no part of this Option may be exercised at any time on or after the expiration date.</div>
          </td>
        </tr>

    </table>
    <div> <br>
    </div>
    <div> <br>
    </div>
    <div> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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    <div style="margin: 0px 0px 0px;"> <br>
    </div>
    <table cellspacing="0" cellpadding="0" id="zb2083dbaf0be4c84b900eeb15ebc404a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 34.2pt; vertical-align: top; align: right; font-weight: bold;">6.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><font style="font-weight: bold;">Vesting Schedule</font>.&#160; Except as otherwise provided in this
              Agreement, this Option first becomes exercisable, subject to the Option&#8217;s expiration date, in accordance with the vesting schedule specified herein.</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36.7pt;">The Options granted under this Agreement shall vest in _____ (__) equal annual installments (provided that fractional Options will not
      vest), with the first installment becoming exercisable on the first anniversary of the date of grant, or <u>&#160; &#160; &#160;&#160; </u>, 20<u>&#160;&#160; </u>, and succeeding installments on each anniversary thereafter, through <u>&#160; &#160; &#160; &#160; &#160;&#160; </u>, 20<u>&#160; &#160;&#160; </u>, subject to accelerated vesting under Section 10 of this Agreement.&#160; Notwithstanding the foregoing, to the extent the vesting would vest in a fractional
      Option, the number of Options vesting should be rounded to the nearest Option&#160; (with &#8220;.5&#8221; of an Option rounded up). This Option may not be exercised at any time on or after the Option&#8217;s expiration date.</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 37.05pt; margin-bottom: 12pt;">As set forth in Section 10 of this Agreement, vesting will automatically accelerate pursuant to Sections 2.7 and
      4.1 of the Plan in the event of death, Disability or Involuntary Termination of Service at or following a Change in Control.</div>
    <table cellspacing="0" cellpadding="0" id="z101088bdccdb4ad7b1ebb050b2769362" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">7.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><font style="font-weight: bold;">Exercise Procedure and Delivery of Notice of Exercise of Option.</font>&#160;
              This Option may be exercised in whole or in part by the Participant&#8217;s delivery to the Company of written notice (the &#8220;<font style="font-weight: bold;">Notice of Exercise of Option</font>&#8221;
              attached hereto as <u>Exhibit A</u> or as otherwise acceptable to the Company) setting forth the number of shares with respect to which this Option is to be
              exercised, together with payment by cash or other means acceptable to the Committee, in accordance with the Plan.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="zfef59e1eb0104d6cb9dd11a9a609194b" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">8.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><font style="font-weight: bold;">Delivery of Shares.&#160; </font>Delivery of shares of Stock upon the
              exercise of this Option will comply with all applicable laws (including the requirements of the Securities Act of 1933, as amended) and the applicable requirements of any securities exchange or similar entity.</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify;"><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="zd355567fc8514d35b2d1ee34ded848f4" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">9.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><font style="font-weight: bold;">Adjustment Provisions.&#160; </font>This Option, including the number of
              shares subject to the Option and the exercise price, will be adjusted upon the occurrence of the events specified in, and in accordance with the provisions of Section 3.4 of the Plan.</div>
          </td>
        </tr>

    </table>
    <div style="margin: 0px 0px 0px; text-align: justify;"><br>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="font-weight: bold;">10.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; text-indent: 0px;"><font style="font-weight: bold;">Accelerated Vesting and Exercisability Period.</font></div>
              <div style="text-align: justify; text-indent: 0px;"> <br>
                </div>
              <div style="text-align: justify; text-indent: 0px;">The vesting of this Option will accelerate
                as set forth in the following&#160; provisions under the Plan:</div>
            </td>
          </tr>

      </table>
    </div>
    <font style="font-weight: bold;"> </font><br>
    <table cellspacing="0" cellpadding="0" id="z9bf43ea0895d43d39cd9d52f2c2c9fab" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 32.4pt; vertical-align: top; align: right; font-weight: bold;">10.1</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><font style="font-weight: bold;">Death.&#160; </font>In the event of the Participant&#8217;s Termination of Service
              by reason of death, any unvested portion of this Option will vest and any unexercised portion of the Option may thereafter be exercised by the Participant&#8217;s legal representative or beneficiaries for a period of one (1) year from the
              Participant&#8217;s date of death.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z3dc9eec4d90b4a7b900480083f7f4cd2" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 32.4pt; vertical-align: top; align: right; font-weight: bold;">10.2</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><font style="font-weight: bold;">Disability</font>.&#160; In the event of the Participant&#8217;s Termination of
              Service by reason of the Participant&#8217;s Disability, any unvested portion of this Option will vest and any unexercised portion of the Option may thereafter be exercised by the Participant or the Participant&#8217;s legal representative for a period
              of one (1) year following the Termination of Service due to Disability.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z7efd9f42fff048d58abdf76969c0aef6" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 32.4pt; vertical-align: top; align: right; font-weight: bold;">10.3</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><font style="font-weight: bold;">Change in Control.</font>&#160; In the event of the Participant&#8217;s Involuntary
              Termination of Service at or following a Change in Control, any unvested portion of the Option will vest and any unexercised portion of the Option may be exercised by the Participant or the Participant&#8217;s legal representative for a period of
              one (1) year following the Participant&#8217;s Involuntary Termination of Service.</div>
          </td>
        </tr>

    </table>
    <div> <br>
    </div>
    <div> <br>
    </div>
    <div> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">2</font></div>
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        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
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    <div style="text-indent: 36pt;"><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="zadb7c4cc483d451a8f5d144333822b36" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 32.4pt; vertical-align: top; align: right; font-weight: bold;">10.4</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><font style="font-weight: bold;">Retirement</font>.&#160; In the event of the Participant&#8217;s Termination of
              Service by reason of the Participant&#8217;s Retirement, vested Options may be exercised for a period of one (1) year from the date of Termination of Service. Options that have not vested will expire and be forfeited on the date of Termination of
              Service by reason of Retirement.&#160; &#8220;Retirement&#8221; has the meaning set forth in Article 8 of the Plan.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z5cc1eacc290f40bf9eb787cb3452fc17" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 32.4pt; vertical-align: top; align: right; font-weight: bold;">10.5</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><font style="font-weight: bold;">Termination for Cause</font><font style="font-style: italic;">.</font>&#160; In the event of the Participant&#8217;s Termination of Service for Cause, all Options subject to this Agreement that have not been exercised will immediately expire and be forfeited.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="zd7c1a68b47b548c69147cd261ad41305" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 32.4pt; vertical-align: top; align: right; font-weight: bold;">10.6</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><font style="font-weight: bold;">Other Termination</font><font style="font-style: italic;">.</font>&#160; In the event of the Participant&#8217;s Termination from Service for any reason other than due to death, Disability, Retirement, Involuntary Termination at or following a Change in
              Control, or for Cause, this Option may thereafter be exercised, only to the extent it was exercisable at the time of the termination and only for a period of three (3) months following the termination.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z64485f1deec04a6aa5349ae93bf1e738" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">11.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><font style="font-weight: bold;">Incentive Option Treatment</font>.&#160; The Incentive Stock Options granted
              hereunder are subject to the requirements of Code Section 421.&#160; No Option will be eligible for treatment as an Incentive Stock Option in the event such Option is exercised more than three (3) months following Termination of Service (except in
              the case of Termination of Service due to death or Disability).&#160; In order to obtain Incentive Stock Option treatment for Options exercised by heirs or devisees of the Participant, the Participant&#8217;s death must have occurred while the
              Participant was employed or within three (3) months of the Participant&#8217;s Termination of Service.</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify;"><br>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="font-weight: bold;">12.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; text-indent: 0px;"><font style="font-weight: bold;">Miscellaneous.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <br>
    <table cellspacing="0" cellpadding="0" id="z66d0ef387311413e9915bc0762cce6c6" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 32.4pt; vertical-align: top; align: right; font-weight: bold;">12.1</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>No Option will confer upon the Participant any rights as a stockholder of the Company prior to the date on which the individual fulfills all conditions for receipt of
              such rights.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="zb7d1b8c7b2ae48ff9e9a36788fb358f1" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 32.4pt; vertical-align: top; align: right; font-weight: bold;">12.2</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Except as otherwise provided for in the Plan, this Agreement may not be amended or otherwise modified unless evidenced in writing and signed by the Company and the
              Participant.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
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        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 35.3pt; vertical-align: top; align: right; font-weight: bold;">12.3</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Except as otherwise provided by the Committee, Incentive Stock Options under the Plan are not transferable except (i) as designated by the Participant by will or by the
              laws of descent and distribution; (ii) to a trust established by the Participant; or (iii) between spouses incident to a divorce or pursuant to a domestic relations order, provided, however,&#160; that in the case of a transfer described under
              (iii), the Option will not qualify as an Incentive Stock Option as of the day of the transfer.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z789c7fcc7e914056a2120e96aa069757" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 35.3pt; vertical-align: top; align: right; font-weight: bold;">12.4</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Under current tax laws, an Option that is exercised as an Incentive Stock Option is not subject to ordinary income taxes so long as it is held for the requisite holding
              period, which is two (2) years from the grant date of the Option and more than one (1) year from the date of exercise.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z99bbeb41f43a4f1f8264e23e9779f0c3" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 35.3pt; vertical-align: top; align: right; font-weight: bold;">12.5</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>This Agreement will be governed by and construed in accordance with the laws of the State of Delaware, without reference to principles of conflict of laws, except as
              superseded by applicable federal law.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="zb8427fe9e3e840c7b8f33b8eb8cd18fa" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">12.6</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>The granting of this Option does not confer upon the Participant any right to be retained in the service of the Company or any of its subsidiaries.</div>
          </td>
        </tr>

    </table>
    <div> <br>
    </div>
    <div> <br>
    </div>
    <div> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">3</font></div>
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        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z6299152761ba40c3bae45b0643b6feac" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">12.7</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>This Option is subject to forfeiture in accordance with the provisions of Section 7.17 of the Plan or as otherwise adopted by the Company.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
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        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">12.8</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>This Option is subject to all laws, regulations and orders of any governmental authority which may be applicable thereto and, notwithstanding any of the provisions
              hereof, the Company will not be obligated to issue any shares of stock hereunder if the issuance of such shares would constitute a violation of any such law, regulation or order or any provision thereof.</div>
          </td>
        </tr>

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    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="margin: 0px 0px 12pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; text-align: center; text-indent: 0px;">[Signature Page to Follow]</div>
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    </div>
    <div style="text-indent: 36pt;">IN WITNESS WHEREOF, the Company has caused this Agreement to be executed in its name and on its behalf as of the date of grant of this
      Option set forth above.</div>
    <div><br>
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    <div><br>
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        <tr>
          <td style="width: 41.46%; vertical-align: top;">&#160;</td>
          <td style="width: 5.27%; vertical-align: top;">&#160;</td>
          <td style="width: 53.27%; vertical-align: top;">
            <div style="text-align: justify; font-weight: bold;">MAGYAR BANCORP, INC.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 41.46%; vertical-align: top;">&#160;</td>
          <td style="width: 5.27%; vertical-align: top;">&#160;</td>
          <td style="width: 53.27%; vertical-align: top;">
            <div style="text-align: justify;">By:___________________________________<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 216pt"> <br>
              </font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 41.46%; vertical-align: top;">&#160;</td>
          <td style="width: 5.27%; vertical-align: top;">&#160;</td>
          <td style="width: 53.27%; vertical-align: top;">
            <div style="text-align: justify;">Title:__________________________________<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 216pt"> <br>
              </font></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">PARTICIPANT&#8217;S ACCEPTANCE</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">The undersigned hereby accepts the foregoing Option and agrees to the terms and conditions hereof, including the terms and provisions of
      the Magyar Bancorp, Inc. 2022 Equity Incentive Plan.&#160; The undersigned hereby acknowledges receipt of a copy of the Magyar Bancorp, Inc. 2022 Equity Incentive Plan and related prospectus.</div>
    <div><br>
    </div>
    <div><br>
    </div>
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        <tr>
          <td style="width: 41.46%; vertical-align: top;">&#160;</td>
          <td style="width: 5.27%; vertical-align: top;">&#160;</td>
          <td style="width: 53.27%; vertical-align: top;">
            <div style="text-align: justify; font-weight: bold;">PARTICIPANT</div>
          </td>
        </tr>
        <tr>
          <td style="width: 41.46%; vertical-align: top;">&#160;</td>
          <td style="width: 5.27%; vertical-align: top;">&#160;</td>
          <td style="width: 53.27%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 41.46%; vertical-align: top;">&#160;</td>
          <td style="width: 5.27%; vertical-align: top;">&#160;</td>
          <td style="width: 53.27%; vertical-align: top;">:______________________________________ <br>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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    </div>
    <div style="text-align: center; font-weight: bold;">EXHIBIT A</div>
    <div style="text-align: center; font-weight: bold;">NOTICE OF EXERCISE OF OPTION</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">I hereby exercise the stock option (the &#8220;Option&#8221;) granted to me by Magyar Bancorp, Inc. (the &#8220;<font style="font-weight: bold;">Company</font>&#8221;), subject to the terms and provisions set forth in the Incentive Stock Option Agreement (the &#8220;<font style="font-weight: bold;">Agreement</font>&#8221;) and the Magyar Bancorp, Inc. 2022 Equity Incentive Plan (the &#8220;<font style="font-weight: bold;">Plan</font>&#8221;), and notify you of my desire to
      purchase _______________ shares of common stock of the Company (&#8220;<font style="font-weight: bold;">Common Stock</font>&#8221;) for a purchase price of $______ per share.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">I elect to pay the exercise price by:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="zba856719139d4613bd9d2759549934c7" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">___</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Cash or personal, certified or cashier&#8217;s check in the sum of $_______, in full/partial payment of the purchase price.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z3b0ac751379240ada55c0fff46f90c34" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">___</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Stock of the Company with a fair market value of $______ in full/partial payment of the purchase price.*</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z35f26bc524b64d9ba6dfc5b7d42d3222" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">___</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>My check in the sum of $_______ <u>and</u> stock of the Company with a fair market
              value of $______, in full/partial payment of the purchase price.*</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="zebd04b3fb1ac4d3eae669ffabd846da9" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

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          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">___</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>A net settlement of the Option, using a portion of the shares obtained on exercise in payment of the exercise price of the Option (and, if applicable, any minimum
              required tax withholding).</div>
          </td>
        </tr>

    </table>
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          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">___</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Selling&#160; ______ shares from my Option shares through a broker in full/partial payment of the purchase price.</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">I understand that after this exercise, ____________ shares of Common Stock remain subject to the Option, subject to
      all terms and provisions set forth in the Agreement and the Plan.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">I hereby represent that it is my intention to acquire these shares for the following purpose:</div>
    <div style="text-align: justify; text-indent: 36pt;">___<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>investment</div>
    <div style="text-align: justify; text-indent: 36pt;">___<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>resale or distribution</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Please note: if your intention is to resell (or distribute within the meaning of Section 2(11) of the Securities
      Act of 1933, as amended (the &#8220;<font style="font-weight: bold;">Securities Act</font>&#8221;) the shares you acquire through this Option exercise, the Company or transfer agent may require an
      opinion of counsel that such resale or distribution would not violate the Securities Act prior to your exercise of such Option.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">
      <table cellspacing="0" cellpadding="0" id="z00f28ba5e1d543d0a80f7145f46517e7" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 50%; vertical-align: top;">
              <div style="text-align: justify;">Date: _______________, 20___.</div>
            </td>
            <td style="width: 50%; vertical-align: top;">________________________________________ <br>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 50%; vertical-align: top;">
              <div style="text-align: justify;">Participant&#8217;s signature</div>
            </td>
          </tr>

      </table>
    </div>
    <br>
    <div style="text-align: justify; margin-bottom: 12pt;">* If I elect to exercise by exchanging shares I already own, I will <u>constructively</u> return shares that I already own to purchase the new option shares.&#160; If my shares are in certificate form, I must attach a separate statement indicating the certificate number of the shares I am treating
      as having exchanged.&#160; If the shares are held in &#8220;street name&#8221; by a registered broker, I must provide the Company with a notarized statement attesting to the number of shares owned that will be treated as having been exchanged.&#160; I will keep the shares
      that I already own and treat them as if they are shares acquired by the option exercise.&#160; In addition, I will receive additional shares equal to the difference between the shares I constructively exchange and the total new option shares that I
      acquire.<br>
      <div><br>
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      <br>
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<DOCUMENT>
<TYPE>EX-10.4
<SEQUENCE>5
<FILENAME>ex10-4.htm
<DESCRIPTION>FORM OF NON-QUALIFIED STOCK OPTION AWARD AGREEMENT
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Luse Gorman
         Document created using EDGARfilings PROfile 8.3.1.0
         Copyright 1995 - 2022 Broadridge -->
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<body bgcolor="#ffffff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;">
  <div>
    <div style="text-align: right;">Exhibit 10.4</div>
    <div><br>
    </div>
    <div style="text-align: right; font-weight: bold;">NON-QUALIFIED STOCK OPTION</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">FORM OF</div>
    <div style="text-align: center; font-weight: bold;">NON-QUALIFIED STOCK OPTION AWARD AGREEMENT</div>
    <div><br>
    </div>
    <div style="text-align: center;">Granted by</div>
    <div><br>
    </div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-variant: small-caps; font-weight: bold; text-transform: uppercase;">Magyar Bancorp, Inc.</div>
    <div><br>
    </div>
    <div style="text-align: center;">under the</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">MAGYAR BANCORP, INC.</div>
    <div style="text-align: center; font-weight: bold;">2022 EQUITY INCENTIVE PLAN</div>
    <div><br>
    </div>
    <div style="margin: 0px; text-align: justify; text-indent: 0px;">This<font style="font-size: 12pt;">&#160;</font>Non-Qualified Stock Option
      Agreement (&#8220;<font style="font-weight: bold;">Option</font>&#8221; or &#8220;<font style="font-weight: bold;">Agreement</font>&#8221;) is and
      will be subject in every respect to the provisions of the Magyar Bancorp, Inc. 2022 Equity Incentive Plan (the &#8220;<font style="font-weight: bold;">Plan</font>&#8221;) of Magyar Bancorp, Inc. (the
      &#8220;<font style="font-weight: bold;">Company</font>&#8221;), which are incorporated herein by reference and made a part hereof, subject to the provisions of this Agreement.&#160; A copy of the Plan and
      related prospectus have been provided to each person granted a stock option pursuant to the Plan.&#160; The holder of this Option (the &#8220;<font style="font-weight: bold;">Participant</font>&#8221;)
      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 &#8220;<font style="font-weight: bold;">Committee</font>&#8221;) or by the Board of Directors, will be final, binding and conclusive upon the Participant and the Participant&#8217;s heirs,
      legal representatives, successors and permitted assigns.&#160; Except where the context otherwise requires, the term &#8220;Company&#8221; includes the parent and all present and future subsidiaries of the Company as defined in Section 424(e) and 424(f) of the
      Internal Revenue Code of 1986, as amended from time to time (the &#8220;<font style="font-weight: bold;">Code</font>&#8221;).&#160; Capitalized terms used herein but not defined will have the same meaning
      as in the Plan.</div>
    <div style="margin: 0px; text-align: justify; text-indent: 0px;"> <br>
    </div>
    <div style="margin: 0px; text-align: justify; text-indent: 0px;">
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">
                <div style="font-weight: bold;">1.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; text-indent: 0px;"><font style="font-weight: bold;">Name of Participant</font>:______________________________</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">
                <div style="font-weight: bold;">2.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; text-indent: 0px;"><font style="font-weight: bold;">Date of Grant</font>:
                  ____________________<br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 37.05pt; vertical-align: top; align: right;">
                <div style="font-weight: bold;">3.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-indent: 0px;"><font style="font-weight: bold;">Total number of shares of
                    Company common stock, $0.01 par value per share, that may be acquired pursuant to this Option</font>:_____________<br>
                  (subject to adjustment pursuant to Section 9 hereof).</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 90pt; vertical-align: top; align: right;">
                <div style="margin-left: 72pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;">This is a Non-Qualified Stock Option. <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">
                <div style="font-weight: bold;">4.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; text-indent: 0px;"><font style="font-weight: bold;">Exercise price per share:
                    $___________________</font><br>
                  <div>(subject to adjustment pursuant to Section 9 below)</div>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">5.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="font-weight: bold;">Expiration Date of Option: </font>________<u></u>.&#160; Notwithstanding anything in this Agreement to the contrary, no part of this Option may be exercised at any time on or after the expiration date.</div>
            </td>
          </tr>

      </table>
      <div> <br>
      </div>
    </div>
    <table cellspacing="0" cellpadding="0" id="zf752574e29114fb0a2b40ac3c1365f01" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 34.2pt; vertical-align: top; align: right; font-weight: bold;">6.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><font style="font-weight: bold;">Vesting Schedule</font>.&#160; Except as otherwise provided in this
              Agreement, this Option first becomes exercisable, subject to the Option&#8217;s expiration date, in accordance with the vesting schedule specified herein.</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36.7pt;">The Options granted under this Agreement shall vest in _______ (__) equal annual installments (provided that fractional Options will
      not vest), with the first installment becoming exercisable on the first anniversary of the date of grant, or <u>&#160; &#160; &#160;&#160; </u>, 20<u>&#160;&#160; </u>, and succeeding installments on each anniversary thereafter, through <u>&#160; &#160; &#160; &#160; &#160;&#160; </u>, 20<u>&#160; &#160;&#160; </u>, subject to accelerated vesting under Section 10 of this Agreement.&#160; Notwithstanding the foregoing, to the extent the vesting would vest in a fractional
      Option, the number of Options vesting should be rounded to the nearest Option&#160; (with &#8220;.5&#8221; of an Option rounded up). This Option may not be exercised at any time on or after the Option&#8217;s expiration date.</div>
    <div style="text-align: justify; margin-left: 36.7pt;"> <br>
    </div>
    <div style="text-align: justify; margin-left: 36.7pt;"> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <!--PROfilePageNumberReset%Num%2%%%-->
    <div style="text-align: justify; margin-left: 37.05pt; margin-bottom: 12pt;">As set forth in Section 10 of this Agreement, vesting will automatically accelerate pursuant to Sections 2.7 and
      4.1 of the Plan in the event of death, Disability or Involuntary Termination of Service at or following a Change in Control.</div>
    <table cellspacing="0" cellpadding="0" id="zebcb908d2fe04fd099980ec2cdc0f2ad" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 34.2pt; vertical-align: top; align: right; font-weight: bold;">7.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><font style="font-weight: bold;">Exercise Procedure and Delivery of Notice of Exercise of Option</font>.&#160;
              This Option may be exercised in whole or in part by the Participant&#8217;s delivery to the Company of written notice (the &#8220;<font style="font-weight: bold;">Notice of Exercise of Option</font>&#8221;
              attached hereto as <u>Exhibit A</u> or as otherwise acceptable to the Company) setting forth the number of shares with respect to which this Option is to be
              exercised, together with payment by cash or other means acceptable to the Committee, in accordance with the Plan.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="zcebe0750edeb42a882686df19d6f109d" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">8.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><font style="font-weight: bold;">Delivery of Shares.&#160; </font>Delivery of shares of Stock upon the
              exercise of this Option will comply with all applicable laws (including the requirements of the Securities Act of 1933, as amended) and the applicable requirements of any securities exchange or similar entity.</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify;"><br>
    </div>
    <div style="text-align: justify;">
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">9.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="font-weight: bold;">Adjustment Provisions.</font></div>
              <div> <br>
              </div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: justify; text-indent: -1.05pt; margin-left: 37.05pt; margin-bottom: 12pt;">This Option, including the number of shares subject to the Option and the exercise price,
      will be adjusted upon the occurrence of the events specified in, and in accordance with the provisions of, Section 3.4 of the Plan.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">10.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="font-weight: bold;">Accelerated Vesting and Exercisability Period</font>.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">The vesting of this Option will accelerate as set forth in the following&#160; provisions under the Plan:</div>
    <table cellspacing="0" cellpadding="0" id="z903aa4b29b7e4323abac4eeec90deea3" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 32.4pt; vertical-align: top; align: right; font-weight: bold;">10.1</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><font style="font-weight: bold;">Death.&#160; </font>In the event of the Participant&#8217;s Termination of Service
              by reason of death, any unvested portion of this Option will vest and any unexercised portion of the Option may thereafter be exercised by the Participant&#8217;s legal representative or beneficiaries for a period of one (1) year from the
              Participant&#8217;s date of death.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z3220e0eca67245debbf1721e41ec5267" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 32.4pt; vertical-align: top; align: right; font-weight: bold;">10.2</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><font style="font-weight: bold;">Disability</font>.&#160; In the event of the Participant&#8217;s Termination of
              Service by reason of the Participant&#8217;s Disability, any unvested portion of this Option will vest and any unexercised portion of the Option may thereafter be exercised by the Participant or the Participant&#8217;s legal representative for a period
              of one (1) year following the Termination of Service due to Disability.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="zda0e8c72246c452bae089fb73607b596" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 32.4pt; vertical-align: top; align: right; font-weight: bold;">10.3</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><font style="font-weight: bold;">Change in Control.</font>&#160; In the event of the Participant&#8217;s Involuntary
              Termination of Service at or following a Change in Control, any unvested portion of the Option will vest and any unexercised portion of the Option may be exercised by the Participant or the Participant&#8217;s legal representative for a period of
              one (1) year following the Participant&#8217;s Involuntary Termination of Service.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="zc94db81b508e4e38b09b6cf7ad9c1cc4" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 32.4pt; vertical-align: top; align: right; font-weight: bold;">10.4</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><font style="font-weight: bold;">Retirement</font>.&#160; In the event of the Participant&#8217;s Termination of
              Service by reason of the Participant&#8217;s Retirement, vested Options may be exercised for a period of one (1) year from the date of Termination of Service. Options that have not vested will expire and be forfeited on the date of Termination of
              Service by reason of Retirement.&#160; &#8220;Retirement&#8221; has the meaning set forth in Article 8 of the Plan.</div>
          </td>
        </tr>

    </table>
    <div> <br>
    </div>
    <div> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">2</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <table cellspacing="0" cellpadding="0" id="z05059c43e34148fea7abbfdf5521122d" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 32.4pt; vertical-align: top; align: right; font-weight: bold;">10.5</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><font style="font-weight: bold;">Termination for Cause</font><font style="font-style: italic;">.</font>&#160; In the event of the Participant&#8217;s Termination of Service for Cause, all Options subject to this Agreement that have not been exercised will immediately expire and be forfeited.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="zaf66eed1d585471788d51deeb14b04d8" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 32.4pt; vertical-align: top; align: right; font-weight: bold;">10.6</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><font style="font-weight: bold;">Other Termination</font><font style="font-style: italic;">.</font>&#160; In the event of the Participant&#8217;s Termination from Service for any reason other than due to death, Disability, Retirement, Involuntary Termination at or following a Change in
              Control, or for Cause, this Option may thereafter be exercised, only to the extent it was exercisable at the time of the termination and only for a period of three (3) months following the termination.</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify;">
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">11.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="font-weight: bold;">Miscellaneous.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z2d6c41b69aa0443cb11157eeb27d5dd0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 32.4pt; vertical-align: top; align: right; font-weight: bold;">11.1</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>No Option will confer upon the Participant any rights as a stockholder of the Company prior to the date on which the individual fulfills all conditions for receipt of
              such rights.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z5dc5b0fa49af4dcd8d1ee74c7815a70a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 32.4pt; vertical-align: top; align: right; font-weight: bold;">11.2</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Except as otherwise provided for in the Plan, this Agreement may not be amended or otherwise modified unless evidenced in writing and signed by the Company and the
              Participant.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z74b45fa741a9484c8b3b2b9d7d2e2ba2" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 35.3pt; vertical-align: top; align: right; font-weight: bold;">11.3</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>At the discretion of the Committee, a Non-Qualified Option granted under the Plan may be transferable by the Participant, provided, however, that transfers will be
              limited to Immediate Family Members of Participants, trusts and partnerships established for the primary benefit of such family members or to charitable organizations, and provided, further, that the transfers are not made for consideration
              to the Participant.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="zce985ee64529403db1ee519e19228714" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">11.4</td>
          <td style="width: auto; vertical-align: top;">
            <div>This Option will be subject to any required federal, state and local tax withholding, which may be effected in the manner or manners permitted by the Company.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z4376bc30eba4431490c6895a5bad39a3" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 35.3pt; vertical-align: top; align: right; font-weight: bold;">11.5</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>This Agreement will be governed by and construed in accordance with the laws of the State of Delaware, without reference to principals of conflict of laws, except as
              superseded by applicable federal law.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="za426a615e8dd40ff8c5a281e1fbd4ed4" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">11.6</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>The granting of this Option does not confer upon the Participant any right to be retained in the service of the Company or any of its subsidiaries.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z85d81dbb632445e095f1e9c0258dff6d" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">11.7</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>This Option is subject to forfeiture in accordance with the provisions of Section 7.17 of the Plan or as otherwise adopted by the Company.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z3de65883450c42b5a2a80a6a70b50a9a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">11.8</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>This Option is subject to all laws, regulations and orders of any governmental authority which may be applicable thereto and, notwithstanding any of the provisions
              hereof, the Company will not be obligated to issue any shares of stock hereunder if the issuance of such shares would constitute a violation of any such law, regulation or order or any provision thereof.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="margin: 0px 0px 12pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; text-align: center; text-indent: 0px;">[Signature Page to Follow]</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">3</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="margin: 0px 0px 0px; text-align: justify; text-indent: 36pt;">IN WITNESS WHEREOF, the Company has caused this Agreement to be executed in its name and on its behalf as of the
      date of grant of this Option set forth above.</div>
    <div style="margin: 0px; text-align: justify; text-indent: 0px;"> <br>
    </div>
    <div style="margin: 0px; text-align: justify; text-indent: 0px;">
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 41.46%; vertical-align: top;">&#160;</td>
            <td style="width: 5.27%; vertical-align: top;">&#160;</td>
            <td style="width: 53.27%; vertical-align: top;">
              <div style="text-align: justify; font-weight: bold;">MAGYAR BANCORP, INC.</div>
            </td>
          </tr>
          <tr>
            <td style="width: 41.46%; vertical-align: top;">&#160;</td>
            <td style="width: 5.27%; vertical-align: top;">&#160;</td>
            <td style="width: 53.27%; vertical-align: top;">
              <div style="text-align: justify;">By:___________________________________<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 216pt"> <br>
                </font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 41.46%; vertical-align: top;">&#160;</td>
            <td style="width: 5.27%; vertical-align: top;">&#160;</td>
            <td style="width: 53.27%; vertical-align: top;">
              <div style="text-align: justify;">Title:__________________________________<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 216pt"> <br>
                </font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin: 0px; text-align: justify; text-indent: 0px;"> <br>
    </div>
    <div style="margin: 0px; text-align: justify; text-indent: 0px;"> <br>
    </div>
    <br>
    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">PARTICIPANT&#8217;S ACCEPTANCE</div>
    <div style="text-indent: 38.85pt; margin-bottom: 12pt;">The undersigned hereby accepts the foregoing Option and agrees to the terms and conditions hereof, including the
      terms and provisions of the Magyar Bancorp, Inc. 2022 Equity Incentive Plan.&#160; The undersigned hereby acknowledges receipt of a copy of the Magyar Bancorp, Inc. 2022 Equity Incentive Plan and related prospectus.</div>
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          <tr>
            <td style="width: 41.46%; vertical-align: top;">&#160;</td>
            <td style="width: 5.27%; vertical-align: top;">&#160;</td>
            <td style="width: 53.27%; vertical-align: top;">
              <div style="text-align: justify; font-weight: bold;">PARTICIPANT</div>
            </td>
          </tr>
          <tr>
            <td style="width: 41.46%; vertical-align: top;">&#160;</td>
            <td style="width: 5.27%; vertical-align: top;">&#160;</td>
            <td style="width: 53.27%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 41.46%; vertical-align: top;">&#160;</td>
            <td style="width: 5.27%; vertical-align: top;"><br>
            </td>
            <td style="width: 53.27%; vertical-align: top;">_______________________________________<br>
            </td>
          </tr>

      </table>
    </div>
    <br>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-indent: 38.85pt; margin-left: 213.15pt; margin-bottom: 12pt;"><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 216pt">&#160;</font><br>
    </div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">4</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div style="text-align: center; font-weight: bold;">EXHIBIT A</div>
    <div style="text-align: center; font-weight: bold;">NOTICE OF EXERCISE OF OPTION</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">I hereby exercise the stock option (the &#8220;<font style="font-weight: bold;">Option</font>&#8221;)
      granted to me by Magyar Bancorp, Inc. (the &#8220;<font style="font-weight: bold;">Company</font>&#8221;) or its affiliate, subject to all the terms and provisions set forth in the Non-Qualified
      Stock Option Agreement (the &#8220;<font style="font-weight: bold;">Agreement</font>&#8221;) and the Magyar Bancorp, Inc. 2022 Equity Incentive Plan (the &#8220;<font style="font-weight: bold;">Plan</font>&#8221;) referred to therein, and notify you of my desire to purchase __________________ shares of common stock of the Company (&#8220;<font style="font-weight: bold;">Common Stock</font>&#8221;) for a purchase price of $______ per share.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">I elect to pay the exercise price by:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z3f95d29c206145169455d5b8237ea3ee" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">___</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Cash or personal, certified or cashier&#8217;s check in the sum of $_______, in full/partial payment of the purchase price.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="zb07cd32412984c3e910c52f7b4216863" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">___</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Stock of the Company with a fair market value of $______ in full/partial payment of the purchase price.*</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="ze8ddb92807ad45a58a08608db1208299" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">___</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>My check in the sum of $_______ <u>and</u> stock of the Company with a fair market
              value of $______, in full/partial payment of the purchase price.*</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z4095168e12e44ebdadc186f056f0cee9" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">___</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>A net settlement of the Option, using a portion of the shares obtained on exercise in payment of the exercise price of the Option (and, if applicable, any minimum
              required tax withholding).</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z322f938892324eb4ad57fdde93afac02" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">___</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Selling&#160; ______ shares from my Option shares through a broker in full/partial payment of the purchase price.</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">I understand that after this exercise, ____________ shares of Common Stock remain subject to the Option, subject to
      all terms and provisions set forth in the Agreement and the Plan.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">I hereby represent that it is my intention to acquire these shares for the following purpose:</div>
    <div style="text-align: justify; text-indent: 36pt;">___<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>investment</div>
    <div style="text-align: justify; text-indent: 36pt;">___<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>resale or distribution</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Please note: if your intention is to resell (or distribute within the meaning of Section 2(11) of the Securities
      Act of 1933, as amended (the &#8220;<font style="font-weight: bold;">Securities Act</font>&#8221;) the shares you acquire through this Option exercise, the Company or transfer agent may require an
      opinion of counsel that such resale or distribution would not violate the Securities Act of 1933 prior to your exercise of such Option.</div>
    <div style="text-align: justify;"><br>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 50%; vertical-align: top;">
              <div style="text-align: justify;">Date: _______________, 20___.</div>
            </td>
            <td style="width: 50%; vertical-align: top;">________________________________________ <br>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 50%; vertical-align: top;">
              <div style="text-align: justify;">Participant&#8217;s signature</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: justify;"> <br>
      </div>
    <br>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">*<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>If I elect to exercise by exchanging shares I already own, I will <u>constructively</u>
        return shares that I already own to purchase the new option shares.&#160; If my shares are in certificate form, I must attach a separate statement indicating the certificate number of the shares I am treating as having exchanged.&#160; If the shares are held
        in &#8220;street name&#8221; by a registered broker, I must provide the Company with a notarized statement attesting to the number of shares owned that will be treated as having been exchanged.&#160; I will keep the shares that I already own and treat them as if
        they are shares acquired by the option exercise.&#160; In addition, I will receive additional shares equal to the difference between the shares I constructively exchange and the total new option shares that I acquire.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"> <br>
      </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"> <br>
      </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"> <br>
      </div>
  </div>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>6
<FILENAME>ex23-2.htm
<DESCRIPTION>CONSENT OF RSM US LLP (INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM)
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Luse Gorman
         Document created using EDGARfilings PROfile 8.3.1.0
         Copyright 1995 - 2022 Broadridge -->
  </head>
<body bgcolor="#ffffff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;">
  <div>
    <div>
      <div style="text-align: right; margin-top: 12pt;">Exhibit 23.2</div>
    </div>
    <div>
      <div><br>
        <div><br>
        </div>
        <div>
          <div><br>
          </div>
          <div style="text-align: center; margin-top: 12pt; font-weight: bold;">CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</div>
        </div>
        <div><br>
        </div>
        <div>We consent to the incorporation by reference in this Registration Statement on Form S-8 of Magyar Bancorp, Inc. and Subsidiary of our report dated
          December 20, 2021, relating to the consolidated financial statements of Magyar Bancorp, Inc. and Subsidiary, appearing in the Annual Report on Form 10-K of Magyar Bancorp, Inc. and Subsidiary for the year ended September 30, 2021.</div>
        <div><br>
        </div>
        <div><br>
        </div>
        <div>/s/ RSM US LLP </div>
        <div> <br>
        </div>
        <div>Philadelphia, Pennsylvania</div>
        <div>August 26, 2022</div>
        <br>
      </div>
      <div><br>
      </div>
    </div>
  </div>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-FILING FEES
<SEQUENCE>7
<FILENAME>ex-107.htm
<DESCRIPTION>EXHIBIT 107 FILING FEES TABLE
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Luse Gorman
         Document created using EDGARfilings PROfile 8.3.1.0
         Copyright 1995 - 2022 Broadridge -->
  </head>
<body bgcolor="#ffffff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;">
  <div>
    <div>
      <div style="text-align: right; margin-top: 12pt;">Exhibit 107</div>
    </div>
    <div>
      <div><br>
      </div>
      <div style="text-align: center; margin-top: 12pt; font-size: 12pt; font-weight: bold;">Calculation of Filing Fee Tables</div>
      <div style="text-align: center; margin-top: 12pt; font-weight: bold;">Form S-8</div>
    </div>
    <div>
      <div style="text-align: center;">(Form Type)</div>
    </div>
    <div>
      <div><br>
      </div>
      <div style="text-align: center; margin-top: 12pt; font-weight: bold;">Magyar Bancorp, Inc.</div>
    </div>
    <div>
      <div style="text-align: center;">(Exact Name of Registrant as Specified in its Charter)</div>
    </div>
    <div>
      <div><br>
      </div>
      <div style="text-align: center; margin-top: 12pt;"><u>Table 1: Newly Registered Securities</u></div>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="zcd4b6861b7ec4b99979c483a76f798bb">

        <tr>
          <td style="width: 8.57%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">Security Type</div>
          </td>
          <td style="width: 12.07%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">Security Class Title</div>
          </td>
          <td style="width: 10.22%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">Fee Calculation Rule</div>
          </td>
          <td style="width: 11.92%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">Amount Registered<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
          </td>
          <td style="width: 12.76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">Proposed Maximum Aggregate Offering Price Per Share<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div>
          </td>
          <td style="width: 16.32%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">Maximum Aggregate Offering Price<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div>
          </td>
          <td style="width: 11.9%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">Fee Rate</div>
          </td>
          <td style="width: 16.24%; vertical-align: bottom; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: center;">Amount of Registration Fee</div>
          </td>
        </tr>
        <tr>
          <td style="width: 8.57%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">Equity</div>
          </td>
          <td style="width: 12.07%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#160;</sup>Common stock, $0.01 par value per share</div>
          </td>
          <td style="width: 10.22%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">Rules 457(c) and 457(h)</div>
          </td>
          <td style="width: 11.92%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">547,400</div>
          </td>
          <td style="width: 12.76%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">$12.27</div>
          </td>
          <td style="width: 16.32%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">$6,716,598</div>
          </td>
          <td style="width: 11.9%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">0.0000927</div>
          </td>
          <td style="width: 16.24%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">$623</div>
          </td>
        </tr>
        <tr>
          <td colspan="4" style="width: 42.78%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">Total Offering Amounts</div>
          </td>
          <td style="width: 12.76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 16.32%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 11.9%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 16.24%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">$623</div>
          </td>
        </tr>
        <tr>
          <td colspan="4" style="width: 42.78%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">Total Fee Offsets</div>
          </td>
          <td style="width: 12.76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 16.32%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 11.9%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 16.24%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">$0.00<br>
            </div>
          </td>
        </tr>
        <tr>
          <td colspan="4" style="width: 42.78%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">Net Fee Due</div>
          </td>
          <td style="width: 12.76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 16.32%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); text-align: center;">&#160;$6,716,598</td>
          <td style="width: 11.9%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 16.24%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">$623</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6d1a604425564609b65ff897ce5fdfd1">

        <tr>
          <td style="width: -36pt;"><br>
          </td>
          <td style="width: 27pt; vertical-align: top; align: right;">(1)</td>
          <td style="width: auto; vertical-align: top;">
            <div>Together with an indeterminate number of additional shares that may be necessary to adjust the number of shares reserved for issuance pursuant to the Magyar Bancorp, Inc. 2022 Equity Incentive Plan as a result of a stock split, stock
              dividend or similar adjustment of the outstanding common stock of Magyar Bancorp, Inc. pursuant to 17 C.F.R. Section 230.416(a).</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbfc1b7198fd44017921a6b20a05b11dd">

        <tr>
          <td style="width: -36pt;"><br>
          </td>
          <td style="width: 27pt; vertical-align: top; align: right;">(2)</td>
          <td style="width: auto; vertical-align: top;">
            <div>Estimated solely for the purpose of calculating the registration fee pursuant to paragraphs (c) and (h)(1) of Rule 457 under the Securities Act. Based on the average of the high and low prices of the Company&#8217;s common stock as reported on
              the Nasdaq Global&#160; Market on August 25, 2022.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
  </div>
</body>
</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
