<SEC-DOCUMENT>0000943374-20-000553.txt : 20201119
<SEC-HEADER>0000943374-20-000553.hdr.sgml : 20201119
<ACCEPTANCE-DATETIME>20201119161147
ACCESSION NUMBER:		0000943374-20-000553
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		6
FILED AS OF DATE:		20201119
DATE AS OF CHANGE:		20201119
EFFECTIVENESS DATE:		20201119

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CARVER BANCORP INC
		CENTRAL INDEX KEY:			0001016178
		STANDARD INDUSTRIAL CLASSIFICATION:	SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035]
		IRS NUMBER:				133904174
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-250199
		FILM NUMBER:		201328945

	BUSINESS ADDRESS:	
		STREET 1:		75 W 125TH ST
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10027-4512
		BUSINESS PHONE:		2128764747

	MAIL ADDRESS:	
		STREET 1:		75 W 125TH ST
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10027-4512
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-8
<SEQUENCE>1
<FILENAME>s8_111620.htm
<DESCRIPTION>CARVER BANCORP, INC. FORM S-8 NOVEMBER 16, 2020
<TEXT>
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    <div style="text-align: right; font-weight: bold;">Registration No. 333-_________</div>
    <div style="text-align: right; font-weight: bold;"> <br>
    </div>
    <div style="text-align: center; font-size: 8pt;"><font style="font-size: 10pt; font-weight: bold;">As filed with the Securities and Exchange Commission on November 19, 2020</font></div>
    <div style="text-align: center; font-size: 8pt;"><font style="font-size: 10pt; font-weight: bold;"></font><font style="font-size: 12pt; font-weight: bold;"></font></div>
    <div style="text-align: center; font-size: 8pt;"><font style="font-size: 12pt; font-weight: bold;"> <br>
      </font></div>
    <div style="text-align: center; font-size: 8pt;"><font style="font-size: 12pt; font-weight: bold;">UNITED STATES</font></div>
    <div style="text-align: center; font-size: 8pt;"><font style="font-size: 12pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</font></div>
    <div style="text-align: center; font-size: 8pt;"><font style="font-size: 12pt; font-weight: bold;">Washington, D.C.&#160; 20549</font></div>
    <div style="text-align: center; font-size: 8pt;"><font style="font-size: 12pt; font-weight: bold;"></font><font style="font-size: 12pt;">___________________</font><font style="font-size: 12pt; font-weight: bold;"></font></div>
    <div style="text-align: center; font-size: 8pt;"><font style="font-size: 12pt; font-weight: bold;"> <br>
      </font></div>
    <div style="text-align: center; font-size: 8pt;"><font style="font-size: 12pt; font-weight: bold;">FORM S-8</font></div>
    <div style="text-align: center; font-size: 8pt;"><font style="font-size: 12pt; font-weight: bold;"> <br>
      </font></div>
    <div style="text-align: center; font-size: 8pt;"><font style="font-size: 12pt; font-weight: bold;">REGISTRATION STATEMENT</font></div>
    <div style="text-align: center; font-size: 8pt;"><font style="font-size: 12pt; font-weight: bold;">UNDER</font></div>
    <div style="text-align: center; font-size: 8pt;"><font style="font-size: 12pt; font-weight: bold;">THE SECURITIES ACT OF 1933</font></div>
    <div style="text-align: center; font-size: 8pt;"><font style="font-size: 12pt; font-weight: bold;"> <br>
      </font></div>
    <div style="text-align: center; font-size: 8pt;"><font style="font-size: 12pt; font-weight: bold;">Carver Bancorp, Inc.</font></div>
    <div style="text-align: center; font-size: 8pt;"><font style="font-size: 12pt; font-weight: bold;"></font>(Exact Name of Registrant as Specified in its Charter)</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="z68f7e3acb7464129a6b223f3a6bd3575">

        <tr>
          <td style="width: 47.35%; vertical-align: top;">
            <div style="text-align: center; font-size: 12pt; font-weight: bold;">Delaware</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: 12pt; font-weight: bold;">13-3904174</div>
          </td>
        </tr>
        <tr>
          <td style="width: 47.35%; vertical-align: top;">
            <div style="text-align: center; font-size: 8pt;">(State or Other Jurisdiction of</div>
            <div style="text-align: center; font-size: 8pt;">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>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;">75 West 125th Street</div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;">New York, New York 10027</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;">Carver Bancorp, Inc. 2014 Equity Incentive Plan</font></div>
    <div style="text-align: center;"><font style="font-size: 8pt;">(Full Title of the Plan)</font></div>
    <div style="text-align: center;"> <br>
    </div>
    <div style="text-align: center;">Copies to:</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="z5712cbdec0f6457f8dd4ebf9f62a16df">

        <tr>
          <td style="width: 47.35%; vertical-align: top;">
            <div style="text-align: center;">Mr. Michael T. Pugh</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;">Lawrence M.F. Spaccasi, Esquire</div>
          </td>
        </tr>
        <tr>
          <td style="width: 47.35%; vertical-align: top;">
            <div style="text-align: center;">President and</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;">Marc P. Levy, Esquire</div>
          </td>
        </tr>
        <tr>
          <td style="width: 47.35%; vertical-align: top;">
            <div style="text-align: center;">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;">Luse Gorman, PC</div>
          </td>
        </tr>
        <tr>
          <td style="width: 47.35%; vertical-align: top;">
            <div style="text-align: center;">Carver 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;">5335 Wisconsin Ave., N.W., Suite 780</div>
          </td>
        </tr>
        <tr>
          <td style="width: 47.35%; vertical-align: top;">
            <div style="text-align: center;">75 West 125<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> 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;">Washington, DC 20015-2035</div>
          </td>
        </tr>
        <tr>
          <td style="width: 47.35%; vertical-align: top;">
            <div style="text-align: center;">New York, New York 10027</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>
          </td>
        </tr>
        <tr>
          <td style="width: 47.35%; vertical-align: top;">
            <div style="text-align: center;">(718) 230-2900</div>
          </td>
          <td style="width: 5.34%; vertical-align: top;">&#160;</td>
          <td style="width: 47.32%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 47.35%; vertical-align: top;">
            <div style="text-align: center;">(Name, Address and Telephone</div>
          </td>
          <td style="width: 5.34%; vertical-align: top;">&#160;</td>
          <td style="width: 47.32%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 47.35%; vertical-align: top;">
            <div style="text-align: center;">Number of Agent for Service)</div>
          </td>
          <td style="width: 5.34%; vertical-align: top;">&#160;</td>
          <td style="width: 47.32%; vertical-align: top;">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify;">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a 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>
    <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="z3a253f3d97ee4327b4c2808bf27d7e1d">

        <tr>
          <td style="width: 66.66%; vertical-align: top;">
            <div>Large accelerated filer &#9723;</div>
          </td>
          <td style="width: 33.34%; vertical-align: top;">
            <div>Accelerated filer &#9723;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 66.66%; vertical-align: top;">
            <div>Non-accelerated filer&#160; &#9723;</div>
          </td>
          <td style="width: 33.34%; vertical-align: top;">
            <div>Smaller reporting company&#8999;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 66.66%; vertical-align: top;">
            <div>Emerging growth company &#9723;</div>
          </td>
          <td style="width: 33.34%; vertical-align: top;">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify;">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. &#9723;</div>
    <div><br>
    </div>
    <div><br>
    </div>
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    </div>
    <div style="text-align: center; font-weight: bold;">CALCULATION OF REGISTRATION FEE</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="z78c4d92617d0424eb4aa15c1c316df2e">

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          <td style="width: 22.12%; 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;">Title of</div>
            <div style="text-align: center;">Securities</div>
            <div style="text-align: center;">to be</div>
            <div style="text-align: center;">Registered</div>
          </td>
          <td style="width: 18.27%; 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</div>
            <div style="text-align: center;">to be</div>
            <div style="text-align: center;">Registered<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
          </td>
          <td style="width: 19.62%; 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</div>
            <div style="text-align: center;">Maximum</div>
            <div style="text-align: center;">Offering Price</div>
            <div style="text-align: center;">Per Share</div>
          </td>
          <td style="width: 21.43%; 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</div>
            <div style="text-align: center;">Maximum</div>
            <div style="text-align: center;">Aggregate</div>
            <div style="text-align: center;">Offering Price</div>
          </td>
          <td style="width: 18.56%; vertical-align: bottom; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: center;">Amount of</div>
            <div style="text-align: center;">Registration</div>
            <div style="text-align: center;">Fee</div>
          </td>
        </tr>
        <tr>
          <td style="width: 22.12%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div>Common stock, par value $0.01 per share</div>
          </td>
          <td style="width: 18.27%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">247,000</div>
          </td>
          <td style="width: 19.62%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">$6.64<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div>
          </td>
          <td style="width: 21.43%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">$1,640,080</div>
          </td>
          <td style="width: 18.56%; vertical-align: bottom; 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;">$179</div>
          </td>
        </tr>
        <tr>
          <td style="width: 22.12%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div>Common stock, par value $0.01 per share</div>
          </td>
          <td style="width: 18.27%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">1,000<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></div>
          </td>
          <td style="width: 19.62%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">$3.48<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div>
          </td>
          <td style="width: 21.43%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">$3,480</div>
          </td>
          <td style="width: 18.56%; vertical-align: bottom; 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;">$1</div>
          </td>
        </tr>
        <tr>
          <td style="width: 22.12%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" rowspan="1">Common stock, par value $0.01 per share</td>
          <td style="width: 18.27%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); text-align: center;" rowspan="1">&#160;2,000<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(4)</sup></td>
          <td style="width: 19.62%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); text-align: center;" rowspan="1">&#160;$5.70<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></td>
          <td style="width: 21.43%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); text-align: center;" rowspan="1">&#160;$11,400</td>
          <td style="width: 18.56%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); text-align: center;" rowspan="1">&#160;$2</td>
        </tr>

    </table>
    <div>_________________________</div>
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        <tr>
          <td style="width: 36pt; vertical-align: top; align: right;">(1)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <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 Carver Bancorp, Inc. 2014 Equity Incentive Plan (the &#8220;Equity Plan&#8221;) as a result of a
              stock split, stock dividend or similar adjustment of the outstanding common stock of Carver Bancorp, Inc. (the &#8220;Company&#8221;) pursuant to 17 C.F.R. Section&#160;230.416(a) under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;).</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="z81d54a049f1c4e9a9afc8aef67cdf72c">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right;">(2)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Determined pursuant to 17 C.F.R. Section 230.457(h)(1) of the Securities Act.</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="z92857392a49448008cc15c4deb5a7378">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right;">
            <div>(3)</div>
            <div> <br>
            </div>
            <div>(4)<br>
            </div>
          </td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Represents the number of shares of common stock currently reserved for issuance for options that were granted on December 14, 2017, but have not been exercised by the recipient pursuant to the Equity Plan.</div>
            <div> Represents the number of shares of common stock currently reserved for issuance for options that were granted on July 30, 2020, but have not been exercised by the recipient pursuant to the Equity Plan.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: center; text-indent: -36pt; margin-left: 36pt;">________________________</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">This Registration Statement shall become effective upon filing in accordance with Section 8(a) of the Securities Act of 1933 and 17 C.F.R. &#167; 230.462.</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="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">PART I.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Items 1 and 2.&#160; Plan Information, and Registrant Information and Employee Plan Annual Information</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The documents containing the information specified in Parts I and II of Form S-8 have been or will be sent or given to participants in the 2014 Equity Incentive Plan&#160; (the
      &#8220;Equity Plan&#8221;) 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="text-align: justify; margin-bottom: 12pt; font-weight: bold;">PART II.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Item 3.&#160; Incorporation of Documents by Reference</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The following documents previously or concurrently filed with the Commission are hereby incorporated by reference in this Registration Statement:</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">a)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>The Company&#8217;s Annual Report on Form 10-K for the fiscal year
      ended March 31, 2020 (File No. 001-13007), filed with the Commission on August 6, 2020, as amended on August 10, 2020 and August 13, 2020, pursuant to Section 13(a) of the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;);</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">b)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>All other reports filed by the Company pursuant to Section
      13(a) or 15(d) of the Exchange Act since the end of the fiscal year covered by the Annual Report on Form 10-K referred to in (a) above; and</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">c)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>The description of the Company&#8217;s common stock contained in the
      Registration Statement on Form S-4 originally filed with the Commission on June 7, 1996, as amended on June 27, 1996 (File No. 333-05559), and <font style="background-color: #FFFFFF;">as updated by Exhibit&#160;4.2 to our Annual Report on Form&#160;10-K for
        the year ended March 31, 2020, filed with the Commission on August 6, 2020 (</font>File No. 001-13007).</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;">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="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Item 4.&#160; Description of Securities</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Not applicable.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Item 5.&#160; Interests of Named Experts and Counsel</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">None.</div>
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    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Item 6.&#160; Indemnification of Directors and Officers</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Articles IX and X of the Certificate of Incorporation of the Company set forth circumstances under which directors, officers, employees and agents of the Company may be insured
      or indemnified against liability which they incur in their capacities as such.</div>
    <div style="text-indent: 36pt;"><font style="font-weight: bold;">Article IX.</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font style="font-weight: bold;">Limitation of Director Liability&#160;&#160;</font></div>
    <div> <br>
    </div>
    <div style="text-indent: 36pt;">A director of the Corporation shall not be personally liable to the Corporation or its stockholders for monetary damages for breach of fiduciary duty as a director, except to the extent such exemption from liability or
      limitation thereof is expressly prohibited by the General Corporation Law of the State of Delaware as the same exists or may hereafter be amended.</div>
    <div><br>
    </div>
    <div style="text-indent: 45.8pt;">Any amendment, termination or repeal of this Article IX or any provisions hereof shall not adversely affect or diminish in any way any right or protection of a director of the Corporation existing with respect to any
      act or omission occurring prior to the time of the final adoption of such amendment, termination or repeal.</div>
    <div> <br>
    </div>
    <div style="text-indent: 45.8pt;">In addition to any requirements of law or of any other provisions of this Certificate of Incorporation, the affirmative vote of the holders of not less than eighty percent (80%) of the total number of votes eligible to
      be cast by the holders of all outstanding shares of Capital Stock entitled to vote thereon shall be required to amend, alter, rescind or repeal any provision of this Article IX.</div>
    <div> <br>
    </div>
    <div style="text-indent: 36pt; font-weight: bold;">Article X.&#160;&#160;&#160;&#160;Indemnification</div>
    <div><br>
    </div>
    <div style="text-indent: 36pt;"><font style="font-weight: bold;">Section 1. Actions, Suits or Proceedings Other than by or in Right of the Corporation</font>. To the fullest extent permitted by the General Corporation Law of the State of Delaware, the
      Corporation shall indemnify any person who is or was or has agreed to become a director or officer of the Corporation who was or is made a party to 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 he or she is or was or has agreed to become a director or officer of the Corporation, or by
      reason of any action alleged to have been taken or omitted in such capacity, and the Corporation may indemnify any other person who is or was or has agreed to become an employee or agent of the Corporation who was or is made a party to or is
      threatened to made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal or administrative or investigative (other than an action by or in the right of the Corporation) by reason of the fact that he or
      she is or was or has agreed to become an employee or agent of the Corporation, or by reason of any action alleged to have been taken or omitted in such capacity, against costs, charges, expenses (including attorneys&#8217; fees), judgments, fines and
      amounts paid in settlement actually and reasonably incurred by him or her or on his or her behalf in connection with such action, suit or proceeding and any appeal therefrom, if he or she acted in good faith and in a manner he or she 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 his or her conduct was unlawful. The termination of any action, suit or proceeding
      by judgment, order, settlement or conviction, or upon a plea of nolo contendere or its equivalent, shall not, of itself, create a presumption that the person did not act in good faith and in a manner which he or she 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 reasonable cause to believe that his or her conduct was unlawful. Notwithstanding anything contained in this Article X, but subject to
      Section 7 hereof, the Corporation shall not be obligated to indemnify any director or officer in connection with an action, suit or proceeding, or part thereof, initiated by such person against the Corporation unless such action, suit or proceeding,
      or part thereof, was authorized or consented to by the Board of Directors.</div>
    <div><br>
    </div>
    <div style="text-indent: 36pt;"><font style="font-weight: bold;">Section 2. Actions or Suits by or in the Right of the Corporation</font>. To the fullest extent permitted by the General Corporation Law of the State of Delaware, the Corporation shall
      indemnify any person who is or was or has agreed to become a director or officer of the Corporation who was or is a party or is threatened to be made a party to any threatened, pending or completed action or suit by</div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">2</font></div>
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    <div>or in the right of the Corporation to procure a judgment in its favor by reason of the fact that he or she is or was or has agreed to become a director or officer of the Corporation, or by reason of any action alleged to have been taken or omitted
      in such capacity, and the corporation may indemnify any other person who is or was or has agreed to become an employee or agent of the Corporation who was or is made a party or is threatened to be made a party to any threatened, pending or completed
      action or suit by or in the right of the Corporation to procure a judgment in its favor by reason of the fact that he or she is or was or has agreed to become an employee or agent of the Corporation, or by reason of any action alleged to have been
      taken or omitted in such capacity, against costs, charges and expenses (including attorneys&#8217; fees) actually and reasonably incurred by him or her or on his or her behalf in connection with defense or settlement of such action or suit and any appeal
      therefrom, if he or she acted in good faith and in a manner he or she reasonably believed to be in, or not opposed to, the best interests of the Corporation, except no indemnification shall be made in respect of any claim, issue or matter as to which
      such person shall have been adjudged to be liable to the Corporation unless and only to the extent that the Court of Chancery of Delaware or the court in which such action or suit was brought shall determine upon application that, despite the
      adjudication of such liability but in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such costs, charges and expenses which the Court of Chancery or such other court shall deem proper.
      Notwithstanding anything contained in this Article X, but subject to Section 7 hereof, the corporation shall not be obligated to indemnify any director of officer in connection with an action or suit, or part thereof, initiated by such person against
      the Corporation unless such action or suit, or part thereof, was authorized or consented to by the Board of Directors.</div>
    <div style="text-indent: 36pt;"> <br>
    </div>
    <div style="text-indent: 31.5pt;"><font style="font-weight: bold;">Section 3. Indemnification for Costs, Charges and Expenses of a Successful Party</font>. To the extent that a director, officer, employee or agent of the Corporation has been
      successful, on the merits or otherwise (including, without limitation, the dismissal of an action without prejudice), in defense of any action, suit or proceeding referred to in Section 1 or 2 of this Article X, or in defense of any claim, issue or
      matter therein, such person shall be indemnified against all costs, charges and expenses (including attorneys&#8217; fees) actually and reasonably incurred by such person or on such person&#8217;s behalf in connection therewith.</div>
    <div><br>
    </div>
    <div style="text-indent: 36pt;"><font style="font-weight: bold;">Section 4. Indemnification for Expenses of a Witness</font>. To the extent that any person who is or was or has agreed to become a director or officer of the Corporation is made a witness
      to any action, suit or proceeding to which he or she is not a party by reason of the fact that he or she was, is or has agreed to become a director or officer of the Corporation, or is or was serving or has agreed to serve as a director, officer,
      employee or agent of another corporation, partnership, joint venture, trust or other enterprise, a the written request of the Corporation, such person shall be indemnified against all costs, charges and expenses actually and reasonably incurred by
      such person or on such person&#8217;s behalf in connection therewith.</div>
    <div><br>
    </div>
    <div style="text-indent: 36pt;">To the extent that any person who is or was or has agreed to become an employee or agent of the Corporation is made a witness to any action, suit or proceeding to which he or she is not a party by reason of the fact that
      he or she was, is or has agreed to become an employee or agent of the Corporation, or is or was serving or has agreed to serve as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, at
      the written request of the Corporation, such person may be indemnified against all costs, charges and expenses actually and reasonably incurred by such person or on such person&#8217;s behalf in connection herewith.</div>
    <div><br>
    </div>
    <div style="text-align: center;">*&#160; *&#160;&#160; *</div>
    <div><br>
    </div>
    <div style="text-indent: 36pt;"><font style="font-weight: bold;">Section 6. Advancement of Costs, Charges and Expenses</font>. Costs, charges and expenses (including attorneys&#8217; fees) incurred by or on behalf of a director or officer in defending a
      civil or criminal action, suit or proceeding referred to in Section 1 or 2 of this Article X shall be paid by the Corporation in advance of the final disposition of such action, suit or proceeding; provided, however, that the payment of such costs,
      charges and expenses incurred by or on behalf of a director or officer in advance of the final disposition of such action, suit or proceeding shall be made only upon receipt of a written undertaking by or on behalf of the director or officer to repay
      all amounts so advanced in the event that it shall ultimately be determined that such director or officer is not entitled to be indemnified by the Corporation as authorized in this Article X or by law. No security shall be required for such
      undertaking and such undertaking shall be accepted without reference to the recipient&#8217;s financial ability to make repayment. The majority of the directors who were not parties to such action, suit or proceeding may, upon approval of such director or
      officer of the Corporation, authorize the Corporation&#8217;s counsel to represent such person, in any action, suit or proceeding, whether or not the Corporation is a party to such action, suit or proceeding.</div>
    <div><br>
    </div>
    <div style="text-align: center;">*&#160; *&#160;&#160; *</div>
    <div><br>
    </div>
    <div style="text-indent: 36pt;"><font style="font-weight: bold;">Section 9. Other Rights; Continuation of Right to Indemnification; Individual Contracts</font>. The indemnification and advancement of costs, charges and expenses provided by or granted
      pursuant to this Article X shall not be deemed exclusive of any other rights to which those persons seeking indemnification or advancement of </div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">3</font></div>
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    <div>costs, charges and expenses may be entitled under law (common or statutory) or by any Bylaw, agreement, policy of indemnification insurance or vote of stockholders or directors or otherwise, both as to action in his or her official capacity and as
      to action in any other capacity while holding office, and shall continue as to a person who has ceased to be a director, officer, employee or agent and shall inure to the benefit of the legatees, heirs, distributes, executors and administrators of
      such person. Nothing contained in this Article X shall be deemed to prohibit the Corporation from entering into, and the Corporation is specifically authorized to enter into, agreements with directors, officers, employees and agents providing
      indemnification rights and procedures different from those set forth herein. All rights to indemnification under this Article X shall be deemed to be a contract between the Corporation and each director, officer, employee or agent of the Corporation
      who serves or served in such capacity at any time while this Article X is in effect.</div>
    <div><br>
    </div>
    <div style="text-align: center; margin-left: 37.2pt;">*&#160; *&#160;&#160; *</div>
    <div><br>
    </div>
    <div style="text-indent: 36pt;"><font style="font-weight: bold;">Section 11. Insurance</font>. The Corporation may purchase and maintain insurance, at its expense, to protect itself and any person who is or was a director, officer, employee or agent of
      the Corporation against any costs, charges or expenses, liability or loss incurred by such person in any such capacity, or arising out of his status as such, whether or not the Corporation would have the power to indemnify such person against such
      costs, charges or expenses, liability or loss under the Certificate of Incorporation or applicable law; provided, however, that such insurance is available on acceptable terms as determined by the Board. To the extent that any director, officer,
      employee or agent is reimbursed by an insurance company under an indemnification insurance policy for any costs, charges, expenses (including attorney&#8217;s fees), judgments, fines and amounts paid in settlement to the fullest extent permitted by any
      applicable portion of this Article X, the Bylaws, any agreement, the policy or indemnification insurance or otherwise, the Corporation shall not be obligated to reimburse the person to be indemnified in connection with such proceeding.</div>
    <div><br>
    </div>
    <div style="text-indent: 19.2pt;">[Section 145 of the Delaware General Corporation Law concerning indemnification of officers, directors, employees and agents is set forth below.</div>
    <div><br>
    </div>
    <div style="text-indent: 19.2pt;">&#8220;Section 145. Indemnification of officers, directors, employees and agents; insurance.</div>
    <div><br>
    </div>
    <div style="text-indent: 19.2pt;">(a)&#160;&#160;&#160;&#160;A corporation shall have power 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 the 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, partnership, joint venture, trust 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. The termination of any action, suit or proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere or its equivalent,
      shall not, of itself, create a presumption that the person did not act in good faith and in a manner which 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 reasonable cause to believe that the person&#8217;s conduct was unlawful.</div>
    <div><br>
    </div>
    <div style="text-indent: 19.2pt;">(b)&#160;&#160;&#160;&#160;A corporation shall have power 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 or suit by or in the right of the corporation to
      procure a judgment in its favor by reason of the fact that the 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, partnership, joint venture, trust or other enterprise against expenses (including attorneys&#8217; fees) actually and reasonably incurred by the person in connection with the defense or settlement of such action or suit 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 except that no indemnification shall be made in respect of any claim, issue or matter as to which such person shall have
      been adjudged to be liable to the corporation unless and only to the extent that the Court of Chancery or the court in which such action or suit was brought shall determine upon application that, despite the adjudication of liability but in view of
      all the circumstances of the case, such person is fairly and </div>
    <div> <br>
    </div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">4</font></div>
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    <div>reasonably entitled to indemnity for such expenses which the Court of Chancery or such other court shall deem proper.</div>
    <div><br>
    </div>
    <div style="text-indent: 19.2pt;">(c)&#160;&#160;&#160;&#160;To the extent that a present or former director or officer of a corporation has been successful on the merits or otherwise in defense of any action, suit or proceeding referred to in subsections (a) and (b) of
      this section, or in defense of any claim, issue or matter therein, such person shall be indemnified against expenses (including attorneys&#8217; fees) actually and reasonably incurred by such person in connection therewith.</div>
    <div><br>
    </div>
    <div style="text-indent: 19.2pt;">(d)&#160;&#160;&#160;&#160;Any indemnification under subsections (a) and (b) of this section (unless ordered by a court) shall be made by the corporation only as authorized in the specific case upon a determination that indemnification of
      the present or former director, officer, employee or agent is proper in the circumstances because the person has met the applicable standard of conduct set forth in subsections (a) and (b) of this section. Such determination shall be made, with
      respect to a person who is a director or officer at the time of such determination, (1) by a majority vote of the directors who are not parties to such action, suit or proceeding, even though less than a quorum, or (2) by a committee of such
      directors designated by majority vote of such directors, even though less than a quorum, or (3) if there are no such directors, or if such directors so direct, by independent legal counsel in a written opinion, or (4) by the stockholders.</div>
    <div><br>
    </div>
    <div style="text-indent: 19.2pt;">(e)&#160;&#160;&#160;&#160;Expenses (including attorneys&#8217; fees) incurred by an officer or director in defending any civil, criminal, administrative or investigative action, suit or proceeding may be paid by the corporation in advance of
      the final disposition of such action, suit or proceeding upon receipt of an undertaking by or on behalf of such director or officer to repay such amount if it shall ultimately be determined that such person is not entitled to be indemnified by the
      corporation as authorized in this section. Such expenses (including attorneys&#8217; fees) incurred by former directors and officers or other employees and agents may be so paid upon such terms and conditions, if any, as the corporation deems appropriate.</div>
    <div><br>
    </div>
    <div style="text-indent: 19.2pt;">(f)&#160;&#160;&#160;&#160;The indemnification and advancement of expenses provided by, or granted pursuant to, the other subsections of this section shall not be deemed exclusive of any other rights to which those seeking indemnification
      or advancement of expenses may be entitled under any bylaw, agreement, vote of stockholders or disinterested directors or otherwise, both as to action in such person&#8217;s official capacity and as to action in another capacity while holding such office.</div>
    <div><br>
    </div>
    <div style="text-indent: 19.2pt;">(g)&#160;&#160;&#160;&#160;A corporation shall have power to purchase and maintain insurance on behalf of any person who is or was 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, partnership, joint venture, trust or other enterprise against any liability asserted against such person and incurred by such person in any such capacity, or arising out of
      such person&#8217;s status as such, whether or not the corporation would have the power to indemnify such person against such liability under this section.</div>
    <div><br>
    </div>
    <div style="text-indent: 19.2pt;">(h)&#160;&#160;&#160;&#160;For purposes of this section, references to &#8220;the corporation&#8221; shall include, in addition to the resulting corporation, any constituent corporation (including any constituent of a constituent) absorbed in a
      consolidation or merger which, if its separate existence had continued, would have had power and authority to indemnify its directors, officers, and employees or agents, so that any person who is or was a director, officer, employee or agent of such
      constituent corporation, or is or was serving at the request of such constituent corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, shall stand in the same position
      under this section with respect to the resulting or surviving corporation as such person would have with respect to such constituent corporation if its separate existence had continued.</div>
    <div><br>
    </div>
    <div style="text-indent: 19.2pt;">(i)&#160;&#160;&#160;&#160;For purposes of this section, references to &#8220;other enterprises&#8221; shall include employee benefit plans; references to &#8220;fines&#8221; shall include any excise taxes assessed on a person with respect to any employee
      benefit plan; and references to &#8220;serving at the request of the corporation&#8221; shall include any service as a director, officer, employee or agent of the corporation which imposes duties on, or involves services by, such director, officer, employee or
      agent with respect to an employee benefit plan, its participants or beneficiaries; and a person who acted in good faith and in a manner such person reasonably believed to be in the interest of the participants and beneficiaries of an employee benefit
      plan shall be deemed to have acted in a manner &#8220;not opposed to the best interests of the corporation&#8221; as referred to in this section.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">5</font></div>
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    </div>
    <div style="text-indent: 19.2pt;">(j)&#160;&#160;&#160;&#160;The indemnification and advancement of expenses provided by, or granted pursuant to, this section shall, unless otherwise provided when authorized or ratified, continue as to a person who has ceased to be a
      director, officer, employee or agent and shall inure to the benefit of the heirs, executors and administrators of such a person.</div>
    <div><br>
    </div>
    <div style="text-indent: 19.2pt;">(k)&#160;&#160;&#160;&#160;The Court of Chancery is hereby vested with exclusive jurisdiction to hear and determine all actions for advancement of expenses or indemnification brought under this section or under any bylaw, agreement, vote
      of stockholders or disinterested directors, or otherwise. The Court of Chancery may summarily determine a corporation&#8217;s obligation to advance expenses (including attorneys&#8217; fees).&#8221;</div>
    <div><br>
    </div>
    <div style="text-indent: 19.2pt;">Insofar as indemnification for liabilities arising under the Securities Act may be permitted to our directors, officers, and controlling persons pursuant to the foregoing provisions, or otherwise, we have been advised
      that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment of
      expenses incurred or paid by a director, officer or controlling person in a successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, we will,
      unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to the 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><br>
    </div>
    <div style="text-indent: 19.2pt;">Pursuant to our bylaws, we also maintain a directors&#8217; and officers&#8217; insurance policy which insures our directors and officers against liability asserted against such person in such capacity whether or not such
      directors or officers have the right to indemnification pursuant to the Delaware General Corporation Law.]</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt; font-weight: bold;">Item 7.&#160; Exemption From Registration Claimed.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Not applicable.</div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-weight: bold;">Item 8.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 72pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-weight: bold;">Exhibits.</font></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="za82139c0bae94501ac88ba3af1a9d09e">

        <tr>
          <td style="width: 16.42%; vertical-align: bottom; border-bottom: 2px solid black;">
            <div style="text-align: center;">Regulation S-K</div>
            <div style="text-align: center;">Exhibit Number</div>
          </td>
          <td style="width: 2.66%; vertical-align: top;">&#160;</td>
          <td style="width: 52.08%; vertical-align: bottom; border-bottom: 2px solid black;">
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            <div style="text-align: center;">Reference to Prior Filing or</div>
            <div style="text-align: center;">Exhibit No. Attached Hereto</div>
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        </tr>
        <tr>
          <td style="width: 16.42%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2.66%; vertical-align: top;">&#160;</td>
          <td style="width: 52.08%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2.32%; vertical-align: top;">&#160;</td>
          <td style="width: 26.52%; vertical-align: bottom;">&#160;</td>
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            <div style="text-align: center;"><a href="http://www.sec.gov/Archives/edgar/data/1016178/0000950123-96-002932-index.html">4</a></div>
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          <td style="width: 2.66%; vertical-align: top;"><br>
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          <td style="width: 52.08%; vertical-align: top;">
            <div><a href="http://www.sec.gov/Archives/edgar/data/1016178/0000950123-96-002932-index.html">Form of Common Stock Certificate</a></div>
          </td>
          <td style="width: 2.32%; vertical-align: top;">&#160;</td>
          <td style="width: 26.52%; vertical-align: top;">
            <div>*</div>
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        </tr>
        <tr>
          <td style="width: 16.42%; vertical-align: top;">&#160;</td>
          <td style="width: 2.66%; vertical-align: top;">&#160;</td>
          <td style="width: 52.08%; vertical-align: top;">&#160;</td>
          <td style="width: 2.32%; vertical-align: top;">&#160;</td>
          <td style="width: 26.52%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 16.42%; vertical-align: top;">
            <div style="text-align: center;"><a href="ex5_s8nov1620.htm">5</a></div>
          </td>
          <td style="width: 2.66%; vertical-align: top;"><br>
          </td>
          <td style="width: 52.08%; vertical-align: top;">
            <div><a href="ex5_s8nov1620.htm">Opinion of Luse Gorman, PC</a></div>
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          <td style="width: 26.52%; vertical-align: top;">
            <div>Attached as Exhibit 5</div>
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        </tr>
        <tr>
          <td style="width: 16.42%; vertical-align: top;">&#160;</td>
          <td style="width: 2.66%; vertical-align: top;">&#160;</td>
          <td style="width: 52.08%; vertical-align: top;">&#160;</td>
          <td style="width: 2.32%; vertical-align: top;">&#160;</td>
          <td style="width: 26.52%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
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            <div style="text-align: center;"><a href="http://www.sec.gov/Archives/edgar/data/1016178/000101617814000019/fy2014proxystatement.htm">10.1</a></div>
          </td>
          <td style="width: 2.66%; vertical-align: top;"><br>
          </td>
          <td style="width: 52.08%; vertical-align: top;">
            <div><a href="http://www.sec.gov/Archives/edgar/data/1016178/000101617814000019/fy2014proxystatement.htm">Carver Bancorp, Inc. 2014 Equity Incentive Plan</a></div>
          </td>
          <td style="width: 2.32%; vertical-align: top;">&#160;</td>
          <td style="width: 26.52%; vertical-align: top;">
            <div>**</div>
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        </tr>
        <tr>
          <td style="width: 16.42%; vertical-align: top;">&#160;</td>
          <td style="width: 2.66%; vertical-align: top;">&#160;</td>
          <td style="width: 52.08%; vertical-align: top;">&#160;</td>
          <td style="width: 2.32%; vertical-align: top;">&#160;</td>
          <td style="width: 26.52%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 16.42%; vertical-align: top;">
            <div style="text-align: center;"><a href="ex10-2_s8nov1620.htm">10.2</a></div>
          </td>
          <td style="width: 2.66%; vertical-align: top;"><br>
          </td>
          <td style="width: 52.08%; vertical-align: top;">
            <div><a href="ex10-2_s8nov1620.htm">Form of Incentive Stock Option Award Agreement for the Carver Bancorp, Inc. 2014 Equity Incentive Plan</a></div>
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          <td style="width: 2.32%; vertical-align: top;">&#160;</td>
          <td style="width: 26.52%; vertical-align: top;">
            <div>Attached as Exhibit 10.2</div>
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        </tr>
        <tr>
          <td style="width: 16.42%; vertical-align: top;">&#160;</td>
          <td style="width: 2.66%; vertical-align: top;">&#160;</td>
          <td style="width: 52.08%; vertical-align: top;">&#160;</td>
          <td style="width: 2.32%; vertical-align: top;">&#160;</td>
          <td style="width: 26.52%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 16.42%; vertical-align: top;">
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          </td>
          <td style="width: 2.66%; vertical-align: top;"><br>
          </td>
          <td style="width: 52.08%; vertical-align: top;">
            <div><a href="ex10-3_s8nov1620.htm">Form of Non-Statutory Stock Option Award Agreement for the Carver Bancorp, Inc. 2014 Equity Incentive Plan</a></div>
          </td>
          <td style="width: 2.32%; vertical-align: top;">&#160;</td>
          <td style="width: 26.52%; vertical-align: top;">
            <div>Attached as Exhibit 10.3</div>
          </td>
        </tr>
        <tr>
          <td style="width: 16.42%; vertical-align: top;">&#160;</td>
          <td style="width: 2.66%; vertical-align: top;">&#160;</td>
          <td style="width: 52.08%; vertical-align: top;">&#160;</td>
          <td style="width: 2.32%; vertical-align: top;">&#160;</td>
          <td style="width: 26.52%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 16.42%; vertical-align: top;">
            <div style="text-align: center;"><a href="ex10-4_s8nov1620.htm">10.4</a></div>
          </td>
          <td style="width: 2.66%; vertical-align: top;"><br>
          </td>
          <td style="width: 52.08%; vertical-align: top;">
            <div><a href="ex10-4_s8nov1620.htm">Form of Restricted Stock Award Agreement for the Carver Bancorp, Inc. 2014 Equity Incentive Plan</a></div>
          </td>
          <td style="width: 2.32%; vertical-align: top;">&#160;</td>
          <td style="width: 26.52%; vertical-align: top;">
            <div>Attached as Exhibit 10.4</div>
          </td>
        </tr>
        <tr>
          <td style="width: 16.42%; vertical-align: top;">&#160;</td>
          <td style="width: 2.66%; vertical-align: top;">&#160;</td>
          <td style="width: 52.08%; vertical-align: top;">&#160;</td>
          <td style="width: 2.32%; vertical-align: top;">&#160;</td>
          <td style="width: 26.52%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 16.42%; vertical-align: top;">
            <div style="text-align: center;"><a href="ex5_s8nov1620.htm">23.1</a></div>
          </td>
          <td style="width: 2.66%; vertical-align: top;"><br>
          </td>
          <td style="width: 52.08%; vertical-align: top;">
            <div><a href="ex5_s8nov1620.htm">Consent of Luse Gorman, PC</a></div>
          </td>
          <td style="width: 2.32%; vertical-align: top;">&#160;</td>
          <td style="width: 26.52%; vertical-align: top;">
            <div>Contained in Exhibit 5</div>
          </td>
        </tr>
        <tr>
          <td style="width: 16.42%; vertical-align: top;">&#160;</td>
          <td style="width: 2.66%; vertical-align: top;">&#160;</td>
          <td style="width: 52.08%; vertical-align: top;">&#160;</td>
          <td style="width: 2.32%; vertical-align: top;">&#160;</td>
          <td style="width: 26.52%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 16.42%; vertical-align: top;">
            <div style="text-align: center;"><a href="ex23-2_s8nov1620.htm">23.2</a></div>
          </td>
          <td style="width: 2.66%; vertical-align: top;"><br>
          </td>
          <td style="width: 52.08%; vertical-align: top;">
            <div><a href="ex23-2_s8nov1620.htm">Consent of Independent Registered Public Accounting Firm</a></div>
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          <td style="width: 2.32%; vertical-align: top;">&#160;</td>
          <td style="width: 26.52%; vertical-align: top;">
            <div>Attached as Exhibit 23.2</div>
          </td>
        </tr>
        <tr>
          <td style="width: 16.42%; vertical-align: top;">&#160;</td>
          <td style="width: 2.66%; vertical-align: top;">&#160;</td>
          <td style="width: 52.08%; vertical-align: top;">&#160;</td>
          <td style="width: 2.32%; vertical-align: top;">&#160;</td>
          <td style="width: 26.52%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 16.42%; vertical-align: top;">
            <div style="text-align: center;"><a href="#POWEROFATTORNEY">24</a></div>
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          <td style="width: 2.66%; vertical-align: top;"><br>
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          <td style="width: 52.08%; vertical-align: top;">
            <div><a href="#POWEROFATTORNEY">Power of Attorney</a></div>
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          <td style="width: 2.32%; vertical-align: top;">&#160;</td>
          <td style="width: 26.52%; vertical-align: top;">
            <div>Contained on Signature Page</div>
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        </tr>

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    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">6</font></div>
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    <div>_________________________</div>
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            <div>Incorporated by reference to Exhibit 4.1 to the Registration Statement on Form S-4 (File No. 333-05559) filed by the Company under the Securities Act, with the Commission on June 7, 1996, as amended on June 27, 1996 and all amendments or
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            <div>Incorporated by reference to Appendix A to the proxy statement for the Annual Meeting of Stockholders of Carver Bancorp, Inc. (File No. 001-13007), filed by the Company under the Exchange Act on July 29, 2014.</div>
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        </tr>

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    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Item 9.&#160; Undertakings</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The undersigned Registrant hereby undertakes:</div>
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      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
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    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">(iii)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>to include any material information with respect to the plan
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    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">2.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>That, for the purpose of determining any liability under the
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    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">3.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>To remove from registration by means of a post-effective
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    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">4.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>That, for purposes of determining any liability under the
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      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 Act and will
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    <div style="text-align: center; font-weight: bold;">SIGNATURES</div>
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    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">The Registrant.</font>&#160; Pursuant to the requirements of the Securities Act, the Registrant certifies that it has reasonable grounds to believe
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            <div style="text-align: justify; font-weight: bold;">CARVER BANCORP, INC.</div>
            <div>&#160;</div>
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            <div style="text-align: right;">By:</div>
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    <div style="text-align: center; font-weight: bold;"><a name="POWEROFATTORNEY"><!--Anchor--></a>POWER OF ATTORNEY</div>
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    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">We, the undersigned directors and officers of Carver Bancorp, Inc. (the &#8220;Company&#8221;) hereby severally constitute and appoint Michael T. Pugh, as our true and lawful attorney and
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      requirements of the Securities and Exchange Commission, in connection with the registration of shares of common stock to be issued upon the exercise of stock options and the award of restricted stock under the Carver Bancorp, Inc. 2014 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 Michael T. Pugh shall do or cause to be done by virtue thereof.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Pursuant to the requirements of the Securities Act, this Registration Statement on Form S-8 has been signed by the following persons in the capacities and on the date indicated.</div>
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          <td style="width: 29.65%; vertical-align: top;">&#160;</td>
          <td style="width: 5.57%; vertical-align: top;">&#160;</td>
          <td style="width: 35.06%; vertical-align: top;">&#160;</td>
          <td style="width: 5.56%; vertical-align: top;">&#160;</td>
          <td style="width: 24.18%; vertical-align: top;">&#160;</td>
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          <td style="width: 29.65%; vertical-align: top;">&#160;</td>
          <td style="width: 5.57%; vertical-align: top;">&#160;</td>
          <td style="width: 35.06%; vertical-align: top;">&#160;</td>
          <td style="width: 5.56%; vertical-align: top;">&#160;</td>
          <td style="width: 24.18%; vertical-align: top;">&#160;</td>
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            <div>President, Chief Executive Officer and</div>
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            <div>Michael T. Pugh</div>
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          <td style="width: 24.18%; vertical-align: top;">&#160;</td>
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          <td style="width: 29.65%; vertical-align: top;">&#160;</td>
          <td style="width: 5.57%; vertical-align: top;">&#160;</td>
          <td style="width: 35.06%; vertical-align: top;">&#160;</td>
          <td style="width: 5.56%; vertical-align: top;">&#160;</td>
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          <td style="width: 5.57%; vertical-align: top;">&#160;</td>
          <td style="width: 35.06%; vertical-align: top;">&#160;</td>
          <td style="width: 5.56%; vertical-align: top;">&#160;</td>
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          <td style="width: 5.56%; vertical-align: top;">&#160;</td>
          <td style="width: 24.18%; vertical-align: top;">&#160;</td>
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          <td style="width: 29.65%; vertical-align: top;">&#160;</td>
          <td style="width: 5.57%; vertical-align: top;">&#160;</td>
          <td style="width: 35.06%; vertical-align: top;">&#160;</td>
          <td style="width: 5.56%; vertical-align: top;">&#160;</td>
          <td style="width: 24.18%; vertical-align: top;">&#160;</td>
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          <td style="width: 29.65%; vertical-align: top;">&#160;</td>
          <td style="width: 5.57%; vertical-align: top;">&#160;</td>
          <td style="width: 35.06%; vertical-align: top;">&#160;</td>
          <td style="width: 5.56%; vertical-align: top;">&#160;</td>
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          <td style="width: 29.65%; vertical-align: top;">&#160;</td>
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          <td style="width: 29.65%; vertical-align: top;">&#160;</td>
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          <td style="width: 5.56%; vertical-align: top;">&#160;</td>
          <td style="width: 24.18%; vertical-align: top;">&#160;</td>
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          <td style="width: 29.65%; vertical-align: top;">&#160;</td>
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          <td style="width: 29.65%; vertical-align: top;">&#160;</td>
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          <td style="width: 35.06%; vertical-align: top;">&#160;</td>
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          <td style="width: 29.65%; vertical-align: top;">&#160;</td>
          <td style="width: 5.57%; vertical-align: top;">&#160;</td>
          <td style="width: 35.06%; vertical-align: top;">&#160;</td>
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          <td style="width: 5.56%; vertical-align: top;">&#160;</td>
          <td style="width: 24.18%; vertical-align: top;">
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          <td style="width: 5.56%; vertical-align: top;">&#160;</td>
          <td style="width: 24.18%; vertical-align: top;">&#160;</td>
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          <td style="width: 29.65%; vertical-align: top;">&#160;</td>
          <td style="width: 5.57%; vertical-align: top;">&#160;</td>
          <td style="width: 35.06%; vertical-align: top;">&#160;</td>
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          <td style="width: 24.18%; vertical-align: top;">&#160;</td>
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          <td style="width: 29.65%; vertical-align: top;">&#160;</td>
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          <td style="width: 29.65%; vertical-align: top;">&#160;</td>
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          <td style="width: 35.06%; vertical-align: top;">&#160;</td>
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          <td style="width: 35.06%; vertical-align: top;">&#160;</td>
          <td style="width: 5.56%; vertical-align: top;">&#160;</td>
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          <td style="width: 29.65%; vertical-align: top;">&#160;</td>
          <td style="width: 5.57%; vertical-align: top;">&#160;</td>
          <td style="width: 35.06%; vertical-align: top;">&#160;</td>
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          <td style="width: 24.18%; vertical-align: top;">&#160;</td>
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          <td style="width: 29.65%; vertical-align: top;">&#160;</td>
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          <td style="width: 5.57%; vertical-align: top;">&#160;</td>
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          <td style="width: 24.18%; vertical-align: top;"><br>
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          <td style="width: 35.06%; vertical-align: top;">&#160;</td>
          <td style="width: 5.56%; vertical-align: top;"><br>
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          <td style="width: 29.65%; vertical-align: top;">&#160;</td>
          <td style="width: 5.57%; vertical-align: top;">&#160;</td>
          <td style="width: 35.06%; vertical-align: top;">&#160;</td>
          <td style="width: 5.56%; vertical-align: top;">&#160;</td>
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          <td style="width: 29.65%; vertical-align: top;">&#160;</td>
          <td style="width: 5.57%; vertical-align: top;">&#160;</td>
          <td style="width: 35.06%; vertical-align: top;">&#160;</td>
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          <td style="width: 29.65%; vertical-align: top;">&#160;</td>
          <td style="width: 5.57%; vertical-align: top;">&#160;</td>
          <td style="width: 35.06%; vertical-align: top;">&#160;</td>
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          <td style="width: 24.18%; vertical-align: top;"><br>
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          <td style="width: 5.57%; vertical-align: top;">&#160;</td>
          <td style="width: 35.06%; vertical-align: top;">&#160;</td>
          <td style="width: 5.56%; vertical-align: top;">&#160;</td>
          <td style="width: 24.18%; vertical-align: top;">&#160;</td>
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          <td style="width: 29.65%; vertical-align: top;">&#160;</td>
          <td style="width: 5.57%; vertical-align: top;">&#160;</td>
          <td style="width: 35.06%; vertical-align: top;">&#160;</td>
          <td style="width: 5.56%; vertical-align: top;">&#160;</td>
          <td style="width: 24.18%; vertical-align: top;">&#160;</td>
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          <td style="width: 29.65%; vertical-align: top;">&#160;</td>
          <td style="width: 5.57%; vertical-align: top;">&#160;</td>
          <td style="width: 35.06%; vertical-align: top;">&#160;</td>
          <td style="width: 5.56%; vertical-align: top;">&#160;</td>
          <td style="width: 24.18%; vertical-align: top;">&#160;</td>
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          <td style="width: 29.65%; vertical-align: top;">&#160;</td>
          <td style="width: 5.57%; vertical-align: top;">&#160;</td>
          <td style="width: 35.06%; vertical-align: top;">&#160;</td>
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            <div>Director</div>
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          <td style="width: 5.56%; vertical-align: top;">&#160;</td>
          <td style="width: 24.18%; vertical-align: top;">
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          <td style="width: 5.57%; vertical-align: top;">&#160;</td>
          <td style="width: 35.06%; vertical-align: top;">&#160;</td>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5
<SEQUENCE>2
<FILENAME>ex5_s8nov1620.htm
<DESCRIPTION>OPINION OF LUSE GORMAN, PC
<TEXT>
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  <div style="text-align: right;"><font style="font-weight: bold;">EXHIBIT 5</font><br>
  </div>
  <div><br>
  </div>
  <div><br>
  </div>
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    <div><br>
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    <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; font-weight: bold;">www.luselaw.com</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div>November 19, 2020</div>
    <div><br>
    </div>
    <div>Board of Directors</div>
    <div>Carver Bancorp, Inc.</div>
    <div>75 West 125th Street</div>
    <div>New York, New York 10027</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="za426d95afb0c4cb88cabf55a3b4094d9" 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;">Re:</td>
          <td style="width: auto; vertical-align: top;">
            <div><font style="font-weight: bold;"><u>Carver Bancorp, Inc.</u></font><u> -</u><font style="font-weight: bold;"><u> Registration Statement on Form S-8</u></font></div>
          </td>
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    <div><br>
    </div>
    <div>Members of the Board of Directors:</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 250,000 shares of common stock, par value $0.01 per share (the &#8220;Shares&#8221;), of Carver Bancorp,
      Inc. (the &#8220;Company&#8221;) to be issued pursuant to the Carver Bancorp, Inc. 2014 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 examined originals or copies, certified or otherwise identified to our satisfaction of the following: (i) the Company&#8217;s Registration Statement on
      Form S-8 (the &#8220;Form S-8&#8221;) to be filed with the Securities Exchange Commission (the &#8220;Commission&#8221;) under the Securities Act, on the date hereof; (ii) the Certificate of Incorporation of the Company, as currently in effect; (iii) the Bylaws of the
      Company, as currently in effect; (iv) the Equity Plan; (iv) certain resolutions of the board of directors of the Company relating to the approval of the Equity Plan, the filing of the Registration Statement and certain related matters; and (v)
      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.</div>
    <div><br>
    </div>
    <div style="text-align: justify; 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, 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 should not be used for any other purpose or relied upon by any
      other person without the prior express written consent of this firm.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">We consent to the filing of this opinion letter as an exhibit to the Registration Statement on Form S-8.&#160; In giving such consent, we do not thereby admit that we are within the category of persons
      whose consent is required under Section 7 of the Securities Act or the rules and regulations of the Commission thereunder.</div>
    <div><br>
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          <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>
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          <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;">
            <div>&#160;<u>/s/ Luse Gorman, PC</u></div>
          </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>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
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<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>ex10-2_s8nov1620.htm
<DESCRIPTION>FORM OF INCENTIVE STOCK OPTION AWARD AGREEMENT FOR THE CARVER BANCORP, INC. 2014 EQUITY INCENTIVE PLAN
<TEXT>
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    <title></title>
    <!-- Licensed to: Luse Gorman
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  <div style="text-align: right;"><font style="font-weight: bold;">EXHIBIT 10.2</font><br>
  </div>
  <div><br>
  </div>
  <div><br>
  </div>
  <div>
    <div><br>
    </div>
    <br>
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    <div style="text-align: center; font-size: 12pt; font-variant: small-caps; font-weight: bold;">Stock Option</div>
    <div><br>
    </div>
    <div style="text-align: center; font-size: 12pt;">Granted by</div>
    <div><br>
    </div>
    <div style="text-align: center; font-size: 12pt; font-variant: small-caps; font-weight: bold;">CARVER BANCORP, INC.</div>
    <div><br>
    </div>
    <div style="text-align: center; font-size: 12pt;">under the</div>
    <div><br>
    </div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;">CARVER BANCORP, INC.</div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;">2014 EQUITY INCENTIVE PLAN</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 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 2014 Equity Incentive Plan (the &#8220;<font style="font-weight: bold;">Plan</font>&#8221;) of Carver 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 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 Committee appointed to administer the Plan (&#8220;<font style="font-weight: bold;">Committee</font>&#8221;) or the Board will be final, binding and conclusive upon the Participant and the Participant&#8217;s heirs, legal representatives, successors and permitted assigns.&#160; Capitalized terms used herein but not
      defined will have the same meaning as in the Plan.</div>
    <div>
      <div>
        <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt;"><font style="text-align: left; margin-bottom: 12pt; font-weight: normal;">1.&#160; </font><font style="font-weight: bold;"><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Name of Participant</font>:
          ___________________________________<br>
        </div>
      </div>
    </div>
    <div>
      <div>
        <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt;"><font style="text-align: left; margin-bottom: 12pt; font-weight: normal;">2.&#160; </font><font style="font-weight: bold;"><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Date of Grant</font>:______________________________________</div>
      </div>
    </div>
    <div>
      <div>
        <div style="margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt;"><font style="margin-bottom: 12pt;">3.&#160; </font><font style="font-weight: bold;"><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab"> </font>Total number of shares of Company common stock, $0.01 par value per share, that may be acquired pursuant to this Option</font>:&#160;
          _____<br>
          <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;&#160;&#160; </font>&#160; (subject to adjustment pursuant to Section 9 hereof).</div>
      </div>
    </div>
    <div>
      <div>
        <div style="margin-bottom: 12pt; font-size: 12pt;"><font style="margin-left: 54pt; margin-bottom: 12pt;">&#8226;&#160; </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>This is an Incentive Stock Option (&#8220;<font style="font-weight: bold;">ISO</font>&#8221;) to the maximum extent permitted under Code Section 422(d).</div>
      </div>
    </div>
    <div><font style="font-size: 12pt;">4.</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font style="font-size: 12pt;"><font style="font-weight: bold;">Exercise price per share:&#160; &#160;&#160; </font>$ _______________</font></div>
    <div style="text-indent: 36pt; font-size: 12pt;">(subject to adjustment pursuant to Section 9 below)</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 12pt;">5.</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font style="font-size: 12pt;"><font style="font-weight: bold;">Expiration Date of Option:&#160; ____________ </font>(subject
        to Section 10 below)</font></div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z4f9ffafd5f444da4a3e51930ecae2238">

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          <td style="width: 34.2pt; vertical-align: top; align: right; font-size: 12pt;">6.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt;"><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: 37.05pt; margin-bottom: 12pt;"><font style="font-weight: bold;"><u>Shares</u></font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 178.95pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-weight: bold;"><u>Vesting Date</u></font></div>
    <div><br>
    </div>
    <div style="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="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
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    <!--PROfilePageNumberReset%Num%2%%%-->
    <div style="margin-left: 36pt; margin-bottom: 12pt; font-size: 12pt;">This Option may not be exercised at any time on or after the Option&#8217;s expiration date. Vesting will automatically accelerate pursuant to Sections 2.9 and 4.1 of the Plan (in the
      event of death or Disability).</div>
    <div style="text-align: justify; margin-left: 2.85pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">7.</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font style="font-size: 12pt;"><font style="font-weight: bold;">Exercise Procedure</font>.</font></div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zcbf48cac68484c50b239a8b2b4dd6edf">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 35.25pt; vertical-align: top; align: right; font-size: 12pt;">7.1</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt;"><font style="font-weight: bold;">Delivery of Notice of Exercise of Option</font>.&#160; This Option will 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 Exhibit A) 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, including:</div>
          </td>
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    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za7620c2b7d5140a0acb192a50c879d49">

          <tr>
            <td style="width: 108.3pt; vertical-align: top; align: right;">
              <div style="margin-left: 71.25pt; margin-bottom: 12pt; font-size: 12pt;">(i)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="margin-bottom: 12pt; font-size: 12pt;">by tendering shares of Common Stock valued at Fair Market Value (as defined in Section&#160;7.2 hereof) as of the day of exercise;</div>
            </td>
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    </div>
    <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="z553f18d44c7b4789bf2340c00ce518ca">

          <tr>
            <td style="width: 108.3pt; vertical-align: top; align: right;">
              <div style="margin-left: 71.25pt; font-size: 12pt;">(ii)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; font-size: 12pt;">by irrevocably authorizing a third party, acceptable to the Committee, to sell shares of Common Stock (or a sufficient portion of the shares) acquired upon exercise of the Option and to remit
                to the Company a sufficient portion of the sale proceeds to pay the entire exercise price and any tax withholding resulting from such exercise;</div>
            </td>
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      </table>
    </div>
    <div><br>
    </div>
    <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="z5086dc9ac6954f2baa8a0e1a4bdc4ad4">

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            <td style="width: 108pt; vertical-align: top; align: right;">
              <div style="margin-left: 71.25pt; font-size: 12pt;">(iii)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-size: 12pt;">by a net settlement of the Option, using a portion of the shares obtained on exercise in payment of the exercise price of the Option;</div>
            </td>
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    </div>
    <div><br>
    </div>
    <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="zec5c33469f5449899541cf330fe2d26a">

          <tr>
            <td style="width: 108.3pt; vertical-align: top; align: right;">
              <div style="margin-left: 71.25pt; font-size: 12pt;">(iv)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-size: 12pt;">by personal, certified or cashier&#8217;s check;</div>
            </td>
          </tr>

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    </div>
    <div><br>
    </div>
    <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">

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            <td style="width: 108.3pt; vertical-align: top; align: right;">
              <div style="margin-left: 71.25pt; font-size: 12pt;">(v)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-size: 12pt;">by other property deemed acceptable by the Committee; or</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-indent: 36pt;"><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;"></font></div>
    <div><br>
      <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">

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            <td style="width: 108.3pt; vertical-align: top; align: right;">
              <div style="margin-left: 71.25pt; font-size: 12pt;">(vi)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-size: 12pt;">by any combination thereof.</div>
            </td>
          </tr>

      </table>
    </div>
    <br>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z13ee0eea6203441e9ca94562a0ceda09">

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          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 35.25pt; vertical-align: top; align: right; font-size: 12pt;">7.2</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt;"><font style="font-weight: bold;">&#8220;Fair Market Value&#8221; </font>shall have the meaning set forth in Section 8.1(s) of the Plan.</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify;"><font style="font-size: 12pt;">8.</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font style="font-size: 12pt; font-weight: bold;">Delivery of Shares.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt; font-size: 12pt;"><font style="font-weight: bold;">Delivery of Shares</font>.&#160; Delivery of shares of Common Stock upon the exercise of this Option 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>
    <div><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 12pt;">9.</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font style="font-size: 12pt; font-weight: bold;">Adjustment Provisions.</font></div>
    <div style="text-align: justify; text-indent: -1.05pt; margin-left: 37.05pt; margin-bottom: 12pt; font-size: 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 3.3 of the Plan.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">2</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
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        <tr>
          <td style="width: 37.05pt; vertical-align: top; align: right; font-size: 12pt;">10.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt;"><font style="font-weight: bold;">Termination of Option and Accelerated Vesting</font>.</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#160;This Option will terminate upon the expiration date, except as set forth in the following&#160; provisions:</div>
    <div>
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          <tr>
            <td style="width: 108.3pt; vertical-align: top; font-weight: normal;">
              <div style="margin-left: 71.25pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">(i)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; font-size: 12pt;"><font style="font-weight: bold;">Death</font>.&#160; This Option will become exercisable as to all shares subject to an outstanding Award, whether or not then exercisable, in the event of the
                Participant&#8217;s Termination of Service by reason of the Participant&#8217;s death.&#160; This Option may thereafter be exercised by the Participant&#8217;s legal representative or beneficiaries for a period of one (1) year from the date of death, subject to
                termination on the expiration date of this Option, if earlier.</div>
              <div style="text-align: justify; font-size: 12pt;"> <br>
              </div>
            </td>
          </tr>

      </table>
    </div>
    <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="zc6cebb3eeb144bca97683c459d1b0c91">

          <tr>
            <td style="width: 108.3pt; vertical-align: top; font-weight: normal;">
              <div style="margin-left: 71.25pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">(ii)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; font-size: 12pt;"><font style="font-weight: bold;">Disability</font>.&#160; This Option will become exercisable as to all shares subject to an outstanding Award, whether or not then exercisable, in the event of the
                Participant&#8217;s Termination of Service by reason of the Participant&#8217;s Disability. This Option may thereafter be exercised for a period of one (1) year from the date of such Termination of Service by reason of Disability, subject to
                termination on the Option&#8217;s expiration date, if earlier.</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <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="z9f5726fa5e9b46daa70ab4750aa23c7c">

          <tr>
            <td style="width: 108pt; vertical-align: top; font-weight: normal;">
              <div style="margin-left: 71.3pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">(iii)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; text-indent: 0.3pt; font-size: 12pt;"><font style="font-weight: bold;">Termination for Cause</font><font style="font-style: italic;">.</font>&#160; If the Participant&#8217;s Termination of Service is for Cause, all
                Options that have not been exercised will expire and be forfeited.</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <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="z469fe34289c64f7389a53b423e0a9162">

          <tr>
            <td style="width: 108pt; vertical-align: top; align: right;">
              <div style="margin-left: 72pt; font-size: 12pt;">(iv)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; font-size: 12pt;">A <font style="font-weight: bold;">Change in Control.&#160; </font>In the event of the Participant&#8217;s Termination of Service following a Change in Control, all unvested Options held by the
                Participant will expire and be forfeited.&#160; Vested Options will be exercisable for one (1) year following Involuntary Termination following a Change in Control.&#160; A &#8220;Change in Control&#8221; will be deemed to have occurred as provided in Section
                4.2 of the Plan.</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <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="zb48887ef2be641e098d933e6feacf027">

          <tr>
            <td style="width: 108.3pt; vertical-align: top; font-weight: normal;">
              <div style="margin-left: 71.25pt; font-family: 'Times New Roman',Times,serif;">(v)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;"><font style="font-size: 12pt; font-weight: bold;">Retirement.</font><font style="font-size: 12pt;">&#160; Vested Options may be exercised for a period of one (1) year from the date of Termination of Service by
                  reason of Retirement, subject to termination on the Option&#8217;s expiration date, if earlier (and for purposes of clarity, non-vested options will be forfeited on the date of Termination of Service by reason of Retirement).&#160; </font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <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="z3985c0a0d2f542fbbe0086670a629103">

          <tr>
            <td style="width: 108.3pt; vertical-align: top; font-weight: normal;">
              <div style="margin-left: 71.25pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">(vi)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; font-size: 12pt;"><font style="font-weight: bold;">Other Termination</font><font style="font-style: italic;">.</font>&#160; If the Participant&#8217;s Termination of Service is for any reason other than death,
                Disability, Retirement, for Cause or following a Change of Control, this Option may thereafter be exercised, to the extent it was exercisable at the time of such termination, for a period of three (3) months following termination, subject
                to termination on the Option&#8217;s expiration date, if earlier.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">3</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <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;"><font style="font-size: 12pt;">11.</font><font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab">&#160; </font><font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab"></font>&#160;&#160; <font style="font-size: 12pt; font-weight: bold;">Miscellaneous.</font></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="z151cdfddd2a74e25ae8ee99cb8f086ec">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 32.4pt; vertical-align: top; align: right; font-size: 12pt;">11.1</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt;">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" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z00a37290e99444979b9a97d33aba1295">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 32.4pt; vertical-align: top; align: right; font-size: 12pt;">11.2</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt;">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" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3fc5f9d011004d83903f5e76f7e5fa4a">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 35.3pt; vertical-align: top; align: right; font-size: 12pt;">11.3</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt;">Except as otherwise provided by the Committee, ISOs under the Plan are not transferable except (1) as designated by the Participant by will or by the laws of descent and distribution, (2) to a grantor trust
              established by the Participant (with the Participant as the grantor), or (3) between spouses incident to a divorce or pursuant to a domestic relations order, provided, however, that in the case of a transfer described under (3), the Option
              will not qualify as an ISO as of the day of such transfer.</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="zb10dea26ea384c92995a13d52ed9d789">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt;">11.4</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt;">This Option will be governed by and construed in accordance with the laws of the State of New York.</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="z58cfcfa455864fa68fd6f1f437c0651a">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt;">11.5</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-size: 12pt;">This Agreement 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 Participant agrees that he will not
              exercise the Option granted hereby nor will the Company be obligated to issue any shares of Stock hereunder if the exercise thereof or the issuance of such shares, as the case may be, would constitute a violation by the Participant or the
              Company of any such law, regulation or order or any provision thereof.&#160; This Agreement and the Options granted hereunder are subject to the rules and regulations of the Federal Deposit Insurance Corporation at 12 U.S.C. 1828(k) and 12 C.F.R.
              Part 359.</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="z4b8198d508dd4ced82b34b6e6bc82034">

        <tr>
          <td style="width: 37.8pt;"><br>
          </td>
          <td style="width: 34.2pt; vertical-align: top; align: right; font-size: 12pt;">11.6</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-size: 12pt;">The granting of this Option does not confer upon the Participant any right to be retained in the service of the Company or any subsidiary.</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: center; margin-left: 36pt; margin-bottom: 12pt; font-size: 12pt;">[Remainder of Page Intentionally Blank]</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">4</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <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-indent: 36pt; margin-bottom: 12pt; font-size: 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 Option set forth above.</div>
    <div style="margin-left: 216pt; margin-bottom: 24pt; font-size: 12pt; font-variant: small-caps; font-weight: bold;">CARVER BANCORP, INC.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 180pt;"><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 216pt" id="TRGRRTFtoHTMLTab">&#160;</font><br>
    </div>
    <div style="margin: 0px 0px 0px; text-align: justify; text-indent: 218.85pt;"><font style="font-size: 12pt;">By:______________________</font><font style="display: inline-block; text-indent: 0px; font-size: 12pt; width: 216pt;" id="TRGRRTFtoHTMLTab"></font><font style="font-size: 12pt; font-family: 'Times New Roman',Times,serif;"></font></div>
    <div style="text-align: justify; text-indent: 218.85pt; margin-bottom: 12pt;"><font style="font-size: 12pt; font-family: 'Times New Roman',Times,serif;">Its:</font><font style="display: inline-block; text-indent: 0px; font-size: 12pt; width: 216pt;" id="TRGRRTFtoHTMLTab"> ______________________<br>
      </font></div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt; font-weight: bold;">PARTICIPANT&#8217;S ACCEPTANCE</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">The undersigned hereby accepts the foregoing Option and agrees to the terms and conditions hereof, including the terms and provisions of the Company&#8217;s 2014
      Equity Incentive Plan.&#160; The undersigned hereby acknowledges receipt of a copy of the Company&#8217;s 2014 Equity Incentive Plan.</div>
    <div style="text-align: justify; text-indent: 0.3pt; margin-left: 253.65pt; font-size: 12pt; font-weight: bold;">PARTICIPANT</div>
    <div style="text-align: justify; text-indent: 0.3pt; margin-left: 253.65pt; font-size: 12pt; font-weight: bold;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 0.3pt; margin-left: 253.65pt; font-size: 12pt; font-weight: bold;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 0.3pt; margin-left: 253.65pt; font-size: 12pt; font-weight: bold;">_______________________<br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 0.3pt; margin-left: 253.65pt;"><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 214.05pt" id="TRGRRTFtoHTMLTab">&#160;</font><br>
    </div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">5</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <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; margin-top: 12pt; font-weight: bold;">EXHIBIT A</div>
    <div style="text-align: center; margin-top: 12pt; font-weight: bold;">NOTICE OF EXERCISE OF OPTION<br>
      (BY OUTSIDE DIRECTOR)</div>
    <div style="margin-top: 12pt;"><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">I hereby exercise the stock option (the &#8220;Option&#8221;) granted to me by Carver Bancorp, Inc. (the &#8220;Company&#8221;) or its affiliate, subject to all the terms and provisions set forth in the
      Stock Option Agreement (the &#8220;Agreement&#8221;) and the Carver Bancorp, Inc. 2014 Equity Incentive Plan (the &#8220;Plan&#8221;) referred to therein, and notify you of my desire to purchase __________________ shares of common stock of the Company (&#8220;Common Stock&#8221;) for a
      purchase price of $_____________ per share.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Enclosed please find (check one):</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zdb0fd1e09a8048cda0d768d73adaaf6a">

        <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" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z7c1a1a984cbe4ff9bf719112a52fab65">

        <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" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z67dd557058bb418b96dc4e63b62e483c">

        <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" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z3bb85c65cb9f44b98b3fd72586ff5264">

        <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 style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>investment</div>
    <div style="text-align: justify; text-indent: 36pt;">___<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#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) 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;">Date: ____________, _____.<font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>_________________________________________</div>
    <div style="text-align: justify; text-indent: 216pt;">Participant&#8217;s signature</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">*<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#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>
  <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">6</font></div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>ex10-3_s8nov1620.htm
<DESCRIPTION>FORM OF NON-STATUTORY STOCK OPTION AWARD AGREEMENT FOR THE CARVER BANCORP, INC. 2014 EQUITY INCENTIVE PLAN
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Luse Gorman
         Document created using EDGARfilings PROfile 7.0.1.0
         Copyright 1995 - 2020 Broadridge -->
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  <div style="text-align: right;"><font style="font-weight: bold;">EXHIBIT 10.3</font><br>
  </div>
  <div><br>
  </div>
  <div><br>
  </div>
  <div>
    <div><br>
    </div>
    <br>
    <div><br>
    </div>
    <div style="text-align: center; font-size: 12pt; font-variant: small-caps; font-weight: bold;">Stock Option</div>
    <div><br>
    </div>
    <div style="text-align: center; font-size: 12pt;">Granted by</div>
    <div><br>
    </div>
    <div style="text-align: center; font-size: 12pt; font-variant: small-caps; font-weight: bold;">CARVER BANCORP, INC.</div>
    <div><br>
    </div>
    <div style="text-align: center; font-size: 12pt;">under the</div>
    <div><br>
    </div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;">CARVER BANCORP, INC.</div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;">2014 EQUITY INCENTIVE PLAN</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 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 2014 Equity Incentive Plan (the &#8220;<font style="font-weight: bold;">Plan</font>&#8221;) of Carver 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 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 Committee appointed to administer the Plan (&#8220;<font style="font-weight: bold;">Committee</font>&#8221;) or the Board will be final, binding and conclusive upon the Participant and the Participant&#8217;s heirs, legal representatives, successors and permitted assigns.&#160; Capitalized terms used herein but not
      defined will have the same meaning as in the Plan.</div>
    <div>
      <div>
        <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-size: 12pt;"><font style="text-align: left; font-weight: bold;"><font style="font-weight: normal;">1.</font>&#160; </font><font style="font-weight: bold;"><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font> Name of Participant</font>:________________________</div>
        <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-size: 12pt;"> <br>
        </div>
      </div>
    </div>
    <div>
      <div>
        <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-size: 12pt;"><font style="text-align: left; font-weight: bold;"><font style="font-weight: normal;">2.</font>&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font></font><font style="font-weight: bold;"> Date of Grant</font>:___________________________</div>
        <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-size: 12pt;"> <br>
        </div>
      </div>
    </div>
    <div>
      <div>
        <div style="font-family: 'Times New Roman',Times,serif; font-size: 12pt;">3.&#160; <font style="font-weight: bold;"><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font> Total number of shares of Company common
            stock, $0.01 par value per share, that may be acquired pursuant to this Option</font>:__________<br>
          <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>(subject to adjustment pursuant to Section 9 hereof).</div>
        <div style="font-family: 'Times New Roman',Times,serif; font-size: 12pt;"> <br>
        </div>
      </div>
    </div>
    <div>
      <div>
        <div style="font-size: 12pt;"><font style="margin-left: 54pt;">&#8226;&#160; </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>This is a Non-Qualified Option.</div>
        <div style="font-size: 12pt;"> <br>
        </div>
      </div>
    </div>
    <div><font style="font-size: 12pt;">4.</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font style="font-size: 12pt;"><font style="font-weight: bold;">Exercise price per share:&#160; &#160;&#160; </font>$ _______________</font></div>
    <div style="font-family: 'Times New Roman',Times,serif; font-size: 12pt;"><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>(subject to adjustment pursuant to Section 9 below)</div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 12pt;">5.</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font style="font-size: 12pt;"><font style="font-weight: bold;">Expiration Date of Option: ______________&#160; </font>(subject to Section 10 below)</font></div>
    <div style="text-align: justify;"><font style="font-size: 12pt;"> <br>
      </font></div>
    <div>
      <div style="font-size: 12pt;">6.&#160;&#160; <font style="font-weight: bold;"> <font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab"></font>Vesting Schedule</font>.&#160; Except as otherwise provided in this Agreement, this Option
        first becomes exercisable, subject to the Option&#8217;s expiration date,</div>
      <div style="font-size: 12pt;"><font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab">&#160;</font><font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab">&#160;</font><font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab">&#160;</font>in accordance with the vesting schedule specified herein.</div>
      <div style="font-size: 12pt;"> <br>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 37.05pt; margin-bottom: 12pt;"><font style="font-weight: bold;"><u>Shares</u></font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 178.95pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-weight: bold;"><u>Vesting Date</u></font></div>
    <div><br>
    </div>
    <div style="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="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <!--PROfilePageNumberReset%Num%2%%%-->
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-left: 37.05pt; margin-bottom: 12pt; font-size: 12pt;">This Option may not be exercised at any time on or after the Option&#8217;s expiration date. Vesting will automatically accelerate pursuant to Sections 2.9 and 4.1
      of the Plan (in the event of death or Disability).</div>
    <div style="text-align: justify; margin-left: 2.85pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">7.</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font style="font-size: 12pt;"><font style="font-weight: bold;">Exercise Procedure</font>.</font></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="zcdfb00caf78743498898b4f03c37283a">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 35.25pt; vertical-align: top; align: right; font-size: 12pt;">7.1</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt;"><font style="font-weight: bold;">Delivery of Notice of Exercise of Option</font>.&#160; This Option will 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 Exhibit A) 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, including:</div>
            <div style="font-size: 12pt;"> <br>
            </div>
          </td>
        </tr>

    </table>
    <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="z91fa07defd6b45e48c78bdccb3adcb0c">

          <tr>
            <td style="width: 108.3pt; vertical-align: top; align: right;">
              <div style="margin-left: 71.25pt; font-size: 12pt;">(i)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-size: 12pt;">by tendering shares of Common Stock valued at Fair Market Value (as defined in Section&#160;7.2 hereof) as of the day of exercise;</div>
              <div style="font-size: 12pt;"> <br>
              </div>
            </td>
          </tr>

      </table>
    </div>
    <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="zaab4b9ab8b2c4802b66327bff861e2bf">

          <tr>
            <td style="width: 108.3pt; vertical-align: top; align: right;">
              <div style="margin-left: 71.25pt; font-size: 12pt;">(ii)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; font-size: 12pt;">by irrevocably authorizing a third party, acceptable to the Committee, to sell shares of Common Stock (or a sufficient portion of the shares) acquired upon exercise of the Option and to remit
                to the Company a sufficient portion of the sale proceeds to pay the entire exercise price and any tax withholding resulting from such exercise;</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <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="z805e779373aa406eb00e733675df93a6">

          <tr>
            <td style="width: 108pt; vertical-align: top; align: right;">
              <div style="margin-left: 71.25pt; font-size: 12pt;">(iii)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-size: 12pt;">by a net settlement of the Option, using a portion of the shares obtained on exercise in payment of the exercise price of the Option;</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <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="z20501d3760ff438f914c1de55719420c">

          <tr>
            <td style="width: 108.3pt; vertical-align: top; align: right;">
              <div style="margin-left: 71.25pt; font-size: 12pt;">(iv)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-size: 12pt;">by personal, certified or cashier&#8217;s check;</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <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">

          <tr>
            <td style="width: 108.3pt; vertical-align: top; align: right;">
              <div style="margin-left: 71.25pt; font-size: 12pt;">(v)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div><font style="font-size: 12pt;">by other property deemed acceptable by the Committee; or</font></div>
              <div><font style="font-size: 12pt;"> <br>
                </font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <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">

            <tr>
              <td style="width: 108.3pt; vertical-align: top; align: right;">
                <div style="margin-left: 71.25pt; font-size: 12pt;">(vi)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-size: 12pt;">by any combination thereof.</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; margin-bottom: 12pt;" class="DSPFListTable" id="z8dd40133a40546b3a5cda2e047f06631">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 35.25pt; vertical-align: top; align: right; font-size: 12pt;">7.2</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt;"><font style="font-weight: bold;">&#8220;Fair Market Value&#8221; </font>shall have the meaning set forth in Section 8.1(s) of the Plan.</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify;"><font style="font-size: 12pt;">8.</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font style="font-size: 12pt; font-weight: bold;">Delivery of Shares.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt; font-size: 12pt;"><font style="font-weight: bold;">Delivery of Shares</font>.&#160; Delivery of shares of Common Stock upon the exercise of this Option 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>
    <div><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 12pt;">9.</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font style="font-size: 12pt; font-weight: bold;">Adjustment Provisions.</font></div>
    <div style="text-align: justify; text-indent: -1.05pt; margin-left: 37.05pt; margin-bottom: 12pt; font-size: 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 3.3 of the Plan.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">2</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z3ab96d36e8074b7abcb8f6d92343b8a0">

        <tr>
          <td style="width: 37.05pt; vertical-align: top; align: right; font-size: 12pt;">10.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt;"><font style="font-weight: bold;">Termination of Option and Accelerated Vesting</font>.</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; font-size: 12pt;">This Option will terminate upon the expiration date, except as set forth in the following&#160; provisions:</div>
    <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="zf6b52266b31f4ab3806ebfa6d329f965">

          <tr>
            <td style="width: 108pt; vertical-align: top; font-weight: normal;">
              <div style="margin-left: 71.3pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">(i)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; font-size: 12pt;"><font style="font-weight: bold;">Death</font>.&#160; This Option will become exercisable as to all shares subject to an outstanding Award, whether or not then exercisable, in the event of the
                Participant&#8217;s Termination of Service by reason of the Participant&#8217;s death.&#160; This Option may thereafter be exercised by the Participant&#8217;s legal representative or beneficiaries for a period of one (1) year from the date of death, subject to
                termination on the expiration date of this Option, if earlier.</div>
              <div style="text-align: justify; font-size: 12pt;"> <br>
              </div>
            </td>
          </tr>

      </table>
    </div>
    <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="z501bffe9b30349e0ab41a0612ad6d69a">

          <tr>
            <td style="width: 108pt; vertical-align: top; font-weight: normal;">
              <div style="margin-left: 71.3pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">(ii)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; font-size: 12pt;"><font style="font-weight: bold;">Disability</font>.&#160; This Option will become exercisable as to all shares subject to an outstanding Award, whether or not then exercisable, in the event of the
                Participant&#8217;s Termination of Service by reason of the Participant&#8217;s Disability. This Option may thereafter be exercised for a period of one (1) year from the date of such Termination of Service by reason of Disability, subject to
                termination on the Option&#8217;s expiration date, if earlier.</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <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="z64fe73d2c17f41b59f6022591dd2d470">

          <tr>
            <td style="width: 108pt; vertical-align: top; font-weight: normal;">
              <div style="margin-left: 71.3pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">(iii)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; text-indent: 0.3pt; font-size: 12pt;"><font style="font-weight: bold;">Termination for Cause</font><font style="font-style: italic;">.</font>&#160; If the Participant&#8217;s Termination of Service is for Cause, all
                Options that have not been exercised will expire and be forfeited.</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <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="ze6855ed75d5b4028a6c60e9dbc795874">

          <tr>
            <td style="width: 108pt; vertical-align: top; align: right;">
              <div style="margin-left: 72pt; font-size: 12pt;">(iv)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; font-size: 12pt;">A <font style="font-weight: bold;">Change in Control.&#160; </font>In the event of the Participant&#8217;s Termination of Service following a Change in Control, all unvested Options held by the
                Participant will expire and be forfeited.&#160; Vested Options will be exercisable for one (1) year following the date of Involuntary Termination following a Change in Control.&#160; A &#8220;Change in Control&#8221; will be deemed to have occurred as provided
                in Section 4.2 of the Plan.</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <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="zf3f6e503b64f48038e9dad28e323d0a7">

          <tr>
            <td style="width: 108.3pt; vertical-align: top; font-weight: normal;">
              <div style="margin-left: 71.25pt; font-family: 'Times New Roman',Times,serif;">(v)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;"><font style="font-size: 12pt; font-weight: bold;">Retirement.</font><font style="font-size: 12pt;">&#160; Vested Options may be exercised for a period of one (1) year from the date of Termination of Service by
                  reason of Retirement, subject to termination on the Option&#8217;s expiration date, if earlier (and for purposes of clarity, non-vested options will be forfeited on the date of Termination of Service by reason of Retirement).&#160; </font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <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="za597bdb63c5a4f35b90cea82eb394d7b">

          <tr>
            <td style="width: 108.3pt; vertical-align: top; font-weight: normal;">
              <div style="margin-left: 71.25pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">(vi)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; font-size: 12pt;"><font style="font-weight: bold;">Other Termination</font><font style="font-style: italic;">.</font>&#160; If the Participant&#8217;s Termination of Service is for any reason other than death,
                Disability, Retirement, for Cause or following a Change of Control, this Option may thereafter be exercised, to the extent it was exercisable at the time of such termination, for a period of three (3) months following termination, subject
                to termination on the Option&#8217;s expiration date, if earlier.</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">3</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <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;"><font style="font-size: 12pt;">11.</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font style="font-size: 12pt; font-weight: bold;">Miscellaneous.</font></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;" class="DSPFListTable" id="zafdd5c5d47834fcb8fc24e6d6e154e69">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 32.4pt; vertical-align: top; align: right; font-size: 12pt;">11.1</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt;">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" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd7ac86328aa4410a8bd9814554a93aeb">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 32.4pt; vertical-align: top; align: right; font-size: 12pt;">11.2</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt;">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" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5fdd0b3c98af4144b6da32ceb576ebef">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 35.3pt; vertical-align: top; align: right; font-size: 12pt;">11.3</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt;">In the discretion of the Committee, a non-qualified Option granted under the Plan may be transferable by the Participant; provided, however, that such&#160; 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 such transfers are not made for consideration to the Participant.</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="z3a065d8e54ce4bdbadb38431e7484a73">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 35.3pt; vertical-align: top; align: right; font-size: 12pt;">11.4</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt;">This Option will be governed by and construed in accordance with the laws of the State of New York.</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="zf7c9a29ac5ce49aa988ef973119169e1">

        <tr>
          <td style="width: 37.05pt;"><br>
          </td>
          <td style="width: 34.2pt; vertical-align: top; align: right; font-size: 12pt;">11.5</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt;">This Agreement 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 Participant agrees that he will not
              exercise the Option granted hereby nor will the Company be obligated to issue any shares of Stock hereunder if the exercise thereof or the issuance of such shares, as the case may be, would constitute a violation by the Participant or the
              Company of any such law, regulation or order or any provision thereof.&#160; This Agreement and the Options granted hereunder are subject to the rules and regulations of the Federal Deposit Insurance Corporation at 12 U.S.C. 1828(k) and 12 C.F.R.
              Part 359.</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="z7c24185a42d341fb99aa7e903830e0e9">

        <tr>
          <td style="width: 37.05pt;"><br>
          </td>
          <td style="width: 34.95pt; vertical-align: top; align: right; font-size: 12pt;">11.6</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-size: 12pt;">The granting of this Option does not confer upon the Participant any right to be retained in the service of the Company or any subsidiary.</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: center; margin-left: 36pt; margin-bottom: 12pt; font-size: 12pt;">[Remainder of Page Intentionally Blank]</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">4</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <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-indent: 36pt; margin-bottom: 12pt; font-size: 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 Option set forth above.</div>
    <div style="margin-left: 216pt; margin-bottom: 24pt; font-size: 12pt; font-variant: small-caps; font-weight: bold;">CARVER BANCORP, INC.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 180pt;"><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 216pt" id="TRGRRTFtoHTMLTab">&#160;</font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 180pt;"><font style="font-size: 12pt;">By:</font><font style="display: inline-block; text-indent: 0px; font-size: 12pt; width: 216pt;" id="TRGRRTFtoHTMLTab">__________________________ <br>
      </font></div>
    <div style="text-align: justify; text-indent: 218.85pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">Its:</font><font style="display: inline-block; text-indent: 0px; font-size: 12pt; width: 216pt;" id="TRGRRTFtoHTMLTab">__________________________
        <br>
      </font></div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt; font-weight: bold;">PARTICIPANT&#8217;S ACCEPTANCE</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">The undersigned hereby accepts the foregoing Option and agrees to the terms and conditions hereof, including the terms and provisions of the Company&#8217;s 2014
      Equity Incentive Plan.&#160; The undersigned hereby acknowledges receipt of a copy of the Company&#8217;s 2014 Equity Incentive Plan.</div>
    <div style="text-align: justify; text-indent: 0.3pt; margin-left: 253.65pt; font-size: 12pt; font-weight: bold;">PARTICIPANT</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 0.3pt; margin-left: 253.65pt;"><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 214.05pt" id="TRGRRTFtoHTMLTab">&#160;</font><br>
    </div>
    <div style="text-align: justify; text-indent: 0.3pt; margin-left: 253.65pt; font-size: 12pt;"> _________________________<br>
    </div>
    <div style="text-align: justify; text-indent: 0.3pt; margin-left: 253.65pt; font-size: 12pt;"><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">5</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <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; margin-top: 12pt; font-weight: bold;">EXHIBIT A</div>
    <div style="text-align: center; margin-top: 12pt; font-weight: bold;">NOTICE OF EXERCISE OF OPTION<br>
      (BY OUTSIDE DIRECTOR)</div>
    <div style="margin-top: 12pt;"><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">I hereby exercise the stock option (the &#8220;Option&#8221;) granted to me by Carver Bancorp, Inc. (the &#8220;Company&#8221;) or its affiliate, subject to all the terms and provisions set forth in the
      Stock Option Agreement (the &#8220;Agreement&#8221;) and the Carver Bancorp, Inc. 2014 Equity Incentive Plan (the &#8220;Plan&#8221;) referred to therein, and notify you of my desire to purchase __________________ shares of common stock of the Company (&#8220;Common Stock&#8221;) for a
      purchase price of $_____________ per share.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Enclosed please find (check one):</div>
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        <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" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zfe65e7b39bde42f9bc3daca0f45c6f6a">

        <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" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zddc3a2887d824f4aa70fb38bda17743d">

        <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" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zcfce89105f104740a9969faf7fc7bd7e">

        <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 style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>investment</div>
    <div style="text-align: justify; text-indent: 36pt;">___<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#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) 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;">Date: ____________, _____.<font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>_________________________________________</div>
    <div style="text-align: justify; text-indent: 216pt;">Participant&#8217;s signature</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">*<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#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>
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<DOCUMENT>
<TYPE>EX-10.4
<SEQUENCE>5
<FILENAME>ex10-4_s8nov1620.htm
<DESCRIPTION>FORM OF RESTRICTED STOCK AWARD AGREEMENT FOR THE CARVER BANCORP, INC. 2014 EQUITY INCENTIVE PLAN
<TEXT>
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  <head>
    <title></title>
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  <div style="text-align: right;"><font style="font-weight: bold;">EXHIBIT 10.4</font><br>
  </div>
  <div><br>
  </div>
  <div><br>
  </div>
  <div>
    <div style="text-align: center; font-size: 12pt; font-variant: small-caps; font-weight: bold;">Restricted Stock Award Agreement</div>
    <div><br>
    </div>
    <div style="text-align: center; font-size: 12pt;">Granted by</div>
    <div><br>
    </div>
    <div style="text-align: center; font-size: 12pt; font-variant: small-caps; font-weight: bold;">CARVER BANCORP, INC.</div>
    <div><br>
    </div>
    <div style="text-align: center; font-size: 12pt;">under the</div>
    <div><br>
    </div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;">CARVER BANCORP, INC.</div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;">2014 EQUITY INCENTIVE PLAN</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">This restricted stock award agreement (&#8220;<font style="font-weight: bold;">Restricted Stock Award</font>&#8221; or &#8220;<font style="font-weight: bold;">Agreement</font>&#8221;)
      is subject to the provisions of the 2014 Equity Incentive Plan (the &#8220;<font style="font-weight: bold;">Plan</font>&#8221;) of Carver 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 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 Committee appointed to administer the
      Plan (&#8220;<font style="font-weight: bold;">Committee</font>&#8221;) or the Company's 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>
      <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="zb8c0533518d0470795b0e069be8f4c94">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="font-size: 12pt; font-weight: bold;">1.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-indent: 36pt; font-size: 12pt; font-weight: bold;">Name/Title of Participant:______________________</div>
              <div style="text-indent: 36pt; font-size: 12pt; font-weight: bold;"> <br>
              </div>
            </td>
          </tr>

      </table>
    </div>
    <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="z31523f11fec74a1cb25ef018c30e1eb5">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="font-size: 12pt; font-weight: bold;">2.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-indent: 36pt; font-size: 12pt;"><font style="font-weight: bold;">Date of Grant</font>:___________________________</div>
              <div style="text-indent: 36pt; font-size: 12pt;"> <br>
              </div>
            </td>
          </tr>

      </table>
    </div>
    <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="z19fac507ba7749f6b90bd8fd09fe1cbe">

          <tr>
            <td style="width: 37.05pt; vertical-align: top; align: right;">
              <div style="font-size: 12pt; font-weight: bold;">3.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; text-indent: 34.95pt; font-size: 12pt;"><font style="font-weight: bold;">N</font><font style="font-weight: bold;">umber of shares of Company common stock, $0.01 par value per share, covered by the Restricted
                  Stock Award:________</font></div>
              <div style="text-align: justify; text-indent: 34.95pt; font-size: 12pt;"><font style="font-weight: bold;"> <br>
                </font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: justify; margin-left: 37.05pt; font-size: 12pt;"><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>(subject to adjustment pursuant to
      Section 8 hereof).</div>
    <div style="text-align: justify; margin-left: 37.05pt; font-size: 12pt;"> <br>
    </div>
    <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="ze3c82c1c229e473bafa157d0731a0754">

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            <td style="width: 37.05pt; vertical-align: top; align: right;">
              <div style="font-size: 12pt; font-weight: bold;">4.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; text-indent: 34.95pt; font-size: 12pt;"><font style="font-weight: bold;">Vesting Schedule</font>.&#160; Except as otherwise provided in this Agreement, this Restricted Stock Award vests as set forth below:</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: justify; margin-left: 37.05pt; margin-bottom: 12pt;"><font style="font-weight: bold;"><u> <br>
        </u></font></div>
    <div style="text-align: justify; margin-left: 37.05pt; margin-bottom: 12pt;"><font style="font-weight: bold;"><u><font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab">&#160;</font><font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab">&#160;</font><font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab">&#160;</font><font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab">&#160;&#160;&#160;</font>
          Shares</u></font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 178.95pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-weight: bold;"><u>Vesting Date</u></font></div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 28.8pt;"> <br>
    </div>
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      <div style="page-break-after:always;" id="DSPFPageBreak">
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    <div style="margin-bottom: 12pt;"><br>
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    <br>
    <div style="text-align: justify;"><font style="font-size: 12pt; font-weight: bold;">5</font><font style="font-size: 12pt;">.</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font style="font-size: 12pt; font-weight: bold;">Grant of
        Restricted Stock Award.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 37.05pt; margin-bottom: 12pt; font-size: 12pt;">The Restricted Stock Award will be in the form of issued and outstanding shares of Stock that will be either 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, or registered in the name of, and delivered to, the Participant.&#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 such Awards.</div>
    <div style="text-align: justify; margin-left: 37.05pt; margin-bottom: 12pt; font-size: 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" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z13f7dfdc108347ffa6e99ff567075f9d">

        <tr>
          <td style="width: 37.05pt; vertical-align: top; align: right;"><font style="font-size: 12pt; font-weight: bold;">6</font><font style="font-size: 12pt;">.</font></td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt;"><font style="font-weight: bold;">Terms and Conditions</font>.</div>
          </td>
        </tr>

    </table>
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        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 31.7pt; vertical-align: top; align: right; font-size: 12pt;">6.1</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt;">The Participant will have the right to vote the shares of Restricted Stock awarded hereunder on matters which require shareholder vote.</div>
            <div style="font-size: 12pt;"> <br>
            </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; margin-bottom: 12pt;" class="DSPFListTable" id="zd7b4d65168a74e67ac6815aba18a1174">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 31.5pt; vertical-align: top; align: right; font-size: 12pt;">6.2</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt;">Dividends on shares of Restricted Stock, if any, will be retained in the Plan until the Restricted Stock on which such dividend is paid vests and such dividend (and earnings thereon, if any) will be distributed
              within two and one-half months of such vesting date.</div>
          </td>
        </tr>

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

          <tr>
            <td style="width: 37.05pt; vertical-align: top; font-size: 12pt; font-weight: bold;">7<font style="font-family: 'Times New Roman',Times,serif;">.</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify; font-weight: bold;">
              <div style="font-size: 12pt;">Delivery of Shares.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: justify; margin-left: 37.05pt; font-size: 12pt;">Delivery of shares of Stock under this Restricted Stock Award will comply with all applicable laws (including, the requirements of the Securities Act, to the extent applicable),
      and the applicable requirements of any securities exchange or similar entity.</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;" class="DSPFListTable" id="zba89dbec6c0b4d3e85cfd889daeeba1c">

        <tr>
          <td style="width: 37.05pt; vertical-align: top; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold;">8.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt; font-weight: bold;">Adjustment Provisions.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: -1.05pt; margin-left: 37.05pt; margin-bottom: 12pt; font-size: 12pt;">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 3.3 of the Plan.</div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 12pt; font-weight: bold;">9.</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font style="font-size: 12pt; font-weight: bold;">Effect of Termination of Service on Vesting of
        Restricted Stock Award.</font></div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 12pt; font-weight: bold;">9.1</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;"><font style="font-weight: bold;">Death.&#160; </font>In the event of the Participant&#8217;s Termination of Service by reason of the Participant&#8217;s death, all Restricted Stock will vest as to all shares subject to an outstanding Award, whether or not
        immediately vested, at the date of Termination of Service.</font></div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 12pt;"> <br>
      </font></div>
    <div style="margin-left: 36pt;"><font style="font-size: 12pt; font-weight: bold;">9.2</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;"><font style="font-weight: bold;">Disability</font>.&#160; In the event of the Participant&#8217;s Termination of Service by reason of Disability, all Restricted Stock will vest as to all shares subject to an outstanding Award, whether or not immediately vested,
        at the date of Termination of Service.</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">2</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <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-left: 36pt;"><font style="font-size: 12pt; font-weight: bold;">9.3</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;"><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, any Restricted Stock award that has not vested as of the date of Termination of Service will expire
        and be forfeited.&#160; &#8220;Retirement&#8221; shall have the meaning set forth in Section 8.1(ee) of the Plan.</font></div>
    <div style="margin-left: 36pt;"><font style="font-size: 12pt;"> <br>
      </font></div>
    <div style="margin-left: 36pt;"><font style="font-size: 12pt; font-weight: bold;">9.4</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;"><font style="font-weight: bold;">Change in Control</font>.&#160; In the event of the Participant&#8217;s Involuntary Termination following a Change in Control, all Restricted Stock Awards held by the Participant will expire and be forfeited.</font></div>
    <div style="margin-left: 36pt;"><font style="font-size: 12pt;"> <br>
      </font></div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 12pt; font-weight: bold;">9.5</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;"><font style="font-weight: bold;">Termination for Cause</font><font style="font-style: italic;">.</font>&#160; If the Participant&#8217;s Service has been terminated for Cause, all Restricted Stock granted to a Participant that has not vested will
        expire and be forfeited.</font></div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 12pt;"> <br>
      </font></div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt; font-weight: bold;">9.6</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;"><font style="font-weight: bold;">Other Termination</font><font style="font-style: italic;">.</font>&#160; If a Participant terminates Service for any reason other than due to death or Disability or for Cause, all shares of&#160;
        Restricted Stock awarded to the Participant which have not vested as of the date of Termination of Service will expire and be forfeited.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 12pt; font-weight: bold;">10</font><font style="font-size: 12pt;">.</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font style="font-size: 12pt; font-weight: bold;">Miscellaneous.</font></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="zfec18e8597cb4584ab0870642e0e95c8">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 32.4pt; vertical-align: top; align: right; font-size: 12pt;">10.1</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt;">No Restricted Stock Award 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>
            <div style="font-size: 12pt;"> <br>
            </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="z0090026c227e450589445b1e87ad08a2">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 32.4pt; vertical-align: top; align: right; font-size: 12pt;">10.2</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt;">This Agreement may not be amended or otherwise modified unless evidenced in writing and signed by the Company and the Participant.</div>
            <div style="font-size: 12pt;"> <br>
            </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="zd4a2bb7b7b48484bba463dcd42ce04eb">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 35.25pt; vertical-align: top; align: right; font-size: 12pt;">10.3</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt;">Restricted Stock Awards are not transferable prior to the time such Awards vest in the Participant.</div>
            <div style="font-size: 12pt;"> <br>
            </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="z8d09044fdd08406f82d7ff3905224732">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 35.25pt; vertical-align: top; align: right; font-size: 12pt;">10.4</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt;">This Restricted Stock Award will be governed by and construed in accordance with the laws of the United States and the State of New York.</div>
            <div style="font-size: 12pt;"> <br>
            </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="zfa28760e412c4ced8f1c396dde8da65b">

        <tr>
          <td style="width: 37.05pt;"><br>
          </td>
          <td style="width: 34.2pt; vertical-align: top; align: right; font-size: 12pt;">10.5</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt;">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 such shares would constitute a violation of any such law, regulation or order or any provision thereof.&#160; This Agreement and the Restricted Stock Awards granted hereunder are
              subject to rules and regulations of the Federal Deposit Insurance Corporation at 12 U.S.C. Section 1828(k) and 12 C.F.R. Part 359.</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">3</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <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-indent: 36pt; margin-bottom: 12pt; font-size: 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>
    <div style="margin-left: 252pt; margin-bottom: 24pt; font-size: 12pt; font-weight: bold;"><font style="font-variant: small-caps;">&#160;</font>CARVER BANCORP, INC.</div>
    <div style="margin: 0px 0px 0px; text-align: justify; text-indent: 254.85pt;"><font style="font-size: 12pt;">By:</font><font style="display: inline-block; text-indent: 0px; font-size: 12pt; width: 216pt;" id="TRGRRTFtoHTMLTab">________________________
      </font><font style="font-size: 12pt;"></font></div>
    <div style="text-align: justify; text-indent: 254.85pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">Its:</font><font style="display: inline-block; text-indent: 0px; font-size: 12pt; width: 216pt;" id="TRGRRTFtoHTMLTab">________________________
        <br>
      </font></div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt; font-weight: bold;">PARTICIPANT&#8217;S ACCEPTANCE</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 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 2014
      Equity Incentive Plan.&#160; The undersigned hereby acknowledges receipt of a copy of the Company&#8217;s 2014 Equity Incentive Plan.</div>
    <div style="text-align: justify; text-indent: 252pt; margin-bottom: 12pt; font-size: 12pt; font-weight: bold;"> PARTICIPANT</div>
    <div style="text-align: justify; text-indent: 252pt; margin-bottom: 12pt; font-size: 12pt; font-weight: bold;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 252pt; margin-bottom: 12pt; font-size: 12pt; font-weight: bold;">_______________________</div>
    <div style="text-align: justify; text-indent: 252pt; margin-bottom: 12pt; font-size: 12pt; font-weight: bold;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 252pt; margin-bottom: 12pt; font-size: 12pt; font-weight: bold;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 252pt; margin-bottom: 12pt; font-size: 12pt; font-weight: bold;"> <br>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; text-indent: 0.3pt; margin-left: 253.65pt;"><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 214.05pt" id="TRGRRTFtoHTMLTab">&#160;</font><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: center; margin-top: 12pt; margin-bottom: 3pt;"><font style="font-size: 12pt; font-weight: bold;"> </font><br>
    </div>
    <div><br>
    </div>
  </div>
  <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">4</font></div>
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<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>6
<FILENAME>ex23-2_s8nov1620.htm
<DESCRIPTION>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
<TEXT>
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  <div style="text-align: right;"><font style="font-weight: bold;">EXHIBIT 23.2</font><br>
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    <div style="text-align: center;"><u>Consent of Independent Registered Public Accounting Firm</u></div>
    <div style="margin-top: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-top: 12pt;">Carver Bancorp, Inc.</div>
    <div style="text-align: justify;">New York, New York</div>
    <div style="text-align: justify; margin-top: 12pt;">We hereby consent to the incorporation by reference in this Registration Statement of our report dated August 6, 2020, relating to the
      consolidated financial statements of Carver Bancorp, Inc. appearing in the Company&#8217;s Annual Report on Form 10-K for the year ended March 31, 2020.</div>
    <div style="margin-top: 12pt;"><br>
    </div>
    <div style="text-align: justify;">/s/ BDO USA, LLP</div>
    <div><br>
    </div>
    <div style="text-align: justify;">New York, New York</div>
    <div><br>
    </div>
    <div style="text-align: justify;">November 17, 2020</div>
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