Document:

EX-10.1

 EXHIBIT 10.1 

CBM BANCORP, INC. 
 2019
EQUITY INCENTIVE PLAN 
 ARTICLE 1 – GENERAL 

Section 1.1 Purpose, Effective Date and Term. The purpose of the CBM Bancorp, Inc. 2019 Equity
Incentive Plan (the “Plan”) is to promote the long-term financial success of CBM Bancorp, Inc. (the “Company”), and its Subsidiaries, including Chesapeake Bank of Maryland (the “Bank”), by providing
a means to attract, retain and reward individuals who contribute to such success and to further align their interests with those of the Company’s stockholders through the ownership of additional common stock of the Company. The Plan also
provides eligible Participants with an opportunity to acquire an ownership interest, or otherwise increase their ownership interest, in the Company as an additional incentive for them to remain in the service of the Company and the Bank. The
“Effective Date” of the Plan shall be the date the Plan satisfies the applicable stockholder approval requirements. The Plan shall remain in effect as long as any Awards are outstanding; provided, however, that no Awards may
be granted under the Plan after the day immediately prior to the ten-year anniversary of the Effective Date. 

Section 1.2 Administration. The Plan shall be administered by the Board of Directors of the Company or
the Compensation Committee of the Company’s Board of Directors (the “Committee”) in accordance with Section 5.1. 

Section 1.3 Participation. Each Employee or Director of the Company or any Subsidiary of the Company
who is granted an Award in accordance with the terms of the Plan shall be a “Participant” in the Plan. The grant of Awards shall be limited to Employees and Directors of the Company or any Subsidiary. 

Section 1.4 Definitions. Capitalized terms used in this Plan are defined in Article 9 and elsewhere in
this Plan. 
 ARTICLE 2 – AWARDS 

Section 2.1 General. Any Award under the Plan may be granted singularly or in combination with another
Award (or Awards). Each Award under the Plan shall be subject to the terms and conditions of the Plan and such additional terms, conditions, limitations and restrictions as the Committee shall provide with respect to such Award and as evidenced in
the Award Agreement. Subject to the provisions of Section 2.6, an Award may be granted as an alternative to or replacement of an existing Award under the Plan or any other plan of the Company or any Subsidiary or as the form of payment for
grants or rights earned or due under any other compensation plan or arrangement of the Company or its Subsidiaries, including without limitation,` the plan of any entity acquired by the Company or any Subsidiary. The types of Awards that may be
granted under the Plan include: 
 (a) Stock Options. A Stock Option means a grant under Section 2.2 that represents the
right to purchase shares of Stock at an Exercise Price established by the Committee. Any Stock Option may be either an Incentive Stock Option (an “ISO”) that is intended to satisfy the requirements applicable to an “Incentive
Stock Option” described in Code Section 422(b), or a Non-Qualified Stock Option (a “Non-Qualified Option”) that is not intended to be an ISO;
provided, however, that no ISOs may be granted: (i) after the day immediately prior to the ten-year anniversary of the Effective Date; or (ii) to a
non-employee. Unless otherwise specifically provided by its terms, any Stock Option granted to an Employee 

 
under this Plan shall be an ISO to the maximum extent permitted. Any ISO granted under this Plan that does not qualify as an ISO for any reason (whether at the time of grant or as the result of a
subsequent event) shall be deemed to be a Non-Qualified Option. In addition, any ISO granted under this Plan may be unilaterally modified by the Committee to disqualify such Stock Option from ISO treatment
such that it shall become a Non-Qualified Option; provided, however, that any such modification shall be ineffective if it causes the Award to be subject to Code Section 409A (unless, as modified, the
Award complies with Code Section 409A). 
 (b) Restricted Stock Awards. A Restricted Stock Award means a grant of shares of
Stock under Section 2.3 for no consideration or such minimum consideration as may be required by applicable law, either alone or in addition to other Awards granted under the Plan, subject to a vesting schedule. 

Section 2.2 Stock Options. 

(a) Grant of Stock Options. Each Stock Option shall be evidenced by an Award Agreement that shall: (i) specify the number of Stock
Options covered by the Award; (ii) specify the date of grant of the Stock Option; (iii) specify the vesting period or other conditions to vesting; (iv) the Exercise Price; and (v) contain such other terms and conditions not
inconsistent with the Plan, including the effect of termination of a Participant’s employment or Service with the Company as the Committee may, in its discretion, prescribe. 

(b) Terms and Conditions. A Stock Option shall be exercisable in accordance with such terms and conditions and during such periods as
may be established by the Committee. In no event, however, shall a Stock Option expire later than ten (10) years after the date of its grant (or five (5) years with respect to ISOs granted to an Employee who is a 10% Stockholder). The
“Exercise Price” of each Stock Option shall not be less than 100% of the Fair Market Value of a share of Stock on the date of grant (or, if greater, the par value of a share of Stock); provided, however, that the Exercise Price of
an ISO shall not be less than 110% of Fair Market Value of a share of Stock on the date of grant if granted to a 10% Stockholder; provided further, that the Exercise Price may be higher or lower in the case of Stock Options granted or
exchanged in replacement of existing Awards held by an Employee or Director of, or service provider to, an acquired entity. 
 (c) Method
of Exercise. Subject to the other terms and conditions hereof, a Participant may exercise any Stock Option, to the extent such Stock Option is vested, by giving written notice of exercise to the Company, provided, however, that in no event shall
a Stock Option be exercisable for a fractional share. The date of exercise of a Stock Option shall be the later of: (i) the date on which the Company receives such written notice; and (ii) the date on which the Participant pays the
applicable Exercise Price pursuant to this Section 2.2(c). The payment of the Exercise Price of a Stock Option shall be by cash or, subject to limitations imposed by applicable law, by such other means as the Committee may from time to time
permit, including: (i) by tendering, either actually or constructively by attestation, shares of Stock valued at Fair Market Value as of the day of exercise; (ii) by irrevocably authorizing a third party, acceptable to the Committee, to
sell shares of Stock (or a sufficient portion of the shares) acquired upon exercise of the Stock Option and to remit to the Company a sufficient portion of the sale proceeds to pay the entire Exercise Price and any tax withholding resulting from
such exercise; (iii) by a net settlement of the Stock Option, using a portion of the shares obtained on exercise in payment of the Exercise Price of the Stock Option (and if applicable, any required tax withholding, to the extent permitted
under the Plan); (iv) by personal, certified or cashier’s check; or (v) by any combination thereof. The total number of shares that may be acquired upon the exercise of a Stock Option shall be rounded down to the nearest whole share, with cash-in-lieu paid by the Company, at its discretion, for the value of any fractional share. 

  
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 (d) Prohibition of Cash Buy-Outs of Underwater
Stock Options. Under no circumstances will any Stock Options which were granted under the Plan be bought back by the Company at a time when the Exercise Price of such Stock Options is greater than the Fair Market Value of the Stock on the date
of the purchase transaction without stockholder approval of such transaction. 
 Section 2.3 Restricted
Stock.  
 (a) Grant of Restricted Stock. Each Restricted Stock Award shall be evidenced by an Award Agreement that
shall: (i) specify the number of shares of Stock covered by the Restricted Stock Award; (ii) specify the date of grant of the Restricted Stock Award; (iii) specify the vesting period; and (iv) contain such other terms and
conditions not inconsistent with the Plan, including the effect of termination of a Participant’s employment or Service with the Company. All Restricted Stock Awards shall be in the form of issued and outstanding shares of Stock that, at the
discretion of the Committee, shall be either: (x) registered in the name of the Participant and held by or on behalf of the Company, together with a stock power executed by the Participant in favor of the Company, pending the vesting or
forfeiture of the Restricted Stock; or (y) registered in the name of, and delivered to, the Participant. In any event, the certificates evidencing the Restricted Stock Award shall at all times prior to the applicable vesting date bear the
following legend: 
 The Stock evidenced hereby is subject to the terms of an Award Agreement with CBM Bancorp, Inc., dated [Date], made
pursuant to the terms of the CBM Bancorp, Inc. 2019 Equity Incentive Plan, copies of which are on file at the executive offices of CBM Bancorp, Inc., and may not be sold, encumbered, hypothecated or otherwise transferred except in accordance with
the terms of such Plan and Award Agreement, or such other restrictive legend as the Committee, in its discretion, may specify. 
 Notwithstanding the
foregoing, the Company may in its sole discretion issue Restricted Stock in any other approved format (e.g., electronically or by book-entry form) in order to facilitate the paperless transfer of such Awards. In the event Restricted Stock is
not issued in certificate form, the Company and the transfer agent shall maintain appropriate bookkeeping entries that evidence Participants’ ownership of such Awards. Restricted Stock that is not issued in certificate form shall be subject to
the same terms and conditions of the Plan as certificated shares, including the restrictions on transferability and the provision of a stock power executed by the Participant in favor of the Company, until the satisfaction of the conditions to which
the Restricted Stock Award is subject.    Notwithstanding anything herein to the contrary, the Committee shall distribute to a Participant the Stock vested in accordance with a Restricted Stock Award, or portion thereof, within
thirty days following the date of such vesting. 
 (b) Terms and Conditions. Each Restricted Stock Award shall be subject to the
following terms and conditions: 
 (i) Dividends. Unless the Committee determines otherwise with respect to any
Restricted Stock Award and specifies such determination in the relevant Award Agreement, any dividends or distributions declared and paid with respect to shares of Stock subject to the Restricted Stock Award shall be immediately distributed to the
Participant based upon the dividend payment date. If the Committee determines to delay the distribution of dividends to a Participant until the vesting of an Award of Restricted Stock, the Committee shall cause the dividend (and any earnings
thereon) to be distributed to the Participant no later than two and one-half months following the date on which the Restricted Stock vests. 

  
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 (ii) Voting Rights. Unless the Committee determines otherwise with
respect to any Restricted Stock Award and specifies such determination in the relevant Award Agreement, a Participant shall have voting rights related to the unvested, non-forfeited Restricted Stock which has
been issued in the name of a Participant and is represented by issued and outstanding Stock, and such voting rights shall be exercised by the Participant in his or her discretion. Any shares of Stock held by the Trust prior to issuance to a
Participant shall be voted by the Trustee of such Trust as directed by the Committee. 
 (iii) Tender Offers and Merger
Elections. Each Participant to whom a Restricted Stock Award is granted shall have the right to respond, or to direct the response, with respect to the related shares of Restricted Stock, to any tender offer, exchange offer, cash/stock merger
consideration election or other offer made to, or elections made by, the holders of shares of Stock. Such a direction for any such shares of Restricted Stock shall be given by proxy or ballot (if the Participant is the beneficial owner of the shares
of Restricted Stock for voting purposes) or by completing and filing, with the inspector of elections, the trustee or such other person who shall be independent of the Company as the Committee shall designate in the direction (if the Participant is
not such a beneficial owner), a written direction in the form and manner prescribed by the Committee. If no such direction is given, then the shares of Restricted Stock shall not be tendered. 

(iv) Other Matters. The conditions for granting or vesting and the other provisions of Restricted Stock Awards need not
be the same with respect to each recipient. 
 Section 2.4 Vesting of Awards. The Committee
shall specify the vesting schedule or conditions of each Award; provided that, except in the event of the death or Disability of a Participant or upon a Change of Control, Awards under the Plan awarded to an Employee or a Director shall be granted
with a vesting rate not more rapid than twenty percent (20%) per year, with the first installment vesting no earlier than the one-year anniversary of the date of grant. The Committee may provide for the
acceleration of vesting in the event of the Participant’s death or Disability or upon a Change in Control, which terms shall be set forth in the Award Agreement. 

Section 2.5 Deferred Compensation. If any Award would be considered “deferred compensation”
as defined under Code Section 409A (“Deferred Compensation”), the Committee reserves the absolute right (including the right to delegate such right) to unilaterally amend the Plan or the Award Agreement, without the consent of
the Participant, to maintain exemption from, or to comply with, Code Section 409A. Any amendment by the Committee to the Plan or an Award Agreement pursuant to this Section shall maintain, to the extent practicable, the original intent of the
applicable provision without violating Code Section 409A. A Participant’s acceptance of any Award under the Plan constitutes acknowledgement and consent to such rights of the Committee, without further consideration or action. Any
discretionary authority retained by the Committee pursuant to the terms of this Plan or pursuant to an Award Agreement shall not be applicable to an Award which is determined to constitute Deferred Compensation, if such discretionary authority would
contravene Code Section 409A. 
 Section 2.6 Prohibition Against Option Repricing. Except for
adjustments pursuant to Section 3.4, and reductions of the Exercise Price approved by the Company’s stockholders, neither the Committee nor the Board shall have the right or authority to make any adjustment or amendment that reduces or
would have the effect of reducing the Exercise Price of a Stock Option previously granted under the Plan, whether through amendment, cancellation (including cancellation in exchange for a cash payment in excess of the Stock Option’s in-the-money value or in exchange for Stock Options or other Awards) or replacement grants, or other means. 

  
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 Section 2.7. Effect of Termination of Service on
Awards. The Committee shall establish the effect of a Termination of Service on the continuation of rights and benefits available under an Award and, in so doing, may make distinctions based upon, among other things, the cause of
Termination of Service and type of Award. Unless otherwise specified by the Committee and set forth in an Award Agreement between the Company and the Participant or as set forth in an employment or severance agreement entered into by and between the
Company and/or the Bank and an Employee, the following provisions shall apply to each Award granted under this Plan: 
 (a) Upon a
Participant’s Termination of Service for any reason other than due to Disability, death, or termination for Cause, Stock Options shall be exercisable only as to those shares that were immediately exercisable by such Participant at the date of
termination, and Stock Options may be exercised only for a period of three (3) months following termination and any Restricted Stock Award that has not vested as of the date of Termination of Service shall expire and be forfeited. 

(b) In the event of a Termination of Service for Cause, all Stock Options granted to a Participant that have not been exercised and all
Restricted Stock Awards granted to a Participant that have not vested as of the date of such Termination of Service for Cause shall expire and be forfeited as of such date of Termination of Service. 

(c) Upon Termination of Service for reasons of Disability or death, all Stock Options shall be exercisable as to all shares subject to an
outstanding Award, whether or not then exercisable, and all Restricted Stock Awards shall vest as to all shares subject to an outstanding Award, whether or not otherwise immediately vested, at the date of Termination of Service. Stock Options may be
exercised for a period of one year following Termination of Service due to death or Disability or the remaining unexpired term of the Stock Option, if less; provided, however, that no Stock Option shall be eligible for treatment as an ISO in
the event such Stock Option is exercised more than one year following Termination of Service due to Disability and provided, further, in order to obtain ISO treatment for Stock Options exercised by heirs or devisees of an optionee, the
optionee’s death must have occurred while employed or within three months of Termination of Service. Notwithstanding anything herein to the contrary, no Stock Option shall be eligible for treatment as an ISO in the event such Stock Option is
exercised more than three (3) months following Termination of Service other than as a result of death or Disability. 
 (d)
Notwithstanding anything herein to the contrary, no Stock Option shall be exercisable beyond the last day of the original term of such Stock Option. 

(e) Notwithstanding the provisions of this Section 2.7, the effect of a Change in Control on the vesting and exercisability of Stock
Options and Restricted Stock Awards is as set forth in Article 4. 
 ARTICLE 3 - Shares Subject to Plan 

Section 3.1 Available Shares. The shares of Stock with respect to which Awards may be made under the
Plan shall be shares currently authorized but unissued, currently held or, to the extent permitted by applicable law, subsequently acquired by the Company as treasury shares, including shares purchased in the open market or in private transactions,
or shares acquired in the open market or in private transactions by any Trust established for purposes of administration of the Plan. 

Section 3.2 Share Limitations. 

(a) Share Reserve. Subject to the following provisions of this Section 3.2, the maximum number of shares of Stock that may be
delivered to Participants and their beneficiaries under the Plan shall be 

  
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equal to 592,480 shares of Stock. The maximum number of shares of Stock that may be delivered pursuant to the exercise of Stock Options (all of which may be granted as ISOs, Non-Qualified Options or a combination of each) is 423,200 shares of Stock. The maximum number of shares of Stock that may be issued as Restricted Stock Awards is 169,280 shares of Stock. The aggregate
number of shares available for grant under this Plan and the number of shares of Stock subject to outstanding awards shall be subject to adjustment as provided in Section 3.4. 

(b) Computation of Shares Available. For purposes of this Section 3.2, the number of shares of Stock available for the grant of
additional Stock Options or Restricted Stock Awards shall be reduced by the number of shares of Stock previously granted, subject to the following: (i) to the extent any shares of Stock covered by an Award (including Restricted Stock Awards)
under the Plan are not delivered to a Participant or beneficiary for any reason, including because the Award is forfeited or canceled or because a Stock Option is not exercised, then such shares shall not be deemed to have been delivered for
purposes of determining the maximum number of shares of Stock available for delivery under the Plan. To the extent: (i) a Stock Option is exercised by using an actual or constructive exchange of shares of Stock to pay the Exercise Price; or
(ii) shares of Stock are withheld to satisfy withholding taxes upon exercise or vesting of an Award granted hereunder; or (iii) shares are withheld to satisfy the exercise price of Stock Options in a net settlement of Stock Options, then
the number of shares of Stock available shall be reduced by the gross number of Stock Options exercised rather than by the net number of shares of Stock issued. 

Section 3.3 Limitations on Grants to Employees and Directors. 

(a) Employee Awards. 
 (i)
Stock Options - Employees. The maximum number of shares of Stock, in the aggregate, that may be covered by a Stock Option granted to any one Employee under the Plan shall be 105,800 shares, all of which may be granted during any
calendar year. This maximum amount represents approximately twenty-five percent (25%) of the maximum number of shares of Stock that may be delivered pursuant to Stock Options under Section 3.2. 

(ii) Restricted Stock Awards - Employees. The maximum number of shares of Stock, in the aggregate, that may be subject to
Restricted Stock Awards granted to any one Employee under the Plan shall be 42,320 shares, all of which may be granted during any calendar year. This maximum amount represents approximately twenty-five percent (25%) of the maximum number of shares
of Stock that may be issued as Restricted Stock Awards. 
 (b) Director Awards.  

(i) Stock Options – Aggregate Limit. Individual non-employee Directors may be granted Stock
Options of up to 21,160 shares, in the aggregate, all of which may be granted during any calendar year and, in addition, all non-employee Directors, in the aggregate, may be granted up to 126,960
shares all of which may be granted during any calendar year. These maximum amounts represent approximately five percent (5%) and thirty percent (30%), respectively, of the maximum number of shares of Stock that may be delivered pursuant to Stock
Options under Section 3.2. 
 (ii) Restricted Stock Awards – Aggregate Limit. Individual non-employee Directors may be granted Restricted Stock Awards of up to 8,464 shares, in the aggregate, all of which may be granted during any calendar year and, in addition, all
non-employee Directors, in the aggregate, may be granted up to 50,784 shares all of which may be granted during any calendar year. These maximum amounts represent approximately five percent (5%) and
thirty percent (30%), respectively, of the maximum number of shares of Stock that may be delivered pursuant to Restricted Stock Awards under Section 3.2. 

  
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 (iii) Initial Grants to Non-Employee
Directors. Each non-employee Director who is in the Service of the Company and/or a Subsidiary on the Effective Date shall automatically be granted an Award of Stock Options and Restricted Stock as
follows: 
 (A) Stock Options – Non-Employee Directors. Each non-employee Director who is in the Service of the Company and/or Subsidiary immediately following the 2019 Annual Meeting shall receive, on the Effective Date, a grant of 21,160 Stock Options, and this
amount represents 5.0% of the maximum number of shares of Stock that may be delivered pursuant to Stock Options under Section 3.2.  

(B) Restricted Stock Awards – Non-Employee Directors. Each
non-employee Director who is in the Service of the Company and/or Subsidiary immediately following the 2019 Annual Meeting shall receive, on the Effective Date, a grant of 8,464 shares of Restricted
Stock, and this amount represents 5.0% of the maximum number of shares of Stock that may be delivered pursuant to Restricted Stock Awards under Section 3.2. 

(c) The aggregate number of shares available for grant under this Plan and the number of shares subject to outstanding Awards, including the
limit on the number of Awards available for grant under this Plan described in this Section 3.3, shall be subject to adjustment as provided in Section 3.4. 

Section 3.4 Corporate Transactions. 

(a) General. In the event any recapitalization, forward or reverse stock split, reorganization, merger, consolidation, spin-off, combination, repurchase, or exchange of shares of Stock or other securities, stock dividend or other special and nonrecurring dividend or distribution (whether in the form of cash, securities or other
property), liquidation, dissolution, or other similar corporate transaction or event, affects the shares of Stock such that an adjustment is appropriate in order to prevent dilution or enlargement of the rights of Participants under the Plan and/or
under any Award granted under the Plan, then the Committee shall, in an equitable manner, adjust any or all of: (i) the number and kind of securities deemed to be available thereafter for grants of Stock Options or Restricted Stock Awards in
the aggregate to all Participants and individually to any one Participant; (ii) the number and kind of securities that may be delivered or deliverable in respect of outstanding Stock Options and Restricted Stock Awards; and (iii) the
Exercise Price of Stock Options. In addition, the Committee is authorized to make adjustments in the terms and conditions of, and the criteria included in, Stock Options and Restricted Stock Awards (including, without limitation, cancellation of
Stock Options and Restricted Stock Awards in exchange for the in-the-money value, if any, of the vested portion thereof, or substitution or exchange of Stock Options and
Restricted Stock Awards using stock of a successor or other entity) in recognition of unusual or nonrecurring events (including, without limitation, events described in the preceding sentence) affecting the Company or any parent or Subsidiary or the
financial statements of the Company or any parent or Subsidiary, or in response to changes in applicable laws, regulations, or accounting principles. 

(b) Merger in which Company is Not Surviving Entity. In the event of any merger, consolidation, or other business reorganization
(including, but not limited to, a Change in Control) in which the Company is not the surviving entity, unless otherwise determined by the Committee at any time at or after grant and prior to the consummation of such merger, consolidation or other
business reorganization, any Stock Options granted under the Plan which remain outstanding shall be converted into Stock Options to purchase voting common equity securities of the business entity which survives such merger, consolidation or other
business reorganization having substantially the same terms and conditions as the outstanding Stock Options under this Plan and reflecting the same economic benefit (as measured by the 

  
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difference between the aggregate Exercise Price and the value exchanged for outstanding shares of Stock in such merger, consolidation or other business reorganization), all as determined by the
Committee prior to the consummation of such merger; provided, however, that the Committee may, at any time prior to the consummation of such merger, consolidation or other business reorganization, direct that all, but not less than all, outstanding
Stock Options be canceled as of the effective date of such merger, consolidation or other business reorganization in exchange for a cash payment per share of Stock equal to the excess (if any) of the value exchanged for an outstanding share of Stock
in such merger, consolidation or other business reorganization over the Exercise Price of the Stock Option being canceled; provided, further, that in the event the Exercise Price of outstanding Stock Options exceed the value to be exchanged for an
outstanding share of Stock (an “Underwater Stock Option”) in such merger, consolidation or other business reorganization, the Committee may, in its discretion, cancel and terminate such Underwater Stock Options without the consent
of the holder of the Stock Option and without any payment to such holder. 
 Section 3.5 Delivery of
Shares. Delivery of shares of Stock or other amounts under the Plan shall be subject to the following: 
 (a) Compliance with
Applicable Laws. Notwithstanding any other provision of the Plan, the Company shall have no obligation to deliver any shares of Stock or make any other distribution of benefits under the Plan unless such delivery or distribution complies with
all applicable laws (including, the requirements of the Securities Act), and the applicable requirements of any Exchange or similar entity. 

(b) Certificates. To the extent that the Plan provides for the issuance of shares of Stock, the issuance may be effected on a non-certificated basis, to the extent not prohibited by applicable law or the applicable rules of any Exchange. 

ARTICLE 4 - CHANGE IN CONTROL 

Section 4.1 Consequence of a Change in Control. Subject to the provisions of Section 2.4
(relating to vesting and acceleration) and Section 3.4 (relating to the adjustment of shares), and except as otherwise provided in the Plan or as determined by the Committee and set forth in the terms of any Award Agreement or as set
forth in an employment, change in control, or severance agreement entered into by and between the Company and/or the Bank and an Employee: 

(a) Upon a Change in Control, all Stock Options then held by the Participant shall become fully earned and exercisable (subject to the
expiration provisions otherwise applicable to the Stock Option). 
 (b) Upon a Change in Control, all Awards of Restricted Stock
described in Section 2.1(b) shall become fully earned and vested immediately. 
 Section 4.2 Definition
of Change in Control. For purposes of this Plan and any related Award Agreement, the term “Change in Control” shall mean the consummation by the Company or the Bank, in a single transaction or series of related transactions,
of any of the following: 
 (a) Merger: The Company or the Bank merges into or consolidates with another entity, or merges another
bank or corporation into the Company or the Bank, and as a result, less than a majority of the combined voting power of the resulting corporation immediately after the merger or consolidation is held by persons who were stockholders of the Company
or the Bank immediately before the merger or consolidation; 

  
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 (b) Acquisition of Significant Share Ownership: A person or persons acting in concert
has or have become the beneficial owner of 25% or more of a class of the Company’s or the Bank’s Voting Securities; provided, however, this clause (b) shall not apply to beneficial ownership of the Company’s or the Bank’s
voting shares held in a fiduciary capacity by an entity of which the Company directly or indirectly beneficially owns 50% or more of its outstanding Voting Securities; 

(c) Change in Board Composition: During any period of two consecutive years, individuals who constitute the Company’s or the
Bank’s Board of Directors at the beginning of the two-year period cease for any reason to constitute at least a majority of the Company’s or the Bank’s Board of Directors; provided, however,
that for purposes of this clause (c), each director who is first elected by the board (or first nominated by the board for election by the stockholders) by a vote of at least two-thirds (2/3) of the directors
who were directors at the beginning of the two-year period shall be deemed to have also been a director at the beginning of such period or who is appointed as a director as a result of a directive, supervisory
agreement or order issued by the primary federal regulator of the Company or the Bank or by the Federal Deposit Insurance Corporation shall be deemed to have also been a director at the beginning of such period; or 

(d) Sale of Assets: The Company or the Bank sells to a third party all or substantially all of its assets. 

Notwithstanding the foregoing, in the event that an Award constitutes Deferred Compensation, and the settlement of, or distribution of
benefits under, such Award is to be triggered solely by a Change in Control, then with respect to such Award, a Change in Control shall be defined as required under Code Section 409A, as in effect at the time of such transaction. 

ARTICLE 5 – COMMITTEE 

Section 5.1 Administration. The Plan shall be administered by the members of the Compensation
Committee of the Company who are Disinterested Board Members. If the Committee consists of fewer than two Disinterested Board Members, then the Board shall appoint to the Committee such additional Disinterested Board Members as shall be necessary to
provide for a Committee consisting of at least two Disinterested Board Members. Any members of the Committee who do not qualify as Disinterested Board Members shall abstain from participating in any discussion or decision to make or administer
Awards that are made to Participants who at the time of consideration for such Award are persons subject to the short-swing profit rules of Section 16 of the Exchange Act. The Board (or if necessary to maintain compliance with the applicable
listing standards, those members of the Board who are “independent directors” under the corporate governance statutes or rules of any Exchange on which the Company lists, has listed or seeks to list its securities) may, in their
discretion, take any action and exercise any power, privilege or discretion conferred on the Committee under the Plan with the same force and effect under the Plan as if done or exercised by the Committee. 

Section 5.2 Powers of Committee. The administration of the Plan by the Committee shall be subject to
the following: 
 (a) The Committee will have the authority and discretion to select from among the Company’s and its
Subsidiaries’ Employees and Directors who shall receive Awards, to determine the time or times of receipt, to determine the types of Awards and the number of shares covered by the Awards, to establish the terms, conditions, features (including
automatic exercise in accordance with Section 7.18 hereof), restrictions (including without limitation, provisions relating to non-competition, non-solicitation and
confidentiality), and other provisions of such Awards (subject to the restrictions imposed by Article 6), to cancel or suspend Awards and to reduce, eliminate or accelerate any restrictions or vesting requirements

  
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applicable to an Award at any time after the grant of the Award or to extend the time period to exercise a Stock Option, provided that such extension is consistent with Code Section 409A.
Notwithstanding the foregoing, the Committee will not have the authority or discretion to accelerate the vesting requirements applicable to an Award (except to the extent permitted pursuant to Sections 2.4 and 4.1 hereof). 

(b) The Committee will have the authority and discretion to interpret the Plan, to establish, amend and rescind any rules and
regulations relating to the Plan, and to make all other determinations that may be necessary or advisable for the administration of the Plan. 

(c) The Committee will have the authority to define terms not otherwise defined herein. 

(d) Any interpretation of the Plan by the Committee and any decision made by it under the Plan is final and binding on all persons.

 (e) In controlling and managing the operation and administration of the Plan, the Committee shall take action in a manner that
conforms to the articles of incorporation and bylaws of the Company and applicable corporate law. 
 (f) The Committee will have the
authority to: (i) suspend a Participant’s right to exercise a Stock Option during a blackout period (or similar restricted period) or to exercise in a particular manner (i.e., such as a “cashless exercise” or
“broker-assisted exercise”) to the extent that the Committee deems it necessary or in the best interests of the Company in order to comply with the securities laws and regulations issued by the SEC (the “Blackout Period”);
and (ii) to extend the period to exercise a Stock Option by a period of time equal to the Blackout Period, provided that such extension does not violate Section 409A of the Code, the Incentive Stock Option requirements or applicable laws
and regulations. 
 Section 5.3 Delegation by Committee. Except to the extent prohibited by
applicable law, the applicable rules of an Exchange upon which the Company lists its shares or the Plan, or as necessary to comply with the exemptive provisions of Rule 16b-3 promulgated under the Exchange
Act, the Committee may allocate all or any portion of its responsibilities and powers to any one or more of its members and may delegate all or any part of its responsibilities and powers to any person or persons selected by it, including:
(a) delegating to a committee of one or more members of the Board who are not “non-employee directors,” within the meaning of Rule 16b-3, the authority to
grant Awards under the Plan to eligible persons who are not then subject to Section 16 of the Exchange Act; or (b) delegating to a committee of one or more members of the Board who would be eligible to serve on the Compensation Committee
of the Company pursuant to the listing requirements imposed by any Exchange on which the Company lists, has listed or seeks to list its securities, the authority to grant awards under the Plan. The acts of such delegates shall be treated hereunder
as acts of the Committee and such delegates shall report regularly to the Committee regarding the delegated duties and responsibilities and any Awards so granted. Any such allocation or delegation may be revoked by the Committee at any time. 

Section 5.4 Information to be Furnished to Committee. As may be permitted by applicable law, the
Company and its Subsidiaries shall furnish the Committee with such data and information as it determines may be required for it to discharge its duties. The records of the Company and its Subsidiaries as to a Participant’s employment,
termination of employment, leave of absence, reemployment and compensation shall be conclusive on all persons unless determined by the Committee to be manifestly incorrect. Subject to applicable law, Participants and other persons entitled to
benefits under the Plan must furnish the Committee such evidence, data or information as the Committee considers desirable to carry out the terms of the Plan. 

  
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 Section 5.5 Committee Action. The Committee shall
hold such meetings, and may make such administrative rules and regulations, as it may deem proper. A majority of the members of the Committee shall constitute a quorum, and the action of a majority of the members of the Committee present at a
meeting at which a quorum is present, as well as actions taken pursuant to the unanimous written consent of all of the members of the Committee without holding a meeting, shall be deemed to be actions of the Committee. Subject to Section 5.1,
all actions of the Committee shall be final and conclusive and shall be binding upon the Company, Participants and all other interested parties. Any person dealing with the Committee shall be fully protected in relying upon any written notice,
instruction, direction or other communication signed by a member of the Committee or by a representative of the Committee authorized to sign the same in its behalf. 

ARTICLE 6 - AMENDMENT AND TERMINATION 

Section 6.1 General. The Board may, as permitted by law, at any time, amend or terminate the Plan, and
may amend any Award Agreement, provided that no amendment or termination (except as provided in Section 2.5, Section 3.4 and Section 6.2) may cause the Award to violate Code Section 409A, may cause the repricing of a Stock
Option, or, in the absence of written consent to the change by the affected Participant (or, if the Participant is not then living, the affected beneficiary), adversely impair the rights of any Participant or beneficiary under any Award granted
under the Plan prior to the date such amendment is adopted by the Board; provided, however, that, no amendment may (a) materially increase the benefits accruing to Participants under the Plan, (b) materially increase the aggregate
number of securities which may be issued under the Plan, other than pursuant to Section 3.4, or (c) materially modify the requirements for participation in the Plan, unless the amendment under (a), (b) or (c) above is approved by the
Company’s stockholders. 
 Section 6.2 Amendment to Conform to Law and Accounting Changes.
Notwithstanding any provision in this Plan or any Award Agreement to the contrary, the Committee may amend the Plan or any Award Agreement, to take effect retroactively or otherwise, as deemed necessary or advisable for the purpose of:
(i) conforming the Plan or the Award Agreement to any present or future law relating to plans of this or similar nature (including, but not limited to, Code Section 409A); or (ii) avoiding an accounting treatment resulting from an
accounting pronouncement or interpretation thereof issued by the SEC or Financial Accounting Standards Board subsequent to the adoption of the Plan or the making of the Award affected thereby, which, in the sole discretion of the Committee, may
materially and adversely affect the financial condition or results of operations of the Company. By accepting an Award under this Plan, each Participant agrees and consents to any amendment made pursuant to this Section 6.2 or Section 2.5
to any Award granted under the Plan without further consideration or action. 
 ARTICLE 7 - GENERAL TERMS 

Section 7.1 No Implied Rights. 

(a) No Rights to Specific Assets. Neither a Participant nor any other person shall by reason of participation in the Plan acquire any
right in or title to any assets, funds or property of the Company or any Subsidiary whatsoever, including any specific funds, assets, or other property which the Company or any Subsidiary, in its sole discretion, may set aside in anticipation of a
liability under the Plan. A Participant shall have only a contractual right to the shares of Stock or amounts, if any, payable or distributable under the Plan, unsecured by any assets of the Company or any Subsidiary, and nothing contained in the
Plan shall constitute a guarantee that the assets of the Company or any Subsidiary shall be sufficient to pay any benefits to any person. Notwithstanding the foregoing, the Company may establish a Trust in accordance with Article 8, herein, related
to the acquisition and subsequent distribution of Stock associated with Restricted Stock Awards. 

  
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 (b) No Contractual Right to Employment or Future Awards. The Plan does not constitute
a contract of employment, and selection as a Participant will not give any participating Employee the right to be retained in the employ of the Company or any Subsidiary or any right or claim to any benefit under the Plan, unless such right or claim
has specifically accrued under the terms of the Plan. No individual shall have the right to be selected to receive an Award under the Plan, or, having been so selected, to receive a future Award under the Plan. 

(c) No Rights as a Stockholder. Except as otherwise provided in the Plan or in the Award Agreement, no Award under the Plan shall
confer upon the holder thereof any rights as a stockholder of the Company prior to the date on which the individual fulfills all conditions for receipt of such rights. 

Section 7.2 Transferability. Except as otherwise so provided by the Committee, ISOs under the Plan are
not transferable except: (i) as designated by the Participant by will or by the laws of descent and distribution; (ii) to a trust established by the Participant, if under Code Section 671 and applicable state law, the Participant is
considered the sole beneficial owner of the Stock Option while held in trust; or (iii) between spouses incident to a divorce or pursuant to a domestic relations order, provided, however, in the case of a transfer within the meaning of this
paragraph (iii), the Stock Option shall not qualify as an ISO as of the day of such transfer. The Committee shall have the discretion to permit the transfer of vested Stock Options (other than ISOs) under the Plan; provided, however, that
such transfers shall be limited to Immediate Family Members of Participants, trusts and partnerships established for the primary benefit of such family members or to charitable organizations, and; provided, further, that such transfers are
not made for consideration to the Participant. 
 Awards of Restricted Stock shall not be transferable prior to the time that such Awards
vest in the Participant. 
 Section 7.3 Designation of Beneficiaries. A Participant hereunder may
file with the Company a written designation of a beneficiary or beneficiaries under this Plan and may from time to time revoke or amend any such designation (“Beneficiary Designation”). Any designation of beneficiary under this Plan
shall be controlling over any other disposition, testamentary or otherwise (unless such disposition is pursuant to a domestic relations order); provided, however, that if the Committee is in doubt as to the entitlement of any such beneficiary
to any Award, the Committee may determine to recognize only the legal representative of the Participant, in which case the Company, the Committee and the members thereof shall not be under any further liability to anyone. 

Section 7.4 Non-Exclusivity. Neither the adoption of this Plan
by the Board nor the submission of the Plan to the stockholders of the Company for approval shall be construed as creating any limitations on the power of the Board or the Committee to adopt such other incentive arrangements as either may deem
desirable, including, without limitation, the granting of Restricted Stock Awards or Stock Options and such arrangements may be either generally applicable or applicable only in specific cases. 

Section 7.5 Award Agreement. Each Award granted under the Plan shall be evidenced by an Award
Agreement signed by the Participant. A copy of the Award Agreement, in any medium chosen by the Committee, shall be provided (or made available electronically) to the Participant. 

Section 7.6 Form and Time of Elections/Notification Under Code
Section 83(b). Unless otherwise specified herein, each election required or permitted to be made by any Participant or other person entitled to benefits under the Plan, and any permitted modification or
revocation thereof, shall be filed with the Company at such times, in such form, and subject to such restrictions and limitations, not inconsistent with the terms of the Plan, as the Committee shall require. Notwithstanding anything herein

  
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to the contrary, the Committee may, on the date of grant or at a later date, as applicable, prohibit an individual from making an election under Code Section 83(b). If the Committee has not
prohibited an individual from making this election, an individual who makes this election shall notify the Committee of the election within ten (10) days of filing notice of the election with the Internal Revenue Service. This requirement is in
addition to any filing and notification required under the regulations issued under the authority of Code Section 83(b). 

Section 7.7 Evidence. Evidence required of anyone under the Plan may be by certificate, affidavit,
document or other information upon which the person is acting considers pertinent and reliable, and signed, made or presented by the proper party or parties. 

Section 7.8 Tax Withholding. Where a Participant is entitled to receive shares of Stock upon the
vesting or exercise of an Award, the Company shall have the right to require such Participant to pay to the Company the amount of any tax that the Company is required to withhold with respect to such vesting or exercise, or, in lieu thereof, to
retain, or to sell without notice, a sufficient number of shares of Stock to cover the minimum amount required to be withheld. To the extent determined by the Committee, a Participant shall have the right to direct the Company to satisfy the minimum
amount (or an amount up to a Participant’s highest marginal tax rate provided such withholding does not trigger liability accounting under FASB ASC Topic 718 or its successor) required for federal, state and local tax withholding by:
(i) with respect to a Stock Option, reducing the number of shares of Stock subject to the Stock Option (without issuance of such shares of Stock to the Stock Option holder) by a number equal to the quotient of (a) the total minimum amount
of required tax withholding divided by (b) the excess of the Fair Market Value of a share of Stock on the exercise date over the Exercise Price per share of Stock; and (ii) with respect to Restricted Stock Awards, withholding a number of
shares (based on the Fair Market Value on the vesting date) otherwise vesting that would satisfy the minimum amount of required tax withholding (or an amount up to a Participant’s highest marginal rate provided such withholding does not trigger
liability accounting under FASB ASC Topic 718 or its successor). Provided there are no adverse accounting consequences to the Company (a requirement to have liability classification of an award under FASB ASC Topic 718 is an adverse consequence), a
Participant who is not required to have taxes withheld may request to the Company to withhold in accordance with the preceding sentence as if the Award were subject to minimum tax withholding requirements or up to such Participant’s highest
marginal tax rate. 
 Section 7.9 Action by Company or Subsidiary. Any action required or permitted
to be taken by the Company or any Subsidiary shall be by resolution of its board of directors, or by action of one or more members of the Board (including a committee of the Board) who are duly authorized to act for the Board, or (except to the
extent prohibited by applicable law or applicable rules of the Exchange on which the Company lists its securities) by a duly authorized officer of the Company or such Subsidiary. 

Section 7.10 Successors. All obligations of the Company under the Plan shall be binding upon and inure
to the benefit of any successor to the Company, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation or otherwise, of all or substantially all of the business, stock, and/or assets of the
Company. 
 Section 7.11 Indemnification. To the fullest extent permitted by law and the
Company’s governing documents, each person who is or shall have been a member of the Committee, or of the Board, or an officer of the Company to whom authority was delegated in accordance with Section 5.3, or a Plan Trustee, or an Employee
of the Company, shall be indemnified and held harmless by the Company against and from any loss (including amounts paid in settlement), cost, liability or expense (including reasonable attorneys’ fees) that may be imposed upon or reasonably
incurred by him or her in connection with or resulting from any claim, action, suit, or proceeding to which he or she may be a party or in which 

  
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he or she may be involved by reason of any action taken or failure to act under the Plan and against and from any and all amounts paid by him or her in settlement thereof, with the Company’s
approval, or paid by him or her in satisfaction of any judgment in any such action, suit, or proceeding against him or her, provided he or she shall give the Company an opportunity, at its own expense, to handle and defend the same before he or she
undertakes to handle and defend it on his or her own behalf, unless such loss, cost, liability, or expense is a result of his or her own willful misconduct or except as expressly provided by statute or regulation. The foregoing right of
indemnification shall not be exclusive of any other rights of indemnification to which such persons may be entitled under the Company’s charter or bylaws, as a matter of law, or otherwise, or any power that the Company may have to indemnify
them or hold them harmless. The foregoing right to indemnification shall include the right to be paid by the Company the expenses incurred in defending any such proceeding in advance of its final disposition, provided, however, that, if required by
applicable law, an advancement of expenses shall be made only upon delivery to the Company of an undertaking, by or on behalf of such persons to repay all amounts so advanced if it shall ultimately be determined by final judicial decision from which
there is no further right to appeal that such person is not entitled to be indemnified for such expenses. 

Section 7.12 No Fractional Shares. Unless otherwise permitted by the Committee, no fractional shares
of Stock shall be issued or delivered pursuant to the Plan or any Award. The Committee shall determine whether cash or other property shall be issued or paid in lieu of fractional shares or whether such fractional shares or any rights thereto shall
be forfeited or otherwise eliminated by rounding down. 
 Section 7.13 Governing Law. The Plan, all
Awards granted hereunder, and all actions taken in connection herewith shall be governed by and construed in accordance with the laws of the State of Maryland without reference to principles of conflict of laws, except as superseded by applicable
federal law. The federal and state courts located in the State of Maryland, shall have exclusive jurisdiction over any claim, action, complaint or lawsuit brought under the terms of the Plan. By accepting any award under this Plan, each Participant
and any other person claiming any rights under the Plan agrees to submit himself or herself and any legal action that the Participant brings under the Plan, to the sole jurisdiction of such courts for the adjudication and resolution of any such
disputes. 
 Section 7.14 Benefits Under Other Plans. Except as otherwise provided by the Committee
or as set forth in a Qualified Retirement Plan, Awards to a Participant (including the grant and the receipt of benefits) under the Plan shall be disregarded for purposes of determining the Participant’s benefits under, or contributions to, any
Qualified Retirement Plan, non-qualified plan and any other benefit plans maintained by the Participant’s employer. The term “Qualified Retirement Plan” means any plan of the Company or a
Subsidiary that is intended to be qualified under Code Section 401(a). 
 Section 7.15
Validity. If any provision of this Plan is determined to be illegal or invalid for any reason, said illegality or invalidity shall not affect the remaining parts hereof, but this Plan shall be construed and enforced as if such
illegal or invalid provision has never been included herein. 
 Section 7.16 Notice. Unless
otherwise provided in an Award Agreement, all written notices and all other written communications to the Company provided for in the Plan or in any Award Agreement, shall be delivered personally or sent by registered or certified mail, return
receipt requested, postage prepaid, or sent by facsimile, email or prepaid overnight courier to the Company at its principal executive office. Such notices, demands, claims and other communications shall be deemed given: 

(a) in the case of delivery by overnight service with guaranteed next day delivery, the next day or the day designated for delivery;

 (b) in the case of certified or registered U.S. mail, five (5) days after deposit in the U.S. mail; or 

  
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 (c) in the case of facsimile or email, the date upon which the transmitting party
received confirmation of receipt; provided, however, that in no event shall any such communications be deemed to be given later than the date they are actually received, provided they are actually received. 

In the event a communication is not received, it shall only be deemed received upon the showing of an original of the applicable receipt, registration or
confirmation from the applicable delivery service. Communications that are to be delivered by U.S. mail or by overnight service to the Company shall be directed to the attention of the Corporate Secretary, unless otherwise provided in the
Participant’s Award Agreement. 
 Section 7.17 Forfeiture Events. 

(a) The Committee may specify in an Award Agreement that the Participant’s rights, payments, and benefits with respect to an Award shall
be subject to reduction, cancellation, forfeiture or recoupment upon the occurrence of certain specified events, in addition to any otherwise applicable vesting conditions of an Award. Such events include, but are not limited to, termination of
employment for cause, termination of the Participant’s provision of Services to the Company or any Subsidiary, violation of material Company or Subsidiary policies, breach of noncompetition, confidentiality, or other restrictive covenants that
may apply to the Participant, or other conduct of the Participant that is detrimental to the business or reputation of the Company or any Subsidiary. 

(b) If the Company is required to prepare an accounting restatement due to the material noncompliance of the Company, as a result of
misconduct, with any financial reporting requirement under the federal securities laws, any Participant who is subject to automatic forfeiture under Section 304 of the Sarbanes-Oxley Act of 2002 or who is subject to recoupment under
Section 954 of the Dodd-Frank Act shall reimburse the Company the amount of any payment in settlement of an Award earned or accrued during the twelve month period following the first public issuance or filing with the SEC (whichever first
occurred) of the financial document embodying such financial reporting requirement. 
 In addition, Awards granted hereunder are subject to
any recoupment policy adopted by the Board from time to time, whether such policy shall have been adopted prior to or following a Participant’s receipt of an Award. 

Section 7.18 Automatic Exercise. In the sole discretion of the Committee exercised in accordance with
Section 5.2(a) above, any Stock Options that are exercisable but unexercised as of the day immediately before the tenth anniversary of the date of grant may be automatically exercised, in accordance with procedures established for this purpose
by the Committee, but only if the exercise price is less than the Fair Market Value of a share of Stock on such date and the automatic exercise will result in the issuance of at least one (1) whole share of Stock to the Participant after
payment of the exercise price and any applicable minimum tax withholding requirements. Payment of the exercise price and any applicable tax withholding requirements shall be made by a net settlement of the Stock Option whereby the number of shares
of Stock to be issued upon exercise are reduced by a number of shares having a Fair Market Value on the date of exercise equal to the exercise price and any applicable minimum tax withholding. 

Section 7.19 Regulatory Requirements. It is intended that this Plan and the Awards issued hereunder
comply with all applicable regulatory requirements, including but not limited to 12 CFR § 239.63(a) as it applies to management stock benefit plans implemented within 12 months following a mutual-to-stock conversion. Notwithstanding anything to the contrary in this Plan or in any Award Agreement, the Plan and the Awards will be administered and interpreted in a manner consistent with all

  
 15 

 
applicable regulatory requirements, including but not limited to those set forth at Section 3.3 and the following: 

(a)    Stock Options and Restricted Stock Awards may not begin to vest earlier than one (1) year after the date of
shareholder approve the Plan, and may not vest more rapidly than 20% per year; 
 (b)    accelerated vesting of Stock
Options and Restricted Stock Awards will not be permitted except for death or Disability of a Participant or upon a Change in Control; 

(c)    executive officers or directors must exercise or forfeit their Stock Options in the event the Company becomes
critically undercapitalized, is subject to enforcement action by the Board of Governors of the Federal Reserve System, or receives a capital directive; and 

(d)    the grant and settlement of Awards under this Plan shall be conditioned upon and subject to compliance with
Section 18(k) of the Federal Deposit Insurance Act, 12 U.S.C. 1828(k), and the rules and regulations promulgated thereunder. 

Section 7.20 Stockholder Approval. The Plan must be approved by a vote of the majority of the
total votes eligible to be cast at a meeting of stockholders of the Company. Thereafter, material amendments to the Plan, if any, shall be approved by a majority of the votes cast by stockholders of the Company at a meeting of stockholders held in
the future not earlier than September 28, 2019 or such greater vote as may be required by law or requirements of any Exchange on which the Common Stock may be listed. 

Section 7.21 Requirement of Notification Upon Disqualifying Disposition Under
Section 421(b) of the Code. If any Participant shall make any disposition of shares of Stock delivered pursuant to the exercise of Incentive Stock Options under the circumstances described in
Section 421(b) of the Code (relating to certain disqualifying dispositions), such Participant shall notify the Company of such disposition within ten days thereof. 

Section 7.22 Section 16 of Exchange Act. It is the intent of the Company that the Awards and
transactions permitted by Awards be interpreted in a manner that, in the case of Participants who are or may be subject to Section 16 of the Exchange Act, qualify, to the maximum extent compatible with the express terms of the Award, for
exemption from matching liability under Rule 16b-3 promulgated under the Exchange Act. Notwithstanding the foregoing, the Company shall have no liability to any Participant for Section 16 consequences of
Awards or events affecting Awards if an Award or event does not so qualify. 
 Section 7.23 Compliance with
Law. Shares of Stock shall not be issued with respect to any Award granted under the Plan unless the issuance and delivery of such Stock shall comply with all relevant provisions of applicable law, including, without limitation, the
Securities Act of 1933, as amended, the rules and regulations promulgated thereunder, any applicable state securities laws and the requirements of any Exchange upon which the Stock may then be listed. 

Section 7.24 Necessary Approvals. The inability of the Company to obtain any necessary
authorizations, approvals or letters of non-objection from any regulatory body or authority deemed by the Company’s counsel to be necessary to the lawful issuance and sale of any shares of Stock issuable
hereunder shall relieve the Company of any liability with respect to the non-issuance or sale of such Stock. 

  
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 Section 7.25 Representations and Warranties of
Participants. As a condition to the exercise of any Stock Option or the delivery of Stock in accordance with an Award, the Company may require the person exercising the Stock Option or receiving delivery of the Stock to make such
representations and warranties as may be necessary to assure the availability of an exemption from the registration requirements of federal or state securities law. 

Section 7.26 Cash Payment in Lieu of Delivery of Shares. Upon the exercise of an Stock Option,
the Committee, in its sole and absolute discretion, may make a cash payment to the Participant, in whole or in part, in lieu of the delivery of shares of Stock. Such cash payment to be paid in lieu of delivery of Stock shall be equal to the
difference between the Fair Market Value of the Stock on the date of the Stock Option exercise and the exercise price per share of the Stock Option. Such cash payment shall be in exchange for the cancellation of such Stock Option. Such cash payment
shall not be made in the event that such transaction would result in liability to the Participant or the Company under Section 16(b) of the Exchange Act and regulations promulgated thereunder, or subject the Participant to additional tax
liabilities related to such cash payments pursuant to Section 409A of the Code. The Committee may, in its sole discretion, determine that upon a Change in Control of the Company each outstanding Stock Option shall be cancelled in exchange for a
cash payment equal to the difference between the Fair Market Value of the shares of Common Stock on the date of the Stock Option cancellation and the Exercise Price per share of the Stock Option. 

ARTICLE 8 - TRUST ARRANGEMENT. 

Section 8.1 Activities of Trustee. The Trustee shall receive, hold, administer, invest and make
distributions and disbursements from the Trust, if any, in accordance with the provisions of the Plan and the applicable directions, rules, regulations, procedures and policies established by the Committee pursuant to the Plan. 

Section 8.2 Management of Trust. It is the intention of this Plan that the Trustee shall have
complete authority and discretion with respect to the management, control and investment of the Trust, and that the Trustee shall invest all assets of the Trust, except those attributable to cash dividends paid with respect to unearned or unawarded
Restricted Stock Awards, in Stock to the fullest extent practicable, except to the extent that the Trustee determines that the holding of monies in cash or cash equivalents is necessary to meet the obligations of the Trust. In performing their
duties, the Trustee shall have the power to do all things and execute such instruments as may be deemed necessary or proper, including the following powers: 

(a)    To invest up to one hundred percent (100%) of all Trust assets in the Stock without regard to any law now or
hereafter in force limiting investments for Trustee or other fiduciaries. The investment authorized herein may constitute the only investment of the Trust, and in making such investment, the Trustee is authorized to purchase Stock from the Company
or from any other source, and such Stock so purchased may be outstanding, newly issued, or treasury shares. 
 (b)    To
invest any Trust assets not otherwise invested in accordance with (a) above in such deposit accounts, and certificates of deposit (including those issued by Chesapeake Bank of Maryland), obligations of the United States government or its
agencies or such other investments as shall be considered the equivalent of cash. 
 (c)    To sell, exchange or
otherwise dispose of any property at any time held or acquired by the Trust. 

  
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 (d)    To cause stocks, bonds or other securities to be registered in
the name of a nominee, without the addition of words indicating that such security is an asset of the Trust (but accurate records shall be maintained showing that such security is an asset of the Trust). 

(e)    To hold cash without interest in such amounts as may be in the opinion of the Trustee reasonable for the proper
operation of the Plan and Trust. 
 (f)    To employ brokers, agents, custodians, consultants and accountants. 

(g)    To hire counsel to render advice with respect to their rights, duties and obligations hereunder, and such other
legal services or representation as they may deem desirable. 
 (h)    To hold funds and securities representing the
amounts to be distributed to a Participant or his or her beneficiary as a consequence of a dispute as to the disposition thereof, whether in a segregated account or held in common with other assets. 

(i)    As may be directed by the Committee or the Board from time to time, the Trustee shall pay to the Company any
earnings of the Trust attributable to unawarded or forfeited Restricted Stock Awards. 
 Notwithstanding anything herein contained to the
contrary, the Trustee shall not be required to make any inventory, appraisal or settlement or report to any court, or to secure any order of a court for the exercise of any power herein contained, or to maintain bond. 

Section 8.3 Records and Accounts. The Trustee shall maintain accurate and detailed records and
accounts of all transactions of the Trust, which shall be available at all reasonable times for inspection by any legally entitled person or entity to the extent required by applicable law, or any other person determined by the Committee. 

Section 8.4 Earnings. All earnings, gains and losses with respect to Trust assets shall be
allocated in accordance with a reasonable procedure adopted by the Committee, to bookkeeping accounts for Participants or to the general account of the Trust, depending on the nature and allocation of the assets generating such earnings, gains and
losses. In particular, any earnings on cash dividends received with respect to Restricted Stock Awards shall be allocated to accounts for Participants, except to the extent that such cash dividends are distributed to Participants, if such Shares are
the subject of outstanding Restricted Stock Awards, or, otherwise held by the Trust or returned to the Company. 

Section 8.5 Expenses. All costs and expenses incurred in the operation and administration of
this Plan, including those incurred by the Trustee, shall be paid by the Company or, if not so paid, then paid from the cash assets of the Trust. 

Section 8.6 Indemnification. Subject to the requirements and limitations of applicable laws and
regulations, the Company shall indemnify, defend and hold the Trustee harmless against all claims, expenses and liabilities arising out of or related to the exercise of the Trustee’s powers and the discharge of their duties hereunder, unless
the same shall be due to their gross negligence or willful misconduct. 
 Section 8.7 Term of
Trust. The Trust, if established, shall remain in effect until the earlier of (i) termination by the Committee, (ii) the distribution of all assets of the Trust, or (iii) 21 years from the Effective Date. Termination of the
Trust shall not affect any Restricted Stock Award previously granted, and such Restricted Stock Award shall remain valid and in effect until they have been earned and paid, or by their terms expire or are forfeited. 

  
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 Section 8.8 Tax Status of Trust. It is
intended that the Trust established hereby shall be treated as a grantor trust of the Company under the provisions of Section 671 et seq. of the Code. 

ARTICLE 9 - DEFINED TERMS; CONSTRUCTION 

Section 9.1 In addition to the other definitions contained herein, unless otherwise specifically provided in an
Award Agreement, the following definitions shall apply: 
 “10% Stockholder” means an individual who, at the time of grant, owns
stock possessing more than 10% of the total combined voting power of all classes of stock of the Company. 
 “Award” means any
Stock Option or Restricted Stock Award or any or all of them, or any other right or interest relating to stock or cash, granted to a Participant under the Plan. 

“Award Agreement” means the document (in whatever medium prescribed by the Committee) which evidences the terms and conditions of an
Award under the Plan. Such document is referred to as an agreement, regardless of whether a Participant’s signature is required. 

“Board” means the Board of Directors of the Company. 

“Cause” means: If the Participant is subject to a written employment agreement (or other similar written agreement) with the Company
or a Subsidiary that provides a definition of termination for “Cause,” then, for purposes of this Plan, the term “Cause” shall have meaning set forth in such agreement. In the absence of such a definition, “Cause” means
termination because of a Participant’s personal dishonesty, incompetence, willful misconduct, breach of fiduciary duty involving personal profit, material breach of the Bank’s Code of Ethics, material violation of the Sarbanes-Oxley
requirements for officers of public companies that in the reasonable opinion of the Chief Executive Officer of the Bank or the Board will likely cause substantial financial harm or substantial injury to the reputation of the Bank or the Company,
willfully engaging in actions that in the reasonable opinion of the Board will likely cause substantial financial harm or substantial injury to the business reputation of the Bank or the Company, intentional failure to perform stated duties, willful
violation of any law, rule or regulation (other than routine traffic violations or similar offenses) or final cease-and-desist order, or material breach of any provision
of the contract. 
 “Change in Control” has the meaning ascribed to it in Section 4.2. 

“Code” means the Internal Revenue Code of 1986, as amended, and any rules, regulations and guidance promulgated thereunder, as
modified from time to time. 
 “Code Section 409A” means the provisions of Section 409A of the Code and any rules,
regulations and guidance promulgated thereunder, as modified from time to time. 
 “Committee” means the Committee acting under
Article 5. 
 “Director” means a member of the Board of Directors of the Company or a Subsidiary. A “Director Emeritus”
shall mean a former member of the Board of Directors of the Company or a Subsidiary but who continues to be associated with the Company or a Subsidiary as a Board appointed adviser. 

  
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 “Disability” or “Disabled” means: If the Participant is subject to a
written employment agreement (or other similar written agreement) with the Company or a Subsidiary that provides a definition of “Disability” or “Disabled,” then, for purposes of this Plan, the terms “Disability” or
“Disabled” shall have meaning set forth in such agreement. In the absence of such a definition, “Disability” shall be defined in accordance with the Bank’s long-term disability plan. To the extent that an Award hereunder is
subject to Code Section 409A, “Disability” or “Disabled” shall mean that a Participant: (i) is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment
which can be expected to result in death or can be expected to last for a continuous period of not less than twelve months; or (ii) is, by reason of any medically determinable physical or mental impairment which can be expected to result in
death or can be expected to last for a continuous period of not less than twelve months, receiving income replacement benefits for a period of not less than three months under an accident and health plan covering Employees. Except to the extent
prohibited under Code Section 409A, if applicable, the Committee shall have discretion to determine if a termination due to Disability has occurred. 

“Disinterested Board Member” means a member of the Board who: (i) is not a current Employee of the Company or a Subsidiary;
(ii) is not a former employee of the Company or a Subsidiary who receives compensation for prior Services (other than benefits under a tax-qualified retirement plan) during the taxable year;
(iii) has not been an officer of the Company or a Subsidiary; (iv) does not receive compensation from the Company or a Subsidiary, either directly or indirectly, for services as a consultant or in any capacity other than as a Director
except in an amount for which disclosure would not be required pursuant to Item 404 of SEC Regulation S-K in accordance with the proxy solicitation rules of the SEC, as amended or any successor provision
thereto; and (v) does not possess an interest in any other transaction, and is not engaged in a business relationship for which disclosure would be required pursuant to Item 404(a) of SEC Regulation S-K
under the proxy solicitation rules of the SEC, as amended or any successor provision thereto. The term Disinterested Board Member shall be interpreted in such manner as shall be necessary to conform to the requirements of Rule 16b-3 promulgated under the Exchange Act and the corporate governance standards imposed on compensation committees under the listing requirements imposed by any Exchange on which the Company lists or seeks to list
its securities. 
 “Eligible Participant” shall mean a person serving as an Employee or Director of the Company or any Subsidiary
and who is eligible to receive an Award in accordance with the Plan. 
 “Employee” means any person employed by the Company or any
Subsidiary. Directors who are also employed by the Company or a Subsidiary shall be considered Employees under the Plan. 

“Exchange” means any national securities exchange on which the Stock may from time to time be listed or traded. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time. 

“Exercise Price” means the price established with respect to a Stock Option pursuant to Section 2.2. 

“Fair Market Value” on any date, means: (i) if the Stock is listed on an Exchange, the closing sales price on such Exchange or
over such system on such date or, in the absence of reported sales on such date, the closing sales price on the immediately preceding date on which sales were reported; or (ii) if the Stock is not listed on a securities exchange, “Fair
Market Value” shall mean a price determined by the Committee in good faith on the basis of objective criteria consistent with the requirements of Code Section 422 and applicable provisions of Section 409A. 

  
 20 

 “Good Reason” termination of employment means: A termination of employment by an
Employee Participant shall be deemed a termination of employment for “Good Reason” as a result of the Participant’s resignation from the employ of the Company or any Subsidiary upon the occurrence of any of the following
events: 
 (i) a material diminution in Participant’s base compensation; 

(ii) a material diminution in Participant’s authority, duties or responsibilities; 

(iii) a change in the geographic location at which Participant must perform his or her duties that is more than thirty-five
(35) miles from the location of Participant’s principal workplace on the date of the applicable Award Agreement; or 

(iv) in the event a Participant is a party to an employment, change in control, severance or similar agreement that provides a
definition for “Good Reason” or a substantially similar term, then the occurrence of any event set forth in such definition. 

“Immediate Family Member” means with respect to any Participant: (i) any of the Participant’s children, stepchildren,
grandchildren, parents, stepparents, grandparents, spouses, former spouses, siblings, nieces, nephews, mothers-in-law, fathers-in-law, sons-in-law, daughters-in-law, brothers-in-law or sisters-in-law, including relationships created by adoption; (ii) any
natural person sharing the Participant’s household (other than as a tenant or employee, directly or indirectly, of the Participant); (iii) a trust in which any combination of the Participant and persons described in section (i) and (ii)
above own more than fifty percent (50%) of the beneficial interests; (iv) a foundation in which any combination of the Participant and persons described in sections (i) and (ii) above control management of the assets; or (v) any other
corporation, partnership, limited liability company or other entity in which any combination of the Participant and persons described in sections (i) and (ii) above control more than fifty percent (50%) of the voting interests. 

“Involuntary Termination” means the Termination of Service of a Participant by the Company or Subsidiary (other than termination for
Cause) or termination of employment by an Employee Participant for Good Reason. 
 “ISO” or “Incentive Stock Option” has
the meaning ascribed to it in Section 2.1(a). 
 “Non-Qualified Option” or “Non-Qualified Stock Option” means the right to purchase shares of Stock that is either: (i) granted to a Participant who is not an Employee; or (ii) granted to an Employee and either is not
designated by the Committee to be an ISO or does not satisfy the requirements of Section 422 of the Code. 
 “Participant”
means any individual who has received, and currently holds, an outstanding Award under the Plan. 
 “Restricted Stock” or
“Restricted Stock Award” has the meaning ascribed to it in Sections 2.1(b) and 2.3. 
 “Restriction Period” has the
meaning set forth in Section 2.4(b)(iii). 
 “SEC” means the United States Securities and Exchange Commission 

“Securities Act” means the Securities Act of 1933, as amended from time to time. 

  
 21 

 “Service” means service as an Employee or
non-employee Director of the Company or a Subsidiary, as the case may be, and shall include service as a Director Emeritus or advisory director. Service shall not be deemed interrupted in the case of sick
leave, military leave or any other absence approved by the Company or a Subsidiary, in the case of transferees between payroll locations or between the Company, a Subsidiary or a successor. A non-employee
Director who continues in Service as a Director Emeritus or advisory director shall be deemed to be in Service of the Company for purposes of vesting of Awards and exercise of Stock Options. 

“Stock” means the common stock of the Company, $0.01 par value per share. 

“Stock Option” has the meaning ascribed to it in Section 2.1(a) and 2.2. 

“Subsidiary” means any corporation, affiliate, bank or other entity which would be a subsidiary corporation with respect to the
Company as defined in Code Section 424(f) and, other than with respect to an ISO, shall also mean any partnership or joint venture in which the Company and/or other Subsidiary owns more than 50% of the capital or profits interests. 

“Termination of Service” means the first day occurring on or after a grant date on which the Participant ceases to be an Employee or
Director (including a Director Emeritus or advisory director) of the Company or any Subsidiary, regardless of the reason for such cessation, subject to the following: 

(i) The Participant’s cessation as an Employee shall not be deemed to occur by reason of the transfer of the
Participant between the Company and a Subsidiary or between two Subsidiaries. 
 (ii) The Participant’s cessation
as an Employee shall not be deemed to occur by reason of the Participant’s being on a bona fide leave of absence from the Company or a Subsidiary approved by the Company or Subsidiary otherwise receiving the Participant’s Services,
provided such leave of absence does not exceed six months, or if longer, so long as the Employee retains a right to reemployment with the Company or Subsidiary under an applicable statute or by contract. For these purposes, a leave of absence
constitutes a bona fide leave of absence only if there is a reasonable expectation that the Employee will return to perform Services for the Company or Subsidiary. If the period of leave exceeds six months and the Employee does not retain a right to
reemployment under an applicable statute or by contract, the employment relationship is deemed to terminate on the first day immediately following such six month period. For purposes of this sub-section, to
the extent applicable, an Employee’s leave of absence shall be interpreted by the Committee in a manner consistent with Treasury Regulation Section 1.409A-1(h)(1). 

(iii) If, as a result of a sale or other transaction, the Subsidiary for whom Participant is employed (or to whom the
Participant is providing Services) ceases to be a Subsidiary, and the Participant is not, following the transaction, an Employee of the Company or an entity that is then a Subsidiary, then the occurrence of such transaction shall be treated as the
Participant’s Termination of Service caused by the Participant being discharged by the entity for whom the Participant is employed or to whom the Participant is providing Services. 

(iv) Except to the extent Section 409A of the Code may be applicable to an Award, and subject to the foregoing paragraphs
of this sub-section, the Committee shall have discretion to determine if a Termination of Service has occurred and the date on which it occurred. In the event that any Award under the Plan constitutes
Deferred Compensation (as defined in Section 2.5 hereof), the term Termination of Service shall be interpreted by the Committee in a manner 

  
 22 

 
consistent with the definition of “Separation from Service” as defined under Code Section 409A and under Treasury Regulation
Section 1.409A-1(h)(ii). For purposes of this Plan, a “Separation from Service” shall have occurred if the Bank and Participant reasonably anticipate that no further Services will be
performed by the Participant after the date of the Termination of Service (whether as an employee or as an independent contractor) or the level of further Services performed will be less than 50% of the average level of bona fide Services in the 36
months immediately preceding the Termination of Service. If a Participant is a “Specified Employee,” as defined in Code Section 409A and any payment to be made hereunder shall be determined to be subject to Code Section 409A,
then if required by Code Section 409A, such payment or a portion of such payment (to the minimum extent possible) shall be delayed and shall be paid on the first day of the seventh month following Participant’s Separation from Service.

 (v) With respect to a Participant who is a Director, cessation as a Director will not be deemed to have occurred if the
Participant continues as a Director Emeritus or advisory director. With respect to a Participant who is both an Employee and a Director, termination of employment as an Employee shall not constitute a Termination of Service for purposes of the Plan
so long as the Participant continues to provide Service as a Director, Director Emeritus or advisory director. 
 “Trust” shall
mean any grantor trust established by the Company for purposes of administration of the Plan and shall be referred to as the CBM 2019 Equity Incentive Plan Trust. 

“Trustee” shall mean the trustee or trustees of any Trust established by the Company for purposes of administration of the Plan. The
Committee shall serve as the Trustee unless or until the Committee shall otherwise appoint a Trustee or successor trustee. 
 “Voting
Securities” means any securities which ordinarily possess the power to vote in the election of directors without the happening of any pre-condition or contingency. 

Section 9.2 In this Plan, unless otherwise stated or the context otherwise requires, the following uses apply: 

(a) actions permitted under this Plan may be taken at any time and from time to time in the actor’s reasonable discretion;

 (b) references to a statute shall refer to the statute and any successor statute, and to all regulations promulgated under or
implementing the statute or its successor, as in effect at the relevant time; 
 (c) in computing periods from a specified date to a
later specified date, the words “from” and “commencing on” (and the like) mean “from and including,” and the words “to,” “until” and “ending on” (and the like) mean “to, but
excluding”; 
 (d) references to a governmental or quasi-governmental agency, authority or instrumentality shall also refer to a
regulatory body that succeeds to the functions of the agency, authority or instrumentality; 
 (e) indications of time of day mean
Eastern Time; 
 (f) “including” means “including, but not limited to”; 

(g) all references to sections, schedules and exhibits are to sections, schedules and exhibits in or to this Plan unless otherwise
specified; 

  
 23 

 (h) all words used in this Plan will be construed to be of such gender or number as
the circumstances and context require; 
 (i) the captions and headings of articles, sections, schedules and exhibits appearing in or
attached to this Plan have been inserted solely for convenience of reference and shall not be considered a part of this Plan nor shall any of them affect the meaning or interpretation of this Plan or any of its provisions; 

(j) any reference to a document or set of documents in this Plan, and the rights and obligations of the parties under any such documents,
shall mean such document or documents as amended from time to time, and any and all modifications, extensions, renewals, substitutions or replacements thereof; and 

(k) all accounting terms not specifically defined herein shall be construed in accordance with generally accepted accounting principles in the
United States. 

  
 24EX-10.2

 Exhibit 10.2 

Form of Non-Qualified Stock Option Award Agreement
Non-Employee Director 
 CBM BANCORP, INC. 

2019 EQUITY INCENTIVE PLAN 

NON-QUALIFIED STOCK OPTION AWARD AGREEMENT 

NON-EMPLOYEE DIRECTOR 

This stock option agreement (“Option” or “Agreement”) is and will be subject in every respect to the provisions of the 2019
Equity Incentive Plan (the “Plan”) of CBM BANCORP, INC. (the “Company”) which are incorporated herein by reference and made a part hereof, subject to the provisions of this Agreement. A copy of the Plan has been
provided, or made available, to each person granted a stock option pursuant to the Plan. The holder of this Option (the “Participant”) hereby accepts this Option, subject to all the terms and provisions of the Plan and this
Agreement, and agrees that all decisions under and interpretations of the Plan and this Agreement by the Compensation Committee of the Board of Directors of the Company (“Committee”) will be final, binding and conclusive upon the
Participant and the Participant’s heirs, legal representatives, successors and permitted assigns. Except where the context otherwise requires, the term “Company” will include the parent and all present and future subsidiaries of the
Company as defined in Section 424(e) and 424(f) of the Internal Revenue Code of 1986, as amended from time to time (the “Code”). Capitalized terms used herein but not defined will have the same meaning as in the Plan. 

 

	1.	 Name of Participant.
                                        
 

  

	2.	 Date of Grant. May 14, 2019.

 

	3.	 Total number of shares of Company common stock, $0.01 par value per share, that may be acquired pursuant to
this Option: 21,160 

  

	 	•	 	 This is a Non-Qualified Stock Option. 

 

	4.	 Exercise price per share. $13.40 

 

	5.	 Expiration Date of Option: May 13, 2029. 

 

	6.	 Vesting Schedule. Except as otherwise provided in this Agreement, this Option first becomes exercisable,
subject to the Option’s expiration date, in accordance with the vesting schedule specified herein provided that the Participant continues in the Service of the Company as of such Vesting Date, as follows: 

 

			
	 Vesting Date
	  	Number of Options Vesting
	 May 14, 2020
	  	4,232
	 May 14, 2021
	  	4,232
	 May 14, 2022
	  	4,232
	 May 14, 2023
	  	4,232
	 May 14, 2024
	  	4,232

 This Option may not be exercised at any time on or after the Option’s expiration date. Vesting will
automatically accelerate pursuant to Sections 2.7 and 4.1 of the Plan (in the event of the death or Disability of the Participant or following a Change in Control). 
  

	7.	 Exercise Procedure. 

 

	 	7.1	 Delivery of Notice of Exercise of Option. This Option will be exercised in whole or in part by the
Participant’s delivery to the Company of written notice (the “Notice of Exercise of Option” attached hereto as Exhibit A) setting forth the number of shares with respect to which this Option is to be exercised,
together with payment by cash or other means acceptable to the Committee, including: 

  

	 	•	 	 Cash or personal, certified or cashier’s check in full/partial payment of the purchase price.

  

	 	•	 	 Stock of the Company in full/partial payment of the purchase price. 

 

	 	•	 	 By a net settlement of the Option, using a portion of the shares obtained on exercise in payment of the exercise
price of the Option (and, if applicable, any required tax withholding). 

  

	 	•	 	 By selling shares from my Option shares through a broker in full/partial payment of the purchase price.

  

	 	7.2	 “Fair Market Value” shall have the meaning set forth in Section 8.1 of the Plan.

  

	8.	 Delivery of Shares. 

 

	 	8.1	 Delivery of Shares. Delivery of shares of Common Stock upon the exercise of this Option will comply with
all applicable laws (including the requirements of the Securities Act) and the applicable requirements of any securities exchange or similar entity. 

  

	9.	 Change in Control. 

 

	 	9.1	 In the event of a Change in Control, all Options held by the Participant, whether or not exercisable at such
time, will become fully exercisable, subject to the expiration provisions otherwise applicable to the Option. 

  

	 	9.2	 A “Change in Control” will be deemed to have occurred as provided in Section 4.2 of the
Plan. 

	10.	 Adjustment Provisions. 

This Option, including the number of shares subject to the Option and the exercise price, will be adjusted upon the occurrence of the events specified in, and
in accordance with the provisions of Section 3.4 of the Plan. 
  

	11.	 Termination of Option and Accelerated Vesting. 

This Option will terminate upon the expiration date, except as set forth in the following provisions: 

 

	 	(i)	 Death. This Option will become exercisable as to all shares subject to an outstanding Award, whether or
not then exercisable, in the event of the Participant’s Termination of Service by reason of the Participant’s death. This Option may thereafter be exercised by the Participant’s legal representative or beneficiaries for a period of
one (1) year from the date of death, subject to termination on the expiration date of this Option, if earlier. 

  

	 	(ii)	 Disability. This Option will become exercisable as to all shares subject to an outstanding Award,
whether or not then exercisable, in the event of the Participant’s Termination of Service by reason of the Participant’s Disability. This Option may thereafter be exercised for a period of one (1) year from the date of such
Termination of Service by reason of Disability, subject to termination on the Option’s expiration date, if earlier. 

  

	 	(iii)	 Termination for Cause. If the Participant’s Service has been terminated for Cause, all Options that
have not been exercised will expire and be forfeited. 

  

	 	(iv)	 Other Termination. If the Participant’s Service terminates for any reason other than due to death
or Disability, or following a Change in Control or for Cause, this Option may thereafter be exercised, to the extent it was exercisable at the time of such termination of service, for a period of three (3) months following termination, subject
to termination on the Option’s expiration date, if earlier. 

  

	12.	 Miscellaneous. 

 

	 	12.1	 No Option will confer upon the Participant any rights as a stockholder of the Company prior to the date on
which the individual fulfills all conditions for the exercise of such Option and the receipt of such Stock upon the exercise of such Option. 

  

	 	12.2	 This Agreement may not be amended or otherwise modified unless evidenced in writing and signed by the Company
and the Participant. 

	 	12.3	 In the discretion of the Committee, a Non-Qualified Option granted
under the Plan may be transferable by the Participant, provided, however, that such transfers will be limited to Immediate Family Members of Participants, trusts and partnerships established for the primary benefit of such family members or to
charitable organizations, and provided, further, that such transfers are not made for consideration to the Participant. 

  

	 	12.4	 This Agreement will be governed by and construed in accordance with the laws of the State of Maryland.

  

	 	12.5	 This Agreement is subject to all laws, regulations and orders of any governmental authority which may be
applicable thereto and, notwithstanding any of the provisions hereof, the Participant agrees that he or she will not exercise the Option granted hereby nor will the Company be obligated to issue any shares of Stock hereunder if the exercise thereof
or the issuance of such shares, as the case may be, would constitute a violation by the Participant or the Company of any such law, regulation or order or any provision thereof as determined by the Company. 

 

	 	12.6	 The granting of this Option does not confer upon the Participant any right to be retained in the service of the
Company or any subsidiary. 

  

	 	12.7	 In that the Participant is not an employee of the Company on the date of grant of this Stock Option Award and
therefore not subject to tax withholding, the Participant shall be responsible for payment of all taxes associated with the Stock Option Award upon the exercise of such Options and may find it necessary to make quarterly estimated tax payments
related to such Awards. 

 [Signature Page to Follow] 

 IN WITNESS WHEREOF, the Company has caused this Agreement to be executed in its name and on its behalf as of
the date of grant of this Option set forth above. 
  

			
	CBM BANCORP, INC.
		
		 	 
	By:	 	Joseph M. Solomon
	Its:	 	President

 PARTICIPANT’S ACCEPTANCE 

As of the date of grant of this Option set forth above, the undersigned hereby accepts the foregoing Option and agrees to the terms and conditions hereof,
including the terms and provisions of the 2019 Equity Incentive Plan. The undersigned hereby acknowledges receipt of a copy of the Company’s 2019 Equity Incentive Plan. 

 

			
	PARTICIPANT

 
			
		
		 	 
	By:	 	 

 EXHIBIT A 

NOTICE OF EXERCISE OF NON-QUALIFIED STOCK OPTION 

I hereby exercise the stock option (the “Option”) granted to me by CBM Bancorp, Inc. (the “Company”) or its affiliate, subject to all the
terms and provisions set forth in the Stock Option Agreement (the “Agreement”) and the CBM Bancorp, Inc. 2019 Equity Incentive Plan (the “Plan”) referred to therein, and notify you of my desire to purchase
                         shares of common stock of the Company (“Common Stock”) for a purchase price of
$         per share. 
 I elect to pay the exercise price by: 

 

	 	        	 Cash or personal, certified or cashier’s check in the sum of
$            , in full/partial payment of the purchase price. 

  

	 	        	 Stock of the Company with a fair market value of
$             in full/partial payment of the purchase price.* 

  

	 	        	 A net settlement of the Option, using a portion of the shares obtained on exercise in payment of the exercise
price of the Option (and, if applicable, any required tax withholding). 

  

	 	        	 Selling                 
shares from my Option shares through a broker in full/partial payment of the purchase price. 

 I understand that after this exercise,
                         shares of Common Stock remain subject to the Option, subject to all terms and provisions set
forth in the Agreement and the Plan. 
  

							
	
                   
 , 20    .        
	  	                                     
                                         
          	  			
	 Date
	  	Participant’s signature	  	 	                                  
              	 

 *    If I elect to exercise an Option by exchanging shares I already own, I will constructively
return shares that I already own to purchase the new option shares. If my shares are in certificate form, I must attach a separate statement indicating the certificate number of the shares I am treating as having exchanged. If the shares are held in
“street name” by a registered broker, I must provide the Company with a statement attesting to the number of shares owned that will be treated as having been exchanged. I will keep the shares that I already own and treat them as if they
are shares acquired by the option exercise. In addition, I will receive additional shares equal to the difference between the shares I constructively exchange and the total new option shares that I acquire. 

BY THE COMPANY 
  

							
	 Date Received:  
	 	 	 	Company Representative:

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