Document:

Exhibit 10.4 -- Employment Agreement

 EXHIBIT 10.4 
  
 EMPLOYMENT AGREEMENT 
  
 THIS EMPLOYMENT AGREEMENT (the “Agreement”) is made as of the      day of
                    , 2004, between Slavie Federal Savings Bank (the “Bank” or “Employer”), a capital stock federal
savings bank chartered by the United States and a wholly owned subsidiary of SFSB, Inc. and Sophie T. Wittelsberger, a resident of the State of Maryland (the “Employee”). 
  
 RECITALS: 
  
 The Employer desires to employ the Employee as a Vice President and Chief Operating Officer of the Employer and the Employee desires to accept such
employment. 
  
 In consideration of the above premises and the
mutual agreements hereinafter set forth, the parties hereby agree as follows: 
  
 1. DEFINITIONS. Whenever used in this Agreement, the following terms and their variant forms will have the meaning set forth below: 
  
 1.1 “Agreement” means this Agreement and any exhibits incorporated herein together with any amendments hereto made in the manner
described in this Agreement. 
  
 1.2 “Affiliate”
means any business entity which controls the Employer, is controlled by or is under common control with the Employer. 
  
 1.3 “Area” means the geographic area within a radius of thirty five (35) miles of the principal office of the Employer at which the
Employee worked. It is the express intent of the parties that the Area as defined herein is based on the location where the Employee principally performs services on behalf of the Employer under this Agreement as of, or within a reasonable time
prior to, the termination of the Employee’s employment hereunder. 
  
 1.4 “Board” means the board of directors of the Bank. 
  
 1.5 “Bank” means Slavie Federal Savings Bank and any entity that directly or indirectly owns a controlling interest in the Bank. 
  
 1.6 “Business of the Employer” means the community banking business conducted by the Employer, and in which
the Employer is actively engaged. 
  
 1.7 “Cause”
shall include personal dishonesty, incompetence, willful misconduct, breach of fiduciary duty involving personal profit, intentional failure to perform stated duties, willful violation of any law, rule or regulation (other than traffic violations or
similar offenses) or final cease and desist order or a material breach of any provision of this Agreement. 
  
 1.8 “Company Information” means Confidential Information and Trade Secrets. 

 1.9 “Confidential Information” means data and information relating to the business of
the Employer (which does not rise to the status of a Trade Secret) which is or has been disclosed to the Employee or of which the Employee became aware as a consequence of or through the Employee’s relationship to the Employer and which has
value to the Employer and is not generally known to its competitors. Confidential Information does not include any data or information that has been voluntarily disclosed to the public by the Employer (except where such public disclosure has been
made by the Employee without authorization) or that has been independently developed and disclosed by others, or that otherwise enters the public domain through lawful means. 
  
 1.10 “Change in Control” means any one of the following events first to occur after the completion of the
initial public offering of the common stock of the holding company of the Bank: 
  
 (a) the acquisition by any person or persons acting in concert of the then outstanding voting securities of the Bank, if, after the
transaction, the acquiring person (or persons) owns, controls or holds with power to vote twenty-five percent (25%) or more of any class of voting securities of the Bank, as the case may be, or such other transaction as may be described under 12
C.F.R. Section 225.41(b)(1) or any successor thereto; 
  
 (b) within any twelve-month period (beginning on or after the Effective Date) the persons who were directors of the Bank immediately before the beginning of such twelve-month period (the “Incumbent Directors”) cease to constitute
at least a majority of such board of directors; provided that any director who was not a director as of the Effective Date will be deemed to be an Incumbent Director if that director was elected to such board of directors by, or on the
recommendation of or with the approval of, at least two-thirds of the directors who then qualified as Incumbent Directors; 
  
 (c) the approval by the stockholders of the Bank of a reorganization, merger or consolidation, with respect to which persons who were the
stockholders of the Bank, as the case may be, immediately prior to such reorganization, merger or consolidation do not, immediately thereafter, own more than fifty percent (50%) of the combined voting power entitled to vote in the election of
directors of the reorganized, merged or consolidated company’s then outstanding voting securities; or 
  
 (d) the sale, transfer or assignment of all or substantially all of the assets of the Bank to any third party. 
  
 Notwithstanding anything in this subsection to the contrary, a Change in Control shall not be
deemed to have occurred: (i) after the completion of the initial public offering of the common stock of SFSB, Inc.; or (ii) upon the conversion of Slavie Bancorp, MHC to stock form, or in connection with any reorganization used to effect such a
conversion. 
  
 1.11 “Effective Date” means the
date on which the Bank’s reorganization into a mutual holding company is completed. 
  

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 1.12 “Good Reason” means, any of the following events or conduct preceding a termination
of employment initiated by the Employee: 
  
 (a)
a material diminution in the powers, responsibilities, duties or Base Salary (as defined in Section 4.1(a)) of the Employee hereunder or a material change as to whom Employee reports and who reports to Employee; 
  
 (b) the failure of the Board to elect the Employee as a Vice
President and the Chief Operating Officer of the Bank; 
  
 (c) a material breach of the terms of this Agreement by the Employer; 
  
 (d) a change in the location of the principal office of Employee more than thirty five (35) miles from its existing location; 

 
 (e) non-renewal of this Agreement pursuant to Section
3.1. 
  
 provided, however, that no termination of employment which is triggered
by any conduct or event described in this Section 1.12 shall constitute a termination of employment for Good Reason unless the Employee has first provided the Employer with the opportunity to cure the event or conduct by giving the Employer a
written notice describing in sufficient detail the Employee’s belief that a Good Reason exists and the Employee defers resigning until the expiration of a thirty (30) day cure period, beginning with the date such notice is received by the
Employer. 
  
 1.13 “Permanent Disability” means
the total inability of the Employee to perform the Employee’s duties under this Agreement for a period of one hundred and eighty (180) consecutive days as certified by a physician chosen by the Employer and reasonably acceptable to the
Employee. 
  
 1.14 “Trade Secrets” means
information including, but not limited to, technical or nontechnical data, formulas, patterns, compilations, programs, devices, methods, techniques, drawings, processes, financial data, financial plans, product plans or lists of actual or potential
customers or suppliers which: 
  
 (a) derives
economic value, actual or potential, from not being generally known to, and not being readily ascertainable by proper means by, other persons who can obtain economic value from its disclosure or use; and 
  
 (b) is the subject of efforts that are reasonable under the
circumstances to maintain its secrecy. 
  
 2.
DUTIES. 
  
 2.1 The Employee is employed as a Vice
President and the Chief Operating Officer of the Bank, and subject to the direction of the Board or its designee, must perform and discharge well and faithfully the duties which may be assigned to her from time to time by the Employer in connection
with the conduct of its business. The duties and responsibilities of the Employee are set forth on Exhibit A attached hereto. 
  

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 2.2 In addition to the duties and responsibilities specifically assigned to the Employee pursuant to
Section 2.1 hereof, the Employee must: 
  
 (a)
devote substantially all of the Employee’s time, energy and skill during regular business hours to the performance of the duties of the Employee’s employment (reasonable vacations and reasonable absences due to illness, injury, or other
commonly recognized reasons excepted) and faithfully and industriously perform such duties; 
  
 (b) diligently follow and implement all management policies and decisions communicated to her by the Board; and 
  
 (c) timely prepare and forward to the Board all reports and
accounting as may be requested of the Employee. 
  
 2.3 The
Employee must devote the Employee’s entire business, time, attention and energies to the Business of the Employer and must not during the Agreement be engaged (whether or not during normal business hours) in any other business or professional
activity which conflicts with the Business of the Employer or interferes with the performance of her duties for the Employer, whether or not such activity is pursued for gain, profit or other pecuniary advantage; but this will not be construed as
preventing the Employee from: 
  
 (a) investing
the Employee’s personal assets in businesses which are not in competition with the Business of the Employer and which will not require any services on the part of the Employee in their operation or affairs and in which the Employee’s
participation is solely that of an investor; 
  
 (b) purchasing securities in any corporation whose securities are regularly traded provided that such purchase will not result in her collectively owning beneficially at any time five percent (5%) or more of the equity securities of any
business in competition with the Business of the Employer; and 
  
 (c) participating in civic and professional affairs and organizations and conferences, preparing or publishing papers or books or teaching so long as the Board does not disapprove of such activities. 
  
 3. TERM AND TERMINATION. 
  
 3.1 Term. The term of this Agreement will initially be set at two (2)
years commencing on the date hereof. Commencing on the first anniversary date of this Agreement and continuing on each anniversary date thereafter (in each case the “Anniversary Date”), this Agreement shall renew for an additional year
such that the remaining term shall be two (2) years unless written notice of non- renewal is provided to Employee at least ten (10) and not more than (30) days prior to such Anniversary Date, that her employment shall cease at the end of two (2)
years following such Anniversary Date. Prior to each notice period for non-renewal, the disinterested 
  

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 members of the Board (or a committee comprised solely of disinterested members) will conduct a comprehensive performance
evaluation and review of the Employee for purposes of determining whether to extend the Agreement, and the results thereof shall be included in the minutes of the Board’s meeting (as so calculated, the “Term”). 
  
 3.2 Termination. The employment of the Employee under this Agreement
may be terminated prior to the expiration of the Term only as follows, subject to the conditions set forth below: 
  
 3.2.1 By the Employer: 
  
 (a) for Cause at any time, upon written notice to the Employee, in which event the Employer will have no further obligation to the
Employee except for the payment of any amounts due and owing under Section 4 on the effective date of the termination; 
  
 (b) without Cause any time, provided that the Employer gives the Employee sixty (60) days’ prior written notice of its intent to
terminate, in which event the Employer will be required to make the termination payments under Section 3.6; or 
  
 (c) upon the Permanent Disability of Employee in which event the Employer will have no further obligation to the Employee except for the
payment of any amounts due and owing under Section 4 on the effective date of the termination. 
  
 3.2.2 By the Employee: 
  
 (a) for Good Reason at any time, in which event the Employer will be required to make the termination payments under Section 3.6;

  
 (b) without Good Reason, provided that the
Employee gives the Employer sixty (60) days’ prior written notice of the Employee’s intent to terminate, in which event the Employer will have no further obligation to the Employee except for future payment of any amounts due and owing
under Section 4 on the effective date of the termination; or 
  
 (c) upon the Permanent Disability of the Employee in which event the Employer will have no further obligation to the Employee except for the payment of any amounts due and owing under Section 4 on the effective date
of the termination. 
  

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 3.2.3 By the Employee: 
  
 (a) within twelve (12) months following a Change in Control; provided that the Employee gives at least
thirty (30) days’ prior written notice to the Employer of the Employee’s intention to terminate this Agreement with such resignation to be effective immediately at the end of such thirty (30) day period, in which event the Employer will be
required to make a termination payment under Section 3.6. 
  
 3.2.4 At any time upon mutual, written agreement of the parties, in which event the Employer will have no further obligation to the Employee except for the payment of any amounts due and owing under Section 4 on the effective date of
termination unless otherwise set forth in the written agreement. 
  
 3.2.5 Immediately upon the Employee’s death, in which event the Employer will have no further obligation to the Employee except for the payment of any amounts due and owing under Section 4 on the effective date of termination.

  
 3.3 Effect of Termination. Termination of the
employment of the Employee pursuant to Section 3.2 will be without prejudice to any right or claim which may have previously accrued to either the Employer or the Employee hereunder and will not terminate, alter, supersede or otherwise affect the
terms and covenants and the rights and duties prescribed in this Agreement. 
  
 3.4 Suspension Without Pay. If Employee is suspended and/or temporarily prohibited from participating in the conduct of the Employer’s affairs by a notice served under Section 8(e)(3) or (g)(1) of the
Federal Deposit Insurance Act, the Employer’s obligations under this Agreement will be suspended as of the date of service thereof, unless stayed by appropriate proceedings. If the charges in such notice are dismissed, the Employer may in its
discretion: 
  
 (a) pay Employee all or part of
the compensation withheld while its contract obligations were suspended; and/or 
  
 (b) reinstate (in whole or in part) any of its obligations which were suspended. 
  
 3.5 Other Regulatory Requirements. If the Bank is in default, as
defined in Section (3)(x)(1) of the Federal Deposit Insurance Act, all obligations under this Agreement will terminate as of the date of such default, but no vested rights of the Employee will be affected. Further, all non-vested obligations under
this Agreement will be terminated, except, to the extent determined that continuation of the Agreement is necessary for the continued operation of the Bank: 
  
 (a) by the Director of the Office of Thrift Supervision (the “Director”) or his or her designee, at the time the FDIC enters
into an agreement to provide assistance to or on behalf of the Bank under the authority of the Federal Deposit Insurance Act; or 
  
 (b) by the Director or his or her designee, at the time the Director or his or her designee approves a supervisory merger to resolve
problems relating to the operation of the Bank or when the Bank is determined by the Director to be in an unsafe or unsound condition. 
  

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 3.6 Termination Payments. In the event this Agreement is terminated by the Employer pursuant to
Section 3.2.1(b) or by the Employee pursuant to Section 3.2.2(a) and a Change in Control has not occurred, then commencing with the first payroll date immediately following the effective date of such termination, the Employer will pay to the
Employee as severance pay and liquidated damages an amount equal to the current cash compensation for a period equal to the remainder of the Term. In addition, the Employer will continue to maintain the Employee’s health insurance coverage
during the remainder of the term. In the event a Change in Control has occurred and this Agreement is terminated by Employer or by Employee pursuant to Section 3.2.3, the Employee shall be entitled to a lump sum payment equal to 2.00 times her
Average Annual Cash Compensation and shall be paid such lump sum payment by Employer within 30 days of the effective date of termination of this Agreement. As used herein, the term “Average Annual Cash Compensation” means the
Employee’s average annual cash compensation paid by the Employer during the most recent five (5) taxable years ending before the date the Change in Control occurs (or such portion of such period during which the Employee was employed by the
Employer). To the extent Employee is granted any equity compensation, including but not limited to stock options or a management reward and retention plan, the terms of any agreement related to such equity compensation shall provide that
Employee’s right to such compensation fully vests upon a Change in Control, to the extent permitted by applicable law. 
  
 Notwithstanding any other provisions to this Agreement to the contrary, if the aggregate of the payments provided for in this Agreement and other payments
and benefits which the Employee has the right to receive from the Employer (the “Total Payments”) would constitute a “parachute payment,” as defined in Section 280G(b)(2) of the Internal Revenue Code, the Employee shall receive
the Total Payments unless (a) the after-tax amount that would be retained by the Employee (after taking into account all federal, state and local income taxes payable by the Employee and the amount of any excise taxes payable by the Employee under
Section 4999 of the Internal Revenue Code that would be payable by the Employee (the “Excise Taxes”)) if the Employee were to receive the Total Payments has an aggregate value less than (b) the after-tax amount that would be retained by
the Employee (after taking into account all federal, state and local income taxes payable by the Employee) if the Employee were to receive the Total Payments reduced to the largest amount as would result in no portion of the Total Payments being
subject to Excise Taxes (the “Reduced Payments”), in which case the Employee shall be entitled only to the Reduced Payments. If the Employee is to receive the Reduced Payments, the Employee shall be entitled to determine which of the Total
Payments, and the relative portions of each, are to be reduced. 
  
 Any payments made to Employee pursuant to this Agreement, or otherwise, are subject to and conditioned upon compliance with Section U.S.C. Section 1828(k) and FDIC regulation 12 C.F.R. Part 359, Golden Parachute and Indemnification
Payments. 
  

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 4. COMPENSATION AND BENEFITS. 
  
 4.1 Compensation. The Employee will receive the following salary and
benefits: 
  
 (a) Base Salary. During the
Term, the Employee will receive a base salary at the rate of $60,000 per annum, payable in substantially equal installments in accordance with the Bank’s regular payroll practices (“Base Salary”). The Employee’s Base Salary will
be reviewed by the Board annually, and the Employee will be entitled to receive annually an increase in such amount, if any, as may be determined by the Board. 
  

(b) Incentive Compensation. 
  
 (i) In addition to Employee’s Base Salary under Section 4.1(a), within ninety (90) days following the end of each fiscal year of the
Employer’s operations, the Employer may pay the Employee a bonus as determined each year by the Compensation Committee of the Board provided certain performance criteria (to be determined annually by the Board) are satisfied. 
  
 (ii) The Employee will also be entitled to participate in
such other bonus, incentive and other executive compensation programs as are made available to senior management of the Employer from time to time. 
  
 The bonus amounts which may be payable to the Employee pursuant to this Section 4.1(b) is referred to herein as “Incentive Compensation”.

  
 4.2 Business Expenses; Memberships. The Employer
specifically agrees to reimburse the Employee for (a) reasonable business (including travel) expenses incurred by the Employee in the performance of the Employee’s duties hereunder, as approved from time to time by the Bank, and (b) the dues
and business related expenditures, including initiation fees, associated with membership in professional associations which are commensurate with the Employee’s position; provided, however, that the Employee must, as a condition of
reimbursement, submit verification of the nature and amount of such expenses in accordance with reimbursement policies from time to time adopted by the Employer and in sufficient detail to comply with rules and regulations promulgated by the
Internal Revenue Service. 
  
 4.3 Vacation. The Employee
will be entitled to vacation in each year of this Agreement in accordance with the Bank’s vacation policy as then in effect, during which the Employee’s Base Salary will be paid in full. 
  
 4.4 Benefits. In addition to the Base Salary and Incentive
Compensation, the Employee will be entitled to such benefits as may be available from time to time for executives of the Employer. All such benefits will be awarded and administered in accordance with the Employer’s standard policies and
practices. Such benefits may include, by way of example only, profit-sharing plans, retirement, life and disability insurance benefits and such other benefits as the Employer deems appropriate. 
  

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 4.5 Withholding. The Employer may deduct from each payment of compensation hereunder all amounts
required to be deducted and withheld in accordance with applicable federal and state income, FICA and other withholding requirements. 
  
 5. COMPANY INFORMATION. 
  
 5.1 Ownership of Information. All Company Information received or developed by the Employee while employed by the Employer will remain the sole and
exclusive property of the Employer. 
  
 5.2 Obligations of the
Employee. Except on behalf of the Employer, the Employee agrees (a) to hold Company Information in strictest confidence, and (b) not to use, duplicate, reproduce, distribute, disclose or otherwise disseminate Company Information or any physical
embodiments thereof and may in no event take any action causing or fail to take any action necessary in order to prevent any Company Information from losing its character or ceasing to qualify as Confidential Information or a Trade Secret. In the
event that the Employee is required by law to disclose any Company Information, the Employee will not make such disclosure unless (and then only to the extent that) such disclosure is required by law and then only after prior written notice is given
to the Employer when the Employee becomes aware that such disclosure has been requested and is required by law. This Section 5 will survive the termination of this Agreement with respect to Confidential Information for so long as it remains
Confidential Information, but for no longer than three (3) years following termination of this Agreement, and this Section 5 will survive termination of this Agreement with respect to Trade Secrets for so long as is permitted by the then-current
Maryland Trade Secrets Act. 
  
 5.3 Delivery upon Request or
Termination. Upon request by the Employer, and in any event upon termination of employment with the Employer, the Employee will promptly deliver to the Employer all property belonging to the Employer, including without limitation, all Company
Information then in the Employee’s possession or control. 
  
 6.
NON-COMPETITION. The Employee agrees that during his employment hereunder and, in the event of the Employee’s termination of employment (a) by the Employer pursuant to Section 3.2.1(b) or by the Employee pursuant to Section 3.2.2(a),
then for the period during which the Employee is to be paid monthly termination payments; or (b) by the Employer for reasons of dishonesty or gross misconduct on the part of the Employee, or by the Employee pursuant to Sections 3.2.2(b), 3.2.2(c) or
3.2.3, or by written, mutual agreement of both parties, then for a period of twelve months, the Employee will not (except on behalf of or with the prior written consent of the Employer), within the Area, either directly or indirectly, on the
Employee’s own behalf or in the service or on behalf of others, as a principal, partner, officer, director, manager, supervisor, administrator, consultant, executive employee or in any other capacity which involves duties and responsibilities
similar to those undertaken for the Employer, engage in any business which is the same as or essentially the same as the Business of the Employer. 
  
 7. NON-SOLICITATION OF CUSTOMERS. The Employee agrees that during her employment hereunder and, in the event of the Employee’s termination of employment (a)
by the Employer pursuant to Section 3.2.1(b) or by the Employee pursuant to Section 3.2.2.(a), then for 
  

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 the period during which the Employee is to be paid monthly termination payments, or (b) by the Employer for reasons of
dishonesty or gross misconduct on the part of the Employee, or by the Employee pursuant to Sections 3.2.2(b), 3.2.2(c) or 3.2.3 or by written, mutual agreement of both parties, then for a period of twelve months, the Employee will not (except on
behalf of or with the prior written consent of the Employer), within the Area, on the Employee’s own behalf or in the service or on behalf of others, solicit, divert or appropriate or attempt to solicit, divert or appropriate, directly or by
assisting others, any business from any of the Employer’s customers, including actively sought prospective customers, with whom the Employee has or had material contact during the last two (2) years of the Employee’s employment, for
purposes of providing products or services that are competitive with those provided by the Employer. 
  
 8. NON-SOLICITATION OF EMPLOYEES. The Employee agrees that during her employment hereunder and, in the event of the Employee’s termination of employment (a) by the Employer pursuant to Section 3.2.1(b) or
by the Employee pursuant to Section 3.2.2(a), then for the period during which the Employee is to be paid monthly termination payments, or (b) by the Employer for reasons of dishonesty or gross misconduct on the part of the Employee, or by the
Employee pursuant to Sections 3.2.2(b), 3.2.2(c) or 3.2.3, or by written, mutual agreement of both parties, then for a period of twelve months, the Employee will not, except for Employee’s Administrative Assistant, within the Area, on the
Employee’s own behalf or in the service or on behalf of others, solicit, recruit or hire away or attempt to solicit, recruit or hire away, directly or by assisting others, any employee of the Employer or its Affiliates, whether or not such
employee is a full-time employee or a temporary employee of the Employer or its Affiliates and whether or not such employment is pursuant to written agreement and whether or not such employment is for a determined period or is at will. 

 
 9. REMEDIES. The Employee agrees that the covenants contained in Sections 5 through
8 of this Agreement are of the essence of this Agreement; that each of the covenants is reasonable and necessary to protect the business, interests and properties of the Employer; and that irreparable loss and damage will be suffered by the Employer
should the Employee breach any of the covenants. Therefore, the Employee agrees and consents that, in addition to all the remedies provided by law or in equity, the Employer will be entitled to a temporary restraining order and temporary and
permanent injunctions to prevent a breach or contemplated breach of any of the covenants. The Employer and the Employee agree that all remedies available to the Employer or the Employee, as applicable, will be cumulative. 
  
 10. SEVERABILITY. The parties agree that each of the provisions included in this
Agreement is separate, distinct and severable from the other provisions of this Agreement and that the invalidity or unenforceability of any Agreement provision will not affect the validity or enforceability of any other provision of this Agreement.
Further, if any provision of this Agreement is ruled invalid or unenforceable by a court of competent jurisdiction because of a conflict between the provision and any applicable law or public policy, the provision will be redrawn to make the
provision consistent with and valid and enforceable under the law or public policy. 
  
 11. NOTICE. All notices and other communications required or permitted under this Agreement will be in writing and, if mailed by prepaid first-class mail or certified mail, return receipt requested, will be deemed to have been
received on the earlier of the date shown on the receipt 
  

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 or three (3) business days after the postmarked date thereof. In addition, notices hereunder may be delivered by hand,
facsimile transmission or overnight courier, in which event the notice will be deemed effective when delivered or transmitted. All notices and other communications under this Agreement must be given to the parties hereto at the following addresses:

  

	 	(i)	If to the Employer, to it at: 

  
 1614 Churchville Road 
 Bel Air, Maryland 21015 
 Attn: President 
  

	 	(ii)	If to the Employee, to the Employee at: 

  
 Personal address 
  
 725 Claridge Court 
 Bel Air, Maryland 21014 
  
 12. ASSIGNMENT. Neither party hereto
may assign or delegate this Agreement or any of its rights and obligations hereunder without the written consent of the other party hereto. 
  
 13. WAIVER. A waiver by the Employer of any breach of this Agreement by the Employee will not be effective unless in writing, and no waiver will operate or be
construed as a waiver of the same or another breach on a subsequent occasion. 
  
 14. ARBITRATION. Any controversy or claim arising out of or relating to this Agreement, or the breach thereof, will be settled by binding arbitration in accordance with the Commercial Arbitration Rules of the American Arbitration
Association. The decision of the arbitration panel will be final and binding on the parties, and judgment upon the award rendered by the arbitration panel may be entered by any court having jurisdiction thereof. 
  
 15. ATTORNEYS’ FEES. All reasonable legal fees paid or incurred by Employee
pursuant to any dispute or question of interpretation relating to this Agreement shall be paid or reimbursed by the Bank, provided that the dispute or interpretation has been settled by the Employee and the Bank or resolved in the Employee’s
favor. 
  
 16. APPLICABLE LAW. This Agreement will be construed and
enforced under and in accordance with the laws of the State of Maryland only to the extent not superseded by federal law. The parties agree that any appropriate state court located in Harford County, Maryland, will have jurisdiction of any case or
controversy arising under or in connection with this Agreement and will be a proper forum in which to adjudicate such case or controversy. The parties consent to the jurisdiction of such courts. 
  
 17. INTERPRETATION. Words importing the singular form shall include the plural and
vice versa. The terms “herein”, “hereunder”, “hereby”, “hereto”, “hereof” and any similar terms refer to this Agreement. Any captions, titles or headings preceding the text of any article, section or
subsection herein are solely for convenience of reference and will not constitute part of this Agreement or affect its meaning, construction or effect. 
  

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 18. ENTIRE AGREEMENT. This Agreement embodies the entire and final agreement of the parties on the subject matter
stated in the Agreement. No amendment or modification of this Agreement will be valid or binding upon the Employer or the Employee unless made in writing and signed by both parties. All prior understandings and agreements relating to the subject
matter of this Agreement are hereby expressly terminated. 
  
 19. RIGHTS OF
THIRD PARTIES. Nothing herein expressed is intended to or will be construed to confer upon or give to any person, firm or other entity, other than the parties hereto and their permitted assigns, and the Employee’s heirs, any rights or
remedies under or by reason of this Agreement. 
  
 20. SURVIVAL.

  
 (a) The obligations of the Employee pursuant
to Sections 5, 6, 7, 8 and 9 will survive the termination of the employment of the Employee hereunder for the period designated under each of those respective sections. 
  
 (b) The obligations of the Employer pursuant to Sections 3.6, 4 and 21 (indemnication) will survive the
termination of this Agreement subject to the period designated under each of those respective sections. 
  
 21. INDEMNIFICATION. During the Term and for a period of six (6) years thereafter, the Bank shall provide Employee (including her heirs, executors and administrators) with coverage under a standard directors
and officers liability insurance policy at its expense. During the Term and thereafter, the Bank shall indemnify Employee (and her heirs, executors and administrators) to the fullest extent permitted under federal law against all expenses and
liabilities reasonably incurred by her in connection with or arising out of any action, suit or proceeding in which she may be involved by reason of her having been a director or officer of the Bank (whether or not she continues to be an officer or
director at the time of incurring such expenses or liabilities), such expenses and liabilities to include , but not be limited to, judgments, court costs and attorneys fees and the cost of reasonable settlements (such settlements must be approved by
the Board). If such action, suit or proceeding is brought against Employee in her capacity as an officer or director of the Bank, however, such indemnification shall not extend to matters as to which Employee is finally adjudged to be liable for
willful misconduct in the performance of her duties. 
  
 22. SOURCE OF
PAYMENTS. All payments provided in this Agreement shall be timely paid in cash or check from the general funds of the Bank. 
  

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 IN WITNESS WHEREOF, the Employer and the Employee have executed and delivered this Agreement as of the
date first shown above. 
  

			
	 THE EMPLOYER:

	
	 SLAVIE FEDERAL SAVINGS BANK

		
	 By:
	 	  

		
	 Name:
	 	  

		
	 Title:
	 	  

	
	 THE EMPLOYEE:

		
	 By:
	 	  

		
	 Name:
	 	 Sophie T. Wittelsberger

  

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 Exhibit A 
  

SLAVIE FEDERAL SAVINGS BANK 
 JOB DESCRIPTION

  

			
	 JOB TITLE:
	 	VICE PRESIDENT/CHIEF OPERATING OFFICER
	 FSLA:
	 	EXEMPT
	 REPORTS TO:
	 	BOARD OF DIRECTORS
		
	SUMMARY:Exhibit 10.5 -- Lease Agreement

 EXHIBIT 10.5 
  
 BENFIELD PROPERTIES, LLC 
  
 601 EDGEWOOD ROAD 
 EDGEWOOD, MD 21040

  
 TENANT: SLAVIE FEDERAL SAVINGS BANK 
  
 Date:
                    , 2001 

 TABLE OF CONTENTS 
  

			
	 	  	Page

	 ARTICLE I TERM
	  	1
		
	 Section 1.1. Original Term.
	  	1
	 Section 1.1.1. OTS Approval.
	  	1
	 Section 1.2. Renewal Option.
	  	1
		
	 ARTICLE II
	  	2
		
	 CONDITION OF THE PREMISES
	  	2
		
	 Section 2.1. “As Is”.
	  	2
	 Section 2.2. Construction Work.
	  	2
		
	 ARTICLE III
	  	3
		
	 QUIET ENJOYMENT, SUBORDINATION, ATTORNMENT AND ESTOPPEL CERTIFICATE
	  	3
		
	 Section 3.1. Quiet Enjoyment.
	  	3
	 Section 3.2. Mortgage Subordination and Seniority.
	  	3
	 Section 3.3. Acceptance of the Premises, Commencement Date, Attornment and Estoppel Certificates.
	  	3
		
	 ARTICLE IV
	  	4
		
	 RENT
	  	4
		
	 Section 4.1. Fixed Rent.
	  	4
	 Section 4.2. Rent Commencement Date.
	  	5
	 Section 4.3. Additional Rent.
	  	5
	 Section 4.4. Payment.
	  	5
		
	 ARTICLE V
	  	6
		
	 PERMITTED USE AND CONTINUED OCCUPANCY
	  	6
		
	 Section 5.1. Permitted Use.
	  	6
	 Section 5.2. Permitted Name.
	  	6
		
	 ARTICLE VI INTENTIONALLY OMITTED
	  	6
		
	 ARTICLE VII ASSIGNMENT AND SUBLETTING
	  	6
		
	 Section 7.1. Restrictions on Assignment and Subletting.
	  	6
	 Section 7.2. No Waiver.
	  	6
	 Section 7.3. Other Requirements.
	  	7
		
	 ARTICLE VIII REPAIRS
	  	7
		
	 Section 8.1. Repairs by Tenant.
	  	7
	 Section 8.2. Quality of Work.
	  	7
		
	 ARTICLE IX UTILITIES
	  	7

  

 i 

			
	 Section 9.1. Tenant to Pay for Utilities.
	  	7
	 Section 9.2. Interruptions in Service.
	  	8
		
	 ARTICLE X TENANT’S OPERATIONS, ALTERATIONS, SIGNS AND LAW COMPLIANCE
	  	8
		
	 Section 10.1. Rules and Regulations.
	  	8
	 Section 10.2. Garbage and Refuse.
	  	8
	 Section 10.3. Alterations.
	  	8
	 Section 10.4. Signs.
	  	9
	 Section 10.5. Compliance with Laws and Insurance Requirements.
	  	9
		
	 ARTICLE XI MECHANIC’S LIENS AND OTHER LIENS
	  	10
		
	 Section 11.1. Mechanic’s and Materialmen’s Liens.
	  	10
	 Section 11.2. Other Liens.
	  	10
		
	 ARTICLE XII PUBLIC LIABILITY AND INSURANCE
	  	10
		
	 Section 12.1. Damage to Landlord’s Property.
	  	10
	 Section 12.2.
	  	10
	 (a)    Indemnity
	  	10
	 (b)    Liability Insurance
	  	11
	 (c)    All Risk Property Damage— Insurance
	  	11
	 (d)    Carrier Rating
	  	11
	 (e)    Delivery of Policies
	  	11
		
	 ARTICLE XIII REAL ESTATE TAXES
	  	11
		
	 Section 13.1. Taxes.
	  	11
	 Section 13.2. Licenses and Permits.
	  	12
	 Section 13.3. Tenant’s Right to Contest Taxes.
	  	12
		
	 ARTICLE XIV ENVIRONMENTAL MATTERS
	  	13
		
	 Section 14.1. Environmental Warranty.
	  	13
	 Section 14.2. Environmental Indemnity.
	  	13
		
	 ARTICLE XV LANDLORD’S ENTRY ON PREMISES
	  	13
		
	 ARTICLE XVI (INTENTIONALLY OMITTED)
	  	14
		
	 ARTICLE XVII FIRE OR OTHER CASUALTY
	  	14
		
	 Section 17.1. Fire or Other Casualty.
	  	14
	 Section 17.2. Waiver of Subrogation Against Tenant.
	  	14
		
	 ARTICLE XVIII EMINENT DOMAIN
	  	15
		
	 Section 18.1. Total Condemnation.
	  	15
	 Section 18.2. Partial Condemnation.
	  	15
	 Section 18.3. Restoration.
	  	15
	 Section 18.4. Condemnation after Discontinuance of Business.
	  	15
	 Section 18.5. Definitions.
	  	15
		
	 ARTICLE XIX BANKRUPTCY OR INSOLVENCY
	  	16

  

 ii 

			
	 ARTICLE XX DEFAULTS AND REMEDIES
	  	16
		
	 Section 20.1. Abatement of Tenant’s Defaults.
	  	16
	 Section 20.2. Distraint and Default Rent.
	  	16
	 Section 20.3. Termination and/or Reletting for Default: Liquidated Damages.
	  	17
		
	 ARTICLE XXI CUMULATIVE REMEDIES AND GOVERNING LAW
	  	18
		
	 Section 21.1. Remedies Cumulative.
	  	18
	 Section 21.2. Governing Law and Jurisdiction.
	  	18
	 Section 21.3. No Trial by Jury: No Counterclaim.
	  	18
		
	 ARTICLE XXII RECORDING: NO REDEMPTION OR MERGER
	  	19
		
	 Section 22.1. Recording.
	  	19
	 Section 22.2. Waiver of Redemption.
	  	19
		
	 ARTICLE XXIII NOTICES
	  	19
		
	 ARTICLE XXIV MISCELLANEOUS PROVISIONS
	  	19
		
	 Section 24.1. Successors and Assigns, etc.
	  	19
	 Section 24.2. Landlord and Tenant Defined.
	  	20
	 Section 24.3. Tenant’s Authority.
	  	20
	 Section 24.4. Entire Agreement.
	  	20
	 Section 24.5. Captions: Deletions: Definitions.
	  	20
	 Section 24.6. Site Plan.
	  	21
	 Section 24.7. Obligations Surviving Termination.
	  	21
	 Section 24.8. Easements.
	  	21
	 Section 24.9. Surrender of Premises.
	  	21
	 Section 24.10. Returned Check Charges.
	  	21
	 Section 24.11. Partial Invalidity.
	  	22
	 Section 24.12. Brokers.
	  	22
	 Section 24.13. No Offer.
	  	22
	 Section 24.14. Holding Over.
	  	22
		
	 LIST OF EXHIBITS
	  	 
		
	 EXHIBIT 1 – Site Plan
	  	 
		
	 EXHIBIT 2 – Tenant’s Construction
	  	 
		
	 EXHIBIT 3 – Rules & Regulations
	  	 

  

 iii 

 EXHIBIT 10.5 
  
 LEASE AGREEMENT 
  
 THIS LEASE AGREEMENT, made on this 1st day of March 2001, by and between BENFIELD PROPERTIES, LLC, a Maryland limited liability company, having an office
at 103 North Main Street, Bel Air, Maryland 21014 (“Landlord”) and SLAVIE FEDERAL SAVINGS BANK, a corporation chartered under the banking laws of the United States (“Tenant”). 
  
 WITNESSETH: That Landlord is the owner of land and improvements known as 601
Edgewood Road, Edgewood, Harford County, State of Maryland, 21014 (the “Premises” or “Leased Premises”). In consideration of the rents, covenants and agreements herein contained, Landlord hereby leases to Tenant, and Tenant
hereby rents from Landlord, the Premises containing approximately .67 acre of land, more or less, and shown outlined in Red on the site plan (herein called the “Site Plan”) annexed hereto as Exhibit 1. This Lease is made upon the following
terms, covenants and conditions: 
  
 ARTICLE I 
 TERM 
  
 Section 1.1. Original Term. 
  
 The term of this Lease shall commence on May 1, 2001 and shall expire on April 30, 2006. 
  
 Section 1.1.1. OTS Approval. 
  
 Tenant agrees to apply to the Office of Thrift Supervision (“OTS”) for approval to establish a branch at the
Premises (and file all requisite submissions in connection therewith) within five (5) days of the date hereof. Tenant shall diligently pursue approval of such application. If Tenant does not obtain approval for the operation of a branch at the
Premises from OTS, or other appropriate governmental agency, within forty-five (45) days of the date of such application, or within ten (10) days after Tenant files a request for reconsideration or appeal of any denial of the application, which
application for reconsideration or appeal Tenant agrees to file within five (5) days after receipt of notice of denial of approval, then this Lease shall terminate. Tenant shall notify Landlord when the application for approval is filed with OTS and
shall keep Landlord fully advised of the status of such application. 
  
 Section 1.2. Renewal Option. 
  
 Tenant shall have the option to renew the term of this Lease for three (3) additional terms of five (5) years each, following the expiration of the initial term provided that this Lease is in full force and effect and free of defaults by
Tenant on the day any renewal option is exercised and on the day any renewal term begins. The renewal terms shall be on the same terms, covenants and conditions as the initial terms, except (i) Fixed Rent for the renewal terms shall be as set forth
in the Rent Article below; and (ii) that there shall be no further right of renewal after the third renewal term. The right of renewal shall be deemed to be exercised unless Tenant delivers to Landlord an unequivocal written notice of election not
to renew at 

 least one hundred eighty (180) days prior to the expiration of the initial term or the current renewal term, as the case
may be, time being of the essence, and absent the giving of such notice and without any further instrument, this Lease shall be deemed to be renewed, subject to the conditions above stated. 
  
 ARTICLE II 
  
 CONDITION OF THE PREMISES 
  
 Section 2.1. “As Is”. 
  
 Tenant acknowledges that prior to the date of this Lease it has inspected
the Premises and that it accepts possession of the Premises “AS-IS”. 
  
 Section 2.2. Construction Work. (a) Attached hereto as Exhibit 2 are outline specifications for the Improvements to the building (“Building”) on the Premises. Upon receiving the necessary permits and approvals, Tenant
agrees to improve the Building and other site improvements (the “Tenant Improvements”) on the Premises in the location shown on the Site Plan, and in substantial conformity with the Final Plans and the other specifications set forth on
Exhibit 2. Notwithstanding anything to the contrary contained herein, all obligations of the Tenant under this lease are specifically contingent upon Landlord’s approval of the plans and specifications of the proposed Tenant Improvements
and upon receipt by Tenant of all necessary permits and approvals to implement the Tenant Improvements. 
  
 (b) Tenant shall, at its expense, perform all work under Exhibit 2 and which is necessary to prepare the Tenant Improvements for the conduct of business
by Tenant in the manner contemplated by this Lease. All work performed by Tenant shall be subject to all requirements and conditions set forth in Exhibit 2. 
  
 (c) Before commencing any work on the Premises, with or without prior notice from Landlord, Tenant shall promptly furnish to
Landlord evidence that Tenant or its contractors have obtained appropriate “Builder’s Risk” insurance reasonably satisfactory to Landlord with respect to work undertaken by Tenant. 
  
 (d) The Tenant Improvements and all improvements incorporated therein or
constructed on the Premises, including, but not limited to, HVAC equipment, shall be considered permanent improvements to the Premises and shall be the property of the Landlord. Notwithstanding the above, Tenant’s trade fixtures, including
Tenant’s “ATM” machines, vault, furniture, and teller stations and counters and wall systems which are designed to be moveable shall remain the property of the Tenant, and Tenant shall, at Tenant’s expense, remove such trade
fixtures from the Premises within ten (10) days after the expiration of the term hereof. Tenant agrees to indemnify and hold harmless Landlord from any and all claims, damages and charges arising from Tenant’s removal of Tenant’s property
from the Premises. The existing vault, teller counters and drop safe are and shall remain part of the Premises and shall not be removed by Tenant. 
  

 2 

 ARTICLE III 
  
 QUIET ENJOYMENT, SUBORDINATION, 
 ATTORNMENT AND
ESTOPPEL CERTIFICATE 
  
 Section 3.1. Quiet
Enjoyment. 
  
 So long as Tenant complies with the terms,
covenants and conditions of this Lease on Tenant’s part, Tenant shall have the peaceful and quiet use of the Premises, subject to the terms, covenants and conditions of this Lease without interference by Landlord or anyone claiming rights in
the Premises by, through or under Landlord. 
  
 Section 3.2. Mortgage Subordination and Seniority. 
  
 The holder of any mortgage or deed of trust now existing or hereafter placed upon the Premises shall have the right to elect, at any time, whether this Lease shall be subordinate to the operation and effect of such mortgage or deed of trust
or superior thereto, without the necessity in either case for execution by Tenant of any instrument other than this Lease, and such election shall be binding upon Tenant. If, however, the holder of the mortgage or deed of trust desires to confirm
the effect of this provision, then Tenant shall execute an attornment or subordination agreement in form satisfactory to such holder upon request; provided, however, that the holder of such mortgage or deed of trust shall execute a nondisturbance
agreement in favor of Tenant to provide that in the event that such mortgage or deed of trust shall be foreclosed, this Lease shall not terminate so long as Tenant continues to pay the rent provided for in this Lease and otherwise complies with the
terms and provisions hereof. This Section 3.2 shall be inoperative as to the holder of any mortgage or deed of trust with whom Tenant enters into an attornment agreement pursuant to Section 3.3(a)(iii). 
  
 Section 3.3. Acceptance of the Premises, Commencement
Date, Attornment and Estoppel Certificates. 
  
 (a) Upon the
Rent Commencement Date (or earlier as to item (iii) below if requested by Landlord’s permanent mortgagee), Tenant shall promptly: (i) enter into a written and acknowledged agreement with Landlord stipulating the commencement date of the Lease
term and the Rent Commencement Date; (ii) acknowledge in writing (and in form satisfactory to the holder of the mortgage on the Premises) that Tenant has accepted the Premises; and (iii) enter into a written agreement with Landlord’s permanent
(and/or construction) mortgagee in form satisfactory to such mortgagee, under which Tenant will agree to attorn to such mortgagee or to a purchaser at foreclosure sale in the event of a mortgage foreclosure, provided that such mortgagee also agrees
to recognize Tenant’s rights under this Lease, notwithstanding a mortgage foreclosure, so long as Tenant performs and observes its obligations under this Lease. 
  
 (b) Within ten (10) business days after a written request from time to time made by Landlord, Tenant shall deliver to
Landlord a signed and acknowledged statement in writing setting forth: (i) that this Lease is unmodified, in full force and effect, free of existing defaults 
  

 3 

 of the other party and free of defenses against enforceability (or if there have been modifications or defaults, or if a
party claims defenses against the enforceability hereof, then stating the modifications, defaults and/or defenses), (ii) the dates to which rent and additional rent have been paid, and the amount of any advance rentals paid, (iii) the commencement
and expiration dates of the original term, (iv) whether Tenant has given written notice foregoing its rights, if any, to renew this Lease, and if so, the renewal terns so opted, (v) that a Tenant has no outstanding claims against Landlord (or if
there are any claims, then stating the nature and amount of such claims); (vi) the status of any other obligation of either party under or with respect to this Lease; and (vii) any other matters requested by the holder of the first mortgage on the
Premises: it being intended that any such statement may be relied upon by any purchaser or mortgagee of Landlord’s interest in the Premises, or any prospective purchaser or mortgagee. 
  
 (c) Time is of the essence of all Tenant’s obligations under this
Section 3.3 and Tenant acknowledges that any delay or refusal on its part in signing and delivering any instruments mentioned in this Section 3.3 may subject Landlord to substantial costs and damages. 
  
 ARTICLE IV 
  
 RENT 
  
 Section 4.1. Fixed Rent. 
  
 (a) Commencing on the Rent Commencement Date and continuing through the term, Tenant shall pay to Landlord annual fixed rent as follows: 
  

					
	Rental Year

	 	Annual Rent

	 	Monthly

	Year 1	 	21,600.00	 	1,800.00
	Year 2	 	22,680.00	 	1,890.00
	Year 3	 	23,814.00	 	1,984.50
	Year 4	 	25,004.70	 	2,083.73
	Year 5	 	26,254.94	 	2,187.91
	Year 6	 	27,042.59	 	 
	Year 7	 	27,853.87	 	 
	Year 8	 	28,689.48	 	 
	Year 9	 	29,550.17	 	 
	Year 10	 	30,436.67	 	 
	Year 11	 	31,349.77	 	 
	Year 12	 	32,290.26	 	 
	Year 13	 	33,258.97	 	 
	Year 14	 	34,256.74	 	 
	Year 15	 	35,284.44	 	 
	Year 16	 	36,342.98	 	 
	Year 17	 	37,433.67	 	 
	Year 18	 	38,556.26	 	 
	Year 19	 	39,712.95	 	 
	Year 20	 	40,904.34	 	 

  

 4 

 (b) All rent shall be due and payable in advance on or before the first day of each month during the term
hereof. If the Rent Commencement Date falls on a day other than the first day of a calendar month, the minimum rent for the first partial month shall be prorated at the applicable monthly rate (proportionately as the number of days remaining in such
month bears to the total number of days in such month) and shall be payable on the fifth (5th) day after the Rent Commencement Date. 
  
 This is an absolute net-net-net Lease. 
  
 Section 4.2. Rent Commencement Date. 
  
 Tenant’s obligation for the payment of rent shall commence upon the “Rent Commencement Date.” As used in this Lease the phrase “Rent
Commencement Date” means May 1, 2001. 
  
 Section 4.3. Additional Rent. 
  
 Whenever under
the terms of this Lease any sum of money is required to be paid by Tenant in addition to the minimum rental herein reserved, and there exists no bona fide dispute between the parties with respect to Tenant’s obligation to pay such additional
amount, whether or not (i) such sum is herein designated as “additional rent,” (ii) provision is made for the collection of said sum as additional rent, or (iii) such sum is to be paid directly to Landlord, said sum shall, nevertheless, be
deemed to be additional rent, and shall be collectible as rent. Upon the resolution in favor of the Landlord of any dispute between the parties with respect to Tenant’s obligation to pay any additional sum, such additional sum shall
automatically, and without further action of the Landlord, be “additional rent”, and shall be paid as herein provided. All minimum rent, additional rent and all other payments fixed herein as to amount and time of payment shall be paid
without prior demand, and all minimum rent and additional rent shall be paid without any set off, abatement or deduction except as expressly set forth in this Lease. Any payment by Tenant of a lesser amount of minimum or additional rental than is
then due shall be applied to such category of arrearage as Landlord may designate irrespective of any contrary designation by Tenant and to the oldest, most recent or other portion of the sum due as Landlord may determine; and Landlord’s
acceptance of any such partial payment shall not be deemed an accord and satisfaction and shall be without prejudice to Landlord’s right to pursue any other remedies. 
  
 Section 4.4. Payment. 
  
 All rent payable and all statements deliverable by Tenant to Landlord under this Lease shall be paid and delivered to
Benfield Properties, LLC, 103 North Main Street, Bel Air, Maryland 21014 or at such other address as Landlord may hereafter designate in writing to Tenant. 
  

 5 

 ARTICLE V 
  
 PERMITTED USE AND CONTINUED OCCUPANCY 
  
 Section 5.1. Permitted Use. 
  
 The Premises shall be used and occupied during the term hereof for the following purposes, and none other: a federal savings bank, a mutual savings bank,
or a savings and loan association, and all activities, services and functions customarily carried on in connection therewith, and permitted by any regulatory agency which has jurisdiction over the activities of the Tenant. 
  
 Section 5.2. Permitted Name. 
  
 Tenant shall conduct business on the Premises in the name of “Slavie
Federal Savings Bank” and under no other name or trade name unless and until the use of some other name is approved in writing by Landlord, which approval shall not be unreasonably withheld. 
  
 ARTICLE VI 
 INTENTIONALLY OMITTED 
  
 ARTICLE VII 
 ASSIGNMENT AND SUBLETTING 
  
 Section 7.1. Restrictions on Assignment and Subletting. 
  
 (a) Tenant shall not assign this Lease or sublease all or any part of the
Premises, nor permit other persons to occupy or conduct business in said Premises of any part thereof, or grant any license, concession management contract or franchise for all or any part of the Premises without the prior written consent of the
Landlord, which consent shall not be unreasonably withheld. Any assignment by operation of law, attachment or assignment for the benefit of creditors shall, at Landlord’s option, be inoperative. 
  
 (b) Notwithstanding paragraph (a) above, Tenant may assign this Lease to any
entity which is the surviving entity of a merger with Tenant, provided such entity shall have a net worth of not less than Tenant’s net worth as of the date of the merger. Tenant shall supply to Landlord evidence of its net worth, and or the
net worth of the entity surviving any merger, upon Landlord’s request therefor. In the event of an assignment, Tenant shall remain liable to Landlord for the payment of all rent hereunder, and for the performance of all covenants and conditions
of this Lease applicable to Tenant. 
  
 Section 7.2. No Waiver. 
  
 If Landlord at any
time consents in writing to any assignment or sublease as defined in and prohibited by Section 7.1, the use restrictions in Section 5.1 shall be reasonably amended to accommodate the assignee or subtenant. Tenant and any such assignee or sublessee
shall be deemed to have covenanted not to make any further assignment or sublease contrary to the provisions of Section 7.1, and such covenant shall be deemed to have been made as of the date of such consent and shall take effect prospectively from
the date thereof. 
  

 6 

 Section 7.3. Other Requirements. 
  
 Acceptance by Landlord of the payment of any rental, of whatever kind or
character, following any assignment or other transfer prohibited by this Article shall not be deemed to be a consent by Landlord to any such assignment or transfer, nor shall the same be deemed to be a waiver of any right of remedy of Landlord under
this Lease. Tenant agrees to pay Landlord all costs incurred by Landlord in connection with any actual or proposed assignment or subletting, including, without limitation, the costs of making investigations as to acceptability of a proposed assignee
or sublessee, the reasonable administrative and overhead expenses of Landlord, and legal costs incurred by Landlord in connection with any requested consent. 
  
 ARTICLE VIII 
 REPAIRS 
  
 Section 8.1. Repairs by Tenant. 
  
 Tenant shall keep the Premises, the entire Building (including structural
components) and all systems, equipment and facilities thereon, and all landscaping, exterior lighting and fencing in good condition and repair, and shall make all replacements required to maintain said status of repair. Tenant shall be responsible
for all paving repairs and replacements of all paved areas on the Premises as deemed necessary by Tenant. 
  
 Section 8.2. Quality of Work. 
  
 All improvements and repairs and maintenance by Tenant shall be of good quality and shall be done in a good and workmanlike manner, and all repairs and
replacements made be Tenant shall be equal to or better in quality to the original construction. 
  
 ARTICLE IX 
 UTILITIES 
  
 Section 9.1. Tenant to Pay for Utilities. 
  
 Beginning with the date that Tenant or its contractor enters the Premises to
begin construction of the Improvements, Tenant shall pay, when due, directly to the provider of such services, all charges for water and sewer service furnished to the Premises based on the usage shown by a utility company meter for the Premises.
Tenant shall also pay, directly to the provider of such services when due, all consumption charges for all other utility service furnished to the Premises, including, but without limitation, heat, air conditioning, gas, electricity and telephone.

  

 7 

 Section 9.2. Interruptions in Service. 
  
 Landlord shall not be liable to Tenant for damages because of any
interruption in utility services, and Tenant shall not be entitled to claim a constructive eviction due to such interruption, but Landlord shall proceed with reasonable diligence to restore such service to the extent that it is within
Landlord’s control to do so. 
  
 ARTICLE X 
 TENANT’S OPERATIONS, ALTERATIONS, SIGNS AND LAW COMPLIANCE 
  
 Section 10.1. Rules and Regulations. 
  
 Tenant shall at all times comply with the rules and regulations set forth on Exhibit 3 hereto, and with any additions
thereto and modifications thereof adopted from time to time by Landlord, and each rule or regulation shall be deemed as a covenant of this Lease to be performed and observed by Tenant. 
  
 Section 10.2. Garbage and Refuse. 
  
 (a) Tenant shall not permit undue accumulations of garbage, trash, rubbish or any other refuse, and will remove the same at
regular intervals, and will keep such refuse in proper containers in the interior of the Building or other enclosed places approved by Landlord until called for to be removed. 
  
 (b) Tenant shall use its own garbage and trash collection service at the Premises. Tenant agrees to indemnify and hold
harmless Landlord from any claims, charges or damages arising from Tenant’s contractor’s; trash collection, and any other activities on the Premises relating thereto. Tenant agrees that if Tenant’s contractor shall fail to remove
garbage and trash satisfactorily, in the sole discretion of Landlord, then Tenant shall, upon two (2) days notice, cancel such trash collection service, and utilize such other service as Landlord may approve in its discretion. 
  
 Section 10.3. Alterations. 
  
 Once the Tenant Improvements are constructed, Tenant shall not make any
alterations, additions or improvements affecting structural or exterior elements of or in the Building, or affecting any utility system servicing the Premises, without Landlord’s prior written consent which consent shall not be unreasonably
withheld. The Building and any alterations, additions or improvements by Tenant which are permitted hereunder or hereafter approved by Landlord (other than trade fixtures) shall immediately become the property of Landlord and remain upon the
Premises at the end of the term. Before undertaking any alterations permitted hereunder or consented to by Landlord hereunder, Tenant shall obtain and furnish to Landlord an endorsement to the public liability insurance policy required to be carried
by Tenant under Article MI hereof to cover liabilities incurred in connection with any work undertaken by Tenant. 
  

 8 

 Section 10.4. Signs. 
  
 (a) Reservation. Tenant shall have the right, at Tenant’s sole
cost and expense in accordance with plans and specifications therefor which shall be subject to Landlord’s prior written approval (which approval shall not be unreasonably withheld), and further subject to Tenant’s obligation to obtain all
necessary governmental permits therefor, to erect signs across and/or above the front and any exposed walls of the Building. Tenant agrees to maintain said signs at its sole cost and expense, in a good state of repair and to repair any damage which
may be caused by the erection, maintenance, and removal of such signs. 
  
 (b) Pylon Sign on Premises. Tenant shall also have the right to erect a pylon-type sign on the Premises, at its cost and expense, in accordance with location, plans and specifications which shall be subject to Landlord’s prior
written approval (which approval shall not be unreasonably withheld) subject, however, to Tenant’s obligation to obtain all necessary governmental permits therefor. Obtaining such permits shall not be a condition precedent to Tenant’s
obligations under this Lease. Tenant agrees to maintain the pylon sign at its sole cost and expense, in a good state of repair and to repair any damage which may be caused by the erection, maintenance, and removal of such sign. 
  
 Section 10.5. Compliance with Laws and Insurance
Requirements. 
  
 Tenant shall promptly comply with all laws,
rules, regulations, requirements and recommendations of governmental bodies and public authorities and of the local board of fire underwriters rating bureau or other fire insurance rating organization for the area in which the Premises are situated
and of the Landlord’s and Tenant’s insurers, pertaining to the Premises or the use and occupancy thereof, or to fire preventive, warning and extinguishing apparatus. Tenant shall not do or suffer to be done, or keep or suffer to be kept
anything in or about the Premises which will contravene any of Landlord’s insurance policies on the Premises or which will prevent Landlord from procuring such policies in companies reasonably acceptable to Landlord, or which will impair
Landlord’s rights to collect on any insurance policy; and if anything done, omitted to be done or suffered to be done by Tenant (including, without limitation, failure to occupy the Premises) or kept, or suffered by Tenant to be kept in or
about the Premises shall cause the rate of any such insurance on the Premises to be increased above the rate applicable to the least hazardous type of occupancy legally permitted in the Premises or shall cause any policy of Landlord’s to be
canceled or result in the disturbance of an insurance recovery, then Tenant will pay the increase in premium promptly upon Landlord’s demand or indemnify Landlord for any loss to the extent that insurance proceeds are insufficient to fully
cover such loss, as the case may be. If the rate on any such insurance policy is increased for any reason at any time during the term hereof over the rate applicable during the first lease year under this Lease, Tenant shall pay to Landlord, on
demand, the premium increase resulting from the change in rate. 
  

 9 

 ARTICLE XI 
 MECHANIC’S LIENS AND OTHER LIENS 
  
 Section 11.1. Mechanic’s and Materialmen’s Liens. 
  
 If any mechanic’s or other lien is filed against any part of the Premises by reason of any labor, material or service furnished or alleged to have
been furnished to Tenant or for the construction of the Tenant Improvements or for any change, alteration, addition or repair to the Premises made by Tenant, Tenant shall cause such lien to be released of record by payment, bond or otherwise as
allowed by law, at Tenant’s expense, within ten (10) days after receiving notice of the filing thereof, and Tenant shall, at its expense, defend any proceeding for the enforcement of any such lien, discharge any judgment thereon and save
Landlord harmless from all losses and expenses resulting therefrom, including counsel fees and other expenses incurred by Landlord if it elects to defend or participate in the defense of such proceeding. 
  
 Section 11.2. Other Liens. 
  
 Tenant shall not permit the Premises to be subjected to any statutory lien
by reason of any act or omission on the part of Tenant or any of its approved concessionaires, licensees or subtenants or their respective agents, servants, employees or contractors; and in the event that any such lien attaches to the Premises,
Tenant shall discharge the same promptly by payment, bond or otherwise as allowed by law, at its own expense, within ten (10) days after receiving notice of the filing thereof. 
  
 ARTICLE XII 
 PUBLIC LIABILITY AND INSURANCE 
  
 Section 12.1. Damage to Landlord’s Property. 
  
 Tenant shall indemnify Landlord for any damage to any property of Landlord caused by or arising out of or in connection with any act or omission of Tenant, its employees, servants, agents or contractors, or Tenant’s occupancy or use of
the Premises or any thing, matter or condition of, on or pertaining to the Premises, or any breach by Tenant of any term, covenant or condition of this Lease to be performed or observed by Tenant. 
  
 Section 12.2. 
  
 (a) Indemnity. Landlord and Tenant shall defend, indemnify and save
each other harmless from and against any and all claims, actions, demands, damages, liability and expenses (including counsel fees) for injury to the property of others and injury or death of persons, which is caused by or arises out of each
other’s negligent acts, including any acts in connection with Tenant’s use or occupancy of the Premises, or any thing, matter or condition of, on or pertaining to the Premises, or any act or omission of Landlord or Tenant, or their
respective agents, employees, servants or contractors, or out of breach by Landlord or Tenant of any term, covenant or condition of this Lease to be performed or observed. 
  

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 (b) Liability Insurance. Throughout the term Tenant shall, at its expense, maintain comprehensive
general public liability insurance, and sprinkler damage liability insurance, covering personal injury and property damage occurring on the Premises, and which shall include Landlord, Tenant and Landlord’s mortgagee as named insureds, and shall
include contractual indemnity coverage for Tenant’s liability under Section 12.2(a). Such policy shall have minimum liability limits of Five Million Dollars ($5,000,000) combined single limit coverage for bodily injury, including death, and
property damage liability, on an occurrence basis. The minimum limitations above set forth shall, at Landlord’s option, be increased on every fifth (5th) anniversary of the commencement date of the term by twenty percent (20%) of the
limitations then applicable under the provisions of this Section 12.2(b). 
  
 (c) All Risk Property Damage— Insurance. Throughout the term of this Lease, Tenant shall, at its expense, maintain all risk property damage insurance covering the full replacement cost of the Tenant
Improvements, fixtures and equipment, furnishings and physical 1 property now or in the future located on or constituting a part of the Premises and which is owned, leased, or within the care, custody or control of Tenant. The minimum coverage at
the commencement of this Lease shall be Two Hundred Fifty Thousand Dollars ($250,000.00). 
  
 (d) Carrier Rating. All insurance required under this Lease shall be written with insurance companies licensed to do business in Maryland and rated by Best’s Manual A+ as to general policy holders rating,
and AAAA as to financial rating, and shall contain an endorsement requiring thirty (30) days prior written notice to Landlord and Landlord’s mortgagee of any modification, cancellation or surrender. 
  
 (e) Delivery of Policies. On or before April 15, 2001, Tenant shall
deliver insurance binders to Landlord. All policies shall name Landlord and Landlord’s Mortgagee as co-insureds and require thirty (30) days prior written notice to Landlord and Landlord’s Mortgagee of any modification or cancellation.
Promptly after the beginning of the term Tenant shall deliver to Landlord the original insurance policies required to be carried under this Article and Article XVII bearing a notation by the insurer or its agent that the premium is paid; and renewal
certificates of each such policy shall be delivered to Landlord at least thirty (30) days prior to the expiration of any policy term bearing a notation that the renewal premium has been paid. The insurance required to be carried by Tenant under this
Section 12.2 may be carried under a policy commonly known as a “blanket policy,” but Tenant shall furnish to Landlord a copy of such policy, any endorsements thereto required by this Article and evidence of Landlord’s coverage under
such policy. 
  
 ARTICLE XIII 
 REAL ESTATE TAXES 
  
 Section 13.1. Taxes. 
  
 (a) From and after the Rent Commencement Date, Tenant shall pay, as additional rent, all real estate or other taxes and special assessments assessed or
imposed on or with respect to the Premises, (including, but not limited to, road frontage improvements, metropolitan sewer and water charges, front foot or benefit assessments for sewer, water, or paving) and any rent and occupancy tax which may be
imposed (hereinafter collectively referred to as “Taxes”). 
  

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 (b) If at any time the methods of taxation shall be altered so that in addition to, or in lieu of, or as
a substitute for the whole or any part of any Taxes levied, assessed or imposed on the Premises, there shall be levied, assessed or imposed (i) a tax, license, fee or other charge, other than Landlord’s income tax, on the rents received or (ii)
any other type of tax or other imposition in lieu of, or as a substitute for, or in addition to, the whole or any portion of any Taxes, then the same shall be included as Taxes and shall be payable as additional rent by Tenant. 
  
 (c) If any Taxes relate to a period of time, only a portion of which falls
within the Lease term, then Tenant shall be obligated to pay a portion of such Taxes based upon a proportionate allocation. 
  
 (d) Tenant shall pay taxes directly to the taxing authorities under Section 13.1 (a) above. If tax bills are sent directly to Landlord, then within five
(5) days after receipt by Landlord of any tax bills from the taxing authorities, Landlord shall furnish Tenant with photostatic copies and Tenant shall pay same by the due date indicated therein. Landlord shall make prompt payment of the tax bills
following the receipt of payments from Tenant and, upon request of Tenant, Landlord shall send Tenant copies of tax bills marked “paid”. 
  
 Section 13.2. Licenses and Permits. 
  
 Tenant shall be responsible for obtaining all permits respecting Tenant’s use and occupancy of the Premises, and shall pay all minor privilege
charges, occupancy permit fees, license fees or other charges or taxes which are imposed on or with respect to the Premises or the use and occupancy thereof. Tenant agrees to diligently pursue securing the necessary permits. 
  
 Section 13.3. Tenant’s Right to Contest Taxes.

  
 Landlord will notify Tenant promptly of any assessment of any
part of the Premises of which Landlord is notified by the assessing authority. Tenant, at its option and expense, may challenge and contest any increase in valuation or assessment of the Premises. In any instance where any such action or proceeding
is being undertaken by Tenant, Landlord will cooperate reasonably with Tenant and will execute any and all documents reasonably required in connection therewith; provided that no such documents require Landlord to incur, or render Landlord liable
for, any costs or expenses Notwithstanding anything contained herein to the contrary, Tenant’s right to challenge and contest any such increases shall not affect Tenant’s obligation to pay the Taxes. In the event Tenant pays the Taxes (as
increased) as provided in this Section and Tenant subsequently is successful in its challenge or contest of such increase in valuation or assessment with respect to the Premises, all refunds with respect to such Taxes attributable thereto shall
belong to Tenant. 
  

 12 

 ARTICLE XIV 
 ENVIRONMENTAL MATTERS 
  
 Section 14.1. Environmental Warranty. 
  
 During
the term of this Lease, Tenant shall: (1) maintain the Premises (including the land, surface water, ground water and improvements to the land) free of all contamination, including (a) any “hazardous waste” as defined by the Resource
Conservation and Recovery Act of 1976, as amended from time to time, and regulations promulgated thereunder; (b) any “hazardous substance” as defined by the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as
amended from time to time, and regulations promulgated thereunder; and (2) maintain the Premises in compliance with all other federal, state and local environmental laws and regulations. 
  
 Section 14.2. Environmental Indemnity. 
  
 (a) Tenant expressly acknowledges and agrees that it will reimburse, defend,
indemnify, and hold harmless Landlord, its successors, assigns and other parties claiming any interest in the Premises by, through or under Landlord, from and against any and all liabilities claims damages, penalties, expenditures, losses or charges
(including, but not limited to, all costs of investigation, monitoring, legal fees, remedial response, removal, restoration or permit acquisition) which may, now or in the future, be undertaken, suffered, paid, awarded, assessed, or otherwise
incurred as the result of: 
  

	 	(i)	any contamination directly or indirectly caused by Tenant, its subtenants agents, employees, contractors or invitees existing on, above or under the Premises at the date of
expiration or earlier termination of the term of this Lease (including, but not limited to, contaminated soil, buildings, facilities and/or ground water); and 

  

	 	(ii)	Tenant’s breach of any warranty given herein. 

  
 (b) Tenant acknowledges and agrees that the expiration or termination of this Lease for any reason shall not and does not relieve or release it of any
legal liability and responsibility (under common law, statute or regulation) it would otherwise have as Tenant of the Premises hereunder, whether by way of damages, penalties, remedial actions, or otherwise for its actions causing any adverse
effects or consequences resulting at any time from any contamination of the soil or ground waters which existed on, above or under facilities, buildings and/or the Premises during the term of this Lease. 
  
 ARTICLE XV 
 LANDLORD’S ENTRY ON PREMISES 
  
 Landlord and its representatives may enter the Premises at any reasonable time after reasonable notice to inspect the Premises, to enforce the provisions of this Lease, to make repairs required of it hereunder, to
rectify defaults of Tenant pursuant to the rights granted to Landlord under Section 2.01. Landlord may bring upon the Premises all things necessary to 
  

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 perform any work done in the Premises pursuant to this Article XV. If the Premises shall not be open for business at any
time Landlord deems it an emergency necessary to enter therein, and such entry is occasioned by an emergency, Landlord may enter the Premises by means of force and Tenant hereby waives all claims against Landlord or its agents which may arise by
reason of any such entry. Nothing herein contained shall be deemed or construed to impose upon Landlord any obligation or responsibility whatsoever for the care, maintenance or repair of the Premises, except as otherwise specifically provided in
this Lease. 
  
 ARTICLE XVI 
 (INTENTIONALLY OMITTED) 
  
 ARTICLE XVII 
 FIRE OR OTHER CASUALTY

  
 Section 17.1. Fire or Other Casualty.

  
 (a) If the Premises shall be damaged or destroyed by fire, or
other casualty, Tenant shall, with reasonable diligence, repair the damage to (or replace) the Premises and the Tenant Improvements at its expense pursuant to Section B of Exhibit 2 so as to make it at least equal in value to that which existed
immediately prior to such occurrence. 
  
 (b) During the term,
Tenant shall, at its expense, maintain insurance on the Building and Tenant Improvements whether now or hereafter constructed, for not less than one hundred percent (100%) of the full insurable value (written on a replacement cost basis) against
loss from fire, and perils included in the broad form “all risk” extended coverage endorsement. All such insurance shall include Landlord and/or, at Landlord’s option, any holder of a deed of trust or mortgage upon the Premises, as
named insureds, but all proceeds payable under the policy shall be applied toward restoration and rebuilding of the damaged Tenant Improvements. In the event of termination of this Lease for any reason, said insurance policy and the right to all
proceeds thereunder shall belong to Landlord. 
  
 Section 17.2. Waiver of Subrogation Against Tenant. 
  
 If any damage to Tenant Improvements, owing to any cause included in the hazards covered by the standard policy of fire insurance with extended coverage endorsement in use in Maryland, is attributable in whole or in part to the negligence
of Tenant or to any other cause for which Tenant maybe liable to Landlord under the terms of this Lease of by operation of law. Tenant shall not be liable to Landlord for the loss; provided, however, that this sentence shall not be effective if it
contravenes any insurance policies carried by Landlord at the time of such damage, nor shall it be effective to the extent that Landlord is not compensated for such damages by the proceeds of any insurance carried by Landlord; and, provided further,
that nothing in this Section shall be deemed to require Landlord to carry any or adequate insurance, or give Tenant any interest in any insurance carried by Landlord or any right to participate in the adjustment of any loss thereunder, and any such
adjustment made by Landlord shall be conclusive upon Tenant as to the amount of insurance proceeds to which Landlord is entitled. If the premium for Landlord’s casualty insurance is increased by reason of the provisions of this Section 17.2 or
by reason of any insurer’s inability to prosecute a subrogation claim 
  

 14 

 against Tenant for a loss for which Tenant might otherwise have been liable but for the provisions of this Section 17.2,
then Tenant shall pay such increase in the Landlord’s insurer premium promptly upon demand. 
  
 ARTICLE XVIII 
 EMINENT DOMAIN 
  
 Section 18.1. Total Condemnation. 
  
 In the event of condemnation of the entire Premises under the power of
eminent domain, all liabilities of the parties hereunder shall terminate as of the date that title or possession vests in the condemning authority, whichever is first. 
  
 Section 18.2. Partial Condemnation. 
  
 In the event of condemnation under the power of eminent domain of more than twenty-five percent (25%) of the Premises or the
Building, then, in either of such events, Tenant shall have a period of ninety (90) days after the date that Landlord notifies Tenant of the proposed condemnation, in which to elect to cancel this Lease, effective upon the date of written notice to
Landlord sent during said ninety (90) day period, then this Lease shall terminate entirely on the said date of written notice. 
  
 Section 18.3. Restoration. 
  
 In the event of condemnation of part, but less than all of the Premises under the power of eminent domain, or if Tenant does not exercise its right to
terminate the Lease as set forth in Section 18.2 above, then Tenant shall restore the remaining Tenant Improvements to a complete architectural unit and the annual rent reserved hereunder shall thereafter be reduced by an amount which bears the same
proportion to the annual rent immediately prior to the taking as the acreage of land taken bears to the acreage of land comprising the Premises immediately prior to the taking, such reduction in rent to be effective as of the date of payment of the
condemnation award. 
  
 Section 18.4.
Condemnation after Discontinuance of Business. 
  
 All rights
of Tenant under this Article XVIII to cancel this Lease or to receive reductions of rent, shall be operative only if Tenant is not in default of its obligation to continuously conduct business under Section 5.2 on the date Landlord notifies Tenant
of any proposed condemnation. 
  
 Section
18.5. Definitions. 
  
 As used herein, the terms
“condemned” and “condemnation” include a sale by Landlord to a condemning authority under the threat of condemnation. As used herein the term “condemnation award” includes the proceeds of a sale by Landlord to a
condemning authority under the threat of condemnation. 
  

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 ARTICLE XIX 
 BANKRUPTCY OR INSOLVENCY 
  
 If
any transfer of Tenant’s interest in the Premises created by this Lease shall be made under execution or similar legal process, or if a petition is filed by or against Tenant to adjudicate Tenant a bankrupt or insolvent under any federal or
state law, or if a receiver or trustee shall be appointed for Tenant’s business or property and such appointment is not vacated within ten (10) days, or if a petition is filed by or against Tenant under any provision of federal or state law for
a corporate reorganization of Tenant or an arrangement with its creditors, or if Tenant makes an assignment or deed of trust for the benefit of its creditors, or if in any other manner Tenant’s interest under this Lease shall pass to another by
operation of law, then, in any of said events, Tenant shall be deemed to have committed a material breach of this Lease, and Landlord may, at its option, terminate this Lease and reenter the Premises; but, notwithstanding such termination, Tenant
shall remain liable for all rent and damages which may be due at the time of such termination and for the liquidated damages set forth in Section 20.3 of this Lease. As used in this Article XIX, the word “Tenant” includes any guarantor of
Tenant’s obligations under this Lease, if any. Nothing herein or in Section 20.3 shall be deemed to preclude Landlord from obtaining the maximum amount recoverable from Tenant under law in any proceeding referred to in this Article XIX; and
Tenant hereby covenants that in the event of a termination or reentry under this Article XIX, Tenant shall be liable to Landlord for the maximum amount recoverable from Tenant under the law pertaining to the proceeding resulting in such reentry or
termination by Landlord. 
  
 ARTICLE XX 
 DEFAULTS AND REMEDIES 
  
 Section 20.1. Abatement of Tenant’s Defaults. 
  
 If Tenant fails to maintain any insurance required to be maintained by it under this Lease, or fails to furnish evidence of
insurance renewals at the times in this Lease required, or allows such insurance to lapse or be canceled, Landlord may obtain such insurance for Tenant without notice. If Tenant defaults in the performance or observance of any term, covenant or
condition to be performed or observed by it under this Lease, and such default continues for more than five (5) business days after written notice thereof, Landlord may take action to rectify such default on Tenant’s behalf, and Landlord may
rectify such default on Tenant’s behalf immediately and without notice if immediate action is reasonably believed to be required in order to avoid injury or damage to other persons or property (including Landlord’s property). Landlord may
enter the Premises and/or the Building to rectify such defaults. All money advanced and costs and expenses incurred by Landlord in rectifying any default (including Landlord’s reasonable legal fees) together with interest thereon at the rate of
fifteen percent (15%) per annum from the date, advanced until the date paid by Tenant, shall be repaid by Tenant to Landlord on demand. 
  
 Section 20.2. Distraint and Default Rent. 
  
 If any payments of rent or additional rent are in arrears for more than ten (10) days, (a) Landlord may distrain therefor,
and shall be entitled to the benefit of all laws pertaining to 
  

 16 

 distraint or actions in the nature of distraint; and (b) beginning on the 11th day of arrearage and continuing until such
arrearage is paid, Tenant shall be liable to Landlord for payment of additional rent (herein called “arrearage rent” for the purpose of this Section 20.2) for the period of such arrearage at a daily rate equal to one percent (1%) of such
arrearage for each of the first thirty (30) days thereof, and an annual rate of fifteen percent (15%) of such arrearage thereafter. Any payments by Tenant to Landlord made after the accrual of arrearage rent may be applied by Landlord to such
arrearage rent irrespective of the obligation for which Tenant may earmark such payment. 
  
 Section 20.3. Termination and/or Reletting for Default: Liquidated Damages. 
  
 If Tenant defaults in the payment of rent or additional rent payable under
this Lease, and such default continues for more than five (5) business days after written notice thereof, or if Tenant defaults in the performance or observance of any term, covenant or condition to be performed by it hereunder which may be
performed merely by the payment of money and such default is not rectified within five (5) days after written notice thereof; or if Tenant shall allow any insurance policy required to be carried by it hereunder to lapse or to be canceled and does
not cause such insurance to be replaced and furnished Landlord with evidence of such replacement within five (5) business days after written notice of such lapse or cancellation from Landlord, its mortgagee or the insurer; or if Tenant defaults in
the performance or observance of any other term, covenant or condition of this Lease on its part to be performed or observed and does not commence to rectify such default within fifteen (15) days after written notice thereof or does not thereafter
diligently complete the rectification thereof; or if Tenant vacates or abandons the Premises; or if any guarantor of this Lease breaches any covenant of its guaranty agreement; then, in any of such events, Landlord may, at its option, (i) terminate
this Lease and reenter the Premises without application to or process of law and without liability for any entry by force; or (ii) reenter the Premises in the aforesaid manner without terminating this Lease, and assume custody and control thereof
for the purpose of protecting the Premises and/or for reletting the Premises as agent for Tenant. If Landlord elects to relet, and such agency shall be deemed as a power coupled with an interest and shall be irrevocable; and in either such event
Landlord shall be entitled to the benefit of all provisions of the public general laws of Maryland and the public local laws and ordinances of the locality in which the Premises is located respecting the summary eviction of tenants in default or
tenants holding over, or respecting proceedings in forcible entry and detainer. Notwithstanding the foregoing, Tenant shall remain liable for any rent and damages which may be due or sustained prior thereto, and shall pay Landlord for all costs and
expenses, including, but not limited to, attorneys’ and brokers’ fees and expenses, paid or incurred by Landlord in connection with: (A) obtaining possession of the Premises; (B) removal and storage of Tenant’s or other
occupant’s property; (C) care, maintenance and repair of the Premises while vacant; (D) reletting the whole or any part of the Premises; and (E) repairing, altering, renovating, partitioning, enlarging, remodeling or otherwise putting the
Premises into condition acceptable to, and reasonably necessary to obtain new tenants. 
  

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 ARTICLE XXI 
 CUMULATIVE REMEDIES AND GOVERNING LAW 
  
 Section 21.1. Remedies Cumulative. 
  
 Mention in this Lease of any specific right or remedy shall not preclude Landlord from exercising any other right or remedy available at law or in equity: and the failure of Landlord to insist in any one or more
instances upon a strict or prompt performance of any obligation of Tenant under this Lease or to exercise any option, right or remedy herein contained or available at law or equity shall not be construed as a waiver or relinquishment thereof, unless
expressly waived in writing by Landlord. The waiver by Landlord of any breach of this Lease shall not constitute a waiver of the covenant, term or condition breached or of any subsequent breach of the same or any other covenant, term or condition of
this Lease; and the acceptance by Landlord of rent during the continuance of any breach of this Lease by Tenant shall not constitute a waiver of such breach. Whenever any provision of this Lease requires Landlord’s consent to any act or conduct
of Tenant, such provision shall be construed to mean Landlord’s written consent which shall not be unreasonably withheld; and knowledge of, or acquiescence by Landlord in, any such act or conduct shall not be deemed a waiver of the requirement
for written consent. Exercise by Landlord, or the beginning of the exercise by Landlord, of any one or more of the rights or remedies provided for in this Lease or now or hereafter existing at law or in equity or by statute or otherwise shall not be
construed as an election of remedies so as to preclude the simultaneous or subsequent exercise by Landlord of any other right or remedy for such breach. If Landlord or Tenant institutes litigation against the other arising out of any default under
this Lease, then the losing party shall pay the prevailing party all reasonable counsel fees incurred with respect to such default. 
  
 Section 21.2. Governing Law and Jurisdiction. 
  
 This Lease shall be construed under the laws of the State of Maryland. The parties acknowledge that this Lease has been
drafted, negotiated, made, delivered and consummated in the State of Maryland. Tenant hereby waives any objection to the venue of any action filed by Landlord against Tenant in any state or federal court of Maryland, and waives any claim of forum
non conveniens or for transfer of any such action to any other court. 
  
 Section 21.3. No Trial by Jury: No Counterclaim. 
  
 LANDLORD AND TENANT HEREBY MUTUALLY WAIVE TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM BROUGHT BY EITHER OF THE PARTIES HERETO AGAINST THE OTHER WITH RESPECT TO ANY MATTER ARISING OUT OF OR IN ANY WAY
CONNECTED WITH THIS LEASE OR THE USE AND OCCUPANCY OF THE PREMISES. 
  

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 ARTICLE XXII 
 RECORDING: NO REDEMPTION OR MERGER 
  
 Section 22.1. Recording. 
  
 Tenant may record this Lease among the Land Records of Harford County, Maryland, and the cost of such recording shall be paid by the Tenant. 
  
 Section 22.2. Waiver of Redemption. 
  
 The parties stipulate that the Premises hereby leased is leased exclusively for commercial purposes within the meaning of the Annotated Code of Maryland
and that the provisions thereof (or of any future statute) pertaining to redemption of reversionary interests under leases shall be inapplicable to this Lease. Tenant hereby expressly waives any and all rights of redemption granted by or under any
present or future loss in the event of Tenant being evicted or dispossessed for any cause, or in the event of Landlord obtaining possession of the Premises by reason of the violation of Tenant of any of the covenants and conditions of this Lease or
otherwise. The rights given to Landlord herein are in addition to any rights that may be given to Landlord by any statute or otherwise. 
  
 ARTICLE XXIII 
 NOTICES 
  
 All notices from either party to the other under this Lease shall be sent by
telegram or by registered or certified mail, return receipt requested or hand delivered with signed receipt or sent by facsimile. Whenever in this Lease reference is made to a notice to be given, such notice shall be deemed to be given when mailed,
wired or hand delivered to the proper notice address of the party to be notified. 
  
 Notices to Landlord shall be addressed to it at 103 North Main Street, Bel Air, Maryland 21014. Notices to Tenant shall be addressed to it at Slavie Federal Savings Bank, Attn: Philip E. Logan, President, Slavie
Building, 3700 E. Northern Parkway, Baltimore, Maryland 21206, Fax (410) 254-5770, with a copy to Thomas J. Drechsler, Esquire, Carson, Jones-Bateman & Drechsler, P.A., Slavie Building, 2nd floor, 3700 East Northern Parkway, Baltimore, MD
21206-1850, Fax (410)-254-6330. Either party may, from time to time, designate a different address for receiving notices giving the other party notice of the change of address in the manner above specified. 
  
 ARTICLE XXIV 
 MISCELLANEOUS PROVISIONS 
  
 Section 24.1. Successors and Assigns, etc. This Lease and the covenants, terms and conditions herein contained shall inure to the benefit of and be binding upon Landlord, its successors and assigns, and shall be binding upon and
inure to the benefit of Tenant and its permitted successors and assigns. As used herein the term “Tenant” includes its permitted successors and assigns, and the term “Landlord” includes its successors and assigns. 
  

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 (b) The terms “agents” and “employees” as used with respect to Tenant, shall include
sublessees, concessionaires, franchisees and licensees of Tenant approved by Landlord, and the agents, servants and employees of such sublessees, concessionaires, franchisees and licensees. 
  
 (c) If Landlord transfers its estate in the Premises, or if Landlord further
leases the Premises subject to this Lease, Landlord shall thereafter be relieved of all obligations of Landlord expressed in this Lease or implied by law, provided, however, that Landlord shall remain liable for claims arising from Landlord’s
negligence or willful misconduct prior to such transfer. 
  
 Section 24.2. Landlord and Tenant Defined. 
  
 Landlord and Tenant Defined. For the purpose of this Lease, (i) the term “Landlord” shall be defined as the original and any subsequent Landlord, and (ii) the term “Tenant” shall be defined as the
original and any subsequent Tenant. 
  
 Section 24.3. Tenant’s Authority. 
  
 Tenant
shall, concurrently with the signing of this Lease, furnish to Landlord a certified copy of the resolution of its board of directors authorizing Tenant to enter into this Lease; and it shall furnish to Landlord an opinion of independent counsel (in
form reasonably satisfactory to Landlord’s counsel) that Tenant is a duly organized federal saving bank under the laws of the United States of America, is qualified to do business in the State of Maryland, is in good standing under the laws of
the State of its organization and the laws of the State of Maryland, and has the power and authority to enter into this Lease, that all corporate action requisite to authorize Tenant to enter into this Lease has been duly taken; and that this Lease
has been properly executed so as to be legally binding on the Tenant. 
  
 Section 24.4. Entire Agreement. 
  
 This Lease contains the final agreement between the parties hereto. Landlord shall not have any obligation not expressly set forth herein; and neither party shall be bound by any promises or representations prior to the date hereof which
are not expressly set forth herein. Landlord and Tenant acknowledge and agree that this Lease and each and every one of its provisions has been freely negotiated by the parties, each of whom has been represented by counsel. 
  
 Section 24.5. Captions: Deletions: Definitions.

  
 The headings and captions used in this Lease are for
convenience only and are not a part of this Lease. If any typed provision of this Lease is deleted by the parties, such deletion may not be utilized in interpreting the rights of the parties hereunder; but each party shall have all rights which it
would have had, at law or otherwise, if such deleted provision has never been set forth herein. As used in this Lease, the term “calendar month” shall mean any of the twelve (12) named months of the year. 
  

 20 

 Section 24.6. Site Plan. 
  
 Nothing shown on Exhibit 1 shall be deemed to be a representation by
Landlord as to any matter respecting the Premises or as a condition of this Lease, unless such representation or condition is expressly set forth herein, said Exhibit 1 being attached only for the purpose of showing the land encompassed in
the Premises and the approximate size and location of the Premises. 
  
 Section 24.7. Obligations Surviving Termination. 
  
 If this Lease is terminated for any reason other than default of the Tenant, all liabilities of the parties shall be adjusted as of the effective date of termination. Any Termination hereof by reason of a default of
the Tenant shall not affect any obligation or liability of Tenant under this Lease which accrued prior to the effective date of termination, and all such obligations and liabilities of Tenant shall survive such termination. 
  
 Section 24.8. Easements. 
  
 (a) Landlord hereby reserves the right to grant easements through the
Premises for the installation, use and maintenance of underground pipes and conduits for utility services. Landlord may enter the Premises and excavate in connection with the installation and repair of such facilities but shall restore the land (and
any paved surface) to its prior condition. Any excavation by Landlord shall be confined to the area reasonably necessary for the use and maintenance of the underground utility conduits and Landlord shall complete any excavation as expeditiously as
possible. 
  
 (b) Nothing contained in this Section 24.8 shall be
deemed to be a dedication or offer of dedication to public use or a private dedication or offer of private dedication of any areas within the Premises. 
  
 Section 24.9. Surrender of Premises. 
  
 At the expiration of the tenancy hereby created, or upon any reentry by Landlord into the Premises pursuant to Section 20.3, Tenant shall surrender the
Premises including all Tenant Improvements thereon, in good condition, reasonable wear and tear excepted, and shall deliver all keys to the Building to Landlord at the place then fixed for the payment of rent, and shall inform Landlord of all
combinations on locks, safes and vaults, if any, in the Building. Tenant shall remove all of its trade fixtures and inventory and any alterations, additions or improvements which Landlord requires to be removed before surrendering the Premises as
aforesaid, and shall repair any damage to the Premises or Building caused by such removal. Tenant’s obligation to observe or perform this covenant shall survive the expiration or other termination of the term of this Lease. 
  
 Section 24.10. Returned Check Charges. 
  
 If Tenant renders to Landlord any check in payment of any obligation under
this Lease and said check is returned unpaid by any Bank for non-sufficient funds or any other reason, Tenant shall pay to Landlord the sum of Two Hundred and 00/100 Dollars ($200.00) for each such occurrence, in addition to the amount of said
check. 
  

 21 

 Section 24.11. Partial Invalidity. 
  
 If any term, covenant or condition of this Lease or the application thereof
to any person or circumstance shall, to any extent, be invalid or unenforceable, the remainder of this Lease, or the application of such term, covenant or condition to persons or circumstances other than those as to which it is held invalid or
unenforceable, shall not be affected thereby and every other term, covenant or condition of this Lease shall be valid and be enforced to the fullest extent permitted by law. 
  
 Section 24.12. Brokers. 
  
 Tenant represents and warrants that it has not dealt with any broker in respect to this Lease, and agrees to defend,
indemnify and save Landlord harmless against all demands, claims, and liabilities arising out of any dealings between Tenant and any broker in respect of this Lease. 
  
 Section 24.13. No Offer. 
  
 Submission of this Lease for examination does not constitute an offer to lease, a reservation of or option for the Premises.
This Lease shall become effective only upon its execution and delivery by both Landlord and Tenant. 
  
 Section 24.14. Holding Over. 
  
 Should Tenant remain in possession of all or any pat of the Premises after the expiration of the term, such holding over shall, in the absence of a
written agreement to the contrary, be deemed to have created and be construed to be a tenancy from month-to-month terminable on thirty (30) days written notice from either party to the other, at a monthly rental equal to the total of (i) twice the
monthly installment of minimum rent payable during the last month of the Term; (ii) Tenant’s share of Taxes; (iii) Tenant’s share of all annual insurance premiums, and otherwise subject to all of the other terms, covenants, and conditions
of this Lease insofar as the same may be applicable to a month-to month tenancy. 
  
 [SIGNATURES BEGIN ON FOLLOWING PAGE] 
  

 22 

 IN WITNESS WHEREOF, the parties hereto have executed this Lease under their respective hands and seals as
of the day and year first above written: 
  

							
	 ATTEST:
	 	 	 	LANDLORD:	 	 
				
	 	 	 	 	BENFIELD PROPERTIES, LLC	 	 
				
	 	 	By:	 	 /s/ Ronald Benfield

	 	(SEAL)
	 	 	 	 	Ronald Benfield, Member	 	 
				
	 	 	 	 	 TENANT:
	 	 
				
	 	 	 	 	 SLAVIE FEDERAL SAVINGS BANK
	 	 
				
	 	 	By:	 	 /s/ Philip E. Logan

	 	(SEAL)
	 	 	 	 	Philip E. Logan, President	 	 

  
 STATE OF MARYLAND, HARFORD COUNTY, to
wit: 
  
 On this 1st day of March, 2001, before me, the subscriber, a Notary Public of the State of Maryland personally appeared Ronald Benfield, Member of Benfield Properties,
LLC, and he acknowledged the above Lease to be the act and deed of the said Landlord. 
  
 IN WITNESS WHEREOF, I hereunto set my hand and Notarial Seal. 
  

					
	 	 	 	 	 /s/

	 	 	 	 	Notary Public

			
	 	 	 	 	My Commission Expires: 10/01/2004

  
 STATE OF MARYLAND, CITY OF BALTIMROE,
to wit: 
  
 On this 5th day of March, 2001, before me, the subscriber, a Notary Public of the state aforesaid, personally appeared Philip E. Logan, President of the above-named
Tenant, and he acknowledged the above Lease to be the act of the said Tenant. 
  
 IN WITNESS WHEREOF, I hereunto set my hand and Notarial Seal. 
  

					
	 	 	 	 	 /s/ Beverly M. Young

	 	 	 	 	Notary Public

			
	 	 	 	 	My Commission Expires: 7/1/03

  

 23 

 EXHIBIT I 
  
 SITE PLAN 
  

 24 

 EXHIBIT 2 
  
 TENANT’S CONSTRUCTION SPECIFICATIONS 
  

	A.	PLAN APPROVAL PROCESS 

  
 1. Since Tenant’s plans and specifications are not available for Landlord’s review and approval as of the date of execution of this Lease, the
following procedures shall govern the preparation and approval of Tenant’s plans and specifications. 
  
 2. Landlord and Tenant agree that (i) the Building exterior appearance, materials and finishes, including roof and canopy lines and color, shall be
architecturally aesthetic and harmonious with the exterior appearance of other buildings in the area; (ii) all site work shall be consistent in grade, design, materials and construction and landscaping shall be provided as reasonably determined by
Landlord. 
  
 3. Within thirty (30) days after the date of
execution of this Lease, Tenant shall submit to Landlord Tenant’s preliminary plans and specifications for the Improvements, including site work. Landlord shall promptly review such preliminary plans and specifications to determine if they
conform to the requirements of this Exhibit 2. If Landlord finds that they do not properly conform hereto, it will so advise Tenant and Tenant will within ten (10) days after such notice make all needed changes. If Landlord deems the preliminary
plans and specifications submitted by Tenant to be acceptable, Landlord shall approve such preliminary plans and specifications in writing. 
  
 4. Tenant shall cause its architect to modify the approved preliminary plans and specifications to conform to this Exhibit 2, site conditions and
constraints, and Harford County Code requirements. The plans and specifications as so modified shall be called the “Final Plans”. Prior to submitting the Final Plans to governmental authorities as part of Tenant’s application for
requisite building permits, Tenant shall submit the Final Plans to Landlord. Landlord shall promptly review the Final Plans and, if acceptable, shall approve the Final Plans in writing. Landlord’s approval of the Final Plans may be conditioned
upon Tenant making changes to the Final Plans as are reasonably required by Landlord. If Landlord fails to object to any elements of the Final Plans within ten(10) days after its receipt of them, the Final Plans will be deemed approved. If Landlord
requests changes to the Final Plans consistent with the design criteria in this Exhibit 2, then Tenant shall cause the requested changes to be made. Landlord’s approval of the Final Plans shall not be withheld provided such plans and
specifications meet the design criteria outlined in this Lease. 
  
 5. Tenant shall not have any rights to avoid any of its obligations under this Lease if Landlord and Tenant are unable to agree upon the Final Plans for the work to be performed under the Lease. If either party believes in good faith that
the other is unreasonable with respect to requests for changes or refusals to make changes to the plans and specifications, the parties hereby agree that their sole remedy shall be to seek mediation by binding arbitration. Arbitration shall be
conducted in accordance with the Commercial Arbitration Rules of the American Arbitration Association. The arbitration shall be held before a three-member panel 
  

 25 

 of architects. One member of the Arbitration Panel shall be selected by the Tenant and one member of the Arbitration
Panel shall be selected by the Landlord. The third member shall be jointly selected by the Tenant and Landlord and shall serve as the Arbitration Chairperson. The party requesting arbitration shall provide written notice to the other party of the
naive, address and phone number of the Arbitration Panel member it selects. Within fifteen (15) business days following receipt of such notice, the other party shall select an Arbitration Panel member and provide to the party requesting arbitration
written notice of the name, address, and phone number of the individual it selects. Within fifteen (15) business days thereafter, the Arbitration Chairperson shall be jointly selected by the parties. If, for any reason any party is unable to select
an Arbitration Panel member, then the American Arbitration Association shall select such person. Rent arid other charges shall be deemed to have commenced as of two (2) months following the selection of the Arbitration Panel. 
  
 6. All work included in or in addition to the foregoing shall be subject to
Landlord’s approval as to design, materials and details. 
  

	B.	PROVISIONS GOVERNING TENANT’S WORK. 

  
 1. All work performed by Tenant shall be performed in a first-class and workmanlike manner and with new materials, at Tenant’s sole cost and expense.

  
 2. Tenant shall be responsible for obtaining all permits
required in connection with the performance of its work. 
  
 3.
Connections for utility service for Tenant and its contractors during the construction period shall not be made without prior notice to Landlord and without malting arrangements satisfactory to Landlord for payment by Tenant for such connections and
service. 
  
 4. Tenant shall not engage any contractor for work
respecting the Premises without Landlord’s prior written approval of such contractor, which approval shall not be unreasonably withheld. 
  
 5. Tenant shall require its contractors to comply with all reasonable requirements of Landlord regarding coordination of work in the Premises. 

 
 6. Tenant shall cause its contractors to remove and dispose of debris,
rubbish, surplus materials and temporary structures resulting from Tenant’s work in the Premises. 
  
 7. If required by Landlord, Tenant shall cause its contractors to furnish performance and labor and material payment bonds from a reputable surety company
and which shall include Tenant, Landlord, and other designees of Landlord, as obligees, without cost to Landlord or its designees. 
  
 8. Tenant shall carry builder’s risk insurance on the work performed by Tenant in such form and amounts as may be required by Landlord’s
insurers. 
  

 26 

 9. All work performed by Tenant shall be performed in compliance with applicable laws and regulations.

  
 10. Tenant shall cause its contractors to furnish the
customary one year warranty against defects in workmanship and materials, and in the event the Lease does not commence or is terminated prior to the expiration of the warranty period Landlord shall be entitled to the benefit of all such warranties,
which are hereby assigned to Landlord. 
  

 27 

 EXHIBIT 3 
  
 RULES AND REGULATIONS 
  
 Tenant shall, at all times during the term of the Lease: 
  
 1. Use, maintain and occupy the Premises in a careful, safe, proper and lawful manner, keep the Premises and its
appurtenances, including adjoining areas and sidewalks, in a clean and safe condition; 
  
 2. Keep the Premises free of ice, snow and litter; 
  
 3. Keep all glass in the doors and windows of the Premises clean; 
  
 4. Not, without the prior written consent of Landlord, which shall not be unreasonably withheld or delayed, place, maintain or sell any merchandise on the
sidewalks adjacent to the Premises, or elsewhere on the outside of the Premises, unless expressly provided for in the Lease; 
  
 5. Keep the Premises in a clean, orderly and sanitary condition, free of insects, rodents, vermin and other pests; 
  
 6. Not permit undue accumulations of garbage, trash, rubbish and other refuse
in the Premises, keep refuse in closed containers within the interior of the Premises until removed, and arrange for regular removal of refuse at its expense; 
  

7. Not use, permit or suffer the use of any apparatus or instruments for musical or other sound reproduction or transmission in such manner that the
sound emanating therefrom or caused thereby shall be audible beyond the interior of the Premises; 
  
 8. Keep all mechanical apparatus free of abnormal vibration and noise which may be transmitted beyond the confines of the Premises; 
  
 9. Not cause or permit objectionable odors to emanate or be dispelled from
the Premises; 
  
 10. Not overload the floors or electrical wiring
and not install any additional electrical wiring or plumbing without Landlord’s prior written consent; 
  
 11. Not use show windows in the Premises for any purpose other than in a neat and attractive manner; 
  
 12. Not conduct, permit or suffer any public or private auction sale to be
conducted on or from the Premises. 
  

 28

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