Exhibit 10.1

October 3, 2014

Mr. Michael A. Volpe

17 Apple Tree Court

Marlboro, NJ 07746

Dear Mr. Volpe:

On behalf of CMS Bank (the “Bank”), I am pleased to confirm our employment offer to you under the following terms and conditions:

Title and Reporting Relationship

Your title will be Senior Vice President and Chief Financial Officer. You will report directly to me as President and Chief Executive Officer.

Role and Responsibilities

As the Chief Financial Officer, your primary responsibilities include:

Term

Subject to the satisfaction of the conditions set forth in the Conditions of Offer section below, your employment will begin on October 6, 2014 (“Start Date”). You will be an “at-will” employee of the Bank. See the Employment-At-Will section below for additional information.

Compensation and Benefits

Your compensation will be an annual salary of $165,000, payable in weekly installments. Should you decide to accept this conditional employment offer:

1

Employment-At-Will

This offer letter should not be construed as a guarantee of employment for a specific period of time. Should you accept our offer, you will be an employee-at-will, which means that either you or the Bank may terminate your employment, at any time, with or without cause and with or without notice. Please further understand that no employee or representative of the Bank has the authority to make any promises, commitment or statement of any kind that changes that status unless it is contained in a written document signed by the Bank’s CEO.

Conditions of Offer

You hereby represent and warrant to the Bank that you are not subject to any non-solicitation, noncompetition, confidentiality or any other agreement which might affect or limit your employment with the Bank.

In addition to successfully completing the steps of the Bank’s standard hiring practices and agreeing to abide by the Bank’s policies and procedures, this offer of employment with the Bank is contingent upon the following actions to be completed by you:

*        *        *

To accept this employment offer subject to the terms and conditions stated herein, please sign and date this letter in the space provided below. This letter sets forth the terms of your employment with the Bank and supersedes any prior representations or agreements including, but not limited to, any representations made during your recruitment, interviews or pre-employment negotiations, whether written or oral.

[signature page follows]

2

We look forward to your favorable reply and to working with you at CMS Bank. If you have any questions, please give me a call at (914) 422-2710.

Sincerely,

John E. Ritacco

President & CEO

CMS Bank

I accept the offer of employment subject to the terms and conditions set forth above:

Michael A. Volpe
Date:		10/6/2014

3

Appendix 1

Chief Financial Officer

Position Responsibilities

(see attached)

4

Appendix 2

Excerpt of Section 7.5.4 of the Merger Agreement dated

September 25, 2014 by and between Putnam County

Savings Bank, Putnam County Acquisition Corporation,

CMS Bancorp, Inc. and CMS Bank

(subject to any amendments that may be agreed to by the parties)

*        *        *

7.5.4 Any employee of CMS Bancorp or a CMS Bancorp Subsidiary who is not a party to an employment, change in control or severance agreement or other separation agreement that provides a benefit on termination of employment, whose employment is terminated involuntarily (other than for cause) at the Effective Time of the Bank Merger or within six (6) months following the Effective Time of the Bank Merger shall receive a lump sum severance payment from Putnam equal to two week’s base salary or base rate of pay at the rate then in effect, for each full year of employment, beginning with the original hire date and ending on the date of termination of employment, with CMS Bancorp or a CMS Bancorp Subsidiary, subject to a minimum of four weeks and a maximum of 26 weeks, provided, however that such employee enters into a release of claims against Putnam and its affiliates in a customary form reasonably satisfactory to Putnam. A “for cause” termination shall mean any termination of employment due to the occurrence of one or more of the following events: (A) the Continuing Employee’s failure of willful refusal to comply in any material respect with lawful Putnam’s (or any applicable Subsidiary’s) employment policies or directives, (B) the Continuing Employee’s commission of misconduct or an act of fraud, theft or embezzlement against Putnam (or any applicable Subsidiary), (C) the Continuing Employee’s conviction or plea of nolo contendere to any felony or crime involving moral turpitude, or (D) the Continuing Employee’s failure to substantially perform the duties and responsibilities of such Continuing Employee’s position. The estimated amounts payable under the CMS Bancorp Severance Plan are set forth in the CMS Bancorp Benefits Schedule.

*        *        *

5

Job Description:

SVP/Chief Financial Officer

Grade E

Job Requirements:

Specific Job Functions: