Document:

Exhibit

January 7, 2020

Dear Bill:  
This letter follows our recent discussions about your employment as president and chief executive officer of AMAG Pharmaceuticals, Inc. (together with its subsidiaries and affiliates, “AMAG” or the “Company”).
After discussions with your fellow directors, including the chairman of the Board, you and the rest of the Board have agreed that your employment with AMAG will end after an active transition period.  For purposes of this letter, the time period between the date of this letter and the Termination Date (as defined below) will be the “Transition Period.”  During the Transition Period, the Board will be conducting a search for your successor and you will continue in your role as a director and as the President and Chief Executive Officer of AMAG.  
During the Transition Period you will continue to receive your current base salary, participate in AMAG’s benefit plans, and vest in all equity  awards in accordance with the terms thereof (including that performance-based restricted stock unit award scheduled to vest on February 22, 2020 (the “2017 PSU Award”), which shall vest based on actual performance), and you will remain eligible to receive a bonus for the 2019 fiscal year (the “2019 Bonus”).  Appendix A hereto lists your equity awards that are subject to further vesting. 
It is currently anticipated that the last day of your employment and service on the Board will be the earlier of (x) June 30, 2020, and (y) the date your successor is appointed, provided either you or the Board may elect to end your employment and service on an earlier date.  In any event, the last day of your employment shall be the “Termination Date” for purposes of this letter, and such termination shall be deemed a termination without Cause for purposes of your employment agreement with AMAG, dated February 7, 2014 and amended on November 29, 2017 and January 1, 2018 (the “Employment Agreement”).  
Accordingly, you will be entitled to the earned but unpaid amounts set forth in Section 5(a) of your Employment Agreement and, assuming you satisfy the conditions in Section 5(b) of the Employment Agreement (the “Severance Conditions”), you will be entitled to (i) the severance pay and benefits set forth in such Section 5(b), (ii) if not previously paid, the 2019 Bonus you would have received had your employment not ended prior to the date on which bonuses for the 2019 fiscal year are paid to AMAG employees (to be paid to you on such date), (iii) a pro-rated bonus for the 2020 fiscal year (to be paid in 2021 at such time as 2020 bonuses are distributed to AMAG employees), based on the number of days you were employed during 2020, a target bonus of 85% of your current base salary, and AMAG’s performance versus goals in 2020, and (iv) provided you are eligible for and elect to continue receiving group health insurance pursuant to COBRA, 12 months of continued payments by the Company for the share of the premiums for such coverage that the Company currently pays on your behalf.  Further, notwithstanding anything to the contrary in any of your award agreements, you shall be entitled to exercise your vested and outstanding stock options (including those in which you have vested pursuant to Section 5(b) of the Employment Agreement) 

for a period of 180 days following the later of (x) your Termination Date, and (y) the Early Termination Date (as defined below); provided, however, that in no event may any stock option award be exercised beyond the original maximum term of such award.  
If the Board elects to end your employment such that the Termination Date is prior to March 16, 2020 (the “Early Termination Date”), and provided you satisfy each of the Severance Conditions, in addition to the foregoing amounts and benefits, the Company will (a) pay to you a lump sum payment equal to the base salary you would have received between your Termination Date and the Early Termination Date had you remained employed by the Company through the Early Termination Date, and (b) deem you to have vested in (and accelerate the vesting of) all equity awards that would have vested between your Termination Date and the Early Termination Date had you remained employed by the Company through the Early Termination Date (including, if then unvested, the 2017 PSU Award, which shall vest based on actual performance).  In addition, in such event the Early Termination Date shall, for purposes of Section 5(b) of the Employment Agreement, be the date of termination of your employment for purposes of calculating the 24 months of vesting of all time-based stock options and other time-based equity awards you hold. 
This letter shall serve as written notice under Section 4(d) of the Employment Agreement, and no further notice under such section shall be required.  The Company agrees to reimburse you up to $15,000 in legal fees in connection with the matters addressed in this letter, including, for the avoidance of doubt, the negotiation of this letter agreement.  
The Board sincerely thanks you for your contributions over the years and looks forward to a collaborative and productive transition period, followed by an amicable departure.   

Very truly yours,	
				
	/s/ James Sulat
	 
	 
	 

	James Sulat
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	Accepted and acknowledged, 

	 
	 
	 
	 

	 
	 
	 
	/s/ William K. Heiden

	 
	 
	 
	William K.  Heiden

 

Appendix A
	
					
	 	Grant Date
	Type
	Exercise Price
	Original Grant

	 	2/25/2019
	Option
	$15.51
	70,000

	 	3/2/2018
	Option
	$21.00
	100,000

	 	2/23/2017
	Option
	$23.75
	65,000

	 	3/1/2016
	Option
	$25.18
	85,000

	 	* Options vest over 4 years; 25% upon the 1st anniversary of the date of grant and quarterly thereafter.  Option awards are subject to vest for 24 months following the date of termination for a termination without Cause, accelerated upon the release becoming non-revocable.

	 
	 	RSUs
	 
	 
	 

	 	Grant Date
	Type
	 
	Original Grant

	 	2/25/2019
	RSU
	 
	31,000

	 	3/2/2018
	RSU
	 
	45,500

	 	2/23/2017
	RSU
	 
	30,000

	 	* RSUs vest over 3 years, in three equal annual installments following the grant date. RSU awards are subject to vest for 24 months following the date of termination for a termination without Cause, accelerated upon the release becoming non-revocable.

	 
	 	PSUs
	 
	 
	 

	 	Grant Date
	Type
	 
	Original Grant

	 	2/23/2017
	PSU
	 
	55,000

	 	* PSUs vest as of the day immediately prior to the 3rd anniversary of the Grant Date.  The amount above reflects the target award, although the award may be earned between 50-150%, depending upon the Company’s TSR relative to its peer group (and subject to a minimum performance threshold, below which no portion of the award would be earned).  PSU awards are not subject to further vesting following the date of termination for a termination without Cause and therefore the PSU awards granted in 2018 and 2019 have been excluded from this schedule as such awards will not be subject to any vesting.EXHIBIT 10.1

  

  

  

  

  

  
    SEPARATION AND RELEASE AGREEMENT

    This Separation and Release Agreement (“Agreement”) is made and entered into as of January 8, 2020 by and between CB Financial Services, Inc. (the “Company”),
      Community Bank (the “Bank,” and together with the Company, “CB”), and Patrick G. O’Brien (“Executive”).

    WHEREAS, Executive is currently employed by CB as President and Chief Executive Officer and is a party to that certain
      Employment Agreement with the Bank dated as of April 14, 2014 (the “Employment Agreement”); and

    WHEREAS, through discussions with CB, Executive is agreeable to voluntarily
      resign from service as an officer and director of CB and any of its affiliates, under the following terms, effective as of the Resignation Date (as defined below).

    NOW, THEREFORE, in consideration of the mutual covenants and other good and valuable consideration described herein, the
      parties agree as follows:

    1. Resignation

    (a) Resignation Date.  Effective as of January 8, 2020 (the “Resignation Date”), Executive’s employment as President and Chief Executive Officer and as a director of the Company and the Bank, and from all other positions, including
        as an officer, director or committee member, with any subsidiary or affiliate of either the Company or the Bank is hereby concluded as a result of Executive’s voluntary resignation.  Executive hereby relinquishes, as of the Resignation Date, any
        power of attorney, signing authority, trust authorization or bank account signatory authorization that Executive may hold on behalf of CB or its affiliates.

    (b) Cessation of Compensation, Benefits and Perquisites.  Except as expressly provided in this Agreement, Executive (or Executive’s beneficiary) shall not receive and/or accrue any further compensation or benefits of any kind beyond the
        Resignation Date, including but not limited to any wages, bonuses, profit sharing contributions, equity award grants, use of company automobile or automobile allowance, country club dues or fees, meals, use of company phone, any compensation for
        vacation, holiday, sick or personal days, or any benefits under the Split Dollar Life Insurance Agreement between the Bank and Executive dated September 1, 2019.

    2. Employment Agreement.  Upon execution the Resignation Date, the Employment Agreement shall terminate and be superseded by this Agreement in all respects.  Executive agrees and acknowledges that
        because of his resignation, Executive shall not be entitled, and hereby waives any claim, to any payment or benefit under the Employment Agreement.

    3. Payments Upon Resignation.

    (a) Accrued Obligations.  The Bank shall pay or provide Executive any Accrued Obligations, determined as of the Resignation Date.  “Accrued Obligations” means: (1) any accrued and unpaid base salary of Executive earned through the
        Resignation Date; and (2) any accrued but unpaid expense reimbursement to which Executive is entitled under the Bank's standard expense reimbursement policy (as applicable).  The payment of any Accrued

    
      
        

    

    
    Obligations pursuant to subparagraphs (1) and (2) hereof shall be made on the Bank's first normal payroll date following
        the Resignation Date.

    (b) Separation Pay.  Upon expiration of the Revocation Period (as defined below) and provided Executive has met and continues to meet all of Executive’s obligations, agreements and undertakings set forth in this Agreement, CB shall
        provide Executive a gross cash payment equal to $450,000.00, less legally required tax withholdings (the “Separation Pay”), payable in 26 bi-weekly equal installments of $17,307.69, paid by the Bank on its regularly scheduled normal payroll
        dates starting immediately after the expiration of the Revocation Period.  The Company, the Bank and Executive acknowledge that the time and form of distribution of the Severance Pay complies with Section 409A of the Internal Revenue Code of 1986,
        as amended (the “Code”).  However, in the event that the Severance Pay is deemed to be subject to any excise tax or other penalty imposed under Section 409A of the Code (“409A Penalties”), Executive shall be solely responsible for
        payment of the 409A Penalties and shall forever release the Company, the Bank and their affiliates, successors or assigns from any claim that Executive, Executive’s heirs, successors and assigns may have related to the recovery or reimbursement of
        all, or any portion of, the 409A Penalties incurred by Executive or Executive’s heirs, successors or assigns.

    (c) COBRA Payments.  Executive and Executive’s currently covered dependents shall have the right to elect to continue to participate in the Bank’s group health insurance plan in accordance with the requirements of the Consolidated Omnibus
        Budget Reconciliation Act of 1985, as amended (“COBRA”).  If such election is made, the Bank will pay to Executive twelve (12) consecutive monthly cash payments (commencing with the Bank’s first normal payroll date following the expiration
        of the Revocation Period, and continuing until the twelfth month following the Resignation Date) each equal to the monthly COBRA premium in effect as of the Resignation Date for the level of coverage in effect for Executive under the Bank’s group
        health plan (the “COBRA Payments”).

    (d) Rights Under Other CB Benefit Plans.  CB hereby acknowledges the rights Executive may have as a result of his participation in the: (1) Community Bank 401(k) Profit Sharing Plan; and (2) CB Financial Services, Inc. 2015 Equity
        Incentive Plan, including any underlying award agreements (the “Equity Plan” and collectively, the “CB Benefit Plans”).  CB and its successors shall honor the terms of the CB Benefit Plans as they are written.  Executive’s date of
        separation from service for purposes of the CB Plans shall be the Resignation Date.  With respect to the Equity Plan, Exhibit A hereto sets forth: (1) the outstanding vested stock options that are
        exercisable following Executive’s Resignation Date in accordance with the Equity Plan; and (2) the outstanding unvested stock option and restricted stock awards that are forfeited in accordance with the Equity Plan as result of Executive’s
        separation from service.

    4. Consulting/Post-Termination Services.  From Executive’s Resignation Date until and including January 31, 2020 (the “Consulting Period”), Executive will be reasonably available to perform
        consulting services to the Bank solely on an as-needed or on-call basis, as requested by the President of the Bank (the “Consulting Services”).  During the Consulting Period, Executive will: (1) provide the Consulting Services at such times
        and in such locations as agreed to by the President of the Bank in consultation with Executive; and (2) be compensated by the Bank at a daily rate equal to $1,019.65, which shall be payable in accordance with the normal payroll practices of the
        Bank.

    
      2

      
        

    

    5. Covenants of Executive.

    (a) Non-Competition and Non-Solicitation.  Executive hereby covenants and agrees that for a period of one year following the Resignation Date, Executive shall not, without the prior written consent of the Bank, either directly or
        indirectly:

    
      
        
             (1) become an officer, employee, consultant, director, independent contractor, agent, joint venturer, partner
            or trustee of any savings bank, savings and loan association, savings and loan holding company, credit union, bank or bank holding company, insurance company or agency, any
            mortgage or loan broker or any other entity that competes with the business of CB or any of its affiliates that: (i) has a headquarters within 25 miles of any location(s) in which CB or any of its affiliates has a business office or has filed
            an application for regulatory approval to establish an office (the “Restricted Territory”); or (ii) has one or more offices, but is not headquartered, within the
            Restricted Territory, but in the latter case, only if Executive would be employed, conduct business or have other responsibilities or duties within the Restricted Territory;

        

      

    

    
      
        
             (2) solicit, offer employment to, or take any other action intended (or that a reasonable person acting in
            like circumstances would expect) to have the effect of causing any officer or employee of CB, or any of their respective subsidiaries or affiliates, to terminate his or her employment and accept employment or become affiliated with, or provide
            services for compensation in any capacity whatsoever to, any business whatsoever that competes with the business of CB or any of its affiliates that has headquarters or offices within the Restricted Territory; or

        

      

    

    
      
        
             (3) solicit, provide any information, advice or recommendation or take any other action intended (or that a
            reasonable person acting in like circumstances would expect) to have the effect of causing any Customer (as defined herein) of CB or any of its affiliates to terminate an existing business or commercial relationship with CB or any affiliate of
            CB.  A “Customer” is defined as any person or entity with whom CB or any of its affiliates either: (i) has a business or commercial relationship at any point during the
            two (2) years preceding Executive’s Resignation Date; or (ii) has solicited business during the six (6) months preceding Executive’s Resignation Date.

        

      

    

    (b) Confidentiality.  Executive acknowledges that he has been the recipient of confidential and proprietary business information concerning CB and its affiliates, including without limitation past, present, planned or considered business
        activities of CB, and Executive hereby forever agrees not to use his knowledge of such information or disclose such confidential and proprietary information for any purposes whatsoever, except as may be expressly permitted in a writing signed by
        CB, or as may be required by regulator inquiry, law or court order.

    (c) Cooperation.  Executive shall return all documents and other property of CB to CB within five (5) days following the Resignation Date.  Executive further agrees: (1) to cooperate with CB to
          the extent that Executive’s knowledge of facts concerning CB’s business is required to respond to any governmental or regulatory inquiry, or in connection with any court, administrative proceeding, or investigation related to matters that took
          place during the term of Executive’s employment, (2) to furnish such information and assistance to CB as may reasonably be required by CB in connection with any litigation in which it or any of its affiliates is, or may

    
      3

      
        

    

    become, a party; and (3) to assist, as reasonably requested by CB,
          with the transitioning of Executive’s duties and responsibilities to Executive’s successor and maintaining CB’s customer and business relationships, as appropriate.

    6. Statement on Executive’s Conclusion of Employment.

    

    

    (a) The Company and the Bank shall
        provide any public or non-public statement that is consistent with the following as to the reason and nature of Executive’s separation from employment with CB: “After having worked very hard for the organization for the last five years and
        achieving many important goals for the Bank, Executive is stepping down to focus on his family.  The Company and Bank appreciate Executive’s many contributions to its growth and success.”

    

    

    (b) Executive agrees that he will state
        the following and nothing inconsistent with the following as to his regard for and opinion of the Company and the Bank: “Executive appreciates the opportunities and support he received from the Bank and leaves with high regard for the Bank.”

    

    

    (c) The Company,
        the Bank and Executive agree that the press release in the form attached as Exhibit B hereto will be issued to the public promptly following the execution of this Agreement.

    

    

    (d) Notwithstanding
        anything in this Section 6 to the contrary, the requirements of this Section 6 do not apply to any truthful statement required to be made by Executive, the Company or the Bank (including the directors and executive officers of the Company and the
        Bank) in any legal proceeding, governmental or regulatory investigation or inquiry, or pursuant to federal securities laws.

    

    

    7. Release and Waiver.

    (a) In
        consideration of the benefits payable under Sections 3 and 4 of this Agreement, Executive, Executive’s heirs, executors, administrators, successors and assigns, hereby fully, finally and forever release and discharge CB, all parent, subsidiary, related and affiliated companies of CB, as well as its and their successors, assigns, officers, owners, directors, agents, representatives, attorneys, and employees (all of whom are referred to throughout
        this Agreement as the “Parties”), of and from all claims, demands, actions, causes of action, suits, damages, losses, and expenses, of any and every nature whatsoever, as a result of actions or omissions occurring through the Resignation
        Date.  Specifically included in this waiver and release are, among other things, claims of alleged employment discrimination, either as a result of the separation of Executive’s employment or otherwise, under the Age Discrimination in Employment
        Act, the Older Workers Benefit Protection Act, Title VII of the Civil Rights Act of 1964, the Family and Medical Leave Act, the Americans with Disabilities Act, the Employee Retirement Income Security Act, and any other federal, state or local
        statute, rule, ordinance, or regulation, as well as any claims for alleged wrongful discharge, negligent or intentional infliction of emotional distress, breach of contract, fraud, defamation, or any other unlawful behavior, the existence of which
        is specifically denied by the Parties.  The foregoing list is intended to be illustrative rather than inclusive.  Except as set forth in Section 14 of this Agreement, Executive waives Executive’s rights and claims to the extent set forth above, and

     

      

    
      4

      
        

    

    Executive also agrees not to institute, or have instituted, a lawsuit against the Parties based on any such waived rights or claims.

    

    

    (b) Nothing in
        Section 7(a) of this Agreement, however, will be construed to prohibit Executive from filing a charge or participating in any investigation or proceeding conducted by the Equal Employment Opportunity Commission or comparable state or local agency. 
        Notwithstanding the foregoing, except as provided in Section 14 hereof, Executive waives Executive’s right to recover monetary or other damages as a result of any charge or lawsuit filed by Executive or by anyone else on Executive’s behalf,
        including a class or collective action, whether or not Executive is named in such proceeding.  Further, nothing in this Agreement is intended to waive Executive’s entitlement to: (1) the payments and benefits set forth under this Agreement; (2)
        vested or accrued benefits under the CB Benefit Plans, as applicable; (3) COBRA health care coverage pursuant to applicable law; and (4) indemnification and directors’ and officers’ insurance coverage applicable to the fullest extent permitted
        under applicable law and as provided pursuant to the Bank’s or the Company’s directors’ and officers’ liability insurance policy.  Finally, this Agreement does not waive claims that Executive could make, if available, for unemployment or workers’
        compensation.

    

    

    (c) Executive
        affirms that the only monetary consideration for Executive signing this Agreement is that set forth in Sections 3 and 4 of this Agreement, that, except as specifically set forth in this Agreement, no other promise or agreement of any kind has been
        made to or with Executive by any person or entity to cause Executive to execute this Agreement, and that Executive fully understands the meaning and intent of this Agreement, including but not limited to, its final and binding effect.

    

    

    (d) Executive acknowledges that Executive has carefully read and reviewed this Agreement and has been advised to seek the advice of an attorney, or other counsel, and Executive has had an opportunity to consult with and receive counsel from an
        attorney or other counsel concerning the terms of this Agreement.

    

    

    (e) Executive
        understands and is satisfied with the terms and contents of this Agreement and voluntarily has signed Executive’s name to the same as a free act and deed.  Executive agrees that this Agreement shall be binding upon Executive and Executive’s agents,
        attorneys, personal representatives, heirs, and assigns.  Executive acknowledges that with regard only to Executive’s release of any
          claims pursuant to the Age Discrimination In Employment Act, Executive has been given a period of at least 21 days from date of receipt within which to consider and sign this Agreement.  To the extent Executive has executed this Agreement less
          than 21 days after its delivery to Executive, Executive hereby acknowledges that Executive’s decision to execute this Agreement prior to the expiration of such 21-day period was entirely voluntary.

    

    

    8. Mutual Non-Disparagement.  Executive will not disparage or make derogatory or untruthful comments about CB or CB’s present and former officers, directors, employees, agents, or attorneys, or their business
        practices.  In return, CB agrees that its officers and directors will not disparage Executive in any manner that is harmful to Executive, Executive’s business reputation or personal reputation.  The provisions of this Section 8 do not apply to any

    
      5

      
        

    

    truthful statement required to be made by Executive or CB (including its directors and executive officers) in any legal proceeding or
        governmental or regulatory investigation or inquiry.

    

    

    9. Arbitration of all Disputes.  Any dispute or controversy arising under or in connection with this Agreement shall be settled exclusively by arbitration,
          conducted within 50 miles of the Bank’s corporate headquarters, in accordance with the Commercial Rules of the American Arbitration Association then in effect.  Judgment may be entered on the arbitrators’ award in any court having jurisdiction. 
          The above notwithstanding, any party may seek injunctive relief in a court of competent jurisdiction in Pennsylvania to restrain any breach or threatened breach of any provision of this Agreement, without prejudice to any other rights or remedies
          that may otherwise be available.

    10. Breach Damages.  If a party to this Agreement establishes a breach of any provision of this Agreement, it shall be entitled to recover appropriate damages from the breaching party(ies), as well as all
        reasonable attorney’s fees and costs incurred in a successful proceeding to enforce this Agreement.

    

    

    11. Time To Rescind Release of Age Discrimination Claims.  Executive acknowledges that with regard only to Executive’s release of any claims pursuant to the Age Discrimination
          Act, he is hereby given seven (7) days from the date he signs this Agreement (the “Revocation Period”) to change his mind and revoke his release of any claims
          pursuant to the Age Discrimination in Employment Act.  If Executive does not revoke the Release and Waiver Provision with regard to any claims pursuant to the Age Discrimination In Employment Act within the Revocation Period, the Release and
          Waiver Provision shall become final and binding on the day following the cessation of the Revocation Period.  Any notice to revoke the Release and Waiver Provision will be deemed properly given or made if
          personally delivered or, if mailed, when mailed by registered or certified mail, postage prepaid to the Chairman of the Board of Directors of the Company at his principal business office pursuant to Section 12 of this Agreement.  To the extent Executive elects to revoke the Release and Waiver Provision, the remaining provisions of this Agreement shall remain in full force and effect, provided, however, that neither the Separation Pay nor the
          COBRA Payments shall be payable to Executive.

    

    

    12. Notice.  Any notice required or permitted to be given under this Agreement shall be deemed properly given if in writing and if mailed by registered or certified mail, postage prepaid with return
        receipt requested, at the address listed below or at other address as specified to the other party:

    If to Executive:  Most recent address on file.

    If to the Company or the Bank:

    

    

    CB Financial Services, Inc. or Community Bank, as applicable

    100 N. Market Street

    Carmichaels, Pennsylvania 15320

    Attention: Chairman of the Board of Directors

    
      6

      
        

    

    13. General Provisions.

    (a) Non-Assignability.  This Agreement may not be assigned by Executive.

    (b) Binding on Successors.  The terms of this Agreement shall be binding upon the parties hereto and their respective heirs, personal representatives, successors and permitted assigns, including any successor employer to the Company
        and/or the Bank in the event of a change in control.

    (c) Final Agreement.  This Agreement and any other benefit plan or agreement referenced in this Agreement represent the entire understanding of the parties with respect to the subject matter hereof and supersedes all prior understandings,
        written or oral.  The terms of this Agreement may be changed, modified or discharged only by an instrument in writing signed by the parties hereto.

    (d) Governing Law.  This Agreement shall be construed, enforced and interpreted in accordance with and governed by the laws of the Commonwealth of Pennsylvania, without reference to its principles of conflicts of law.

    (e) Counterparts.  This Agreement may be executed in one or more counterparts, each of which counterpart, when so executed and delivered, will be deemed an original and all of which counterparts, taken together, will constitute but one
        and the same agreement.

    (f) Severability.  If any provision of this Agreement is determined to be void or unenforceable, then the remaining provisions of this Agreement will remain in full force and effect.

    (g) Tax Withholding.  The Company or the Bank shall withhold from the amounts payable under this Agreement such federal, state and/or local taxes as shall be required to be withheld pursuant to any applicable law or regulation.

    14. Protected Rights.  Notwithstanding anything in this Agreement to the contrary, Executive understands that nothing contained in this Agreement limits Executive’s ability to file a charge or
        complaint with the Securities and Exchange Commission or any other federal, state or local governmental agency or commission (“Government Agencies”) about a possible securities law violation without the approval of CB.  Executive further
        understands that this Agreement does not limit Executive’s ability to communicate with any Government Agency or otherwise participate in any investigation or proceeding, without notice to CB, that may be conducted by any Government Agency,
        including providing documents or other information relating to a possible securities law violation.  This Agreement does not limit the Executive’s right to receive any resulting monetary award for information provided to any Government Agency.

    [Signature Page to Follow]

    
      7

      
        

    

    IN WITNESS WHEREOF, the parties hereto have signed this Agreement on the date set forth above and Executive hereby
      declares that the terms of this Agreement have been completely read, are fully understood, and are voluntarily accepted after complete consideration of all facts and legal claims.

    PLEASE READ CAREFULLY.  THIS AGREEMENT INCLUDES A RELEASE OF CERTAIN KNOWN AND UNKNOWN CLAIMS.

    CB HEREBY ADVISES EXECUTIVE TO CONSULT WITH AN ATTORNEY OR OTHER COUNSEL BEFORE EXECUTING THIS AGREEMENT.

    

    

    

    

    

    	 	
             CB FINANCIAL SERVICES, INC.

          
	 	 
	 	 
	 	 
	
               

            

          	
            By: /s/ Mark E. Fox

          
	
            

            

          	
            Name:   Mark E. Fox

          
	
              

            

          	
            Title: Chairman of the Board

          
	 	 
	 	 
	 	
             COMMUNITY BANK

          
	 	 
	 	 
	
              

            

          	
             By: /s/ Mark E. Fox

          
	
              

            

          	
             Name: Mark E. Fox

          
	
              

            

          	
             Title: Chairman of the Board

          
	 	 
	 	 
	 	
             EXECUTIVE

          
	 	 
	 	 
	 	
             /s/ Patrick G. O’Brien

          
	 	
             Patrick G. O’Brien

          

    

    

    

    

    
      8

      
        

    

    EXHIBIT A

    

    

    
      	
              I.

            	
              Forfeited Equity Awards as of Executive’s Resignation Date

            

    

    

    

    
      	
              A.

            	
                Restricted Stock

            

    

    

    

    	
            
               

              Date of Grant

            

          	
            
              # of Unvested Restricted Stock

            

          
	
            12/14/18

          	
               800

          
	
            12/14/19

          	
            2,500

          
	
            Total Forfeited =

          	
            3,300

          

    

    

    
      	
              B.

            	
                Stock Options

            

    

    

    

    	
            
               

              Date of Grant

            

          	
            
               

              Exercise Price

            

          	
            
              (#) of Unvested Stock Options

            

          
	
            12/16/15

          	
            $            22.25

          	
            2,500

          
	
            12/16/16

          	
            26.45

          	
            1,404

          
	
            12/15/17

          	
            30.75

          	
            2,460

          
	
            Total Forfeited =

          	
            6,364

          

    

    

    
      	
              II.

            	
              Stock Options Exercisable Following Executive’s Resignation Date

            

    

    

    

    	
            
               

              Date of Grant

            

          	
            
               

              Exercise Price

            

          	
            
              (#) of Vested Stock Options

            

          
	
            12/16/15

          	
            $          22.25

          	
            10,000

          
	
            12/16/16

          	
            26.45

          	
              2,106

          
	
            12/15/17

          	
            30.75

          	
                   1,640 

          
	
            Total Exercisable (1) =

          	
             13,746

          

      

    

    
      	
              (1)

            	
              Pursuant to the terms of the CB Financial Services, Inc. 2015 Equity Incentive Plan, the 13,746 vested stock options remain exercisable by Mr. O’Brien for three months following his Resignation Date.  Failure to exercise the vested stock
                options during such three-month period would result in their forfeiture.

            

    

    

    

    
      
        

    

    EXHIBIT B

    

    **PRESS RELEASE**

    

    

    CB FINANCIAL SERVICES INC. ANNOUNCES

      RESIGNATION OF PRESIDENT AND CEO AND THE APPOINTMENT OF

    INTERIM PRESIDENT AND CEO

    

    

    Washington, PA— January  , 2020  – CB Financial Services, Inc. (“CB or the “Company”) (NASDAQGM: CBFV), the holding company of  Community Bank (the “Bank”), announced that Patrick G. O’Brien has
      announced his voluntary resigned as President and CEO of the Company and the Bank.  He also resigned as a director of both companies. Mr. O’Brien has long been extremely active in the community and in numerous charitable organizations and seeks more
      time to devote to his family and these endeavors.

    

    

    He stated, “I am proud to have been the leader of Community Bank and to have played important roles in helping our community and many charities.  I look forward to continuing to help improve our
      community.  I wish Community Bank and my many friends there the best of everything in the future.  I am pleased that my old friend and mentor Pat McCune will be available to take over the leadership of Community Bank.”

    

    

    Community Bank has started a search for its next leader.  In the interim, the Bank’s former CEO, Barron P. (“Pat”) McCune, Jr., has been named as President and CEO of both CB Financial Services, Inc.
      and Community Bank.

    

    

    Mark E. Fox, Chairman of the Board of Directors, stated “We are fortunate to have Pat McCune available during this transition period.  He deeply understands the industry, our community, our bank and
      its people.”

    

    

    Mr. McCune has been associated with Community Bank for over 30 years, first as the Bank’s attorney, then joining the Bank in 1992 as a director, and assuming the position of President in 1999.  He
      was appointed CEO in 2005.  Under his leadership, the Bank grew many times over and the Company registered with the SEC as a public company trading on NASDAQ.

    

    

    Mr. McCune stated, “I am honored and pleased to be able to again assume leadership of Community Bank as it seeks the next generation of leadership.  The Bank remains strong and secure, having a deep
      and experienced management team and having just announced its best ever quarterly financial performance.  I am confident Community Bank will continue its 119-year tradition of safety, excellence and growth.  I also wish to extend my gratitude to my
      friend Pat O’Brien for his leadership of Community Bank and I wish him the very best going forward”.

    

    

    For more information on Community Bank visit www.communitybank.tv.

    

    

    About CB Financial Services, Inc.

    

    

    CB Financial Services is the holding company for Community Bank, a Pennsylvania-chartered commercial bank located in Washington, Pennsylvania. Community Bank operates sixteen offices in Greene,
      Allegheny, Washington, Fayette, and Westmoreland Counties in southwestern Pennsylvania, seven offices in Brooke, Marshall, Ohio, Upshur and Wetzel Counties in West Virginia, and one office in Belmont County in Ohio. Community Bank offers a broad
      array of retail and commercial lending and deposit services and provides commercial and personal insurance brokerage services through Exchange Underwriters, Inc., its wholly owned subsidiary. For more information about Community Bank, visit our
      website at www.communitybank.tv.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00303-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00303-of-00352.parquet"}]]