Document:

Exhibit 10.7

 

Madison Bank of Maryland

Supplemental Life Insurance Agreement

 

Madison
Bank of Maryland

Supplemental
Life Insurance Agreement

Effective
February 10, 2017

 

This Supplemental Life
Insurance Agreement (“Agreement”) is made and entered into this 10th day of February, 2017, by and between Madison
Bank of Maryland (“Bank”), a bank with its principal place of business located in Forest Hill, MD, and John M. Wright
(“Executive”).

 

INTRODUCTION

 

The purpose of this
Agreement is to attract, retain, and reward the Executive, by providing death benefits to the designated beneficiary of the Executive.
The Bank will pay the death benefits from its general assets, but only so long as one of its general assets is a life insurance
policy on the Executive's life.

 

Article 1

Definitions

 

Whenever used in this
Agreement, the following terms shall have the meanings specified:

 

		1.1	“Beneficiary” means each designated person, or the estate of a deceased Executive,
entitled to benefits, if any, upon the death of an Executive.

 

		1.2	“Beneficiary Designation Form” means the form established from time to time
by the Plan Administrator that an Executive completes, signs and returns to the Plan Administrator to designate one or more Beneficiaries.

 

		1.3	“Board” means the Board of Directors of the Bank as from time to time constituted.

 

		1.4	“Disability” means the Executive (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 (12) 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 (12) months, receiving income replacement benefits for a period of not less than three (3) months
under an accident and health plan covering employees of the Bank. Medical determination of Disability may be made by either the
Social Security Administration or by the provider of an accident or health plan covering employees of the Bank. Upon the request
of the Plan Administrator, the Executive must submit proof to the Plan Administrator of the Social Security Administration’s
or provider’s determination.

 

		1.5	“Effective Date” shall mean February 10, 2017.

 

     

     

    

  

Madison Bank of Maryland

Supplemental Life Insurance Agreement

 

		1.6	“Plan Administrator” means the plan administrator described in Article 6.

 

		1.7	“Separation from Service” means that the Executive’s service, as an employee
and independent contractor, to the Bank and any member of a controlled group as defined in Section 414 of the Code to which the
Bank belongs, has terminated for any reason, other than by reason of a leave of absence approved by the Bank or the death of the
Executive.

 

Article 2

Survivor Income Benefit

 

		2.1	Pre-Termination Survivor Income Benefit. If the Executive dies before Separation from Service
with the Bank, and if the Bank owns a life insurance policy on the Executive's life at the time of such death, the Executive’s
designated Beneficiary shall be entitled to receive a death benefit equal to twenty-five thousand dollars ($25,000.00).

 

		2.2	Disability Continuation. Upon Separation from Service due to Disability, followed by death
before recovering from such Disability, the Bank shall pay to the Executive's designated beneficiary the survivor income benefit
described in Section 2.1. Notwithstanding the previous sentence, upon the disabled Executive’s gainful employment with an
entity other than the Bank, the Bank shall have no further obligation to the disabled Executive, and the disabled Executive’s
rights pursuant to the Agreement shall cease.

 

		2.3	Payment of Benefit. The Bank shall pay the benefit to the Beneficiary in a lump sum within
ninety (90) days following the Executive’s death.

 

Article 3

Beneficiaries 

 

		3.1	Beneficiary Designation. The Executive shall have the right, at any time, to designate a
Beneficiary(ies) to receive any benefits payable under this Agreement upon the death of the Executive. The Beneficiary designated
under this Agreement may be the same as or different from the Beneficiary designation under any other plan of the Bank in which
the Executive participates.

 

		3.2	Beneficiary Designation: Change. The Executive shall designate a Beneficiary by completing
and signing the Beneficiary Designation Form, and delivering it to the Plan Administrator or its designated agent. The Executive's
Beneficiary designation shall be deemed automatically revoked if the Beneficiary predeceases the Executive or if the Executive
names a spouse as Beneficiary and the marriage is subsequently dissolved. The Executive shall have the right to change a Beneficiary
by completing, signing and otherwise complying with the terms of the Beneficiary Designation Form and the Plan Administrator’s
rules and procedures, as in effect from time to time. Upon the acceptance by the Plan Administrator of a new Beneficiary Designation
Form, all Beneficiary designations previously filed shall be cancelled. The Plan Administrator shall be entitled to rely on the
last Beneficiary Designation Form filed by the Executive and accepted by the Plan Administrator prior to the Executive’s
death.

 

     

     

    

  

Madison Bank of Maryland

Supplemental Life Insurance Agreement

 

		3.3	Acknowledgment. No designation or change in designation of a Beneficiary shall be effective
until received, accepted and acknowledged in writing by the Plan Administrator or its designated agent.

 

		3.4	No Beneficiary Designation. If the Executive dies without a valid beneficiary designation,
or if all designated Beneficiaries predecease the Executive, then the Executive’s spouse shall be the designated Beneficiary.
If the Executive has no surviving spouse, the benefits shall be made to the personal representative of the Executive's estate.

 

		3.5	Facility of Payment. If the Plan Administrator determines in its discretion that a benefit
is to be paid to a minor, to a person declared incompetent, or to a person incapable of handling the disposition of that person’s
property, the Plan Administrator may direct payment of such benefit to the guardian, legal representative or person having the
care or custody of such minor, incompetent person or incapable person. The Plan Administrator may require proof of incompetence,
minority or guardianship as it may deem appropriate prior to distribution of the benefit. Any payment of a benefit shall be a payment
for the account of the Executive and the Beneficiary, as the case may be, and shall be a complete discharge of any liability under
the Agreement for such payment amount.

 

Article 4

Claims and Review Procedure

 

		4.1	Claims Procedure. An Executive or Beneficiary (“claimant”) who has not received
benefits under the Agreement that he or she believes should be paid shall make a claim for such benefits as follows:

 

		4.1.1	Initiation – Written Claim. The claimant initiates a claim by submitting to the Plan
Administrator a written claim for the benefits.

 

		4.1.2	Timing of Plan Administrator Response. The Plan Administrator shall respond to such claimant
within ninety (90) days after receiving the claim. If the Plan Administrator determines that special circumstances require additional
time for processing the claim, the Plan Administrator can extend the response period by an additional ninety (90) days by notifying
the claimant in writing, prior to the end of the initial 90-day period that an additional period is required. The notice of extension
must set forth the special circumstances and the date by which the Plan Administrator expects to render its decision.

 

		4.1.3	Notice of Decision. If the Plan Administrator denies part or the entire claim, the Plan
Administrator shall notify the claimant in writing of such denial. The Plan Administrator shall write the notification in a manner
calculated to be understood by the claimant. The notification shall set forth:

 

		(a)	The specific reasons for the denial;

		(b)	A reference to the specific provisions of the Agreement on which the denial is based;

 

     

     

    

  

Madison Bank of Maryland

Supplemental Life Insurance Agreement

 

		(c)	A description of any additional information or material necessary for the claimant to perfect the
claim and an explanation of why it is needed;

		(d)	An explanation of the Agreement’s review procedures and the time limits applicable to such
procedures; and

		(e)	A statement of the claimant’s right to bring a civil action under ERISA Section 502(a) following
an adverse benefit determination on review.

 

		4.2	Review Procedure. If the Plan Administrator denies part or the entire claim, the claimant
shall have the opportunity for a full and fair review by the Plan Administrator of the denial, as follows:

 

		4.2.1	Initiation – Written Request. To initiate the review, the claimant, within 60 days
after receiving the Plan Administrator’s notice of denial, must file with the Plan Administrator a written request for review.

 

		4.2.2	Additional Submissions – Information Access. The claimant shall then have the opportunity
to submit written comments, documents, records and other information relating to the claim. The Plan Administrator shall also provide
the claimant, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information
relevant (as defined in applicable ERISA regulations) to the claimant’s claim for benefits.

 

		4.2.3	Considerations on Review. In considering the review, the Plan Administrator shall take into
account all materials and information the claimant submits relating to the claim, without regard to whether such information was
submitted or considered in the initial benefit determination.

 

		4.2.4	Timing of Plan Administrator’s Response. The Plan Administrator shall respond in writing
to such claimant within sixty (60) days after receiving the request for review. If the Plan Administrator determines that special
circumstances require additional time for processing the claim, the Plan Administrator can extend the response period by an additional
sixty (60) days by notifying the claimant in writing, prior to the end of the initial 60-day period that an additional period is
required. The notice of extension must set forth the special circumstances and the date by which the Plan Administrator expects
to render its decision.

 

		4.2.5	Notice of Decision. The Plan Administrator shall notify the claimant in writing of its decision
on review. The Plan Administrator shall write the notification in a manner calculated to be understood by the claimant. The notification
shall set forth:

 

		(a)	The specific reasons for the denial;

		(b)	A reference to the specific provisions of the Agreement on which the denial is based;

		(c)	A statement that the claimant is entitled to receive, upon request and free of charge, reasonable
access to, and copies of, all documents, records and other information relevant (as defined in applicable ERISA regulations) to

     

     

    

 

Madison Bank of Maryland

Supplemental Life Insurance Agreement

 

the claimant’s claim for
benefits; and

		(d)	A statement of the claimant’s right to bring a civil action under ERISA Section 502(a).

 

Article 5

Amendments and Termination

 

The Bank may amend or
terminate this Agreement at any time, for any reason, upon 30 days written notice to the Executive.

 

Article 6

Administration

		6.1	Plan Administrator Duties. This Agreement shall be administered by a Plan Administrator
which shall consist of the Board, or such committee or persons as the Board may choose. The Plan Administrator shall also have
the discretion and authority to (i) make, amend, interpret and enforce all appropriate rules and regulations for the administration
of this Agreement and (ii) decide or resolve any and all questions including interpretations of this Agreement, as may arise in
connection with this Agreement.

 

		6.2	Agents. In the administration of this Agreement, the Plan Administrator may employ agents
and delegate to them such administrative duties as it sees fit, (including acting through a duly appointed representative), and
may from time to time consult with counsel who may be counsel to the Bank.

 

		6.3	Binding Effect of Decisions. The decision or action of the Plan Administrator with respect
to any question arising out of or in connection with the administration, interpretation and application of this Agreement and the
rules and regulations promulgated hereunder shall be final and conclusive and binding upon all persons having any interest in this
Agreement.

 

		6.4	Indemnity of Plan Administrator. The Bank shall indemnify and hold harmless any party contracted
for the purposes of assisting the Plan Administrator in performing its duties under this Agreement against any and all claims,
losses, damages, expenses or liabilities arising from any action or failure to act with respect to this Agreement, except in the
case of willful misconduct by such contracted party.

 

		6.5	Information. To enable any party contracted for the purposes of assisting the Plan Administrator
in performing its duties under this Agreement to perform its functions, the Bank shall supply full and timely information to such
contracted party on all matters relating to the Base Salary of the Executive, the date and circumstances of the retirement, disability,
death or Separation from Service of the Executive, and such other pertinent information as such contracted party may reasonably
require.

 

     

     

    

  

Madison Bank of Maryland

Supplemental Life Insurance Agreement

 

Article 7

Miscellaneous

 

		7.1	Unsecured General Creditor. Executives and their Beneficiaries successors and assigns shall
have no legal or equitable rights, interests or claims in any property or assets of the Bank. Any and all of the Bank's assets
shall be, and remain, the general, unpledged unrestricted assets of the Bank. The Bank's obligation under the Agreement shall be
merely that of an unfunded and unsecured promise to pay money in the future.

 

		7.2	Not a Contract of Employment. The terms and conditions of this Agreement shall not be deemed
to constitute a contract of employment between the Bank and the Executive. Nothing in this Agreement shall be deemed to give an
Executive the right to be retained in the service of the Bank or to interfere with the right of the Bank to discipline or discharge
the Executive at any time.

 

		7.3	Participation in Other Plans. Nothing herein contained shall be construed to alter, abridge,
or in any manner affect the rights and privileges of the Executive to participate in and be covered by any pension, profit sharing,
group insurance, bonus or similar employee plans which the Bank may now or hereafter maintain.

 

		7.4	Alienability. Neither the Executive nor any Beneficiary under this Agreement shall have
any power or right to transfer, assign, anticipate, hypothecate, mortgage, commute, modify, or otherwise encumber in advance any
of the benefits payable hereunder, nor shall any of said benefits be subject to seizure for the payment of any debts, judgments,
alimony, or separate maintenance owed by the Executive or the Beneficiary or any of them, to be transferable by operation of law
in the event of bankruptcy, insolvency, or otherwise. In the event the Executive or any Beneficiary attempts assignment, commutation,
hypothecation, transfer, or disposal of the benefit hereunder, the Bank’s liabilities under this Agreements hall forthwith
cease and terminate.

 

		7.5	Successors. The provisions of this Agreement shall bind and inure to the benefit of the
Bank and its successors and assigns and the Executive and the Beneficiary.

 

		7.6	Reorganization. The Bank shall not merge or consolidate into or with another corporation,
or reorganize, or sell substantially all of its assets to another corporation, firm, or person unless and until such succeeding
or continuing corporation, firm, or person agrees to assume and discharge the obligations of the Bank under this Agreement. Upon
the occurrence of such event, the term “Bank” as used in this Agreement shall be deemed to refer to such succeeding
or continuing bank, firm, or person.

 

		7.7	Interpretation. Wherever the fulfillment of the intent and purpose of this Agreement requires,
and the context will permit, the use of the masculine gender includes the feminine and use of the singular includes the plural.

 

		7.8	Alternative Action. In the event it shall become impossible for the Bank or the Plan Administrator
to perform any act required by this Agreement, the Bank or Plan

 

     

     

    

  

Madison Bank of Maryland

Supplemental Life Insurance Agreement

 

Administrator may in its discretion
perform such alternative act as most nearly carries out the intent and purpose of this Agreement and is in the best interests of
the Bank.

 

		7.9	Applicable Law. Subject to ERISA, the provisions of this Agreement shall be construed and
interpreted in accordance with the laws of the State of Maryland without regard to its conflict of law principles.

 

		7.10	Headings. Article and section headings are for convenient reference only and shall not control
or affect the meaning or construction of any of its provisions.

 

		7.11	Furnishing Information. An Executive or his or her Beneficiary will cooperate with the Plan
Administrator by furnishing any and all information requested by the Plan Administrator and take such other actions as may be requested
in order to facilitate the administration of the Agreement and the payments of benefits hereunder, including but not limited to
taking such physical examinations as the Plan Administrator may deem necessary.

 

		7.12	Validity. In case any provision of this Agreement shall be illegal or invalid for any reason,
said illegality or invalidity shall not affect the remaining parts hereof, but this Agreement shall be construed and enforced as
if such illegal and invalid provision had never been inserted herein.

 

		7.13	Notice. Any notice or filing required or permitted to be given to the Plan Administrator
under this Agreement shall be sufficient if in writing and hand-delivered, or sent by registered or certified mail, to the address
below:

 

	John M. Wright
	10019 Rolling River Run
	Laurel, MD 20723
	 

 

Such notice
shall be deemed given as of the date of delivery or, if delivery is made by mail, as of the date shown on the postmark or the receipt
for registration or certification.

 

Any notice
or filing required or permitted to be given to an Executive under this Agreement an shall be sufficient if in writing and hand-delivered,
or sent by mail, to the last known address of the Executive.

 

		7.14	Signed Copies. This Agreement may be executed in any number of counterparts, each of which
shall be deemed to be an original, and such counterparts taken together shall constitute one (1) and the same instrument.

 

IN WITNESS WHEREOF,
the Executive and a duly authorized representative of the Bank have executed this Agreement as of the date indicated above.

 

     

     

    

  

Madison Bank of Maryland

Supplemental Life Insurance Agreement

 

	EXECUTIVE:	 	BANK:
	 	 	 
	 	 	Madison Bank of Maryland
	 	 	 	 
	/s/	 	By	/s/
	John M. Wright

	 	 	 

 

	 	 	Title	ChairmanExhibit 10.8

 

Madison Bank of Maryland

Supplemental Life Insurance Agreement

  

Madison
Bank of Maryland

Supplemental
Life Insurance Agreement

Effective
February 10, 2017

 

This Supplemental Life
Insurance Agreement (“Agreement”) is made and entered into this 10th day of February, 2017, by and between Madison
Bank of Maryland (“Bank”), a bank with its principal place of business located in Forest Hill, MD, and Lisa M. Mcguire-Dick
(“Executive”).

 

INTRODUCTION

 

The purpose of this
Agreement is to attract, retain, and reward the Executive, by providing death benefits to the designated beneficiary of the Executive.
The Bank will pay the death benefits from its general assets, but only so long as one of its general assets is a life insurance
policy on the Executive's life.

 

Article 1

Definitions

 

Whenever used in
this Agreement, the following terms shall have the meanings specified:

 

		1.1	“Beneficiary” means each designated person, or the estate of a deceased Executive,
entitled to benefits, if any, upon the death of an Executive.

 

		1.2	“Beneficiary Designation Form” means the form established from time to time
by the Plan Administrator that an Executive completes, signs and returns to the Plan Administrator to designate one or more Beneficiaries.

 

		1.3	“Board” means the Board of Directors of the Bank as from time to time constituted.

 

		1.4	“Disability” means the Executive (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 (12) 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 (12) months, receiving income replacement benefits for a period of not less than three (3) months
under an accident and health plan covering employees of the Bank. Medical determination of Disability may be made by either the
Social Security Administration or by the provider of an accident or health plan covering employees of the Bank. Upon the request
of the Plan Administrator, the Executive must submit proof to the Plan Administrator of the Social Security Administration’s
or provider’s determination.

 

		1.5	“Effective Date” shall mean February 10, 2017.

 

     

     

    

  

Madison Bank of Maryland

Supplemental Life Insurance Agreement

 

		1.6	“Plan Administrator” means the plan administrator described in Article 6.

 

		1.7	“Separation from Service” means that the Executive’s service, as an employee
and independent contractor, to the Bank and any member of a controlled group as defined in Section 414 of the Code to which the
Bank belongs, has terminated for any reason, other than by reason of a leave of absence approved by the Bank or the death of the
Executive.

 

Article 2

Survivor Income Benefit

 

		2.1	Pre-Termination Survivor Income Benefit. If the Executive dies before Separation from Service
with the Bank, and if the Bank owns a life insurance policy on the Executive's life at the time of such death, the Executive’s
designated Beneficiary shall be entitled to receive a death benefit equal to twenty-five thousand dollars ($25,000.00).

 

		2.2	Disability Continuation. Upon Separation from Service due to Disability, followed by death
before recovering from such Disability, the Bank shall pay to the Executive's designated beneficiary the survivor income benefit
described in Section 2.1. Notwithstanding the previous sentence, upon the disabled Executive’s gainful employment with an
entity other than the Bank, the Bank shall have no further obligation to the disabled Executive, and the disabled Executive’s
rights pursuant to the Agreement shall cease.

 

		2.3	Payment of Benefit. The Bank shall pay the benefit to the Beneficiary in a lump sum within
ninety (90) days following the Executive’s death.

 

Article 3

Beneficiaries 

 

		3.1	Beneficiary Designation. The Executive shall have the right, at any time, to designate a
Beneficiary(ies) to receive any benefits payable under this Agreement upon the death of the Executive. The Beneficiary designated
under this Agreement may be the same as or different from the Beneficiary designation under any other plan of the Bank in which
the Executive participates.

 

		3.2	Beneficiary Designation: Change. The Executive shall designate a Beneficiary by completing
and signing the Beneficiary Designation Form, and delivering it to the Plan Administrator or its designated agent. The Executive's
Beneficiary designation shall be deemed automatically revoked if the Beneficiary predeceases the Executive or if the Executive
names a spouse as Beneficiary and the marriage is subsequently dissolved. The Executive shall have the right to change a Beneficiary
by completing, signing and otherwise complying with the terms of the Beneficiary Designation Form and the Plan Administrator’s
rules and procedures, as in effect from time to time. Upon the acceptance by the Plan Administrator of a new Beneficiary Designation
Form, all Beneficiary designations previously filed shall be cancelled. The Plan Administrator shall be entitled to rely on the
last Beneficiary Designation Form filed by the Executive

 

     

     

    

  

Madison Bank of Maryland

Supplemental Life Insurance Agreement

 

and accepted by the Plan Administrator prior to the
Executive’s death.

 

		3.3	Acknowledgment. No designation or change in designation of a Beneficiary shall be effective
until received, accepted and acknowledged in writing by the Plan Administrator or its designated agent.

 

		3.4	No Beneficiary Designation. If the Executive dies without a valid beneficiary designation,
or if all designated Beneficiaries predecease the Executive, then the Executive’s spouse shall be the designated Beneficiary.
If the Executive has no surviving spouse, the benefits shall be made to the personal representative of the Executive's estate.

 

		3.5	Facility of Payment. If the Plan Administrator determines in its discretion that a benefit
is to be paid to a minor, to a person declared incompetent, or to a person incapable of handling the disposition of that person’s
property, the Plan Administrator may direct payment of such benefit to the guardian, legal representative or person having the
care or custody of such minor, incompetent person or incapable person. The Plan Administrator may require proof of incompetence,
minority or guardianship as it may deem appropriate prior to distribution of the benefit. Any payment of a benefit shall be a payment
for the account of the Executive and the Beneficiary, as the case may be, and shall be a complete discharge of any liability under
the Agreement for such payment amount.

 

Article 4

Claims and Review Procedure

 

		4.1	Claims Procedure. An Executive or Beneficiary (“claimant”) who has not received
benefits under the Agreement that he or she believes should be paid shall make a claim for such benefits as follows:

 

		4.1.1	Initiation – Written Claim. The claimant initiates a claim by submitting to the Plan
Administrator a written claim for the benefits.

 

		4.1.2	Timing of Plan Administrator Response. The Plan Administrator shall respond to such claimant
within ninety (90) days after receiving the claim. If the Plan Administrator determines that special circumstances require additional
time for processing the claim, the Plan Administrator can extend the response period by an additional ninety (90) days by notifying
the claimant in writing, prior to the end of the initial 90-day period that an additional period is required. The notice of extension
must set forth the special circumstances and the date by which the Plan Administrator expects to render its decision.

 

		4.1.3	Notice of Decision. If the Plan Administrator denies part or the entire claim, the Plan
Administrator shall notify the claimant in writing of such denial. The Plan Administrator shall write the notification in a manner
calculated to be understood by the claimant. The notification shall set forth:

 

		(a)	The specific reasons for the denial;

		(b)	A reference to the specific provisions of the Agreement on which the

 

     

     

    

  

Madison Bank of Maryland

Supplemental Life Insurance Agreement

 

denial is based;

		(c)	A description of any additional information or material necessary for the claimant to perfect the
claim and an explanation of why it is needed;

		(d)	An explanation of the Agreement’s review procedures and the time limits applicable to such
procedures; and

		(e)	A statement of the claimant’s right to bring a civil action under ERISA Section 502(a) following
an adverse benefit determination on review.

 

		4.2	Review Procedure. If the Plan Administrator denies part or the entire claim, the claimant
shall have the opportunity for a full and fair review by the Plan Administrator of the denial, as follows:

 

		4.2.1	Initiation – Written Request. To initiate the review, the claimant, within 60 days
after receiving the Plan Administrator’s notice of denial, must file with the Plan Administrator a written request for review.

 

		4.2.2	Additional Submissions – Information Access. The claimant shall then have the opportunity
to submit written comments, documents, records and other information relating to the claim. The Plan Administrator shall also provide
the claimant, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information
relevant (as defined in applicable ERISA regulations) to the claimant’s claim for benefits.

 

		4.2.3	Considerations on Review. In considering the review, the Plan Administrator shall take into
account all materials and information the claimant submits relating to the claim, without regard to whether such information was
submitted or considered in the initial benefit determination.

 

		4.2.4	Timing of Plan Administrator’s Response. The Plan Administrator shall respond in writing
to such claimant within sixty (60) days after receiving the request for review. If the Plan Administrator determines that special
circumstances require additional time for processing the claim, the Plan Administrator can extend the response period by an additional
sixty (60) days by notifying the claimant in writing, prior to the end of the initial 60-day period that an additional period is
required. The notice of extension must set forth the special circumstances and the date by which the Plan Administrator expects
to render its decision.

 

		4.2.5	Notice of Decision. The Plan Administrator shall notify the claimant in writing of its decision
on review. The Plan Administrator shall write the notification in a manner calculated to be understood by the claimant. The notification
shall set forth:

 

		(a)	The specific reasons for the denial;

		(b)	A reference to the specific provisions of the Agreement on which the denial is based;

		(c)	A statement that the claimant is entitled to receive, upon request and free of charge, reasonable
access to, and copies of, all documents, records and

 

     

     

    

  

Madison Bank of Maryland

Supplemental Life Insurance Agreement

 

other information relevant (as
defined in applicable ERISA regulations) to the claimant’s claim for benefits; and

		(d)	A statement of the claimant’s right to bring a civil action under ERISA Section 502(a).

 

Article 5

Amendments and Termination

 

The Bank may amend or
terminate this Agreement at any time, for any reason, upon 30 days written notice to the Executive.

 

Article 6

Administration

		6.1	Plan Administrator Duties. This Agreement shall be administered by a Plan Administrator
which shall consist of the Board, or such committee or persons as the Board may choose. The Plan Administrator shall also have
the discretion and authority to (i) make, amend, interpret and enforce all appropriate rules and regulations for the administration
of this Agreement and (ii) decide or resolve any and all questions including interpretations of this Agreement, as may arise in
connection with this Agreement.

 

		6.2	Agents. In the administration of this Agreement, the Plan Administrator may employ agents
and delegate to them such administrative duties as it sees fit, (including acting through a duly appointed representative), and
may from time to time consult with counsel who may be counsel to the Bank.

 

		6.3	Binding Effect of Decisions. The decision or action of the Plan Administrator with respect
to any question arising out of or in connection with the administration, interpretation and application of this Agreement and the
rules and regulations promulgated hereunder shall be final and conclusive and binding upon all persons having any interest in this
Agreement.

 

		6.4	Indemnity of Plan Administrator. The Bank shall indemnify and hold harmless any party contracted
for the purposes of assisting the Plan Administrator in performing its duties under this Agreement against any and all claims,
losses, damages, expenses or liabilities arising from any action or failure to act with respect to this Agreement, except in the
case of willful misconduct by such contracted party.

 

		6.5	Information. To enable any party contracted for the purposes of assisting the Plan Administrator
in performing its duties under this Agreement to perform its functions, the Bank shall supply full and timely information to such
contracted party on all matters relating to the Base Salary of the Executive, the date and circumstances of the retirement, disability,
death or Separation from Service of the Executive, and such other pertinent information as such contracted party may reasonably
require.

 

     

     

    

  

Madison Bank of Maryland

Supplemental Life Insurance Agreement

 

Article 7

Miscellaneous

 

		7.1	Unsecured General Creditor. Executives and their Beneficiaries successors and assigns shall
have no legal or equitable rights, interests or claims in any property or assets of the Bank. Any and all of the Bank's assets
shall be, and remain, the general, unpledged unrestricted assets of the Bank. The Bank's obligation under the Agreement shall be
merely that of an unfunded and unsecured promise to pay money in the future.

 

		7.2	Not a Contract of Employment. The terms and conditions of this Agreement shall not be deemed
to constitute a contract of employment between the Bank and the Executive. Nothing in this Agreement shall be deemed to give an
Executive the right to be retained in the service of the Bank or to interfere with the right of the Bank to discipline or discharge
the Executive at any time.

 

		7.3	Participation in Other Plans. Nothing herein contained shall be construed to alter, abridge,
or in any manner affect the rights and privileges of the Executive to participate in and be covered by any pension, profit sharing,
group insurance, bonus or similar employee plans which the Bank may now or hereafter maintain.

 

		7.4	Alienability. Neither the Executive nor any Beneficiary under this Agreement shall have
any power or right to transfer, assign, anticipate, hypothecate, mortgage, commute, modify, or otherwise encumber in advance any
of the benefits payable hereunder, nor shall any of said benefits be subject to seizure for the payment of any debts, judgments,
alimony, or separate maintenance owed by the Executive or the Beneficiary or any of them, to be transferable by operation of law
in the event of bankruptcy, insolvency, or otherwise. In the event the Executive or any Beneficiary attempts assignment, commutation,
hypothecation, transfer, or disposal of the benefit hereunder, the Bank’s liabilities under this Agreements hall forthwith
cease and terminate.

 

		7.5	Successors. The provisions of this Agreement shall bind and inure to the benefit of the
Bank and its successors and assigns and the Executive and the Beneficiary.

 

		7.6	Reorganization. The Bank shall not merge or consolidate into or with another corporation,
or reorganize, or sell substantially all of its assets to another corporation, firm, or person unless and until such succeeding
or continuing corporation, firm, or person agrees to assume and discharge the obligations of the Bank under this Agreement. Upon
the occurrence of such event, the term “Bank” as used in this Agreement shall be deemed to refer to such succeeding
or continuing bank, firm, or person.

 

		7.7	Interpretation. Wherever the fulfillment of the intent and purpose of this Agreement requires,
and the context will permit, the use of the masculine gender includes the feminine and use of the singular includes the plural.

 

		7.8	Alternative Action. In the event it shall become impossible for the Bank or the Plan Administrator
to perform any act required by this Agreement, the Bank or Plan

 

     

     

    

  

Madison Bank of Maryland

Supplemental Life Insurance Agreement

 

Administrator may in its discretion
perform such alternative act as most nearly carries out the intent and purpose of this Agreement and is in the best interests of
the Bank.

 

		7.9	Applicable Law. Subject to ERISA, the provisions of this Agreement shall be construed and
interpreted in accordance with the laws of the State of Maryland without regard to its conflict of law principles.

 

		7.10	Headings. Article and section headings are for convenient reference only and shall not control
or affect the meaning or construction of any of its provisions.

 

		7.11	Furnishing Information. An Executive or his or her Beneficiary will cooperate with the Plan
Administrator by furnishing any and all information requested by the Plan Administrator and take such other actions as may be requested
in order to facilitate the administration of the Agreement and the payments of benefits hereunder, including but not limited to
taking such physical examinations as the Plan Administrator may deem necessary.

 

		7.12	Validity. In case any provision of this Agreement shall be illegal or invalid for any reason,
said illegality or invalidity shall not affect the remaining parts hereof, but this Agreement shall be construed and enforced as
if such illegal and invalid provision had never been inserted herein.

 

		7.13	Notice. Any notice or filing required or permitted to be given to the Plan Administrator
under this Agreement shall be sufficient if in writing and hand-delivered, or sent by registered or certified mail, to the address
below:

 

	Lisa M. Mcguire-Dick
	1211 Glastonbury Way
	Bel Air, MD 21014
	 

 

Such notice
shall be deemed given as of the date of delivery or, if delivery is made by mail, as of the date shown on the postmark or the receipt
for registration or certification.

 

Any notice
or filing required or permitted to be given to an Executive under this Agreement an shall be sufficient if in writing and hand-delivered,
or sent by mail, to the last known address of the Executive.

 

		7.14	Signed Copies. This Agreement may be executed in any number of counterparts, each of which
shall be deemed to be an original, and such counterparts taken together shall constitute one (1) and the same instrument.

 

IN WITNESS WHEREOF,
the Executive and a duly authorized representative of the Bank have executed this Agreement as of the date indicated above.

 

     

     

    

  

Madison Bank of Maryland

Supplemental Life Insurance Agreement

 

	EXECUTIVE:	 	BANK:
	 	 	 	 
	 	 	Madison Bank of Maryland
	 	 	 	 
	/s/	 	By	/s/
	Lisa M. Mcguire-Dick	 	 	 

 

	 	 	Title	Chairman

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