Document:

EX-10.6

 Exhibit 10.6 

EMPLOYMENT AGREEMENT 

THIS AGREEMENT is made as of the 10th day of December 2020, among LINKBANCORP,
Inc., a Pennsylvania Corporation (the “Corporation”), and The Gratz Bank, a Commonwealth of Pennsylvania chartered bank (the “Bank”), and Kevin W. Laudenslager, a Pennsylvania resident (“Employee”). 

WITNESSETH: 

WHEREAS, the Corporation, LINKBANK, a Pennsylvania-chartered bank and wholly-owned subsidiary of the Corporation
(“LINKBANK”), GNB Financial Services, Inc., a Pennsylvania corporation (“GNB”), and the Bank, a wholly-owned subsidiary of GNB, have entered into that certain Agreement and Plan of Merger, dated as of the date hereof (as amended,
restated or otherwise modified from time to time, the “Merger Agreement”), pursuant to which, at the Effective Time (as that term is defined in the Merger Agreement), and subject to and upon the terms and conditions of the Merger
Agreement, GNB will merge with and into the Corporation, with the Corporation surviving, and immediately thereafter, LINKBANK will merge with and into the Bank, with the Bank surviving; 

WHEREAS, Employee is currently an employee of GNB and the Bank and is a party to that certain Employment Agreement with GNB and the
Bank, dated as of November 28, 2018 (the “Existing Agreement”); 
 WHEREAS, the Corporation and the Bank desire to
employ Employee as Senior Vice President, Market President, The Gratz Bank Region of the Bank, and Employee desires to serve as Senior Vice President, Market President, The Gratz Bank Region of the Bank; 

WHEREAS, concurrently with the execution of the Merger Agreement, the Corporation, the Bank and Employee desire to enter into this
Agreement; and 
 WHEREAS, the Corporation, the Bank and Employee by this Agreement shall declare as null and void the
Existing Agreement. 
 AGREEMENT: 

NOW, THEREFORE, in consideration of the covenants hereinafter set forth, and intending to be legally bound hereby, the Parties agree,
effective the date hereof, as follows: 
 1. Employment. The Bank and the Corporation hereby employ Employee and
Employee hereby accepts employment with the Bank and the Corporation, under the terms and conditions set forth in this Agreement, effective from and after the Effective Time; provided, however, that in the event the Effective Time does not occur or
the Merger Agreement is otherwise terminated, this Agreement shall thereupon become null and void. 
 2. Duties of
Employee. Employee shall serve as the Senior Vice President, Market President, The Gratz Bank Region of the Bank. Employee shall have such other duties and hold such other titles, as may be provided by the bylaws of the Bank and the
Corporation and as may be given to him from time to time by the Boards of Directors of the Bank and the Corporation (collectively, the “Boards”). 

 3. Employment in Other Employment. Except as set forth herein, Employee
shall devote all of his working time, ability and attention to the business of the Bank and the Corporation and/or their subsidiaries or affiliates, during the term of this Agreement. Employee shall notify the Chief Executive Officer of the Bank in
writing before Employee engages in any other business or commercial duties or pursuit including but not limited to directorships of other companies. Under no circumstances may Employee engage in any business or commercial activities, duties or
pursuits which compete with the business or commercial activities of the Bank and the Corporation and/or any of their respective subsidiaries or affiliates nor may Employee serve as a director or officer or in any other capacity in a company which
competes with the Bank and the Corporation and/or any of their respective subsidiaries or affiliates. Employee shall not be precluded, however, 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 not in conflict with or detrimental to Employee’s rendition of services on behalf of the Bank and the
Corporation and/or any of their respective subsidiaries or affiliates. 
 4. Term of Agreement. 

(a) The term of Employee’s employment under this Agreement shall commence as of the Effective Time and shall continue through the second
anniversary of the date on which the Effective Time occurs (the “Initial Term”), unless terminated earlier pursuant to Section 4(b) hereof. The Employment Period shall be extended automatically for one additional year at the end of
the Initial Term, and then on each anniversary date thereafter, unless the Bank and the Corporation or Employee gives contrary written notice to the other not less than ninety (90) days before any such anniversary date. References in this
Agreement to “Employment Period” shall refer to the Initial Term and any extensions of the Initial 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. 

(b) Notwithstanding the provisions of Section 4(a) of this Agreement, the Bank and the Corporation may terminate Employee’s
employment at any time with or without Cause (as defined herein) upon written notice from the Boards to Employee. As used in this Agreement, “Cause” shall mean any of the following: 

 

	 	(i)	 Employee’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 Employee for a period of ten (10) consecutive days or more; 

  

	 	(ii)	 Employee’s failure to follow the good faith lawful instructions of the Boards, after written notice from
the Bank and the Corporation and a failure to cure such violation within thirty (30) days of said written notice; 

  
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	 	(iii)	 Employee’s willful failure to substantially perform Employee’s duties to the Bank and the
Corporation, other than a failure resulting from Employee’s incapacity because of physical or mental illness, as provided in subsection (d) of this Section 4, after written notice from the Bank and the Corporation and a failure to
cure such violation within thirty (30) days of said written notice; 

  

	 	(iv)	 Employee’s intentional violation of the provisions of this Agreement, after written notice from the Bank
and the Corporation and a failure to cure such violation within thirty (30) days of said written notice; 

  

	 	(v)	 dishonesty or gross negligence of Employee in the performance of his duties; provided Employee shall be given
written notice from the Bank and the Corporation of the alleged gross negligence and thirty (30) days in which to cure such violation, if such violation is curable; 

 

	 	(vi)	 Employee’s removal or prohibition from being an institutional-affiliated party by a final order of an
appropriate federal or state banking agency pursuant to Section 8(e) or 8(g) of the Federal Deposit Insurance Act or any other federal or state regulation; 

 

	 	(vii)	 Employee’s breach of fiduciary duty involving personal gain; 

 

	 	(viii)	 unlawful harassment by Employee against employees, customers, business associates, contractors, or vendors of
the Bank and the Corporation which results or may be reasonably expected to result in material liability to the Bank and the Corporation, as determined by the affirmative vote of two-thirds (2/3) of the
disinterested independent members of the Boards, following an investigation of the claims by a third party unrelated to the Bank and the Corporation chosen by Employee and the Bank and the Corporation; 

 

	 	(ix)	 the willful violation by Employee of the provisions of Sections 8, 9, or 10 hereof after notice from the Bank
and the Corporation and a failure to cure such violation within thirty (30) days of said notice; 

  

	 	(x)	 the willful violation by Employee of any law, rule or regulation governing banks or bank officers or any final
cease and desist order issued by a bank regulatory authority; 

  

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

  

	 	(xii)	 any act of fraud, misappropriation or personal dishonesty by Employee; 

 

	 	(xiii)	 conduct by Employee as determined by an affirmative vote of seventy-five percent (75%) of the disinterested
members of the Boards which brings 

  
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public discredit to the Bank and the Corporation and which results or may be reasonably expected to result in material financial or other harm to the Bank and the Corporation; 

 

	 	(xiv)	 insubordination by Employee as determined by an affirmative vote of seventy-five percent (75%) of the Boards,
after written notice from the Bank and the Corporation and a failure to cure such violation within thirty (30) days of said written notice; or 

  

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

 Before
taking any action under any subparagraphs above, Employee shall be entitled to appear before the Boards and present Employee’s position as to any issues about which Employee has been notified by the Boards in writing. Such appearance shall be
within a reasonable period of time following written notice to Employee of the issues but in no event longer than thirty (30) days after the date of said written notice. 

If Employee’s employment with the Bank and the Corporation is terminated for Cause, all of Employee’s rights under this Agreement
shall cease as of the effective date of such termination, except for the right to receive the Accrued Benefits (as defined herein) and the rights under Section 20 hereof with respect to arbitration. As used in this Agreement, “Accrued
Benefits” means (i) accrued but unpaid salary through the effective date of termination, (ii) a pro-rated bonus under Section 5(b), which shall be determined based on the number of days
that Employee was employed by the Bank and the Corporation during the applicable calendar year; provided, however, that Employee shall only be entitled to receive a pro-rated bonus if his employment is
involuntarily terminated by the Bank and the Corporation without Cause or Employee resigns for Good Reason, in each case during calendar years 2021 or 2022, (iii) any accrued but unused vacation time as of the effective date of termination, to the
extent required by applicable law or the terms of any paid time-off policy of the Bank or the Corporation in effect from time to time, (iv) unreimbursed expenses (if any), in accordance with the expense
reimbursement policies and procedures of the Bank and the Corporation in effect from time to time, (v) any vested benefits under the SERP as defined in Section 5(d), and (vi) other payments, entitlements or benefits, if any, in
accordance with terms of the applicable plans, programs, arrangements or other agreements of the Bank and the Corporation (other than any severance plan or policy) as to which Employee held rights to such payments, entitlements or benefits, whether
as a participant, beneficiary or otherwise on the date of termination. 
 (c) Notwithstanding the provisions of Section 4(a) of this
Agreement, Employee may terminate his employment for Good Reason. The term “Good Reason” shall mean (i) the assignment of duties and responsibilities inconsistent with Employee’s status as Senior Vice President of the Bank,
(ii) a reassignment which requires Employee to move his principal residence or his office more than fifty (50) miles from the Bank’s principal office immediately prior to the Effective Time, (iii) any removal of Employee from
office or any adverse change in the terms and conditions of Employee’s employment, except for any termination of the 

  
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Employee’s employment for Cause, (iv) any reduction in Employee’s Annual Base Salary as in effect as of the Effective Time or as the same may be increased from time to time,
(v) any failure of the Bank and the Corporation to provide Employee with benefits at least as favorable as those enjoyed by Employee during the Employment Period under any of the pension (including 401(k)), life insurance, medical, health and
accident, disability or other employee benefit plans of the Bank and the Corporation, 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
(vi) any failure by the Bank and the Corporation to 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 the Bank and the Corporation
to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Bank and the Corporation would be required to perform it if no such succession had taken place. 

In order to terminate his employment for Good Reason, Employee must, within ninety (90) days of the occurrence of any of the foregoing
events, provide notice to the Bank and the Corporation of the existence of the “Good Reason” condition and provide the Bank and the Corporation thirty (30) days in which to cure such condition. In the event that the Bank and/or the
Corporation do not cure the condition within thirty (30) days of such notice, Employee may resign from employment for “Good Reason” within sixty (60) days of the end of the foregoing cure period by written notice (the
“Notice of Termination”) delivered to the Bank and the Corporation. 
 (d) Notwithstanding the provisions of Section 4(a) of
this Agreement, Employee’s employment with the Bank and the Corporation shall terminate automatically upon his death, and the Bank and the Corporation may terminate employee’s employment due to his Disability (as defined herein). If
Employee’s employment with the Bank and the Corporation terminates due to his death or Disability, all of Employee’s rights under this Agreement shall cease as of the date of such termination, except for the right to receive the Accrued
Benefits. For purposes of this Agreement, the term “Disability” shall mean that Employee is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to
result in death or can be expected to last for a continuous period of not less than twelve months. 
 (e) Notwithstanding the provision of
Section 4(a) of this Agreement, Employee may terminate his employment without Good Reason, in which case all of Employee’s rights under this Agreement shall cease as of the effective date of such termination, except for the right to
receive the Accrued Benefits and rights under Section 20 hereof with respect to arbitration. 
 (f) Employee agrees that in the event
that the Bank, the Corporation, or Employee provides notice of non-renewal of this Agreement under Section 4(a), the Bank and the Corporation shall have no further obligation under this Agreement, other
than payment to Employee of the Accrued Benefits, as of the date of the expiration of this Agreement or until Employee voluntarily terminates his employment, whichever occurs earlier. 

  
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 5. Employment Period Compensation. 

(a) Annual Base Salary. For services performed by Employee under this Agreement, the Bank and the Corporation shall pay Employee
an annual base salary during the Employment Period at the rate of ONE HUNDRED FIFTY THOUSAND AND 00/100 ($150,000.00) DOLLARS, per year, plus any raises approved by the Boards (the “Annual Base Salary”), minus applicable withholdings and
deductions, payable at the same times as salaries are payable to other employees of the Bank and the Corporation. The term Annual Base Salary as utilized in this Agreement shall refer to Employee’s annual base salary as then in effect. 

(b) Bonus. For services performed by Employee under this Agreement, the Bank and the Corporation may, from time to time, pay a
bonus or bonuses to Employee as the Bank and the Corporation, in their sole discretion, deem appropriate. The payment of any such bonuses shall not reduce or otherwise affect any other obligation of the Bank and the Corporation to Employee provided
for in this Agreement. Without limiting the generality of the foregoing, with respect to calendar years 2021 and 2022, Employee shall be entitled to receive a minimum annual bonus equal to $15,000, subject to his continued employment with the Bank
and the Corporation through December 31 of the applicable calendar year, which bonus shall be paid to Employee by no later than March 15 of the following calendar year. 

(c) Retention Bonus. Employee shall be paid a retention bonus equal to $18,000, which shall be payable in a lump sum within five
(5) days following the date on which the Effective Time occurs. 
 (d) SERP. The Corporation and the Bank acknowledge
that the Bank and Employee are parties to an executive supplemental retirement plan dated December 21, 2015 (“SERP”). The Corporation and the Bank agree not to terminate the SERP and agree to execute an amendment providing that the
SERP will fully vest in the event Employee’s employment is involuntarily terminated by the Bank and the Corporation without Cause, Employee’s employment terminates upon the expiration of the Employment Period as a result of the Bank and
the Corporation providing a notice of non-renewal of this Agreement under Section 4(a), or Employee resigns for Good Reason. 

(e) Initial Stock Option Grant. As soon as reasonably practicable following the Effective Time, Employee shall be granted an
award of incentive stock options under the LINKBANCORP 2019 Equity Incentive Plan (the “2019 Incentive Plan”), which stock option award shall represent the right to purchase 3,000 shares of common stock of the Corporation at an exercise
price per share established by the Boards (or a committee thereof). The foregoing stock option award shall vest at a rate of 20% on each of the first five anniversaries of the grant date, subject to the terms and conditions of the 2019 Incentive
Plan and the underlying award agreement. Notwithstanding the previous sentence, the options granted under this provision shall fully vest in accordance with the terms of the 2019 Incentive Plan. 

(f) Paid Time-off. During the term of this Agreement, Employee shall be entitled to paid
time-off in accordance with the manner and amount provided under the paid time-off plan currently in effect and approved by the Boards. 

(g) Employee Benefit Plans. During the term of this Agreement, Employee shall be entitled to participate in or receive the
benefits of any employee benefit plan currently in effect at 

  
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the Bank and the Corporation, subject to the terms of said plan, until such time that the Boards authorize a change in such benefits. The Bank and the Corporation shall not make any changes in
such plans or benefits which would adversely affect Employee’s benefits thereunder, unless such change occurs pursuant to a program applicable to all officers of the Bank and the Corporation and does not result in a proportionately greater
adverse change in the rights of or benefits to Employee as compared with any other officer of the Bank and the Corporation. Nothing paid to Employee 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 Employee pursuant to Section 5(a) hereof. 
 (h) Expenses. During the term of this
Agreement, Employee shall be entitled to receive prompt reimbursement for all reasonable expenses incurred in carrying out his duties under this Agreement, which are properly accounted for, in accordance with the policies and procedures established
by the Boards for officers of the Bank and the Corporation. 
 6. Termination of Employment Following a Change in Control.

 (a) If a Change in Control (as defined in Section 6(c) of this Agreement) shall occur and Employee’s employment is
involuntarily terminated by the Bank and the Corporation without Cause or Employee resigns for Good Reason, in each case within one hundred eighty (180) days of the Change in Control, Employee shall be entitled to receive his Accrued Benefits
plus a lump sum payment equal to two (2) times his Annual Base Salary, which shall be paid to Employee within sixty (60) days following the date of his termination of employment. In addition, for a period of two (2) years from the
date of termination of employment, or until Employee secures substantially similar benefits through other employment, whichever shall first occur, Employee shall receive a continuation of all life, disability, medical insurance and other normal
health and welfare benefits in effect with respect to Employee during the two (2) years prior to his termination of employment. If the Bank and the Corporation cannot provide such benefits because Employee is no longer an employee, the Bank and
the Corporation shall reimburse Employee in an amount equal to the monthly premium paid by him to obtain substantially similar health and welfare employee benefits which he enjoyed prior to termination, which reimbursement shall continue until the
expiration of two (2) years from the date of termination of employment or until Employee secures substantially similar benefits through other employment, whichever shall first occur, subject to Code Section 409A if applicable. 

Notwithstanding any provision of this Agreement to the contrary, Employee shall forfeit his rights to receive the payments and benefits set
forth in Section 6(a) unless he executes a general release of claims in favor of the Bank and the Corporation in a form to be provided by the Bank and the Corporation, and such release becomes effective and irrevocable in accordance with its
terms, on or before the date that is sixty (60) days after Employee’s termination of employment. 
 However, in the event the
payment described herein, when added to all other amounts or benefits provided to or on behalf of Employee in connection with his termination of employment, would result in the imposition of an excise tax under Section 4999 of the Code, the
Bank and the Corporation will pay to Employee an additional cash payment (“Gross-up Payment”) in an amount such that the after-tax proceeds of such Gross-up Payment (including any income tax or excise tax on such Gross-up Payment) will be equal to the amount of the excise tax. 

  
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 (b) Employee shall not be required to mitigate the amount of any payment provided for in
this Section 6 by seeking other employment or otherwise. Unless otherwise agreed to in writing, the amount of payment or the benefit provided for in this Section 6 shall not be reduced by any compensation earned by Employee as the result
of employment by another employer or by reason of Employee’s receipt of or right to receive any retirement or other benefits after the date of termination of employment or otherwise. 

(c) As used in this Agreement, “Change in Control” shall mean: 

 

	 	(i)	 any “person” or more than one person acting as a group (as such term is defined in Section 409A
of the Code and any Internal Revenue Guidance and regulations under Section 409A of the Code), other than the Bank and the Corporation or any “person” who on the date hereof is a director or officer of the Bank and the Corporation,
acquires ownership of stock of the Corporation or the Bank, together with stock held by such person constitutes more than fifty percent (50%) of the total fair market value or total voting power of the stock of the Corporation or the Bank; or

  

	 	(ii)	 any “person” or more than one person acting as a group (as such term is defined in Section 409A
of the Code and any Internal Revenue Guidance and regulations under Section 409A of the Code), acquires (or has acquired during the twelve (12) month period ending on the date of the most recent acquisition by such person or persons)
ownership of stock of the Corporation or the Bank possessing thirty percent (30%) or more of the total voting power of the stock of the Corporation or the Bank; or 

 

	 	(iii)	 a majority of the members of the Corporation’s Board of Directors is replaced during any twelve
(12) month period by directors whose appointment or election is not endorsed by a majority of the members of the Corporation’s Board of Directors before the date of the appointment or election. 

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

(a) In the event that Employee’s employment is involuntarily terminated by the Bank and the Corporation without Cause or Employee resigns
for Good Reason, in each case other than within one hundred eighty (180) days of a Change in Control, then the Bank and the Corporation shall pay Employee his Accrued Benefits plus a lump sum payment equal to two (2) times his Annual Base
Salary within sixty (60) days following the date of his termination of employment. In addition, for a period of two (2) years from the date of termination of employment, or until Employee secures substantially similar benefits through
other employment, whichever shall first occur, Employee shall receive a continuation of all life, disability, medical insurance and other normal health and welfare benefits in effect with respect to Employee during the two (2) years prior to
his termination of employment if the Bank and the Corporation cannot 

  
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provide such benefits because Employee is no longer an employee, the Bank and the Corporation shall reimburse Employee in an amount equal to the monthly premium paid by him to obtain
substantially similar health and welfare employee benefits which he enjoyed prior to termination, which reimbursement shall continue until the expiration of two (2) years from the date of termination of employment or until Employee secures
substantially similar benefits through other employment, whichever shall first occur, subject to Code Section 409A if applicable. 

Notwithstanding any provision of this Agreement to the contrary, Employee shall forfeit his rights to receive the payments and benefits set
forth in Section 7(a) unless he executes a general release of claims in favor of the Bank and the Corporation in a form to be provided by the Bank and the Corporation, and such release becomes effective and irrevocable in accordance with its
terms, on or before the date that is sixty (60) days after Employee’s termination of employment. 
 (b) Employee 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 Employee as the result of employment by another employer or by reason of Employee’s receipt of or right to receive any retirement or other benefits after the date of termination of employment or otherwise.

 8. Covenant Not to Compete. 

(a) Employee hereby acknowledges and recognizes the highly competitive nature of the business of the Bank and the Corporation and accordingly
agrees that, during and for the applicable period set forth in Section 8(c) hereof, Employee shall not, except as otherwise permitted in writing by the Bank and the Corporation: 

 

	 	(i)	 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 and corporation
holding company) or financial services industry, or (2) any other activity in which the Bank and the Corporation or any of their respective affiliates are engaged during the Employment Period, and remain so engaged at the end of the Employment
Period, within a thirty (30) mile radius of the Bank’s main office located at 32 West Market Street, Gratz, Pennsylvania (the “Non-Competition Area”); or 

 

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

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

  

	 	(iv)	 directly or indirectly solicit employees of the Bank and the Corporation or their respective affiliates who
were employed within one year of Employee’s termination of employment to work for anyone other than the Bank and the Corporation or their respective affiliates. 

(b) It is expressly understood and agreed that, although Employee and the Bank and the Corporation consider the restrictions contained in
Section 8(a) hereof reasonable for the purpose of preserving for the Bank and the Corporation and their respective 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 8(a) hereof is an unreasonable or otherwise unenforceable restriction against Employee, the provisions of Section 8(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. 

(c) The provisions of this Section 8 shall be applicable, commencing on the Effective Time and ending as follows: 

 

	 	(i)	 if Employee’s employment terminates as a result of Employee giving notice of non-renewal of this Agreement or if Employee voluntarily terminates his employment without Good Reason, the second anniversary date of the effective date of termination of employment; or 

 

	 	(ii)	 if Employee’s employment terminates in accordance with the provisions of Section 4(b) of this
Agreement (relating to termination with or without Cause), the second anniversary date of the effective date of termination of employment; or 

  

	 	(iii)	 if Employee terminates his employment in accordance with Section 4(c) (relating to Good Reason
termination), the second anniversary date of the effective date of termination of employment. 

 9. Unauthorized
Disclosure. During the term of his employment hereunder, or at any later time, Employee shall not, without the written consent of the Boards or a person authorized thereby, knowingly disclose to any person, other than an employee of the Bank
and the Corporation or a person to whom disclosure is reasonably necessary or appropriate in connection with the performance by Employee of his duties as an Employee of the Bank and the Corporation, any material confidential information obtained by
him while in the employ of the Bank and the Corporation with respect to any of the Bank’s and the Corporation’s services, products, improvements, formulas, designs or styles, processes, customers, methods of business or any business
practices the disclosure of which could be or will be damaging to the Bank and the 

  
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Corporation; provided, however, that confidential information shall not include any information known generally to the public (other than as a result of unauthorized disclosure by Employee or any
person with the assistance, consent or direction of Employee) 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 Bank and the Corporation or any
information that must be disclosed as required by law. 
 10. Work Made for Hire. Any work performed by Employee under this
Agreement should be considered a “Work Made for Hire” as the phrase is defined by the U.S. patent laws and shall be owned by and for the express benefit of the Bank and the Corporation and their respective subsidiaries and affiliates. In
the event it should be established that such work does not qualify as a Work Made for Hire, Employee agrees to and does hereby assign to the Bank and the Corporation, and their respective 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 propriety rights. 
 11. Return
of Company Property and Documents. Employee agrees that, at the time of termination of his employment, regardless of the reason for termination, he will deliver to the Bank and the Corporation and their respective subsidiaries and
affiliates, any and all company property, including, but not limited to, keys, security codes or passes, mobile telephones, 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 Employee during the course of his employment. 

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

13. Withholding. Any payments provided for hereunder shall be reduced by any taxes or other amounts required to be withheld by
the Bank and the Corporation, and any benefits provided hereunder shall be subject to taxation if and to the extent provided, from time to time under applicable employment or income tax laws or similar statutes or other provisions of law then in
effect. 
 14. Section 409A. 

(a) The provisions of this Agreement and any payments made herein are intended to comply with, and should be interpreted consistent with, the
requirements of Section 409A of the Code and any related regulations or other effective guidance promulgated thereunder (collectively, “Section 409A”). If any provision of this Agreement or any payment made hereunder fails to
meet the requirements of Section 409A, neither the Bank, the Corporation nor any of their respective affiliates shall have any liability for any tax, penalty or interest imposed on Employee by Section 409A, and Employee shall have no
recourse against the Bank, the Corporation or any of their respective affiliates for payment of any such tax, penalty, or interest imposed by Section 409A. 

  
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 (b) Each installment payment payable under this Agreement shall be treated as a separate
payment as defined under Treasury Regulation §1.409A-2(b)(2). If Employee is a “specified employee” (as determined under the Bank’s and the Corporation’s policy for identifying
specified employees) on the date of Employee’s “separation from service” (within the meaning of Section 409A) and if any portion of any severance amount payable hereunder would be considered “deferred compensation”
under Section 409A, such portion shall not be paid on any date prior to the first business day after the date that is six months following Employee’s separation from service. The first payment that can be made shall include the cumulative
amount of any amounts that could not be paid during such six-month period. Notwithstanding the foregoing, payments delayed pursuant to this six-month delay requirement
shall commence earlier in the event of Employee’s death prior to the end of the six-month period. 

(c) Section 409A prohibits reimbursement payments from being made any later than the end of the calendar year following the calendar year in
which the applicable expense is incurred or paid. Also under Section 409A, (i) the amount of expenses eligible for reimbursement during any calendar year may not affect the amount of expenses eligible for reimbursement in any other
calendar year, and (ii) the right to reimbursement cannot be subject to liquidation or exchange for another benefit. 
 15.
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 writing and if mailed by registered or certified mail, postage prepaid with
return receipt requested, to Employee’s residence, in the case of notices to Employee, and to the principal Employee offices of the Bank and the Corporation, in the case of notices to the Bank and the Corporation. 

16. 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 Employee and an officer specifically designated by the Boards. 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. 

17. Assignment. This Agreement shall not be assignable by any party, except by the Bank and the Corporation to any successor in
interest to their respective businesses. 
 18. Entire Agreement. This Agreement supersedes any and all agreements, either
oral or in writing, between the parties with respect to the employment of Employee by the Bank and the Corporation, including, without limitation, the Existing Agreement, and this Agreement contains all the covenants and agreements between the
parties with respect to employment. 
 19. Successors, Binding Agreement. 

(a) The Bank and the Corporation 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 the Bank and the Corporation to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Bank and the Corporation would be required to perform
it if no such succession had taken place. Failure by the 

  
 12 

 
Bank and the Corporation to obtain such assumption and agreement prior to the effectiveness of any such succession shall constitute a breach of this Agreement. As used in this Agreement,
“the Bank and the Corporation” shall mean the Bank and the Corporation, 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 Employee’s personal or legal
representatives, executors, administrators, heirs, distributees, devisees and legatees. If Employee should die after a Notice of Termination is delivered by Employee, or following termination of Employee’s employment without Cause, and any
amounts would be payable to Employee under this Agreement if Employee had continued to live, all such amounts shall be paid in accordance with the terms of this Agreement to Employee’s devisee, legatee, or other designee, or, if there is no
such designee, to Employee’s estate. 
 20. Arbitration. The Bank and the Corporation and Employee recognize that in the
event a dispute should arise 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 8, 9, 10 or 11 which may be litigated in court, including an action for injunction or
other relief) are to be submitted for resolution, in Gratz, 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 Bank and the Corporation or Employee may initiate an arbitration proceeding at any time by giving notice to the other in accordance with the Rules. The Bank and the Corporation and
Employee 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 Bank and the Corporation and Employee 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 this Agreement, except as otherwise provided herein or any enforcement sought with respect to Sections 8, 9, 10 or 11 of this
Agreement, including an action for injunction or other relief. 
 21. 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. 

22. 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. 

  
 13 

 23. 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. 
 24.
Recission. This Agreement nullifies, rescinds and declares void the Existing Agreement. This Agreement supercedes and is the controlling document for the employment relationship between the parties. 

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written. 

 

					
	ATTEST:	 		 	LINKBANCORP, Inc.
			
	 /s/ Carl D. Lundblad
	 		 	 /s/ Andrew Samuel

Andrew Samuel, CEO

			
	ATTEST:	 		 	The Gratz Bank
			
	 /s/ Rebekah M. Stiely
	 		 	 /s/ Joseph C. Michetti, Jr.

Joseph C. Michetti, Jr., Chairman

	WITNESS	 		 	
			
	 /s/ Rebekah M. Stiely
	 		 	 /s/ Kevin W. Laudenslager

Kevin W. Laudenslager

  
 14EX-10.7

 Exhibit 10.7 

LINKBANCORP 
 2019
EQUITY INCENTIVE PLAN 
 ARTICLE 1 – GENERAL 

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

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

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

Section 1.4    Definitions. Capitalized terms used in this Plan are defined in Article 8
and elsewhere in this Plan. 
 ARTICLE 2 - AWARDS 

Section 2.1    General. Any Award under the Plan may be granted singularly or in
combination with another Award (or Awards). Each Award under the Plan shall be subject to the terms and conditions of the Plan and such additional terms, conditions, limitations and restrictions as the Committee shall provide with respect to such
Award and as evidenced in the Award Agreement. Subject to the provisions of Section 2.5, an Award may be granted as an alternative to or in replacement of an existing Award under the Plan or any other plan of the Company or any Subsidiary or as
the form of payment for grants or rights earned or due under any other compensation plan or arrangement of the Company or its Subsidiaries, including without limitation the plan of any entity acquired by the Company or any Subsidiary. The only type
of Award that may be granted under the Plan is a Stock Option. 
 Section 2.2    Stock
Options. 
 (a)    Stock Options. A Stock Option means a grant under Section 2.2 that represents the
right to purchase shares of Stock at an Exercise Price established by the Committee. Any Stock Option may be either an ISO or a Non-Qualified Option; provided, however, that no ISOs may be granted:
(i) after the day immediately prior to the ten year anniversary of the Effective Date or the date the Plan is approved by the Board, whichever is earlier; or (ii) to a non-Employee. Unless otherwise
specifically provided by its terms, any Stock Option granted to an Employee under this Plan shall be an ISO to the maximum extent permitted. Any ISO granted under this Plan that does not qualify as an ISO for any reason (whether at the time of grant
or as the result of a subsequent event) shall be deemed to be a Non-Qualified Option. In addition, any ISO granted under this Plan may be unilaterally modified by the Committee to disqualify such Stock Option
from ISO treatment such that it shall become a Non-Qualified Option; provided, however, that any such modification shall be ineffective if it causes the Award to be subject to Code Section 409A (unless,
as modified, the Award complies with Code Section 409A). 
 (b)    Grant of Stock Options. Each Stock Option
shall be evidenced by an Award Agreement that shall: (i) specify the number of Stock Options covered by the Award; (ii) specify the date of grant of the Stock Option; (iii) specify the vesting period or conditions to vesting; and
(iv) contain such other terms and conditions not inconsistent with the Plan, including the effect of termination of a Participant’s employment or Service with the Company as the Committee may, in its discretion, prescribe. 

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

Section 2.3    Vesting of Awards. The Committee shall specify the vesting schedule
or conditions of each Award. Unless the Committee specifies a different vesting schedule at the time of grant, Awards under the Plan shall be granted with a vesting rate not exceeding twenty percent (20%) per year, with the first installment vesting
no earlier than the one year anniversary of the date of grant and succeeding installments vesting on the annual anniversaries thereafter. If the right to become vested in an Award under the Plan (including the right to exercise a Stock Option) is
conditioned on the completion of a specified period of Service with the Company or its Subsidiaries, without achievement of performance measures or other performance objectives being required as a condition of vesting, and without it being granted
in lieu of, or in exchange for, other compensation, then the required period of Service for full vesting shall be determined by the Committee and evidenced in the Award Agreement (subject to acceleration of vesting, to the extent permitted by the
Committee or set forth in the Award Agreement, in the event of the Participant’s death or Disability or a Change in Control). 

Section 2.4    Deferred Compensation. If any Award would be considered “deferred
compensation” as defined under Code Section 409A (“Deferred Compensation”), the Committee reserves the absolute right (including the right to delegate such right) to unilaterally amend the Plan or the Award Agreement, without the
consent of the Participant, to maintain exemption from, or to comply with, Code Section 409A. Any amendment by the Committee to the Plan or an Award Agreement pursuant to this Section shall maintain, to the extent practicable, the original
intent of the applicable provision without violating Code Section 409A. A Participant’s acceptance of any Award under the Plan constitutes acknowledgement and consent to such rights of the Committee, without further consideration or
action. Any discretionary authority retained by the Committee pursuant to the terms of this Plan or pursuant to an Award Agreement shall not be applicable to an Award which is determined to constitute Deferred Compensation, if such discretionary
authority would contravene Code Section 409A. 
 Section 2.5    Prohibition Against Option
Repricing. Except for adjustments pursuant to Section 3.4, and reductions of the Exercise Price approved by the Company’s stockholders, neither the Committee nor the Board shall have the right or authority to make any adjustment or
amendment that reduces or would have the effect of reducing the Exercise Price of a Stock Option previously granted under the Plan, whether through amendment, cancellation (including cancellation in exchange for a cash payment in excess of the Stock
Option’s in-the-money value or in exchange for Options or other Awards) or replacement grants, or other means. 

  
 2 

 Section 2.6    Effect of Termination of Service
on Awards. The Committee shall establish the effect of a Termination of Service on the continuation of rights and benefits available under an Award and, in so doing, may make distinctions based upon, among other things, the cause of
Termination of Service (including Retirement) and type of Award. Unless otherwise specified by the Committee and set forth in an Award Agreement between the Company and the Participant or as set forth in an employment agreement or severance
arrangement entered into by and between the Company and/or the Bank and an Employee, the following provisions shall apply to each Award granted under this Plan: 

(a)    Upon a Participant’s Termination of Service for any reason other than due to Disability, death, Retirement or
termination for Cause, all Stock Options, other than those Stock Options that were immediately exercisable by such Participant at the date of termination, shall expire and be forfeited. All Stock Options that were immediately exercisable by such
Participant at the date of termination shall continue to be exercisable for a period of three (3) months following termination and shall thereafter expire and be forfeited. 

(b)    In the event of a Termination of Service for Cause, all Stock Options granted to a Participant that have not been
exercised shall expire and be forfeited. 
 (c)    Upon Termination of Service for reason of Disability or death, all
Stock Options shall be exercisable as to all shares subject to an outstanding Award at the date of Termination of Service, whether or not then exercisable. Stock Options may be exercised for a period of one year following Termination of Service due
to death or Disability or the remaining unexpired term of the Stock Option, if less; provided, however, that no Stock Option shall be eligible for treatment as an ISO in the event such Stock Option is exercised more than one year following
Termination of Service due to Disability and provided, further, in order to obtain ISO treatment for Stock Options exercised by heirs or devisees of an optionee, the optionee’s death must have occurred while employed or within three
months of Termination of Service. In the event of Termination of Service due to Retirement, a Participant’s vested Stock Options shall be exercisable for one year following Termination of Service, provided that no Stock Option shall be eligible
for treatment as an ISO in the event such Stock Option is exercised more than three months following Termination of Service due to Retirement, and any Stock Option that has not vested as of the date of Termination of Service shall expire and be
forfeited. 
 (d)    Notwithstanding anything herein to the contrary, no Stock Option shall be exercisable beyond the
last day of the original term of such Stock Option. 
 (e)    Notwithstanding the provisions of this Section 2.6,
the effect of a Change in Control on the vesting/exercisability of Stock Options is as set forth in Article 4. 
 ARTICLE 3 -
SHARES SUBJECT TO PLAN 
 Section 3.1    Available Shares. The shares of Stock
with respect to which Awards may be made under the Plan shall be shares currently authorized but unissued, currently held or, to the extent permitted by applicable law, subsequently acquired by the Company, including shares purchased in the open
market or in private transactions. 
 Section 3.2    Share Limitations. 

(a)    Share Reserve. Subject to the following provisions of this Section 3.2, the maximum number of shares of
Stock that may be delivered to Participants and their beneficiaries under the Plan shall be equal to 450,000 shares of Stock. The aggregate number of shares available for grant under this Plan and the number of shares of Stock subject to outstanding
Awards shall be subject to adjustment as provided in Section 3.4. 
 (b)    Computation of Shares Available.
For purposes of this Section 3.2, the number of shares of Stock available for the grant of additional Stock Options shall be reduced by the number of shares of Stock previously granted, subject to the following: to the extent any shares of
Stock covered by an Award under the Plan are not delivered to a Participant or beneficiary for any reason, including because the Award is forfeited or canceled or because a Stock Option is not exercised, then such shares shall not be deemed to have
been delivered for purposes of 

  
 3 

 
determining the maximum number of shares of Stock available for delivery under the Plan. To the extent: (i) a Stock Option is exercised by using an actual or constructive exchange of shares
of Stock to pay the Exercise Price; (ii) shares of Stock are withheld to satisfy withholding taxes upon exercise or vesting of an Award granted hereunder; or (iii) shares are withheld to satisfy the exercise price of Stock Options in a net
settlement of Stock Options, then the number of shares of Stock available shall be reduced by the gross number of shares of Stock issued rather than by the net number of shares of Stock issued. 

Section 3.3    Individual Share Limitations. 

(a)    Stock Options to Employees. The maximum number of shares of Stock, in the aggregate, that may be subject to
Stock Options granted to any one Employee pursuant to this Section 3.3 during any calendar year shall be 90,000, which is subject to adjustment pursuant to Section 3.4. 

(b)    Stock Options – Non-Employee Directors. The maximum number of
shares of Stock, in the aggregate, that may be subject to Stock Options granted to any one individual non-Employee Director under the Plan shall be 22,500, all of which may be granted during any calendar year
and, in addition, the maximum number of shares of Stock, in the aggregate, that may be subject to Stock Options granted to all non-Employee Directors as a group shall be 135,000, all of which may be granted
during any calendar year. Such maximum amounts represent five percent (5%) and thirty percent (30%), respectively, of the maximum number of shares of Stock that may be delivered pursuant to Stock Options under Section 3.2. 

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

Section 3.4    Corporate Transactions. 

(a)    General. In the event any recapitalization, forward or reverse stock split, reorganization, merger,
consolidation, spin-off, combination, repurchase, or exchange of shares of Stock or other securities, stock dividend or other special and nonrecurring dividend or distribution (whether in the form of cash,
securities or other property), liquidation, dissolution, or other similar corporate transaction or event, affects the shares of Stock such that an adjustment is appropriate in order to prevent dilution or enlargement of the rights of Participants
under the Plan and/or under any Award granted under the Plan, then the Committee shall, in an equitable manner, adjust any or all of: (i) the number and kind of securities deemed to be available thereafter for grants of Stock Options in the
aggregate to all Participants and individually to any one Participant; (ii) the number and kind of securities that may be delivered or deliverable in respect of outstanding Stock Options; and (iii) the Exercise Price of Stock Options. In
addition, the Committee is authorized to make adjustments in the terms and conditions of, and the criteria included in, Stock Options (including, without limitation, cancellation of Stock Options in exchange for the in-the-money value, if any, of the vested portion thereof, or substitution or exchange of Stock Options using stock of a successor or other entity) in recognition of unusual or nonrecurring events (including,
without limitation, events described in the preceding sentence) affecting the Company or any parent or Subsidiary or the financial statements of the Company or any parent or Subsidiary, or in response to changes in applicable laws, regulations, or
accounting principles. 
 (b)    Merger in which Company is Not Surviving Entity. In the event of any merger,
consolidation, or other business reorganization (including, but not limited to, a Change in Control) in which the Company is not the surviving entity, unless otherwise determined by the Committee at any time at or after grant and prior to the
consummation of such merger, consolidation or other business reorganization, any Stock Options granted under the Plan which remain outstanding shall be converted into Stock Options to purchase voting common equity securities of the business entity
which survives such merger, consolidation or other business reorganization having substantially the same terms and conditions as the outstanding Stock Options under this Plan and reflecting the same economic benefit (as measured by the difference
between the aggregate Exercise Price and the value exchanged for outstanding shares of Stock in such merger, consolidation or other business reorganization), all as determined by the Committee prior to the consummation of such merger; provided,
however, that the Committee may, at any time prior to the consummation of such merger, consolidation or other business reorganization, direct that all, but not less than all, outstanding Stock Options be canceled as of the effective date of such
merger, consolidation or other 

  
 4 

 
business reorganization in exchange for a cash payment per share of Stock equal to the excess (if any) of the value exchanged for an outstanding share of Stock in such merger, consolidation or
other business reorganization over the Exercise Price of the Stock Option being canceled. 

Section 3.5    Delivery of Shares. Delivery of shares of Stock or other amounts under the
Plan shall be subject to the following: 
 (a)    Compliance with Applicable Laws. Notwithstanding any other
provision of the Plan, the Company shall have no obligation to deliver any shares of Stock or make any other distribution of benefits under the Plan unless such delivery or distribution complies with all applicable laws (including, the requirements
of the Securities Act), and the applicable requirements of any Exchange or similar entity. 
 (b)    Certificates.
To the extent that the Plan provides for the issuance of shares of Stock, the issuance may be effected on a non-certificated basis, to the extent not prohibited by applicable law or the applicable rules of
any Exchange. 
 ARTICLE 4 - CHANGE IN CONTROL 

Section 4.1    Consequence of a Change in Control. Subject to the provisions of
Section 2.3 (relating to vesting and acceleration) and Section 3.4 (relating to the adjustment of shares), and except as otherwise provided in the Plan or as determined by the Committee and set forth in the terms of any Award
Agreement or as set forth in an employment, change in control or severance agreement entered into by and between the Company and/or the Bank and an Employee: 

(a)    At the effective time of a Change in Control, all Stock Options then held by the Participant shall become fully
earned and exercisable (subject to the expiration provisions otherwise applicable to the Stock Option). 

(b)    Notwithstanding the above, in the event of a Change in Control, any performance measure attached to an Award under
the Plan shall be deemed satisfied as of the date of the Change in Control. 

Section 4.2    Definition of Change in Control. For purposes of this Agreement, the term
“Change in Control” shall mean the consummation by the Company or the Bank, in a single transaction or series of related transactions, of any of the following: 

(a)    Merger: The Company or the Bank merges into or consolidates with another entity, or merges another bank or
corporation into the Company or the Bank, and as a result, less than a majority of the combined voting power of the resulting corporation immediately after the merger or consolidation is held by persons who were stockholders of the Company or the
Bank immediately before the merger or consolidation; 
 (b)    Acquisition of Significant Share Ownership: A
person or persons acting in concert has or have become the beneficial owner of 25% or more of a class of the Company’s or the Bank’s Voting Securities; provided, however, this clause (b) shall not apply to beneficial ownership of the
Company’s or the Bank’s voting shares held in a fiduciary capacity by an entity of which the Company directly or indirectly beneficially owns 50% or more of its outstanding Voting Securities; 

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

  
 5 

 (d)    Sale of Assets: The Company or the Bank sells to a third
party all or substantially all of its assets. 
 Notwithstanding the foregoing, in the event that an Award constitutes Deferred
Compensation, and the settlement of, or distribution of benefits under, such Award is to be triggered solely by a Change in Control, then with respect to such Award, a Change in Control shall be defined as required under Code Section 409A, as
in effect at the time of such transaction. 
 ARTICLE 5 - COMMITTEE 

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

Section 5.2    Powers of Committee. The administration of the Plan by the Committee shall
be subject to the following: 
 (a)    the Committee will have the authority and discretion to select from among the
Company’s and its Subsidiaries’ Employees and Directors those persons who shall receive Awards, to determine the time or times of receipt, to determine the types of Awards and the number of shares covered by the Awards, to establish the
terms, conditions, features (including automatic exercise in accordance with Section 7.18 hereof), performance criteria, restrictions (including without limitation, provisions relating to non-competition,
non-solicitation and confidentiality), and other provisions of such Awards (subject to the restrictions imposed by Article 6), to cancel or suspend Awards issued with performance-based vesting conditions, to
reduce, eliminate or accelerate any restrictions or vesting requirements applicable to an Award at any time after the grant of the Award or to extend the time period to exercise a Stock Option, provided that such extension is consistent with Code
Section 409A. 
 (b)    The Committee will have the authority and discretion to interpret the Plan, to establish,
amend and rescind any rules and regulations relating to the Plan, and to make all other interpretations and determinations that may be necessary or advisable for the administration of the Plan. 

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

(d)    Any interpretation of the Plan by the Committee and any decision made by it under the Plan is final and binding on
all persons. 
 (e)    In controlling and managing the operation and administration of the Plan, the Committee shall
take action in a manner that conforms to the charter and bylaws of the Company and applicable corporate law. 

Section 5.3    Delegation by Committee. Except to the extent prohibited by applicable
law, the applicable rules of an Exchange upon which the Company lists its shares or the Plan, or as necessary to comply with the exemptive provisions of Rule 16b-3 promulgated under the Exchange Act, the
Committee may allocate all or any portion of its responsibilities and powers to any one or more of its members and may delegate all or any part of its responsibilities and powers to any person or persons selected by it, including:
(a) delegating to a committee of one or more members of the Board who are not “non-employee directors,” within the meaning of Rule 16b-3, the authority to
grant Awards under the Plan to eligible persons who are not then subject to Section 16 of the Exchange Act; or (b) delegating to a committee of one or more members of the Board who would be eligible to serve on the

  
 6 

 
Compensation Committee of the Company pursuant to the listing requirements imposed by any national securities exchange on which the Company lists, has listed or seeks to list its securities, the
authority to grant awards under the Plan.    The acts of such delegates shall be treated hereunder as acts of the Committee and such delegates shall report regularly to the Committee regarding the delegated duties and
responsibilities and any Awards so granted. Any such allocation or delegation may be revoked by the Committee at any time. 

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

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

ARTICLE 6 - AMENDMENT AND TERMINATION 

Section 6.1    General. The Board may, as permitted by law, at any time, amend or
terminate the Plan, and may amend any Award Agreement, provided that no amendment or termination (except as provided in Section 2.4, Section 3.4 and Section 6.2) may cause the Award to violate Code Section 409A, may cause the
repricing of a Stock Option, or, in the absence of written consent to the change by the affected Participant (or, if the Participant is not then living, the affected beneficiary), adversely impair the rights of any Participant or beneficiary under
any Award granted under the Plan prior to the date such amendment is adopted by the Board; provided, however, that, no amendment may: (i) materially increase the benefits accruing to Participants under the Plan; (ii) materially
increase the aggregate number of securities which may be issued under the Plan, other than pursuant to Section 3.4; or (iii) materially modify the requirements for participation in the Plan, unless the amendment under (i), (ii) or
(iii) above is approved by the Company’s stockholders. 
 Section 6.2    Amendment to
Conform to Law and Accounting Changes. Notwithstanding any provision in this Plan or any Award Agreement to the contrary, the Committee may amend the Plan or any Award Agreement, to take effect retroactively or otherwise, as deemed necessary
or advisable for the purpose of: (i) conforming the Plan or the Award Agreement to any present or future law relating to plans of this or similar nature (including, but not limited to, Code Section 409A); or (ii) avoiding an
accounting treatment resulting from an accounting pronouncement or interpretation thereof issued by the SEC or Financial Accounting Standards Board subsequent to the adoption of the Plan or the making of the Award affected thereby, which, in the
sole discretion of the Committee, may materially and adversely affect the financial condition or results of operations of the Company. By accepting an Award under this Plan, each Participant agrees and consents to any amendment made pursuant to this
Section 6.2 or Section 2.4 to any Award granted under the Plan without further consideration or action. 
 ARTICLE 7 -
GENERAL TERMS 
 Section 7.1    No Implied Rights. 

(a)    No Rights to Specific Assets. Neither a Participant nor any other person shall by reason of participation in
the Plan acquire any right in or title to any assets, funds or property of the Company or any Subsidiary whatsoever, including any specific funds, assets, or other property which the Company or any Subsidiary, in its sole discretion, may set aside
in anticipation of a liability under the Plan. A Participant shall have 

  
 7 

 
only a contractual right to the shares of Stock or amounts, if any, payable or distributable under the Plan, unsecured by any assets of the Company or any Subsidiary, and nothing contained in the
Plan shall constitute a guarantee that the assets of the Company or any Subsidiary shall be sufficient to pay any benefits to any person. 

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

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

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

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

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

Section 7.6    Form and Time of Elections/Notification Under Code
Section 83(b). Unless otherwise specified herein, each election required or permitted to be made by any Participant or other person entitled to benefits under the Plan, and any permitted modification or revocation thereof, shall
be filed with the Company at such times, in such form, and subject to such restrictions and limitations, not inconsistent with the terms of the Plan, as the Committee shall require. Notwithstanding anything herein to the contrary, the Committee may,
on the date of grant or at a later date, as applicable, prohibit an individual from making an election under Code Section 83(b). If the Committee has not prohibited an individual from making this election, an individual who makes this election
shall notify the Committee of the election within ten (10) days of filing notice of the election with the Internal Revenue Service. This requirement is in addition to any filing and notification required under the regulations issued under the
authority of Code Section 83(b). 

  
 8 

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

Section 7.8    Tax Withholding. Where a Participant is entitled to receive shares of
Stock upon the vesting or exercise of an Award, the Company shall have the right to require such Participant to pay to the Company the amount of any tax that the Company is required to withhold with respect to such vesting or exercise, or, in lieu
thereof, to retain, or to sell without notice, a sufficient number of shares of Stock to cover the minimum amount required to be withheld. To the extent determined by the Committee and specified in an Award Agreement, a Participant shall have the
right to direct the Company to satisfy the minimum required federal, state and local tax withholding by reducing the number of shares of Stock subject to the Stock Option (without issuance of such shares of Stock to the Stock Option holder) by a
number equal to the quotient of (a) the total minimum amount of required tax withholding divided by (b) the excess of the Fair Market Value of a share of Stock on the exercise date over the Exercise Price per share of Stock. Provided there
are no adverse accounting consequences to the Company (a requirement to have liability classification of an award under Financial Accounting Standards Board Accounting Standards Codification (ASC) Topic 718 is an adverse consequence), a Participant
who is not required to have taxes withheld may require the Company to withhold in accordance with the preceding sentence as if the Award were subject to minimum tax withholding requirements. 

Section 7.9    Action by Company or Subsidiary. Any action required or permitted to be
taken by the Company or any Subsidiary shall be by resolution of its board of directors, or by action of one or more members of the Board (including a committee of the Board) who are duly authorized to act for the Board, or (except to the extent
prohibited by applicable law or applicable rules of the Exchange on which the Company lists its securities) by a duly authorized officer of the Company or such Subsidiary. 

Section 7.10    Successors. All obligations of the Company under the Plan shall be
binding upon and inure to the benefit of any successor to the Company, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation or otherwise, of all or substantially all of the business, stock,
and/or assets of the Company. 
 Section 7.11    Indemnification. To the fullest extent
permitted by law and the Company’s governing documents, each person who is or shall have been a member of the Committee, or of the Board, or an officer of the Company to whom authority was delegated in accordance with Section 5.3, or an
Employee of the Company, shall be indemnified and held harmless by the Company against and from any loss (including amounts paid in settlement), cost, liability or expense (including reasonable attorneys’ fees) that may be imposed upon or
reasonably incurred by him or her in connection with or resulting from any claim, action, suit, or proceeding to which he or she may be a party or in which he or she may be involved by reason of any action taken or failure to act under the Plan and
against and from any and all amounts paid by him or her in settlement thereof, with the Company’s approval, or paid by him or her in satisfaction of any judgment in any such action, suit, or proceeding against him or her, provided he or she
shall give the Company an opportunity, at its own expense, to handle and defend the same before he or she undertakes to handle and defend it on his or her own behalf, unless such loss, cost, liability, or expense is a result of his or her own
willful misconduct or except as expressly provided by statute or regulation. The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which such persons may be entitled under the Company’s charter
or bylaws, as a matter of law, or otherwise, or any power that the Company may have to indemnify them or hold them harmless. The foregoing right to indemnification shall include the right to be paid by the Company the expenses incurred in defending
any such proceeding in advance of its final disposition, provided, however, that, if required by applicable law, an advancement of expenses shall be made only upon delivery to the Company of an undertaking, by or on behalf of such persons to repay
all amounts so advanced if it shall ultimately be determined by final judicial decision from which there is no further right to appeal that such person is not entitled to be indemnified for such expenses. 

Section 7.12    No Fractional Shares. Unless otherwise permitted by the Committee, no
fractional shares of Stock shall be issued or delivered pursuant to the Plan or any Award. The Committee shall determine whether cash or other property shall be issued or paid in lieu of fractional shares or whether such fractional shares or any
rights thereto shall be forfeited or otherwise eliminated by rounding down. 

  
 9 

 Section 7.13    Governing Law. The
Plan, all Awards granted hereunder, and all actions taken in connection herewith shall be governed by and construed in accordance with the laws of the Commonwealth of Pennsylvania without reference to principles of conflict of laws, except as
superseded by applicable federal law. The federal and state courts located in the Commonwealth of Pennsylvania shall have exclusive jurisdiction over any claim, action, complaint or lawsuit brought under the terms of the Plan. By accepting any award
under this Plan, each Participant and any other person claiming any rights under the Plan agrees to submit himself or herself and any legal action that the Participant brings under the Plan, to the sole jurisdiction of such courts for the
adjudication and resolution of any such disputes. 
 Section 7.14    Benefits Under Other
Plans. Except as otherwise provided by the Committee or as set forth in a Qualified Retirement Plan, Awards to a Participant (including the grant and the receipt of benefits) under the Plan shall be disregarded for purposes of determining
the Participant’s benefits under, or contributions to, any Qualified Retirement Plan, non-qualified plan and any other benefit plans maintained by the Participant’s employer. The term
“Qualified Retirement Plan” means any plan of the Company or a Subsidiary that is intended to be qualified under Code Section 401(a). 

Section 7.15    Validity. If any provision of this Plan is determined to be illegal or
invalid for any reason, said illegality or invalidity shall not affect the remaining parts hereof, but this Plan shall be construed and enforced as if such illegal or invalid provision has never been included herein. 

Section 7.16    Notice. Unless otherwise provided in an Award Agreement, all written
notices and all other written communications to the Company provided for in the Plan or in any Award Agreement, shall be delivered personally or sent by registered or certified mail, return receipt requested, postage prepaid (provided that
international mail shall be sent via overnight or two-day delivery), or sent by facsimile, email or prepaid overnight courier to the Company at its principal executive office. Such notices, demands, claims and
other communications shall be deemed given: 
 (a)    in the case of delivery by overnight service with guaranteed next
day delivery, the next day or the day designated for delivery; 
 (b)    in the case of certified or registered U.S.
mail, five days after deposit in the U.S. mail; or 
 (c)    in the case of facsimile or email, the date upon which the
transmitting party received confirmation of receipt; provided, however, that in no event shall any such communications be deemed to be given later than the date they are actually received, provided they are actually received. 

In the event a communication is not received, it shall only be deemed received upon the showing of an original of the applicable receipt, registration or
confirmation from the applicable delivery service. Communications that are to be delivered by U.S. mail or by overnight service to the Company shall be directed to the attention of the Company’s Corporate Secretary, unless otherwise provided in
the Participant’s Award Agreement. 
 Section 7.17    Forfeiture Events. The
Committee may specify in an Award Agreement that the Participant’s rights, payments, and benefits with respect to an Award shall be subject to reduction, cancellation, forfeiture or recoupment upon the occurrence of certain specified events, in
addition to any otherwise applicable vesting or performance conditions of an Award. Such events include, but are not limited to, termination of employment for cause, termination of the Participant’s provision of Services to the Company or any
Subsidiary, violation of material Company or Subsidiary policies, breach of noncompetition, confidentiality, or other restrictive covenants that may apply to the Participant, or other conduct of the Participant that is detrimental to the business or
reputation of the Company or any Subsidiary. 
 Section 7.18    Automatic Exercise. In
the sole discretion of the Committee exercised in accordance with Section 5.2(a) above, any Stock Options that are exercisable but unexercised as of the day immediately before the tenth anniversary of the date of grant may be automatically
exercised, in accordance with procedures established for this purpose by the Committee, but only if the exercise price is less than the Fair Market Value of a share of Stock on such date and the automatic exercise will result in the issuance of at
least one (1) whole share of Stock to 

  
 10 

 
the Participant after payment of the exercise price and any applicable minimum tax withholding requirements. Payment of the exercise price and any applicable tax withholding requirements shall be
made by a net settlement of the Stock Option whereby the number of shares of Stock to be issued upon exercise are reduced by a number of shares having a Fair Market Value on the date of exercise equal to the exercise price and any applicable minimum
tax withholding. 
 Section 7.19    Regulatory Requirements. The grant and settlement
of Awards under this Plan shall be conditioned upon and subject to compliance with Section 18(k) of the Federal Deposit Insurance Act, 12 U.S.C. 1828(k), and the rules and regulations promulgated thereunder. 

Section 7.20    Clawback Policy. If the Company is required to prepare an accounting
restatement due to the material noncompliance of the Company, as a result of misconduct, with any financial reporting requirement under the federal securities laws, any Participant who is subject to automatic forfeiture under Section 304 of the
Sarbanes-Oxley Act of 2002 shall reimburse the Company the amount of any payment in settlement of an Award earned or accrued during the twelve month period following the first public issuance or filing with the SEC (whichever first occurred) of the
financial document embodying such financial reporting requirement. 
 In addition, Awards granted hereunder are subject to any clawback
policy adopted by the Board from time to time. 
 Section 7.21    Equity Retention
Policy. Unless the Committee provides otherwise, shares received upon the exercise of a Stock Option must be held by the Participant for at least one year following the exercise date, provided, however, that such requirement shall not apply
to the disposition of Stock to pay the Exercise Price or to satisfy any tax obligations related to the exercise of the Stock Option. 

ARTICLE 8 - DEFINED TERMS; CONSTRUCTION 

Section 8.1    In addition to the other definitions contained herein, unless otherwise
specifically provided in an Award Agreement, the following definitions shall apply: 
 (a)    “10%
Stockholder” means an individual who, at the time of grant, owns stock possessing more than 10% of the total combined voting power of all classes of stock of the Company. 

(b)    “Award” means any Stock Option granted to a Participant under the Plan. 

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

(d)    “Board” means the Board of Directors of the Company. 

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

  
 11 

 (g)    “Code” means the Internal Revenue Code of 1986,
as amended, and any rules, regulations and guidance promulgated thereunder, as modified from time to time. 

(h)    “Code Section 409A” means the provisions of Section 409A of the Code and
any rules, regulations and guidance promulgated thereunder, as modified from time to time. 

(i)    “Committee” has the meaning ascribed to it under Section 1.2. 

(j)    “Director” means: (i) a member of the Board of Directors of the Company or a Subsidiary; or
(ii) a member of an advisory board to the Board of Directors of the Company or Subsidiary. 
 (k)    If the
Participant is subject to a written employment agreement (or other similar written agreement) with the Company or a Subsidiary that provides a definition of “Disability” or “Disabled,” then, for purposes of this Plan, the terms
“Disability” or “Disabled” shall have meaning set forth in such agreement. In the absence of such a definition, “Disability” shall be defined in accordance with the Bank’s long-term disability
plan, or in the absence of a long-term disability plan, in accordance with Code Section 409A. To the extent that an Award hereunder is subject to Code Section 409A, “Disability” or “Disabled” shall mean
that a Participant: (i) is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of
not less than twelve months; or (ii) is, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve months, receiving
income replacement benefits for a period of not less than three months under an accident and health plan covering Employees. Except to the extent prohibited under Code Section 409A, if applicable, the Committee shall have discretion to
determine if a termination due to Disability has occurred. 
 (l)    “Disinterested Board Member” means
a member of the Board who: (i) is not a current Employee of the Company or a Subsidiary; (ii) is not a former employee of the Company or a Subsidiary who receives compensation for prior Services (other than benefits under a tax-qualified retirement plan) during the taxable year; (iii) has not been an officer of the Company or a Subsidiary; (iv) does not receive compensation from the Company or a Subsidiary, either directly or
indirectly, for services as a consultant or in any capacity other than as a Director except in an amount for which disclosure would not be required pursuant to Item 404 of SEC Regulation S-K in accordance with
the proxy solicitation rules of the SEC, as amended or any successor provision thereto; and (v) does not possess an interest in any other transaction, and is not engaged in a business relationship for which disclosure would be required pursuant
to Item 404(a) of SEC Regulation S-K under the proxy solicitation rules of the SEC, as amended or any successor provision thereto. The term Disinterested Board Member shall be interpreted in such manner as
shall be necessary to conform to the requirements of Rule 16b-3 promulgated under the Exchange Act and the corporate governance standards imposed on compensation committees under the listing requirements
imposed by any Exchange on which the Company lists or seeks to list its securities. 

(m)    “Employee” means any person employed by the Company or any Subsidiary. Directors who are also
employed by the Company or a Subsidiary shall be considered Employees under the Plan. 

(n)    “Exchange” means any national securities exchange on which the Stock may from time to time be
listed or traded which, for the avoidance of doubt, does not include any dealer to dealer network, such as OTCBB or OTC Markets. 

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

(p)    “Exercise Price” means the price established with respect to a Stock Option pursuant to
Section 2.2. 
 (q)    “Fair Market Value” on any date, means: (i) if the Stock is listed on an
Exchange, the closing sales price on such Exchange or over such system on such date or, in the absence of reported sales on such date, the closing sales price on the immediately preceding date on which sales were reported; or (ii) if the Stock
is not listed on an Exchange, a price determined by the Committee in good faith on the basis of objective criteria consistent with the requirements of Code Section 422 and applicable provisions of Section 409A. 

  
 12 

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

(i)    a material diminution in Participant’s base compensation; 

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

(iii)    a change in the geographic location at which Participant must perform his duties that is more than
twenty-five (25) miles from the location of Participant’s principal workplace on the date of this Agreement; or 

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

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

(t)    “ISO” means a Stock Option that is granted to an Employee Participant and is designated by the
Committee as a Stock Option that is intended to satisfy the requirements of Section 422 of the Code. 

(u)    “Non-Qualified Option” means a Stock Option that is
either: (i) granted to a Participant who is not an Employee; or (ii) granted to an Employee and either is not designated by the Committee to be an ISO or does not satisfy the requirements of Section 422 of the Code. 

(v)    “Participant” means any individual who has received, and currently holds, an outstanding Award
under the Plan. 
 (w)    “Retirement” means, unless otherwise specified in an Award Agreement,
retirement from employment as an Employee on or after the attainment of age 65, or Termination of Service as a Director on or after the attainment of the latest age at which a Director is eligible for election or appointment as a voting member of
the Company’s or a Subsidiary’s Board of Directors under the applicable corporate charter, or if there are no age limitations for serving as a Director, then age 70, provided, however, that unless otherwise specified in an Award
Agreement, an Employee who is also a Director shall not be deemed to have terminated due to Retirement for purposes of vesting of Awards and exercise of Stock Options until both Service as an Employee and Service as a Director has ceased. A non-Employee Director will be deemed to have terminated service due to Retirement under the provisions of this Plan only if the non-Employee Director has terminated Service on
the Board(s) of Directors of the Company and any Subsidiary or affiliate in accordance with applicable Company policy, following the provision of written notice to such Board(s) of Directors of the
non-Employee Director’s intention to retire. A non-employee Director who continues in Service as a director emeritus or advisory director shall be deemed to be in
Service of the Company for purposes of vesting of Awards and exercise of Stock Options. 
 (x)    “SEC”
means the United States Securities and Exchange Commission. 

  
 13 

 (y)    “Securities Act” means the Securities Act of
1933, as amended from time to time. 
 (z)    “Service” means service as an Employee or non-employee Director of the Company or a Subsidiary, as the case may be, and shall include service as a director emeritus or advisory director. Service shall not be deemed interrupted in the case of sick leave,
military leave or any other absence approved by the Company or a Subsidiary, in the case of transferees between payroll locations or between the Company, a Subsidiary or a successor. 

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

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

(cc)    “Subsidiary” means any corporation, affiliate, bank or other entity which would be a subsidiary
with respect to the Company as defined in Code Section 424(f) and, other than with respect to an ISO, shall also mean any partnership or joint venture in which the Company and/or other Subsidiary owns more than 50% of the capital or profits
interests. 
 (dd)    “Termination of Service” means the first day occurring on or after a grant date
on which the Participant ceases to be an Employee or Director (including a director emeritus or advisory director) of the Company or any Subsidiary, regardless of the reason for such cessation, subject to the following: 

(i)    The Participant’s cessation as an Employee shall not be deemed to occur by reason of the
transfer of the Participant between the Company and a Subsidiary or between two Subsidiaries. 

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

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

(iv)    Except to the extent Section 409A of the Code may be applicable to an Award, and subject to
the foregoing paragraphs of this sub-section, the Committee shall have discretion to determine if a Termination of Service has occurred and the date on which it occurred. In the event that any Award
under the Plan constitutes Deferred Compensation (as defined in Section 2.4 hereof), the term Termination of Service shall be interpreted by the Committee in a manner consistent with the definition of “Separation from Service” as
defined under Code Section 409A and under Treasury Regulation Section 1.409A-1(h)(ii). For purposes of this Plan, a “Separation from Service” shall have occurred if the Bank and Participant
reasonably anticipate that no further Services will be performed by the Participant after the date of the Termination of Service (whether as an employee or as an independent contractor) or the level of further Services performed will be less than
50% of the average level of bona fide Services in the 36 months immediately preceding the Termination of Service. If a Participant is a “Specified Employee,” as defined in Code Section 409A and any payment to be made hereunder shall
be determined to be subject to Code 

  
 14 

 Section 409A, then if required by Code Section 409A, such payment or a portion of
such payment (to the minimum extent possible) shall be delayed and shall be paid on the first day of the seventh month following Participant’s Separation from Service. 

(v)    With respect to a Participant who is a director, cessation as a Director will not be deemed to have
occurred if the Participant continues as a director emeritus or advisory director. With respect to a Participant who is both an Employee and a Director, termination of employment as an Employee shall not constitute a Termination of Service for
purposes of the Plan so long as the Participant continues to provide Service as a Director or director emeritus or advisory director. 

(ee)    “Voting Securities” means any securities which ordinarily possess the power to vote in the
election of directors without the happening of any pre-condition or contingency. 

Section 8.2    Interpretation. In this Plan, unless otherwise stated or the context
otherwise requires, the following uses apply: 
 (a)    actions permitted under this Plan may be taken at
any time and from time to time in the actor’s reasonable discretion; 
 (b)    references to a statute shall
refer to the statute and any successor statute, and to all regulations promulgated under or implementing the statute or its successor, as in effect at the relevant time; 

(c)    in computing periods from a specified date to a later specified date, the words “from” and
“commencing on” (and the like) mean “from and including,” and the words “to,” “until” and “ending on” (and the like) mean “to, but excluding”; 

(d)    references to a governmental or quasi-governmental agency, authority or instrumentality shall also refer to a
regulatory body that succeeds to the functions of the agency, authority or instrumentality; 
 (e)    “indications
of time of day mean Eastern Time; 
 (f)    “including” means “including, but not limited to”; 

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

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

(k)    all accounting terms not specifically defined herein shall be construed in accordance with GAAP. 

  
 15

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