Document:

Document

						
		Exhibit 10.2
		

Arconic
201 Isabella Street
Pittsburgh, PA
15212-5858

Tim Myers
CEO, Arconic Corporation

August 5, 2022 

Rob Woodall
4511 Old Ivy Court
Bettendorf, IA 52722

Dear Rob:

On behalf of Arconic Corporation (the “Company”), I am pleased to offer you the position of Executive Vice President, Arconic Rolled Products International and Extrusions reporting directly to me, effective August 4, 2022.    

During your employment with the Company, you will devote substantially all of your working time and attention to the business and affairs of the Company (excluding any vacation, family leave or other leave to which you are entitled) and you will comply with the Company’s policies and rules, as applicable to all employees and those additionally applicable or your position.  

Set forth below is your updated total compensation package for this new role, together with other important information.   Please note that any designation as an executive officer of the Company and your compensation package is subject to final approval by the Board of Directors and its Compensation and Benefits Committee respectively.  

Base Salary:

Your annual base salary will be adjusted to $500,000 as of the effective date of your new position, paid on a monthly basis in accordance with the Company’s normal payroll practices, and subject to all applicable taxes and withholdings.    

Incentive Compensation:  

In your new position, you will be eligible for a target annual cash incentive compensation opportunity of 70% of your base salary (i.e., $350,000 based on your base salary) for a full year, if individual and business and individual performance targets are met.  Actual payouts could be higher or lower than target depending on individual and business performance.  Your annual cash incentive compensation opportunity and award for 2022 will also be prorated to reflect base salary earned and target percentage applicable to each portion of the year that you were in each position with the Company.

Annual Equity Awards:

You will be eligible for annual equity compensation awards in connection with the Company’s regular annual grant cycles.  Your next such award will be granted in 2023 with a target value of $600,000 and will be based on the closing stock price on the date of grant.  Of this award, (i) 50% will be time-based and will vest on the third anniversary of the grant date, and (ii) 50% will be performance-based, actual performance-based shares earned could be higher or lower than target depending on business performance over the three-year performance period.  Equity awards will be subject to the provisions of the Arconic Stock Incentive Plan at the time of grant.

For each subsequent calendar year (starting in 2024) in which you are employed by the Company, you shall be eligible to receive additional grants of equity-based and other long-term incentives offered to employees generally, at a level, and on terms and conditions, that are commensurate with your position and responsibilities at the Company, and appropriate in light of your performance and of corresponding awards (if any) to other senior executives of the Company (in all cases, as determined in good faith by the Board or a committee thereof).  The design of the program is reviewed each year and is subject to change.

Equity Ownership Requirements:  

The Company has adopted equity ownership requirements for senior Arconic executives.  You will be subject to these requirements, currently 3.0 times base salary for Executive Vice Presidents during your employment with the Company.  Until equity ownership requirements are met, you are required to retain 50% of shares acquired upon vesting of restricted stock units and performance-based restricted stock units or upon exercise of stock options, after deducting those used to pay for applicable taxes and/or the exercise price. 

Confidentiality, Developments, Non-Competition and Non-Solicitation Agreement:  

In consideration of your new position with the Company, you agree to execute the Confidentiality, Developments, Non-Competition and Non-Solicitation Agreement attached hereto as Exhibit A.         

Severance:        

You will be designated as a Tier II Employee under each of the Company’s Executive Severance Plan and Change in Control Severance Plan (together, the “Severance Plans”).  1X base pay + target bonus under the former and 2X base pay + target bonus under the latter, continuation of health benefits and lump sum equal to additional years of retirement amounts).  In keeping with Company practice, payment of any severance is contingent upon your execution of a release and waiver of claims as provided by the Company.

Indemnification:  
You will be covered as an insured officer under the Company’s director and officer liability insurance policy, as in effect from time to time, to the same extent, and on the same terms, as other executive officers of the Company, and the Company will indemnify you (and advance expenses) to the fullest extent permitted by the Bylaws of the Company and the General Corporation Law of the State of Delaware.  The terms of such indemnification and advancement of expenses will be set forth in an Indemnification Agreement between you and the Company.

  
A-2

Section 409A:

The payments and benefits provided under this letter are intended to comply with, or be exempt from, the requirements of Section 409A of the Internal Revenue Code of 1986, as amended, and the provisions of this letter shall be interpreted and applied consistently with such intent.  All reimbursements under this letter that constitute deferred compensation within the meaning of Section 409A will be made or provided in accordance with the requirements of Section 409A, including, without limitation, that (i) in no event will any reimbursement payments be made later than the end of the calendar year next following the calendar year in which the applicable expenses were incurred; (ii) the amount of reimbursement payments that the Company is obligated to pay in any given calendar year shall not affect the amount of reimbursement payments that the Company is obligated to pay in any other calendar year; and (iii) your right to have the Company pay such reimbursements may not be liquidated or exchanged for any other benefit.  

Miscellaneous:

Your employment with the Company will at all times be at-will. Subject to your rights to the payments and benefits upon certain termination of employment in accordance with the terms of the Executive Severance Plan and the Change in Control Severance Plan, in each case, as in effect from time to time, and this letter, nothing herein will confer upon you any right to continue in the employment of the Company for any period of specific duration or interfere with or otherwise restrict in any way the rights of the Company or you to terminate your employment at any time and for any reason, with or without cause. Upon your termination of employment for any reason and as a condition to any payments and benefits to which you may become entitled under the Company’s Executive Severance Plan, Change in Control Severance Plan, or this letter, at the request of the Board you will immediately resign your position as an officer of the Company and all offices and directorships of all subsidiaries and affiliates of the Company. Any waiver of any breach of this letter shall not be construed to be a continuing waiver or consent to any subsequent breach on the part of either you or the Company.  All payments hereunder shall be subject to applicable tax withholding.

Entire Agreement:

Except as otherwise contemplated herein, this letter contains the entire agreement between you and the Company with respect to the subject matter hereof. No modification or termination of this letter may be made orally but must be made in writing and signed by you and the Company.

Governing Law; Jurisdiction:  

This letter will be governed and interpreted in accordance with the laws of the State of Delaware without reference to its choice of law principles.  Any action arising out of or related to this letter will be brought in the state or federal courts with jurisdiction in Delaware, and you and the Company consent to the jurisdiction and venue of such courts.  

[Signature page follows.]

A-3

To accept our offer, please sign and date the bottom of this letter and return it to me by August 5, 2022.    

Best Regards,

/s/ Tim Myers            
Tim Myers
CEO, Arconic Corporation

cc:    Melissa Miller

Attachments: 
Confidentiality, Developments, Non-Competition and Non-Solicitation Agreement

I, Rob Woodall, am pleased to accept your offer for the position of Executive Vice President, Arconic Rolled Products International & Extrusions on the terms detailed in the offer letter.  

									
	Accepted by:
		Date:

			
	/s/ Robert L. Woodall		August 4, 2022
	Rob Woodall		

A-4

Exhibit A

Confidentiality, Developments, Non-Competition, and Non-Solicitation Agreement

As an employee of Arconic Corporation (“Arconic”) or one of its subsidiaries (Arconic collectively with its subsidiaries, the “Company”), you (“you” or “Employee”) will have access to or may develop confidential and proprietary information (as defined below) of the Company.  Therefore, in consideration of your continued employment and increases to your compensation package, and recognizing the highly competitive nature of the Company’s business, you enter into this Confidentiality, Non-Competition, and Non-Solicitation Agreement (this “Agreement”) intending to be legally bound.

Confidentiality

You acknowledge that, as an employee of the Company, you have access, and are privy, to information which is confidential and proprietary to the Company, and which is not generally available to the public from sources outside of the Company.  

You agree to regard and preserve as confidential any and all Confidential Information pertaining to the Company’s operations and affairs and all information which is either learned or obtained by you during your employment, and which you know, or have reason to believe, includes Confidential Information.  You agree that you will use Confidential Information only for the performance of your duties for the Company and you agree not to disclose any Confidential Information you acquire, except as expressly permitted below.  You understand and agree that this obligation of confidentiality shall continue indefinitely following the termination of your employment with the Company.  

Nothing in this Agreement shall prohibit or restrict you from: (i) making any disclosure of relevant and necessary information or documents in any action, investigation, or proceeding relating to this Agreement, or as required by law or legal process; or (ii) participating, cooperating, or testifying in any action, investigation, or proceeding with, or reporting possible violations or providing information to, any governmental agency or legislative body regarding this Agreement or the Company, including, but not limited to, the Company’s Legal Department, the Securities & Exchange Commission, and/or pursuant to the Dodd-Frank Act (including without limitations the whistleblower provisions thereof) or Sarbanes-Oxley Act; provided that, other than with respect to providing information to a governmental agency and to the extent permitted by law, upon receipt of any subpoena, court order or other legal process compelling the disclosure of any such information or documents, you will give the General Counsel of the Company prompt written notice so as to permit the Company to protect its interests in confidentiality to the fullest extent possible.   Notwithstanding any provision of this Agreement to the contrary, the provisions of this Agreement are not intended to, and shall be interpreted in a manner that does not, limit or restrict you from exercising any legally protected whistleblower rights (including pursuant to Rule 21F under the Securities Exchange Act of 1934, as amended).

Upon termination of your employment or at any time requested by the Company, you will deliver promptly to the Company all memoranda, notes, records, reports and other documents (whether in paper or electronic form and all copies thereof) relating to the business of the Company and all other Company property which you obtained or developed while employed by, or otherwise serving or acting on behalf of, the Company and which you may then possess or have under your control, whether directly or indirectly.

Disclosure of Developments and Other Inventions 

Without disclosing any third-party confidential information, Employee shall promptly disclose to Company all Developments and any inventions or developments that Employee believes do not constitute a Development, so that Company can make an independent assessment.  Employee represents and warrants that if Employee developed, conceived or created any Development or other Intellectual Property prior to the date hereof that relates to Company’s Business, Employee has listed such Intellectual Property on Appendix 1 in a manner that does not violate any third-party rights or disclose any third party confidential information.

Ownership of Developments

Ownership:  All right, title and interest (including all Intellectual Property rights of any sort throughout the world) relating to any and all Developments (other than Employee Statutorily Exempt Developments) shall be the exclusive property of Company. 

Assignment of Rights: In consideration of Employee’s employment by Company as set forth in the Employment Agreement, Employee hereby assigns to Company or its designee any and all right, title and/or interest (including all Intellectual Property rights of any sort throughout the world) in and to any Developments that Employee has or may in the future acquire with respect to any Developments, provided that this section shall not apply to any Employee Statutorily Exempt Developments.  

Further Assistance and Assurances:  Employee shall, both during and after his/her employment by Company, at the expense of Company, perform all lawful acts requested by, or on behalf of, Company to enable Company to obtain, perfect, sustain, and enforce its ownership interest in any Development(s) in accordance with this Section and to obtain and maintain patents, copyrights and other Intellectual Property rights for such Development(s) throughout the world. 

Attorney-In-Fact:  Employee hereby irrevocably designates and appoints Company as Employee’s agent and attorney-in-fact, coupled with an interest and with full power of substitution, to act for and on Employee’s behalf to execute and file any document and to do all other lawfully permitted acts to further the purposes of this Section with the same legal force and effect as if executed by Employee.  

Acknowledgement of Employee Statutorily Exempt Developments:  Employee acknowledges and agrees that, by executing this Agreement, nothing in this Agreement is intended to expand the scope of protection provided to Employee by Sections 2870 through 2872 of the California Labor Code or any other statute of like effect.  Employee agrees to promptly advise the Company in writing of any developments that Employee believes may qualify under Sections 2870 through 2872 of the California Labor Code or any other statute of like effect.

Records:  Employee agrees to keep and maintain adequate and current records (in the form of notes, sketches, drawings, and in any other form that may be required by the Company) of all Developments made, written, conceived and/or reduced to practice by Employee during the period of employment by Company, which records shall be available to and remain the sole property of the Company at all times.

Employee IP – Ownership and Restrictions; License:  Any discovery, invention, improvement, computer program and related documentation or other work that (i) is created during the term of Employee’s employment with the Company and does not fall within the definition of the term “Development” as defined herein, (ii) is an Employee Statutorily Exempt Development, or (iii) was developed, created, or conceived prior to Employee’s employment with Company shall, as between Company and Employee, belong to Employee and shall not be used by Employee in his or her 

performance on behalf of the Company.  Without limiting Company’s other rights and remedies, if, when acting within the scope of Employee’s employment or otherwise on behalf of Company, Employee uses or discloses Employee’s own or any third party’s confidential information or other Intellectual Property in violation of this Agreement (or if any Development cannot be fully made, used, reproduced, distributed and otherwise exploited without using or violating the foregoing), Employee hereby:  (a) grants to Company a perpetual, irrevocable, worldwide, fully-paid, royalty-free, non-exclusive, sub-licensable right and license to use, exploit and exercise all such confidential information and/or Intellectual Property rights; and (b) warrants that he/she is entitled to grant such license to the extent the confidential information or Intellectual Property used by Employee in violation of this Section belongs to a third party.

Restrictive Covenants

            Non-Competition:  During your employment and for a period of one year thereafter (regardless of whether the termination of your employment is voluntary or involuntary), you will not directly or indirectly (i) engage in, carry on, or provide services (paid or unpaid) whether as a director, officer, partner, owner, employee, inventor, consultant, advisor, or agent, to any Competitive Business (as defined below) or (ii) hold any economic interest in any Competitive Business.  However, notwithstanding the foregoing, you may own up to five percent (5%) of the outstanding securities of any publicly traded company that has an investment in a Competitive Business as long as you have no involvement whatsoever with such Competitive Business (including the formation, planning, or acquisition of, or investment in, any such Competitive Business).

It is not the Company’s intention to restrict or limit your activities following your termination of employment with the Company unless it is believed that there is a substantial possibility that your future services or activities in any of the lines of business in which the Company is engaged may be detrimental to the Company.  So as to not unduly restrict your future employment, if you desire to enter into any employment arrangement or relationship with any potential Competitive Business within the one-year restricted period, please consult with the Executive Vice President, Chief Human Resources Officer of the Company to discuss your intended relationship with the entity.  Due to the many different businesses in which the Company presently engages, or which in the future the Company may engage, we will discuss your desire to enter into a business or professional relationship with any manufacturer or firm which is a Competitive Business.  The Company’s consent will not be unreasonably withheld.

Also, as a reminder, Arconic stock incentive awards and cash incentive awards continue to be subject to forfeiture, under the terms of applicable programs, to the extent you become associated with, employed by, render services to, or own any interest in any Competitive Business.  In addition, stock incentive awards and cash incentive awards are subject to forfeiture or repayment to the extent you engage in conduct prohibited under the terms of applicable incentive programs or of the Company’s Compensation Recovery Policy (or any similar policies that may be adopted from time to time.  

Non-Solicitation:  During your employment and for a period of one year thereafter (regardless of whether the termination of your employment was voluntary or involuntary), you will not directly or indirectly (i) solicit, induce or attempt to solicit or induce any employee of the Company to leave the Company for any reason; (ii) hire or attempt to hire any employee of the Company; or (iii) solicit business from, or engage in business with, any customer or supplier of the Company that you met and/or dealt with during your employment with the Company for any purpose.  In the event that you become aware that any employee of the Company has been hired by any business or firm with which you are then affiliated, you will immediately notify the Executive Vice President, Chief Human Resources Officer to confirm your non-solicitation of said employee

You acknowledge and agree that given the nature of the Company’s business, which is conducted throughout the world, the unique and extraordinary services you will be providing to the Company and your position of confidence and trust with the Company, the scope and duration of the covenants included in this Agreement (the “Restrictive Covenants”) are reasonable and necessary to protect the legitimate business interests of the Company.  You further acknowledge that you have received substantial consideration from the Company and that your general skills and abilities are such that you can be gainfully employed in noncompetitive employment, and that this Agreement will in no way prevent you from earning a living following your employment with the Company.

You also recognize and agree that any breach or threatened or anticipated breach of any part of these Restrictive Covenants will result in irreparable harm to the Company, and that the remedy at law for any such breach or threatened breach will be inadequate.  Accordingly, in addition to any other legal or equitable remedies that may be available to the Company, you agree that the Company will be entitled to obtain an injunction, without posting a bond, to prevent any breach or threatened breach of any part of these Restrictive Covenants.  

In the event that any court of competent jurisdiction finds that the limitations set forth in these Restrictive Covenants are overly broad with respect to duration, geographic scope or scope of prohibited activities, such court will have the authority to reduce the duration, area or activities of such provisions so as to be enforceable to the maximum extent compatible with applicable law, and such provisions will then be enforced as modified.  

Notice of Immunity – Defend Trade Secrets Act of 2016

            Company employees, contractors, and consultants may disclose Trade Secrets in confidence, either directly or indirectly, to a Federal, State, or local government official, or to an attorney, solely for the purpose of reporting or investigating a suspected violation of law, or in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. Additionally, Company employees, contractors, and consultants who file retaliation lawsuits for reporting a suspected violation of law may disclose related Trade Secrets to their attorney and use them in related court proceedings, as long as the individual files documents containing the Trade Secret under seal and does not otherwise disclose the Trade Secret except pursuant to court order.

Definitions for Purposes of this Agreement

“Business” means areas of actual or demonstrably anticipated research and development conducted (or to be conducted) by, or for the benefit of, Company as well as all products or services sold by, on behalf of, or for the benefit of Company worldwide. 

“Competitive Business” means any domestic or international business or firm (including any business in the process of being formed or planned) that is engaged, or has active plans to become engaged, in any line of business of the Company with which you have had direct functional accountability, or for which you provided leadership or support, during your last eighteen (18) months of employment with the Company.  

“Confidential Information” includes, but is not limited to strategic plans, trade secrets, inventions, discoveries, technical and operating know-how, accounting information, product information, marketing and sales data, business strategies, customer information, and employee data of the Company that is proprietary in nature, and any similar information, data or materials of third parties that the Company has a duty to keep confidential.

“Developments” means all discoveries, inventions, innovations, improvements, computer programs and related documentation, and other works of authorship, mask works, designs, know-how, ideas and information made, written, conceived and/or reduced to practice, in whole or in part, (whether or not patentable or subject to other forms of protection) by Employee, individually or with any other person, during and after the period of Employee’s employment by Company that: (a) relate in any manner to the Business or activities of Company; and/or (b) are created: (i) at any time using Company resources, including, but not limited to, Company computers, cellphones, smartphones, etc.; (ii) during working hours; (iii) at a Company facility; (iv) by, or on behalf of, Company; and/or (v) using Confidential Information. 

“Employee Statutorily Exempt Developments” means any Developments which qualify fully under the provisions of any applicable statute (including, e.g., Section 2870 of the California Labor Code) that prohibits the assignment to Company of Employee’s rights in any inventions developed entirely on Employee’s own time without using the Company’s equipment, supplies, facilities, resources, trade secrets or Confidential Information (i.e., excluding inventions that either (i) relate at the time of conception or reduction to practice of the invention to the Company’s Business, or actual or demonstrably anticipated research or development; or (ii) result from any work performed by Employee for the Company).

“Intellectual Property” means any intellectual and industrial property and all rights thereof, including, but not limited to, patents, utility models, semi-conductor topography rights; copyrights, mask works, authors’ rights, registered and unregistered trademarks, brands, domain names, trade secrets, know-how and other rights in information, drawings, logos, plans, database rights, technical notes, prototypes, processes, methods, algorithms, any technical-related documentation, any software, registered designs and other designs, in each case, whether registered or unregistered and including applications for registration, and all rights or forms of protection having equivalent or similar effect anywhere in the world.

Governing Law; Jurisdiction

This Agreement will be governed and interpreted in accordance with the laws of the State of Delaware without reference to its choice of law principles.  Any action arising out of or related to this Agreement will be brought in the state or Federal courts located in Delaware, and you and the Company consent to the jurisdiction and venue of such courts.  

Amendment; Waiver

No provision of this Agreement may be modified, waived, or discharged unless such waiver, modification or discharge is in writing.  Any failure by you or the Company to enforce any of the provisions of this Agreement should not be construed to be a waiver of such provisions or any right to enforce each and every provision in the future.  A waiver of any breach of this Agreement will not be construed as a waiver of any other or subsequent breach.

Successors; Binding Agreement

The Company has the right to assign its rights and obligations under this Agreement to any entity that acquires all or substantially all of the assets of the business for which you work and continues your employment.  The rights and obligations of the Company under this Agreement will inure to the benefit and be binding upon the successors and assigns of the Company

Severability

In the event that any one or more of the provisions of this Agreement is held to be invalid, illegal or unenforceable, the validity, legality and enforceability of the remainder of this Agreement will not in any way be affected or impaired thereby.

This Agreement is the entire agreement between the parties with respect to the matters covered by this Agreement and it replaces all previous agreements, oral or written, between the parties regarding such matters.  PROVISIONS OF THIS AGREEMENT MAY NOT BE WAIVED OR CHANGED EXCEPT BY A SUBSEQUENT AGREEMENT SIGNED BY YOU AND THE COMPANY.

If you agree to the terms of this Agreement, please sign on the line provided below and return two signed copies.  A fully executed copy will be returned to you for your files after it is signed by the Company.  

ARCONIC CORPORATION 

By: /s/ Timothy D. Myers            
Timothy D. Myers

AGREED TO AND ACCEPTED AS OF THIS 4th DAY OF AUGUST, 2022:

/s/ Robert L. Woodall            
Rob WoodallEMPLOYMENT AGREEMENT

 

 

THIS AGREEMENT is made as of the
28th day of October 2022 by and among ENB Financial Corp. (“Corporation”), The Ephrata National Bank
(“Bank”), and Chad E. Neiss (“Executive”), an adult individual residing at 2973 Tiffany Drive, Lititz, PA
17543.

 

WITNESSETH:

 

WHEREAS, the Corporation is a bank
holding company;

 

WHEREAS, the Bank is a subsidiary of
the Corporation;

 

WHEREAS, the Corporation and the Bank
wish to employ the Executive as Senior Executive Vice President/Chief Strategy Officer and Head of Mortgage Division in accordance with
the terms and conditions set forth herein;

 

WHEREAS, Executive is not a party nor subject
to any employment, noncompete, non-solicitation or restrictive covenant agreements, or any other restrictions or agreements that would
hinder or limit his ability to fully perform his duties hereunder, except as identified on Schedule I attached hereto and deemed an integral
part hereof;

 

WHEREAS, as additional consideration for entering
into this Agreement, the Corporation is providing the Executive with a Restricted Stock Unit Grant of the Corporation’s Common Stock
as delineated on Schedule 2 hereto; and

 

WHEREAS, Executive wishes to serve
the Corporation and the Bank in accordance with the terms and conditions herein.

 

AGREEMENT:

 

NOW THEREFORE, in consideration
of the mutual covenants herein, the parties hereto, intending to be legally bound, agree as follows:

 

		1.	Employment. The Corporation and the Bank hereby employ Executive and Executive hereby accepts employment with the Corporation
and the Bank, under the terms and conditions set forth in this Agreement.

 

		2.	Duties of Executive. Executive shall serve as the Senior Executive Vice President/Chief Strategy Officer and Head of
Mortgage Division of the Corporation and of the Bank reporting only to the President and CEO, or his designee, and to the Board of Directors,
or committee thereof, as may be required by law, rule, or regulation. Executive shall have such other duties and hold such other titles
as may be given to him from time to time by the President or the Boards of Directors of the Corporation and the Bank provided that such
duties are consistent with the Executive’s position as Senior Executive Vice President/Chief Strategy Officer and Head of Mortgage
Division.

    1 

     

    

		3.	Engagement in Other Employment. Executive shall devote all of his working time, ability and attention to the business
of the Corporation and the Bank and/or their subsidiaries or affiliates, during the term of this Agreement. The Executive shall seek approval
of the President and CEO of the Corporation and of the Bank in writing before the Executive engages in any other business or commercial
duties or pursuits, including but not limited to, directorships of other companies. Under no circumstances may the Executive engage in
any business or commercial activities, duties or pursuits which compete with the business or commercial activities of the Corporation,
the Bank and/or any of their subsidiaries or affiliates nor may the Executive serve as a director or officer or in any other capacity
in a company which competes with the Corporation, the Bank and/or any of their subsidiaries
or affiliates. Executive shall not be precluded, however, upon written notification to the President and CEO, from engaging in voluntary
or philanthropic endeavors, from engaging in activities designed to maintain and improve his professional skills, or from engaging in
activities incident or necessary to personal investments, so long as they are, in the President and CEO’s reasonable opinion, not
in conflict with or detrimental to the Executive’s rendition of services on behalf of the Corporation, the Bank and/or any of their
subsidiaries or affiliates. Notwithstanding the foregoing, nothing herein shall preclude Executive from (i) owning equity interests and
providing services to the business set forth on Schedule 3, as may be amended from time to time (the “Permitted Businesses”),
provided that such Permitted Businesses do not violate the restrictions set forth in Section 9 and the Executive’s services to such
Permitted Businesses do not to materially interfere, individually or in the aggregate, with the performance of Executive’s duties
and responsibilities hereunder.

 

		4.	Term of Agreement.

 

		(a)	This Agreement shall be for a three (3) year period (the “Employment Period”) beginning October 28, 2022, and if not previously
terminated pursuant to the terms of this Agreement, the Employment Period shall end three (3) years later (the “Initial Term”).
The Employment Period shall be extended automatically for successive three (3) year terms after the expiration of the Initial Term (each
successive term shall be referred to as a “Renewal Term”) unless the Corporation, the Bank, or Executive gives written notice
on non-renewal of this Employment Agreement to the other not less than one hundred eighty (180) days before the expiration of the Initial
Term or any Renewal Term, the Employment Period shall be and continue for a three (3) year period thereafter. References in the Agreement
to “Employment Period” shall refer to the Initial Term of this Agreement and any Renewal Term. It is the intention of the
parties that this Agreement be “Evergreen” unless (i) either party gives written notice to the other party of his or its intention
not to renew this Agreement as provided above or (ii) this Agreement is terminated pursuant to Section 4(b) hereof.

 

    2 

     

    

		(b)	Notwithstanding the provisions of Section 4(a) of this Agreement, this Agreement shall terminate automatically for Cause (as defined
herein) upon written notice from the Board of Directors of the Corporation or the Bank to Executive. As used in this Agreement, “Cause”
shall mean any of the following:

 

(i)       Executive’s
conviction of or plea of guilty or nolo contendere to a felony, a crime of falsehood or a crime involving moral turpitude, or the actual
incarceration of Executive;

 

(ii)       Executive’s
failure to follow the good faith lawful instructions of the Boards of Directors or the President and CEO of the Corporation or the Bank
with respect to their operations;

 

(iii)       Executive’s
willful failure to substantially perform Executive’s duties to the Corporation or the Bank, other than a failure resulting from
Executive’s incapacity because of physical or mental illness, as provided in subsection (d) of this Section 4;

 

(iv)       Executive’s
intentional violation of the provisions of this Agreement;

 

(v)       dishonesty
or gross negligence of the Executive in the performance of his duties;

 

(vi)       Executive’s
removal or prohibition from being an institutional-affiliated party by a final order of an appropriate federal banking agency pursuant
to Section 8(e) or 8(g) of the Federal Deposit Insurance Act or by any state or federal regulatory agency or any other correspondence
from the Bank’s regulators instructing the Bank to terminate, remove or limit the authority or activities of the Executive;

 

(vii)       conduct
by the Executive as determined by an affirmative vote of seventy-five percent (75%) of the disinterested members of the Board of Directors
of the Corporation which brings public discredit to the Corporation or the Bank and which results or may be reasonably expected to result
in material financial or reputational harm to the Corporation or the Bank;

 

(viii)       Executive’s
breach of fiduciary duty involving personal profit;

 

(ix)       unlawful
harassment by the Executive against employees customers, business associates, contractors, or vendors of the Corporation or the Bank,
as determined by an affirmative vote of seventy-five percent (75%) of the disinterested members of the Board of Directors of the Corporation;

 

    3 

     

    

(x)       the
willful violation by the Executive of the provisions of Sections 9, 10, or 11 hereof, after written notice from the Corporation;

 

(xi)       the
willful violation of any law, rule or regulation governing banks or bank officers or any Bank policy, or receipt of any cease and desist
order issued by a bank regulatory authority;

 

(xii)       theft
or abuse by Executive of the Corporation’s or the Bank’s property or the property of the Corporation’s or the Bank’s
customers, employees, contractors, vendors, or business associates;

 

(xiii)       any
act of fraud, misappropriation or personal dishonesty;

 

(xiv)       insubordination
as determined by an affirmative vote of seventy-five percent (75%) of the disinterested members of Board of Directors of the Corporation,
after written notice from the Corporation and a failure to cure such violation within fifteen (15) days of said written notice;

 

(xv)       the
existence of any material conflict between the interests of the Corporation or the Bank and the Executive that is not disclosed in writing
by the Executive to the Corporation and the Bank and approved in writing by the Boards of Directors of the Corporation and the Bank; or

 

(xvi)       gross
neglect or incompetence in the performance of Executive’s duties as determined by the affirmative vote of seventy-five percent (75%)
of the disinterested members of the Board of Directors of the Corporation.

 

If this Agreement is terminated for
Cause, all of Executive’s rights under this Agreement shall cease as of the effective date of such termination, except for the rights
under Section 20 hereof with respect to arbitration.

 

		(c)	Notwithstanding the provisions of Section 4(a) of this Agreement, this Agreement shall terminate automatically upon Executive’s
voluntary termination of employment for Good Reason. The term “Good Reason” shall mean (i) the assignment of duties and responsibilities
materially inconsistent with Executive’s status as Senior Executive Vice President/Chief Strategy Officer and Head of Mortgage Division
of the Corporation or of the Bank, (ii) a reassignment which requires Executive to move his principal residence or his office more than
twenty five (25) miles from the Bank’s principal executive office immediately prior to this Agreement, (iii) any removal of Executive
from office or any materially adverse change in the terms, conditions, responsibilities, duties, reporting, compensation, or benefits
of Executive’s employment, except for any termination of Executive’s employment for Cause, or unless in accordance with this
Agreement, (iv) any reduction in the Executive’s Annual Base Salary as in effect on the date hereof or as the same may be increased
from time to time unless such reduction is the result of a reduction applicable to all employees (provided that such reduction does not
result in a proportionately greater adverse change in the Annual Base Salary of Executive as compared with any other executive officers
of the Bank or the executive group of which Executive is a member), or (v) any failure of the Bank to provide the Executive with benefits
at least as favorable as those enjoyed by the Executive during the Employment Period under any of the pension, life insurance, medical,
health and accident, disability or other employee plans of the Bank, or the taking of any action that would materially reduce any of such
benefits unless such reduction is part of a reduction applicable to all employees or the executive group which the Executive is a member
of at the time of the change.

 

    4 

     

    

Executive shall within sixty (60)
days of the occurrence of any of the foregoing events, provide notice to the Bank of the existence of the condition and provide the Bank
thirty (30) days in which to cure such condition. In the event that the Bank does not cure the condition within thirty (30) days of such
notice, Executive may resign from employment for Good Reason by delivering written notice ("Notice of Termination") to the Bank.

 

If such termination occurs for Good
Reason and such termination constitutes a Separation of Service as defined by Internal Revenue Code of 1986, as amended (“Code”)
Section 409A (“Separation of Service”), then the Bank shall pay Executive an amount equal to the Executive’s remaining
Annual Base Salary that would otherwise be due and payable under the Agreement to the Executive for the remaining Employment Period, minus
applicable taxes and withholdings, payable in equal monthly installments over the remaining Employment Period. Such amount in the aggregate
shall not exceed 2.99 times Executive’s Annual Base Salary or be less than 1.00 times Executive’s Annual Base Salary. In addition,
for a period of one (1) year from the date of Separation of Service, or until Executive secures benefits of comparable coverage through
other employment, whichever shall first occur, Executive shall receive a continuation of all life, disability, medical insurance and other
normal health and welfare benefits in effect or that would otherwise be provided, and available with respect to Executive during the one
(1) year prior to his termination of employment or at the time of his termination of employment under the terms of and as provided by
the medical insurance plan then in effect in which he and his spouse were participants, or, if the Bank cannot legally provide such benefits
because Executive is no longer an employee, or future law or plans do not permit so, the Bank shall reimburse Executive in an amount equal
to the monthly premium paid by him to obtain comparable coverage for employee benefits which he enjoyed prior to termination, subject
to Code Section 409A if applicable.

 

    5 

     

    

		(d)	Notwithstanding the provisions of Section 4(a) of this Agreement, this Agreement shall terminate automatically upon Executive’s
Disability and Executive’s rights under this Agreement shall cease as of the date of such termination; provided, however, that Executive
shall nevertheless be entitled to receive any amount payable under any disability plan of the Bank for which he is eligible. Disability
shall have the meaning provided in Code Section 409A and the regulations promulgated thereunder.

 

		(e)	In the event that Executive terminates his employment without Good Reason as defined in Section 4(c), or retires, all of Executive’s
rights under this Agreement shall cease as of the effective date of such termination, except for the rights under Paragraph 20 hereof
with respect to arbitration.

 

		(f)	Upon the expiration or termination of the Employment Period and this Agreement, all of Executive’s rights under this Agreement
shall cease; however, the provisions of Paragraphs 9 and 10 shall survive the expiration or termination of the Employment Period and the
termination of this Agreement regardless of reason.

 

		(g)	Executive agrees that in the event his employment under this Agreement is terminated, Executive shall resign and by this Agreement
does upon such event resign as a director of the Corporation and the Bank, or any affiliate or subsidiary thereof, if he is then serving
as a director of any of such entities.

 

		(h)	Notwithstanding any other provision hereunder, upon termination of this Agreement for any reason, Executive
or Executive’s estate shall be paid (i) accrued compensation (including, without limitation, all accrued mortgage incentive and
commission bonuses) through the date of termination and (ii) any amount accrued and arising from Executive’s participation in, or
benefits accrued under any employee benefit plans, programs or arrangements, which amounts shall be payable in accordance with the terms
and conditions of such employee benefit plans, programs or arrangements.

 

		5.	Employment Period Compensation.

 

		(a)	Annual Base Salary. For services performed by Executive under this Agreement, the Bank shall pay Executive an Annual Base Salary
during the Employment Period at the rate of $150,000 per year, minus applicable withholdings and deductions, payable at the same times
as salaries are payable to other executive employees of the Bank. The Bank may, from time to time, increase Executive’s Annual Base
Salary or in the event of a reduction applicable to all employees reduce Executive’s Annual Base Salary (provided that such reduction
does not result in a proportionately greater adverse change in the Annual Base Salary of Executive as compared with other executive officers
of the Bank or the executive group of which Executive is a member), and any and all such increases or reductions shall be deemed to constitute
amendments to this Section 5(a) to reflect the increased or reduced amounts, effective as of the date established for such increases or
reductions by the Board of Directors of the Bank or any committee of such Board.

 

    6 

     

    

		(b)	Bonus. For services performed by Executive under this Agreement, the Bank may, from time to time, pay a bonus or bonuses to
Executive as the Bank or an affiliate thereof, in its sole discretion, deems appropriate. The payment or nonpayment of any such bonuses
shall not reduce or otherwise affect any other obligation of the Bank to Executive provided for in this Agreement. In addition, the Corporation
shall provide (as of the date of execution of this Agreement) the Executive with a Restricted Stock Unit Grant of the Corporation’s
Common Stock as delineated on Schedule 2 hereto.

 

		(c)	Paid Time-Off. During the term of this Agreement, Executive shall be entitled to Paid Time-Off in accordance with the manner
provided under the paid time-off plan then in effect.

 

		(d)	Employee Benefit Plans. During the term of this Agreement, Executive shall be entitled to participate in or receive the benefits
of any employee benefit plan currently in effect at the Bank, subject to the terms of said plan, until such time that the Board of Directors
of the Bank authorize a change in such benefits. The Bank shall not make any changes in such plans or benefits which would materially
and adversely affect Executive’s rights or benefits thereunder, unless such change occurs pursuant to a program applicable to all
executive officers of the Bank, or the executive group which the Executive is a member of at the time of the change, and does not result
in a proportionately greater adverse change in the rights of or benefits to Executive as compared with any other executive officers of
the Bank or the executive group of which Executive is a member. Nothing paid to Executive under any plan or arrangement presently in effect
or made available in the future shall be deemed to be in lieu of the salary payable to Executive pursuant to Section 5(a) hereof.

 

		(e)	Business Expenses. During the term of this Agreement, Executive shall be entitled to receive prompt reimbursement for all reasonable
expenses incurred by him, which are properly accounted for, in accordance with the policies and procedures established by the Board of
Directors of the Bank for its executive officers.

 

 

    7 

     

    

		6.	Termination of Employment Following Change in Control.

 

		(a)	If a Change in Control (as defined in Section 6(b) of this Agreement) shall occur and Executive experiences an involuntary separation
of service as defined in Code Section 409A (“Separation of Service”) without Cause within two (2) years after the Change in
Control, then the provisions of Section 7 of this Agreement shall apply.

 

		(b)	As used in this Agreement, “Change in Control” shall mean the change in ownership or effective control of the Corporation
as further defined by Treasury Regulation §1.409A-3(i)(5).

 

 

		7.	Rights in Event of Termination Following a Change in Control.

 

		(a)	In the event that Executive is involuntarily terminated without Cause within one (1) year after a Change in Control (as defined in
Section 6(b) of this Agreement) and such termination of employment constitutes a Separation of Service, then the Bank shall pay Executive
a lump sum amount equal to 1.5 times the Executive’s Annual Base Salary, minus applicable taxes and withholdings, payable within
thirty (30) days of Executive’s Separation of Service. In addition, for a period of one (1) year from the date of Separation of
Service, or until Executive secures benefits of comparable coverage through other employment, whichever shall first occur, Executive shall
receive a continuation of all life, disability, medical insurance and other normal health and welfare benefits in effect with respect
to Executive and his spouse during the one (1) year prior to his termination of employment at the time of his termination of employment
under the terms of and as provided by the medical insurance plan then in effect in which he and his spouse were participants, or, if the
Bank cannot legally provide such benefits because Executive is no longer an employee, or future law or plans do not permit so, the Bank
shall reimburse Executive in an amount equal to the monthly premium paid by him to obtain comparable coverage for employee benefits which
he and his spouse enjoyed prior to termination, subject to Code Section 409A if applicable.

 

		(b)	Executive shall not be required to mitigate the amount of any payment provided for in this Section 7 by seeking other employment or
otherwise. Unless otherwise agreed to in writing, the amount of payment or the benefit provided for in this Section 7 shall not be reduced
by any compensation earned by Executive as the result of employment by another employer or by reason of Executive’s receipt of or
right to receive any retirement or other benefits after the date of termination of employment or otherwise.

 

This Section 7 and the provisions
and terms hereof shall be subject to Sections 19 and 21 of this Agreement.

 

    8 

     

    

		8.	Rights in Event of Termination of Employment Absent Change in Control.

 

		(a)	In the event that Executive’s employment is involuntarily terminated by the Corporation and the Bank without Cause and no Change
in Control has occurred at the date of such termination and such termination constitutes a Separation of Service, then the Bank shall
pay Executive an amount equal to the Executive’s remaining Annual Base Salary that would otherwise be due and payable under the
Agreement to the Executive for the remaining Employment Period, minus applicable taxes and withholdings, payable in equal monthly installments
over the remaining Employment Period. Such amount in the aggregate shall not exceed 2.99 times Executive’s Annual Base Salary or
be less than 1.00 times Executive’s Annual Base Salary. In addition, for a period of one (1) year from the date of Separation of
Service, or until Executive secures benefits of comparable coverage through other employment, whichever shall first occur, Executive shall
receive a continuation of all life, disability, medical insurance and other normal health and welfare benefits in effect with respect
to Executive during the one (1) year prior to his termination of employment at the time of his termination of employment under the terms
of and as provided by the medical insurance plan then in effect in which he and his spouse were participants, or, if the Bank cannot legally
provide such benefits because Executive is no longer an employee, or future law or plans do not permit so, the Bank shall reimburse Executive
in an amount equal to the monthly premium paid by him to obtain comparable coverage for employee benefits which he enjoyed prior to termination,
subject to Code Section 409A if applicable.

 

		(b)	Executive shall not be required to mitigate the amount of any payment provided for in this Section 8 by seeking other employment or
otherwise. Unless otherwise agreed to in writing, the amount of payment or the benefit provided for in this Section 8 shall not be reduced
by any compensation earned by Executive as the result of employment by another employer or by reason of Executive’s receipt of or
right to receive any retirement or other benefits after the date of termination of employment or otherwise.

 

This Section 8 and the provisions and terms
hereof shall be subject to Sections 19 and 21 of this Agreement.

 

		9.	Covenant Not to Compete.

 

		(a)	Executive hereby acknowledges and recognizes the highly competitive nature of the business of the Corporation and the Bank and accordingly
agrees that, during employment and for one year following termination of employment regardless of the reason for termination, Executive
shall not, except as otherwise permitted in writing by the Bank:

 

    9 

     

    

 (i)       (A) in any county in which, as of the date of Executive’s termination, a branch, office or other facility of the Corporation or the Bank is located or in any county contiguous to such county, or (B) in the area which is within 25 miles from any branch office or other facility of the Corporation or Bank as of the date of Executive’s termination (“Non-Competition Area”), be engaged, directly or indirectly, either for his own account or as agent, consultant, employee, partner, officer, director, proprietor, investor (except as an investor owning less than 5% of the stock of a publicly owned company) or otherwise of any person, firm, corporation or enterprise engaged in (1) the banking (including bank holding company) or financial services industry, or (2) any other activity in which the Corporation or the Bank or any of their subsidiaries are engaged during the Employment Period;

 

 (ii)       provide financial or other assistance to any person, firm, corporation, or enterprise engaged in (1) the banking (including bank holding company) or financial services industry, or (2) any other activity in which the Corporation or the Bank or any of their subsidiaries are engaged during the Employment Period, in the Non-Competition Area;

 

 (iii)       directly or indirectly solicit persons or entities who were customers or referral sources of the Corporation, the Bank or their subsidiaries within one (1) year prior to Executive’s termination of employment, to become a customer or referral source of a person or entity other than the Corporation, the Bank or their subsidiaries; or

 

 (iv)       directly or indirectly solicit employees of the Corporation, the Bank or their subsidiaries who were employed within one (1) year prior to Executive’s termination of employment to work for anyone other than the Corporation, the Bank or their subsidiaries.

 

		(b)	It is expressly understood and agreed that, although Executive and the Corporation and the Bank consider the restrictions contained
in Section 9(a) hereof reasonable for the purpose of preserving for the Corporation and the Bank and their subsidiaries their good will
and other proprietary rights, if a final judicial determination is made by a court having jurisdiction that the time or territory or any
other restriction contained in Section 9(a) hereof is an unreasonable or otherwise unenforceable restriction against Executive, the provisions
of Section 9(a) hereof shall not be rendered void but shall be deemed amended to apply as to such maximum time and territory and to such
other extent as such court may judicially determine or indicate to be reasonable.

 

    10 

     

    

		10.	Unauthorized Disclosure. During the term of his employment hereunder, or at any later time, Executive shall not, without
the written consent of the Board of Directors of the Bank or a person authorized thereby, knowingly disclose to any person, other than
an employee of the Corporation or the Bank or a person to whom disclosure is reasonably necessary or appropriate in connection with the
performance by Executive of his duties as an executive of the Bank, any material confidential information obtained by him while in the
employ of the Bank with respect to any of the Corporation’s and the Bank’s services, products, improvements, formulas, designs
or styles, processes, customers, methods of business, strategic, business, capital, or human resource plans, or any business practices
the disclosure of which could be or will be damaging to the Corporation or the Bank; provided, however, that confidential information
shall not include any information known generally to the public (other than as a result of unauthorized disclosure by Executive or any
person with the assistance, consent or direction of the Executive) or any information of a type not otherwise considered confidential
by persons engaged in the same business or a business similar to that conducted by the Corporation and the Bank or any information that
must be disclosed as required by law.

 

		11.	Work Made for Hire. Any work performed by the Executive under this Agreement is considered a “Work Made for Hire”
as the phrase is defined by the Copyright Act of 1976 and shall be owned by and for the express benefit of Bank and its subsidiaries and
affiliates. In the event it is established that such work does not qualify as a Work Made for Hire, the Executive agrees to and does hereby
assign to Bank, and its affiliates and subsidiaries, all of his rights, title, and/or interest in such work product, including, but not
limited to, all copyrights, patents, trademarks, and proprietary rights. For the sake of clarity, any work performed for a Permitted Business
shall not be considered “Work Made for Hire” or otherwise subject to this provision.

 

		12.	Return of Company Property and Documents. The Executive agrees that, at the time of termination of his employment, regardless
of the reason for termination, he will deliver to Bank and its subsidiaries and affiliates, any and all company property, including, but
not limited to, keys, security codes or passes, mobile telephones, electronic notebooks, laptops, automobiles, strategic, business, capital
or human resource plans, records, data, notes, reports, proposals, lists, correspondence, specifications, drawings, blueprints, sketches,
software programs, equipment, other documents or property, or reproductions of any of the aforementioned items developed or obtained by
the Executive during the course of his employment.

 

		13.	Liability Insurance. The Bank shall obtain liability insurance coverage, if available, for the Executive under an insurance
policy with similar terms as that which is currently covering officers and directors of Bank against lawsuits, arbitrations or other legal
or regulatory proceedings.

 

		14.	Notices. Except as otherwise provided in this Agreement, 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,
to Executive’s residence, in the case of notices to Executive, and to the principal executive office of the Bank, in the case of
notices to the Bank.

 

    11 

     

    

		15.	Waiver. No provision of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge
is agreed to in writing and signed by Executive and an executive officer specifically designated by the Board of Directors of the Bank.
No waiver by either party hereto at any time of any breach by the other party hereto of, or compliance with, any condition or provision
of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the
same or at any prior or subsequent time.

 

		16.	Assignment. This Agreement shall not be assignable by any party, except by the Corporation or the Bank to any successor
in interest to its respective businesses.

 

		17.	Entire Agreement. This Agreement supersedes any and all agreements, either oral or in writing, among or between the
parties with respect to the employment of the Executive by the Bank and/or Corporation. This Agreement contains all the covenants and
agreements between the parties with respect to employment and termination of employment.

 

		18.	Successors; Binding Agreement. 

 

		(a)	The Bank will require any successor (whether direct or indirect, by purchase, merger, consolidation, or otherwise) to all or substantially
all of the businesses and/or assets of Bank to expressly assume and agree to perform this Agreement in the same manner and to the same
extent that Bank would be required to perform it if no such succession had taken place. Failure by Bank to obtain such assumption and
agreement prior to the effectiveness of any such succession shall constitute a breach of this Agreement and the provisions of Section
7 of this Agreement shall apply. As used in this Agreement, “Corporation” and “Bank” shall mean Corporation and
Bank, as defined previously and any successor to their respective businesses and/or assets as aforesaid which assumes and agrees to perform
this Agreement by operation of law or otherwise.

 

		(b)	This Agreement shall inure to the benefit of and be enforceable by Executive’s personal or legal representatives, executors,
administrators, heirs, distributees, devisees and legatees. If Executive should die after a Change in Control or following termination
of Executive’s employment without Cause, and any amounts would be payable to Executive under this Agreement if Executive had continued
to live, all such amounts shall be paid in accordance with the terms of this Agreement to Executive’s devisee, legatee, or other
designee, or, if there is no such designee, to Executive’s estate.

 

    12 

     

    

		19.	Code Section 409A

 

		(a)	Any payments made pursuant to this Agreement, to the extent of payments made from the date of termination through March 15th of the
calendar year following such date, are intended to constitute separate payments for purposes of Treas. Reg. §1.409A-2(b)(2) and thus
payable pursuant to the “short-term deferral” rule set forth in Treas. Reg. §1.409A-1(b)(4); to the extent such payments
are made following said March 15th, they are intended to constitute separate payments for purposes of Treas. Reg. §1.409A-2(b)(2)
made upon an involuntary termination from service and payable pursuant to Treas. Reg. §1.409A-1(b)(9)(iii), to the maximum extent
permitted by said provision.

 

		(b)	The parties hereto intend that any and all post-employment compensation under this Agreement satisfy the requirements of Section 409A
or an exception or exclusion therefrom to avoid the imposition of any accelerated or additional taxes pursuant to Section 409A. Any terms
not specifically defined shall have the meaning as set forth in Section 409A.

 

		(c)	If when the Executive’s employment terminates, the Executive is a “specified employee,” as defined in Code Section
409A(a)(2)(B)(i), then despite any provision of this Agreement or other plan or agreement to the contrary, the Executive will not be entitled
to the payments until the earliest of: (a) the date that is at least six months after the Executive’s Separation from Service for
reasons other than the Executive’s death, (b) the date of the Executive’s death, or (c) any earlier date that does not result
in additional tax or interest to the Executive under Code Section 409A. As promptly as possible after the end of the period during which
payments are delayed under this provision, the entire amount of the delayed payments shall be paid to the Executive in a single lump sum
with any remaining payments to commence in accordance with the terms of this Agreement or other applicable plan or agreement.

 

		(d)	Notwithstanding the foregoing, no payment shall be made pursuant to this Agreement unless such termination of employment is a “separation
of service” as defined in Code Section 409A.

 

		(e)	409A Safe Harbor. Notwithstanding anything in this Agreement to the contrary, in no event shall the
Corporation or Bank be obligated to commence payment or distribution to the Executive of any amount that constitutes nonqualified deferred
compensation within the meaning of Code Section 409A (“Section 409A”) earlier than the earliest permissible date under Section
409A that such amount could be paid without additional taxes or interest being imposed under Section 409A. The Corporation, Bank and Executive
agree that they will execute any and all amendments to this Agreement as they mutually agree in good faith may be necessary to ensure
compliance with the distribution provisions of Section 409A, to be paid or distributed in a single sum payment at the earliest permissible
date under Section 409A. Without limiting the generality of the foregoing, in the event Executive is to receive a payment of compensation
hereunder that is or account of a Separation from Service, such payment is subject to the provisions of Section 409A, and Executive is
a key employee of the Corporation or Bank, then payment shall not be made before the date that is six months after the date of Separation
from Service (or, if earlier than the end of the six month period, the date of the Executive’s death). Amounts otherwise payable
during such six month payment shall be accumulated and paid in a lump sum on the first day of the seventh month. For purposes hereof,
Executive is a key employee of the Corporation or Bank if, on his date of separation from service, the Corporation is publicly traded
and he met the definition key employee found in Code Section 416(i)(1)(A)(i), (ii) or (iii) (disregarding Section 416(i)(5)) as of the
last day of the calendar year preceding the date of separation.

 

    13 

     

    

		20.	Arbitration. The Corporation, Bank and Executive recognize that in the event a dispute should arise among or between
them concerning the interpretation or implementation of this Agreement, lengthy and expensive litigation will not afford a practical resolution
of the issues within a reasonable period of time. Consequently, each party agrees that all disputes, disagreements and questions of interpretation
concerning this Agreement (except for any enforcement sought with respect to Sections 9, 10, 11 or 12 which may be litigated in court,
including an action for injunction or other relief) are to be submitted for resolution, in Lancaster, Pennsylvania, to the American Arbitration
Association (the “Association”) in accordance with the Association’s National Rules for the Resolution of Employment
Disputes or other applicable rules then in effect (“Rules”). The Corporation, Bank or Executive may initiate an arbitration
proceeding at any time by giving notice to the other in accordance with the Rules. The Corporation, Bank and Executive may, as a matter
of right, mutually agree on the appointment of a particular arbitrator from the Association’s pool. The arbitrator shall not be
bound by the rules of evidence and procedure of the courts of the Commonwealth of Pennsylvania but shall be bound by the substantive law
applicable to this Agreement. The decision of the arbitrator, absent fraud, duress, incompetence or gross and obvious error of fact, shall
be final and binding upon the parties and shall be enforceable in courts of proper jurisdiction. Following written notice of a request
for arbitration, the Corporation, Bank and Executive shall be entitled to an injunction restraining all further proceedings in any pending
or subsequently filed litigation concerning this Agreement, except as otherwise provided herein or any enforcement sought with respect
to Sections 9, 10, 11 or 12 of this Agreement, including an action for injunction or other relief.

 

		21.	Code Sections 280G and 4999. In the event the payment described herein, when added to all other amounts or benefits
provided to or on behalf of the Executive in connection with his termination of employment, would result in the imposition of an excise
tax under Section 4999 of the Code, such payments shall be retroactively reduced to the extent necessary to avoid such excise tax imposition.
Upon written notice to Executive, together with calculations from the Corporation, Executive shall remit to Corporation the amount of
the reduction plus such interest as may be necessary to avoid the imposition of such excise tax. Notwithstanding the foregoing or any
other provision of this contract to the contrary, if any portion of the amount herein payable to the Executive is determined to be non-deductible
pursuant to the regulations promulgated under Section 280G of the Code, then Corporation shall be required only to pay to Executive the
amount determined to be deductible under Section 280G.

 

    14 

     

    

		22.	Validity. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability
of any other provision of this Agreement, which shall remain in full force and effect.

 

		23.	Applicable Law. This Agreement shall be governed by and construed in accordance with the domestic, internal laws of
the Commonwealth of Pennsylvania, without regard to its conflicts of laws principles.

 

		24.	Consent to Jurisdiction. To the extent that any court action is permitted consistent with
or to enforce this Agreement, the parties hereby consent to the jurisdiction of the Court of Common Pleas of Lancaster County located
in Lancaster, Pennsylvania. Accordingly, with respect to any such court action, Executive (a) submits to the personal jurisdiction of
such court; (b) consents to service of process; and (c) waives any other requirement (whether imposed by statute, rule of court or otherwise)
with respect to personal jurisdiction or service of process.

 

		25.	Headings. The section headings of this Agreement are for convenience only and shall not control or affect the meaning
or construction or limit the scope or intent of any of the provisions of this Agreement.

 

 

 

(Remainder of page intentionally
left blank)

 

 

    15 

     

    

 

IN WITNESS WHEREOF, the parties
have executed this Agreement as of the date below.

 

	ATTEST:	 	ENB FINANCIAL CORP
	 	 	 	 	 
	/s/ Adrienne L. Miller	 	By	/s/ Jeffrey S. Stauffer
	 	 	 	 	Jeffrey S. Stauffer
	Date:	October 31, 2022	 	 	President and CEO
	 	 	 
	ATTEST:	 	THE EPHRATA NATIONAL BANK
	 	 	 	 	 
	/s/ Adrienne L. Miller	 	By	/s/ Jeffrey S. Stauffer
	 	 	 	 	Jeffrey S. Stauffer
	Date:	October 31, 2022	 	 	President and CEO
	 	 	 	 
	 	 	 	EXECUTIVE
	 	 	 	/s/ Chad E. Neiss
	 	 	 	Chad E. Neiss

 

 

 

 

    16 

     

    

 

 

Schedule 1

 

None.

 

 

 

 

 

 

    17 

     

    

Schedule 2

 

Participant’s
Restricted Stock Unit Grant

 

A. Declaration of Award to Participant

 

As additional
consideration for entering into an Employment Agreement dated October 28, 2022 with the ENB Financial Corp and The Ephrata National Bank,
(“Company”), (the “Employment Agreement”) and in recognition of the Participant's role in the Company and the
extent of opportunities for the executive to contribute to the growth and success of the business, the Board of Directors of the Company
hereby grants to the Participant on the Grant Date an award of “893” units of Company common stock, par value $0.10 per share
(“Restricted Company Stock”), at $16.80 per share, the Fair Market Value (FMV) of the stock on the Grant Date, on the terms,
conditions and subject to the restrictions set forth in this Exhibit to Employment Agreement, which terms are incorporated therein.

 

B. Terms and Conditions of the Restricted Stock
Unit Grant

 

		1.	Vesting of Interests in the Grant. The Participant will vest interests in
the grant over a three (3) year period at a rate of 33 1/3% on each anniversary of the grant.

 

Further, if
the Participant voluntarily terminates employment for any reason, but violates the noncompetition/nonsolicitation provisions of the Employment
Agreement, any interests that have not yet been distributed will be forfeited.

 

		2.	Restricted Period. The foregoing vesting schedule notwithstanding, if the
Participant's continuous service terminates for any reason at any time before all of his or her Restricted Company Stock has vested, the
Participant's unvested Restricted Company Stock shall be automatically forfeited upon such termination of continuous service and neither
the Company nor any affiliate shall have any further obligations to the Participant under the Employment Agreement.

 

		3.	Participant's Rights. Participant will enjoy rights and privileges accorded
Shareholders, including voting rights and receipt of dividends, on those portions of the grant that have vested. Any dividends received
on vested portions of this award will be treated as ordinary income for tax purposes.

 

		4.	Investment Requirement. The Participant is not required to make any investment
in the Company in order to participate in this grant.

 

		5.	Distribution of Vested Interests. Vested portions of this grant will be distributed
to the Participant as soon as practical following vesting in shares of Company common stocks.

 

		6.	Nontransferability of Grant. The Participant's rights and financial interests in this award may
not be transferred other than by will or laws of descent and distribution.

 

    18 

     

    

		7.	Tax Liability and Withholding. The ultimate liability for all Tax-Related
Items is and remains the Participant's responsibility and the Company (a) makes no representation or undertakings regarding the treatment
of any Tax-Related Items in connection with the grant or vesting of the Restricted Stock or the subsequent sale of any shares; and (b)
does not commit to structure the Restricted Stock to reduce or eliminate the Grantee's liability for Tax-Related Items.

 

		8.	Compliance with Law. The issuance and transfer of shares of common stock
shall be subject to compliance by the Company and the Participant with all applicable requirements of federal and state securities laws
and with all applicable requirements of any stock exchange on which the Company's shares of common stock may be listed or quoted. No shares
of common stock shall be issued or transferred unless and until any then applicable requirements of state and federal laws and regulatory
agencies have been fully complied with to the satisfaction of the Company and its counsel. The Participant understands that the Company
is under no obligation to register the shares of common stock with the Securities and Exchange Commission, any state securities commission
or any stock exchange to effect such compliance.

 

 

 

 

    19 

     

    

 

Schedule 3

		1.	Home One LLC, a Pennsylvania limited liability company.

 

		2.	Friends of Lancaster Ice Rink, LLC, a Pennsylvania limited liability company.

 

		3.	Chatom LLC, a Pennsylvania limited liability company.

 

		4.	Roam Records, When in Roam, Chad Neiss Productions and any related entities with respect to the creation, composition, copyright,
production, promotion, marketing, distribution or performance of music, including corresponding artwork and videos.

 

 

    20

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