Document:

Exhibit 10.9

 Exhibit 10.9 
 CAPE SAVINGS BANK 
 FORM OF AMENDED AND RESTATED PHANTOM RESTRICTED STOCK 
 AGREEMENT 
 THIS AGREEMENT, originally
entered into on the ___ day of __________, ________, by and between CAPE SAVINGS BANK, a State/Mutual Savings Bank located in Cape May Court House, New Jersey (the “Company”), and ______________ (the “Executive”) and amended on
_________ __, ____ and _________ __, ____, is hereby amended and restated on this ________ day of __________________, _____, and shall be effective as of January 1, 2005. 
 W I T N E S S E T H: 
 WHEREAS, the Company and Executive entered into a
Phantom Restricted Stock Agreement on ______, ____, as a means to encourage the Executive to remain employed with the Company and to provide the Executive with an incentive benefit; 
 WHEREAS, the Company provided Executive an initial allocation of ________ shares of Phantom Stock to a Phantom Stock Account on November 1,
2000, and a subsequent allocation of _____ shares of Phantom Stock to a Phantom Stock Account on _________ __, _____; 
 WHEREAS, this
Agreement is considered an unfunded arrangement, maintained primarily to provide supplemental retirement income for Executive, a member of a select group of management or highly compensated employees of the Company for purposes of the Employee
Retirement Income Security Act of 1974, as amended; 
 WHEREAS, Section 409A of the Internal Revenue Code of 1986, as amended
(the “Code”) requires that certain types of nonqualified deferred compensation plans comply with its terms or subject the recipient of the compensation to current taxes and penalties; and 
 WHEREAS, the Company and Executive desire to amend and restate the Agreement in order to comply with Code Section 409A, and for certain other
purposes. 
 NOW, THEREFORE, in consideration of the mutual promises herein contained, the parties hereto agree as follows:

 Article 1 
 Definitions 
 Whenever used in this Agreement, the following words and phrases shall have the meanings specified:

 1.1 “Account Balance” means the undistributed value of the Executive’s Phantom Stock Account at any given point in
time. 

 1.2 “Capital Account” means the sum of: (a) retained earnings determined from the
Company’s financial statements according to Generally Accepted Accounting Principles (“GAAP”), excluding any market value adjustments pursuant to Statement of Financial Accounting Standards 115, plus (b) the Company’s
general loan loss reserve. 
 1.3 “Capital to Asset Ratio” means the Capital Account at the end of a Plan Year divided by
the average total assets for the same Plan Year as determined under GAAP. 
 1.4 “Change in Control” means (i) a change
in ownership of the Company under paragraph (a) below, or (ii) a change in effective control of the Company under paragraph (b) below, or (iii) a change in the ownership of a substantial portion of the assets of the Company under
paragraph (c) below: 
  

	 	(a)	Change in the ownership of the Company. A change in the ownership of the Company shall occur on the date that any one person, or more than one person acting as a group (as defined
in Proposed Treasury Regulation Section 1.409A-3(g)(5)(v)(B)), acquires ownership of stock of the corporation that, together with stock held by such person or group, constitutes more than 50% of the total fair market value or total voting power
of the stock of such corporation. 

  

	 	(b)	Change in the effective control of the Company. A change in the effective control of the Company shall occur on the date that either (i) any one person, or more than one person
acting as a group (as defined in Proposed Treasury Regulation Section 1.409A-3(g)(5)(v)(B)), acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or persons) ownership of stock of
the corporation possessing 35% or more of the total voting power of the stock of such corporation; or (ii) a majority of members of the corporation’s Board of Directors is replaced during any 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 prior to the date of the appointment or election, provided that this sub-section (ii) is inapplicable where a majority shareholder of the
Company is another corporation. 

  

	 	(c)	Change in the ownership of a substantial portion of the Company’s assets. A change in the ownership of a substantial portion of the Company’s assets shall occur on the
date that any one person, or more than one person acting as a group (as defined in Proposed Treasury Regulation Section 1.409A-3(g)(5)(v)(B)), acquires (or has acquired during the 12-month period ending on the date of the most recent
acquisition by such person or persons) assets from the corporation that have a total gross fair market value equal to or more than 40% of the total gross fair market value of (i) all of the assets of the Company, or (ii) the value of the
assets being disposed of, either of which is determined without regard to any liabilities associated with such assets. 

  

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	 	(d)	For all purposes hereunder, the definition of Change in Control shall be construed to be consistent with the requirements of Proposed Treasury Regulation Section 1.409A-3(g),
except to the extent that such proposed regulations are superseded by subsequent guidance. 

 1.5 “Code” means
the Internal Revenue Code of 1986, as amended. 
 1.6 “Early Termination” means that the Executive, prior to Plan Year 10
(the “Normal Benefit Date”), has terminated employment with the Company for reasons other than Termination for Cause (see Section 7.2), following a Change in Control or death. 
 1.7 “Effective Date” The original Effective Date of this Agreement was November 1, 2000. The amendment and restatement is effective
as of January 1, 2005, in order to conform to Code Section 409A. 
 1.8 “Normal Benefit Date” means the end of
Plan Year 10. 
 1.9 “Phantom Stock” means the hypothetical number of shares of the Company’s common stock that would
be issued at an initial price of $10.00 per share. The Phantom Stock is used solely as a measurement tool; no Company stock will be purchased, sold, registered, or issued in connection with this Agreement. The Executive will only be entitled to
cash, and not stock in lieu of cash. The Executive will not receive any stock or stock rights by virtue of this Agreement. 
 1.10
“Plan Year” means each 12-month period commencing on November 1 and ending on October 31. 
 1.11
“Separation from Service” means the Executive’s death, retirement or Termination of Employment with the Company. No Separation from Service shall be deemed to occur due to military leave, sick leave or other bona fide leave of
absence if the period of such leave does not exceed six months or, if longer, so long as the Executive’s right to reemployment is provided by law or contract. If the leave exceeds six months and the Executive’s right to reemployment is not
provided by law or by contract, then the Executive shall be deemed to have a Separation from Service on the first date immediately following such six-month period. 
 The Executive shall not be treated as having a Separation from Service if the Executive provides more than insignificant services for the Company following the Executive’s actual or purported Separation from
Service with the Company. Services shall be treated as not being insignificant if such services are performed at an annual rate that is at least equal to 20% of the services rendered by the Executive for the Company, on average, during the
immediately preceding three full calendar years of employment (or if employed less than three years, such shorter period of employment) and the annual base compensation for such services is at least equal to 20% of the average base compensation
earned during the final three full calendar years of employment (or if employed less than three years, such shorter period of employment). 
  

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 Where the Executive continues to provide services to the Company, a Separation from Service will not be
deemed to have occurred if the Executive is providing services at an annual rate that is 50% or more of the services rendered, on average, during the immediate preceding three full calendar years of employment (or if employed less than three years,
such lesser period) and the annual base compensation for such services is 50% or more of the annual base compensation earned during the final three full calendar years of employment (or if less, such lesser period). 
 1.12 “Specified Employee” means, in the event the Company or a corporate parent is or becomes a publicly traded company, a key employee
within the meaning of Code Section 416(i) without regard to paragraph 5 thereof. 
 1.13 “Termination of
Employment” means the Executive ceases to be employed by the Company or any of its subsidiaries for any reason, voluntarily or involuntarily, other than by reason of an approved leave of absence. If required by Code
Section 409A, the Executive’s Termination of Employment shall be deemed to be defined in accordance with the definition of Separation from Service set forth thereunder. 
 Article 2 
 Phantom Restricted Stock Allocation 
 The Executive’s Phantom Restricted Stock Account (“Phantom Stock Account”) was established with an initial allocation of _______ shares of
Phantom Stock as of the Effective Date of this Agreement and a subsequent allocation of an additional ____ shares of Phantom Stock as of __________ __, _____ (collectively, the “Phantom Stock Allocation”). 
 Article 3 
 Phantom Restricted Stock
Account 
 3.1 Establishing and Crediting. The Company shall establish a Phantom Stock Account on its books for the Executive. The
value of the Phantom Stock Account is determined as follows: 
 3.1.1 Valuation for Plan Years 1 Through 10. On
October 31 of each Plan Year 1 through 10, the value of the Phantom Stock Account is determined by multiplying the Phantom Stock Allocation by the Current Adjusted Price Per Share, as defined below. 
 (a) “Initial Price Per Share” is the beginning per share value of the Phantom Stock, which is $10.00. 
 (b) “Current Adjusted Price Per Share” is determined by increasing the beginning of the Plan Year Phantom Stock value per
share by the Annual Growth Rate. In no event will the Current Adjusted Price Per Share exceed $31.06 for valuation purposes. If there are Extraordinary Items as defined in Section 3.1.3, the total outstanding Phantom Stock shares may be adjusted.

  

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 (c) “Annual Growth Rate” is determined by multiplying the percentage
increase in the Company’s Capital Account during the Plan Year by the Adjustment Factor. 
 (d) “Adjustment
Factor” is determined by dividing the Company’s Capital to Asset Ratio for the Plan Year by a base rate of 8.00 percent. If the Annual Growth Rate is negative in any Plan Year, the Adjustment Factor for that year may not be less than
1.00. 
 (e) If the Annual Growth Rate as determined above exceeds 12.00 percent for any Plan Year, the rate used in the
determination of the Current Adjusted Price Per Share will be 12.00 percent. In addition, the excess above 12.00 percent may be carried over to subsequent Plan Years and added to the Annual Growth Rate determined for that Plan Year to the extent
that the Annual Growth Rate in the subsequent Plan Year does not exceed 12.00 percent. No amount above 12.00 percent may be carried back to prior Plan Years. 
 An example of the calculation of Current Adjusted Price Per Share is as follows: 
  

					
	 	  	 Assumptions
	  	Results
	 (A)
	  	Phantom Stock Allocation	  	10,000 shares
	 (B)
	  	Initial Price Per Share	  	$10.00
	 (C)
	  	Actual percentage increase in Capital Account	  	8.00 percent
	 (D)
	  	Capital to Asset Ratio	  	12.00 percent
	 (E)
	  	Adjustment Factor = (D) divided by 8.00 percent	  	1.50
	 (F)
	  	Adjusted percentage increase in Capital Account = (C) times (E)	  	12.00 percent
	 (G)
	  	Current Adjusted Price Per Share = ((B) times (1 plus (F))	  	$11.20
	 (H)
	  	Phantom Stock Account Value = (A) times (G)	  	$112,000

 3.1.2 Interest on Phantom Stock Account Balance. Unless otherwise specified
in this Agreement, no interest shall be credited to the Phantom Stock Account during Plan Years 1 through 10. 
 3.1.3
Extraordinary Items. In the event of the Company’s merger with a mutual institution, conversion to a stock company or other material change in the Company’s total capitalization that occurs after the establishment by the Company of
the Executive’s Phantom Stock Account, the number of outstanding Phantom Stock shares subject to this Agreement may be adjusted appropriately by the Company, whose determination shall be conclusive. 
 3.2 Statement of Accounts. The Company shall provide to the Executive, within 120 days following the end of each Plan Year this Agreement is in
effect, a statement setting forth the Phantom Stock Account Balance, stating the number of Phantom Stock shares and detailing the calculation of the value of the Executive’s Phantom Stock Account. 
  

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 3.3 Accounting Device Only. The Phantom Stock Account is solely a device for measuring amounts to
be paid under this Agreement. The Phantom Stock Account is not a trust fund of any kind. The Executive is a general unsecured creditor of the Company for the payment of benefits. The benefits represent the mere Company promise to pay such benefits.
The Executive’s rights are not subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment, or garnishment by the Executive’s creditors. 
 Article 4 
 Lifetime Benefits 

 4.1 Benefit at Normal Benefit Date. If the Executive reaches the Normal Benefit Date while in continuous employment with the
Company, the Company shall pay to the Executive the benefit described in this Section 4.1 in lieu of any other benefit under this Agreement. However, if there has been a Change in Control prior to the Normal Benefit Date, the Executive’s
benefits shall be determined pursuant to Section 4.3, even if the Executive remains employed by the successor company until the Normal Benefit Date. 
 4.1.1 Amount of Benefit. The benefit under this Section 4.1 is 100 percent of the value of the Phantom Stock Account for the month ending immediately prior to the Normal Benefit Date. 
 4.1.2 Payment of Benefit. The Company shall pay the benefit to the Executive in equal monthly installments determined by
calculating a 180-month fixed annuity, crediting interest on the unpaid balance at an annual rate of 7.72 percent with monthly compounding, commencing on the first day of the month following the Executive’s Normal Benefit Date. 
 4.1.3 Option to Defer Receipt of Benefits. In the event the Executive wishes to delay receipt of benefits under this
Section 4.1, Exhibit 1 must be provided to the Company prior to the end of either (i) the transition period under Code Section 409A or (ii) Plan Year 9 and, in each case, must conform to the requirements of Code
Section 409A, as set forth in Exhibit 1. Interest shall be credited on the Account Balance following the end of Plan Year 10 at an annual rate of 7.72 percent with monthly compounding until the date specified on Exhibit 1. Commencing on the
first day of the month immediately after the date specified, the Account Balance shall be annuitized according to Section 4.1.2. 
 4.2
Early Termination Benefit. Upon Early Termination, the Company shall pay to the Executive the benefit described in this Section 4.2 in lieu of any other benefit under this Agreement. 
  

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 4.2.1 Amount of Benefit. The benefit amount under this Section 4.2 is the
value of the Phantom Stock Account for the month ending immediately prior to the Executive’s Termination of Employment, multiplied by the Vesting Percentage pursuant to the following vesting schedule: 
  

						
	 Plan Year
	  	Ending Oct. 31	  	Vesting Percentage	 
	 1
	  	2001	  	10	%
	 2
	  	2002	  	20	%
	 3
	  	2003	  	30	%
	 4
	  	2004	  	40	%
	 5
	  	2005	  	50	%
	 6
	  	2006	  	60	%
	 7
	  	2007	  	70	%
	 8
	  	2008	  	80	%
	 9
	  	2009	  	90	%
	 10
	  	2010	  	100	%

 4.2.2 Payment of Benefit. The Company shall pay the benefit to the Executive
in equal monthly installments determined by calculating a 180-month fixed annuity, crediting interest on the unpaid balance at an annual rate of 7.72 percent with monthly compounding, commencing on the first day of the month following the end of the
Plan Year in which the Executive’s Termination of Employment occurs, provided, however, that in the event Executive is a Specified Employee, such payment shall commence not later than the first day of the seventh month following the
Executive’s Separation from Service. In such case, the first six (6) monthly installments shall be accumulated and paid to the Executive in a lump sum on the first day of the seventh month following the Executive’s Separation from
Service in addition to payment of the seventh scheduled monthly installment to the Executive. 
 4.3 Change in Control Benefit. If the
Executive is employed by the Company at the date a Change in Control occurs, the Company shall pay to the Executive the benefit described in this Section 4.3 in lieu of any other benefit under this Agreement. 
 4.3.1 Amount of Benefit. The benefit amount under this Section 4.3 is the greater of: (a) the projected value of the
Executive’s Phantom Stock Account in Plan Year 10, which is $__________; or (b) the Executive’s Phantom Stock Allocations multiplied by the actual price per share after the Change in Control occurs. “Actual price” shall mean
the price paid per share to an acquiror. 
 4.3.2 Payment of Benefit. The Company shall pay the benefit to the
Executive in equal monthly installments determined by calculating a 180-month fixed annuity, crediting interest on the unpaid balance at an annual rate of 7.72 percent with monthly compounding, commencing on the first day of the month following the
end of the Plan Year in which the Executive’s Termination of Employment occurs, provided, however, that in the event Executive is a Specified Employee, such payment shall commence not later than the first day of the seventh month following the
Executive’s Separation from 

  

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Service. In such case, the first six (6) monthly installments shall be accumulated and paid to the Executive in a lump sum on the first day of the
seventh month following the Executive’s Separation from Service in addition to payment of the seventh scheduled monthly installment to the Executive. Notwithstanding anything herein to the contrary, the Executive may elect to receive a lump sum
benefit upon the Executive’s Separation from Service in connection with or following a Change in Control (or on the first day of the seventh month following Separation from Service if Executive is a Specified Employee). The Executive shall make
this election on the Change in Control Election Form attached hereto as Exhibit 2. Such election, if made, shall be made no later than December 31, 2006 (or if later, the last day of the transition period under Code Section 409A).

 Article 5 
 Death
Benefits 
 5.1 Death During Active Service. If the Executive dies while in the active service of the Company, the Company shall
pay to the Executive’s beneficiary the benefit described in this Section 5.1 in lieu of any other benefit under this Agreement. 
 5.1.1 Amount of Benefit. The benefit in this Section 5.1 is the greater of: (a) 100 percent of the value of the Phantom Stock Account for the month ending immediately prior to the Executive’s
death; or (b) $                    . 
 5.1.2 Payment of Benefit. The Company shall pay the benefit to the Executive’s beneficiary in equal monthly installments determined by calculating a 180-month fixed annuity, crediting interest on the
unpaid balance at an annual rate of 7.72 percent with monthly compounding, commencing within 60 days of the Company’s receipt of the Executive’s death certificate. 
 5.2 Death During Benefit Period. If the Executive dies after benefit payments have commenced under this Agreement but before receiving all such
payments, the Company shall pay the remaining benefits to the Executive’s beneficiary at the same time and in the same amounts they would have been paid to the Executive had the Executive survived. 
 5.3 Death After Termination of Employment But Before Commencement of Benefit Payments. If the Executive is entitled to a benefit under this
Agreement, but dies prior to the commencement of said benefit payments, the Company shall pay the same benefit payments to the Executive’s beneficiary that the Executive was entitled to prior to death except that the benefit payments shall
commence on the first day of the month following written notification to the Company of the Executive’s death. 
  

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 Article 6 
 Beneficiaries 
 6.1 Beneficiary Designations. The Executive shall designate a beneficiary by
filing a written designation with the Company. The Executive may revoke or modify the designation at any time by filing a new designation. However, designations will only be effective if signed by the Executive and received by the Company during the
Executive’s lifetime. 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.
If the Executive dies without a valid beneficiary designation, all payments shall be made to the Executive’s estate. 
 6.2 Facility
of Payment. If a benefit is payable to a minor, to a person declared incompetent, or to a person incapable of handling the disposition of his or her property, the Company may pay such benefit to the guardian, legal representative or person
having the care or custody of such minor, incompetent person or incapable person. The Company may require proof of incompetence, minority or guardianship as it may deem appropriate prior to distribution of the benefit. Such distribution shall
completely discharge the Company from all liability with respect to such benefit. 
 Article 7 
 General Limitations 
 7.1 Excess
Parachute or Golden Parachute Payment. Notwithstanding any provision of this Agreement to the contrary, the Company shall not pay any benefit under this Agreement to the extent the benefit would be an excess parachute payment under
Section 280G of the Code or would be a prohibited golden parachute payment pursuant to 12 C.F.R. §359.2 and for which the appropriate federal banking agency has not given written consent to pay pursuant to 12 C.F.R. §359.4.

 7.2 Termination for Cause. Notwithstanding any provision of this Agreement to the contrary, the Company shall not pay any benefit
under this Agreement if the Company terminates the Executive’s employment for: 
 (a) Gross negligence or gross neglect
of duties; 
 (b) Commission of a felony or of a gross misdemeanor involving moral turpitude; or 
 (c) Fraud, disloyalty, dishonesty or willful violation of any law or significant Company policy committed in connection with the
Executive’s employment and resulting in a material adverse effect on the Company. 
 7.3 Removal. Notwithstanding any provision
of this Agreement to the contrary, the Company shall not pay any benefit under this Agreement if the Executive is subject to a final removal or prohibition order issued by an appropriate federal banking agency pursuant to Section 8(e) of the
Federal Deposit Insurance Act. 
  

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 7.4 Suicide or Misstatement. The Company shall not pay any benefit under this Agreement if the
Executive commits suicide within two years after the date of this Agreement, or if the Executive has made any material misstatement of fact on any application for life insurance purchased by the Company, or any other reason, provided however that
the Company shall evaluate the reason for the denial, and upon advice of Counsel and in its sole discretion, consider judicially challenging any denial. 
 7.5 Competition After Termination of Employment. The Company shall not commence or continue to pay any benefit under this Agreement if the Executive, without the prior written consent of the Company, engages
in, becomes interested in, directly or indirectly, as a sole proprietor, as a partner in a partnership, or as a substantial shareholder in a corporation, or becomes associated with, in the capacity of employee, director, officer, principal, agent,
trustee or in any other capacity whatsoever, any enterprise conducted in the trading area (a 25 mile radius) of the main office of the Company, which enterprise is, or may deemed to be, competitive with any business carried on by the Company as of
the date of termination of the Executive’s employment or retirement. This Section 7.5 shall not apply following a Change in Control. 
 7.6 Distribution of De Minimus Benefit. Notwithstanding anything in this Agreement to the
contrary, if the Executive’s Phantom Stock Account (when added together with all of his benefits under all nonqualified deferred compensation plans maintained by the Company) is $10,000 or less at the time of the distribution event, payment
shall be made in a lump sum, even if the Executive’s election on Exhibit 1 specifies a different form of payment, and such payment shall be made before the later of (i) December 31 of the year in which the Executive incurs a
Termination of Employment with the Company or (ii) the 15th day of the third month following the Executive’s Termination of Employment with the
Company. 
 Article 8 
 Claims and Review Procedures 
 8.1 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: 
 8.1.1 Initiation – Written Claim. The claimant initiates a claim by submitting to the Company a written claim for the benefits. 
 8.1.2 Timing of Company Response. The Company shall respond to such claimant within 90 days after receiving the claim. If the Company determines that special circumstances require additional time for processing
the claim, the Company can extend the response period by an additional 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 Company expects to render its decision. 
 8.1.3 Notice of Decision. If
the Company denies part or all of the claim, the Company shall notify the claimant in writing of such denial. The Company 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, 
  

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 (b) A reference to the specific provisions of the Agreement on which the 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. 
 8.2 Review Procedure. If the Company denies part or all
of the claim, the claimant shall have the opportunity for a full and fair review by the Company of the denial, as follows: 
 8.2.1 Initiation – Written Request. To initiate the review, the claimant, within 60 days after receiving the Company’s notice of denial, must file with the Company a written request for review. 
 8.2.2 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 Company 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. 
 8.2.3 Considerations on Review. In
considering the review, the Company 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.

 8.2.4 Timing of Company Response. The Company shall respond in writing to such claimant within 60 days after
receiving the request for review. If the Company determines that special circumstances require additional time for processing the claim, the Company can extend the response period by an additional 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 Company expects to render its decision. 
  

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 8.2.5 Notice of Decision. The Company shall notify the claimant in writing of its
decision on review. The Company 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 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 9 
 Amendments and
Termination 
 9.1 Amendment. This Agreement may be amended only by a written agreement signed by the Company and the Executive.

 9.2 Termination. Subject to the requirements of Code Section 409A, in the event of complete termination of the Agreement, the
Agreement shall cease to operate and the Company shall pay out to the Executive his Phantom Stock Account as if the Executive had terminated service as of the effective date of the complete termination. Such complete termination of the Agreement
shall occur only under the following circumstances and conditions: 
 (a) The Board of Directors of the Company (the
“Board”) may terminate the Agreement within 12 months of a corporate dissolution taxed under Code section 331, or with approval of a bankruptcy court pursuant to 11 U.S.C. §503(b)(1)(A), provided that the amounts deferred under the
Agreement are included in the Executive’s gross income in the latest of (i) the calendar year in which the Agreement terminates; (ii) the calendar year in which the amount is no longer subject to a substantial risk of forfeiture; or
(iii) the first calendar year in which the payment is administratively practicable. 
  

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 (b) The Board may terminate the Agreement within the 30 days preceding a Change in
Control (but not following a Change in Control), provided that the Agreement shall only be treated as terminated if all substantially similar arrangements sponsored by the Company are terminated so that the Executive and all participants under
substantially similar arrangements are required to receive all amounts of compensation deferred under the terminated arrangements within 12 months of the date of the termination of the arrangements. 
 (c) The Board may terminate the Agreement provided that (i) all arrangements sponsored by the Company that would be aggregated with
this Agreement under Proposed Treasury regulations section 1.409A-1(c) if the Executive covered by this Agreement was also covered by any of those other arrangements are also terminated; (ii) no payments other than payments that would be
payable under the terms of the arrangement if the termination had not occurred are made within 12 months of the termination of the arrangement; (iii) all payments are made within 24 months of the termination of the arrangements; and
(iv) the Company does not adopt a new arrangement that would be aggregated with any terminated arrangement under Proposed Treasury regulations section 1.409A-1(c) if the Executive participated in both arrangements, at any time within five years
following the date of termination of the arrangement. 
 Article 10 
 Miscellaneous 
 10.1 Binding Effect. This Agreement shall bind the
Executive and the Company, and their beneficiaries, survivors, executors, successors, administrators and transferees. 
 10.2 No Guarantee
of Employment. This Agreement is not an employment policy or contract. It does not give the Executive the right to remain an employee of the Company, nor does it interfere with the Company’s right to discharge the Executive. It also does
not require the Executive to remain an employee nor interfere with the Executive’s right to terminate employment at any time. 
 10.3
Non-Transferability. Benefits under this Agreement cannot be sold, transferred (other than upon the death of the Executive), assigned, pledged, attached or encumbered in any manner. 
 10.4 Reorganization. The Company shall not merge or consolidate into or with another company, or reorganize, or sell substantially all of its
assets to another company, firm, or person unless such succeeding or continuing company, firm, or person agrees to assume and discharge the obligations of the Company under this Agreement. Upon the occurrence of such event, the term
“Company” as used in this Agreement shall be deemed to refer to the successor or survivor company. 
 10.5 Tax Withholding.
The Company shall withhold any taxes that are required to be withheld from the benefits provided under this Agreement. 
  

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 10.6 Applicable Law. The Agreement and all rights hereunder shall be governed by the laws of the
State of New Jersey, except to the extent preempted by the laws of the United States of America. 
 10.7 Unfunded Arrangement. The
Executive and beneficiary are general unsecured creditors of the Company for the payment of benefits under this Agreement. The benefits represent the mere promise by the Company to pay such benefits. The rights to benefits are not subject in any
manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment, or garnishment by creditors. Any insurance on the Executive’s life is a general asset of the Company to which the Executive and beneficiary have no
preferred or secured claim. 
 10.8 Entire Agreement. This Agreement constitutes the entire agreement between the Company and the
Executive as to the subject matter hereof. No rights are granted to the Executive by virtue of this Agreement other than those specifically set forth herein. 
 10.9 Administration. The Company shall have powers which are necessary to administer this Agreement, including but not limited to: 
 (a) Interpreting the provisions of the Agreement; 
 (b) Establishing and revising the method of accounting for the Agreement; 
 (c) Maintaining a record of benefit payments; and 
 (d) Establishing rules and prescribing any forms necessary or desirable to administer the Agreement. 
 10.10 Named Fiduciary. The Company shall be the named fiduciary and plan administrator under this Agreement. It may delegate to others certain
aspects of the management and operational responsibilities including the employment of advisors and the delegation of ministerial duties to qualified individuals. 
 10.11 Recovery of Estate Taxes. If the Executive’s gross estate for federal estate tax purposes includes any amount determined by reference to and on account of this Agreement, and if the beneficiary is
other than the Executive’s estate, then the Executive’s estate shall be entitled to recover from the beneficiary receiving such benefit under the terms of the Agreement, an amount by which the total estate tax due by the Executive’s
estate, exceeds the total estate tax which would have been payable if the value of such benefit had not been included in the Executive’s gross estate. If there is more than one person receiving such benefit, the right of recovery shall be
against each such person. In the event the beneficiary has a liability hereunder, the beneficiary may petition the Company for a lump sum payment in an amount not to exceed the beneficiary’s liability hereunder. 
  

 14 

 10.12 Construction and Severability. This Agreement is adopted following the enactment of Code
Section 409A and is intended to be construed consistent with the requirements of that Section, the Treasury regulations and other guidance issued thereunder. If any provision of the Agreement shall be determined to be inconsistent therewith for
any reason, then the Agreement shall be construed, to the maximum extent possible, to give effect to such provision in a manner that is consistent with Code Section 409A, and if such construction is not possible, as if such provision had never
been included. In the event that any of the provisions of this Agreement or portion thereof are held to be inoperative or invalid by any court of competent jurisdiction, then: (1) insofar as is reasonable, effect will be given to the intent
manifested in the provisions held to be invalid or inoperative, and (2) the invalidity and enforceability of the remaining provisions will not be affected thereby. 
  

 15 

 IN WITNESS WHEREOF, the Executive and the Company have signed this Agreement. 
  

									
	EXECUTIVE:	 		 	COMPANY:
			
		 		 	CAPE SAVINGS BANK
				
	 	 		 	By	 	 
		 		 		 	Title	 	 

  

 16 

 EXHIBIT 1 
 TO 
 CAPE SAVINGS BANK 
 AMENDED AND RESTATED 
 PHANTOM RESTRICTED STOCK AGREEMENT 
 Option to Defer Receipt of Benefits 
  

 According to the terms of Section 4.1.3 of this Agreement, I understand that I may elect to defer receipt of my Phantom
Stock Account beyond Plan Year 10, provided that I make such election before the end of Plan Year 9. I understand that any change to the Option to Defer Receipt of Benefits made after December 31, 2006 (or such later date as may be specified in
Treasury regulations or rulings): 
  

	 	(a)	may not accelerate the time or schedule of any distribution, except as allowed by the Secretary of the Treasury; 

  

	 	(b)	must, for benefits payable upon the Normal Benefit Date, be made at least twelve (12) months prior to the first scheduled distribution; 

  

	 	(c)	must delay the commencement of distributions for a minimum of five (5) years from the date the first distribution was originally scheduled to be made; and

  

	 	(d)	must take effect not less than twelve (12) months after the election is made. 

 Accordingly, I elect to receive the benefits provided therein commencing on the first of the month immediately following the date specified below: 
 Date: _________________________________ 
 Signature ______________________________ 
 Date __________________________________ 
 Received by the Company this
______ day of _________________, 20___. 
  

			
	By	 	 
	Title	 	 

  

 17 

 EXHIBIT 2 
 TO 
 CAPE SAVINGS BANK 
 AMENDED AND RESTATED 
 PHANTOM RESTRICTED STOCK AGREEMENT 
 Change in Control Election Form 
  

 According to the terms of Section 4.3.2 of this Agreement, I understand that I may elect to receive a lump sum distribution upon
my Termination of Employment (which Termination of Employment shall qualify as a Separation from Service for purposes of Code Section 409A) in connection with or following a Change in Control and that such election must be made no later than
December 31, 2006 (or such later date as may be specified in Treasury regulations or rulings). 
 In the event of a Change in Control of
the Company, I hereby elect to receive my Phantom Stock Account in the following form (check one): 
  

	 	 ̈	Lump Sum Distribution 

  

	 	 ̈	Substantially equal monthly payments over a period of 180 months 

 Signature ______________________________ 
 Date __________________________________ 
 Received by the Company this ______ day of _________________, 20___. 
  

			
	By	 	 
	Title	 	 

  

 18 

 BENEFICIARY DESIGNATION 
 CAPE SAVINGS BANK 
 AMENDED AND RESTATED 
 PHANTOM RESTRICTED STOCK AGREEMENT 
  

  

	 ̈	New Designation 

  

	 ̈	Change in Designation 

 I,
________________________________, designate the following as beneficiary of benefits under the Agreement payable following my death: 
  

				
	Primary:	  		
		
	__________________________________________________________________________________	  	_____	%
		
	__________________________________________________________________________________	  	_____	%
		
	Contingent:	  		
		
	__________________________________________________________________________________	  	_____	%
		
	__________________________________________________________________________________	  	_____	%

 Notes: 
  

	 	•	 	 Please PRINT CLEARLY or TYPE the names of the beneficiaries. 

  

	 	•	 	 To name a trust as beneficiary, please provide the name of the trustee(s) and the exact name and date of the trust agreement. 

 

	 	•	 	 To name your estate as beneficiary, please write “Estate of
                     [your name]”. 

  

	 	•	 	 Be aware that none of the contingent beneficiaries will receive anything unless ALL of the primary beneficiaries predecease you. 

 I understand that I may change these beneficiary designations by delivering a new written designation to the Company, which shall be effective only upon receipt and
acknowledgment by the Company prior to my death. I further understand that the designations will be automatically revoked if the beneficiary predeceases me, or, if I have named my spouse as beneficiary and our marriage is subsequently dissolved.

 Name: _______________________________ 
 Signature:
_______________________________ Date: ____________ 
 Received by the Company this ________ day of ________________, 2___. 
  

			
	By:	 	 
	Title:	 	 

  

 19Exhibit 10.10

 Exhibit 10.10 
 Cape Savings Bank 
 Amended and Restated Director Retirement Agreement 
 CAPE SAVINGS BANK 
 AMENDED AND RESTATED DIRECTOR RETIREMENT AGREEMENT 
 THIS DIRECTOR RETIREMENT AGREEMENT (the “Agreement”) originally entered into on the 26th day of December, 2000, by and between CAPE SAVINGS
BANK, a state savings bank located in Cape May Court House, New Jersey (the “Company”) and
                             (the “Director”), is hereby amended and restated on this
             day of                     , 2006, and shall be effective as
of January 1, 2005. 
 W I T N E S S E T H: 
 WHEREAS, the Company and the Director entered into a Director Retirement Agreement on December 26, 2000, as a means to encourage the Director to remain in the service of the Company and to provide the
Director with a retirement benefit; and 
 WHEREAS, this Agreement is considered an unfunded arrangement, maintained primarily to
provide a retirement benefit for the Director; and 
 WHEREAS, Section 409A of the Internal Revenue Code of 1986, as amended (the
“Code”) requires that certain types of nonqualified deferred compensation plans comply with its terms or subject the recipient of the compensation to current taxes and penalties; and 
 WHEREAS, the Company and the Director desire to amend and restate the Agreement in order to comply with Code Section 409A, and for certain
other purposes. 
 NOW, THEREFORE, in consideration of the mutual promises herein contained, the parties hereto agree as follows:

 Article 1 
 Definitions 
 Whenever used in this Agreement, the following words and phrases shall have the meanings specified:

  

	1.1	“Accrual Balance” means the liability that should be accrued by the Company, under Generally Accepted Accounting Principles (“GAAP”), for the
Company’s obligation to the Director under this Agreement, by applying Accounting Principles Board Opinion Number 12 (“APB 12”) as amended by Statement of Financial Accounting Standards Number 106 (“FAS 106”) and the
Discount Rate. Any one of a variety of amortization methods may be used to determine the Accrual Balance. However, once chosen, the method must be consistently applied. The Accrual Balance shall be reported annually by the Company to the Director.

  

	1.2	“Beneficiary” means each designated person, or the estate of the deceased Director, entitled to benefits, if any, upon the death of the Director determined pursuant
to Article 4. 

 Cape Savings Bank 
 Amended and Restated Director Retirement Agreement 
  

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

  

	1.4	“Board” means the Board of Directors of the Company as from time to time constituted. 

  

	1.5	“Change in Control” shall mean (i) a change in ownership of the Company under paragraph (a) below, or (ii) a change in effective control of the
Company under paragraph (b) below, or (iii) a change in the ownership of a substantial portion of the assets of the Company under paragraph (c) below: 

  

	 	(a)	Change in the ownership of the Company. A change in the ownership of the Company shall occur on the date that any one person, or more than one person acting as a group (as defined
in Proposed Treasury Regulation Section 1.409A-3(g)(5)(v)(B)), acquires ownership of stock of the corporation that, together with stock held by such person or group, constitutes more than 50% of the total fair market value or total voting power
of the stock of such corporation. 

  

	 	(b)	Change in the effective control of the Company. A change in the effective control of the Company shall occur on the date that either (i) any one person, or more than one person
acting as a group (as defined in Proposed Treasury Regulation Section 1.409A-3(g)(5)(v)(B)), acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or persons) ownership of stock of
the corporation possessing 35% or more of the total voting power of the stock of such corporation; or (ii) a majority of members of the corporation’s Board of Directors is replaced during any 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 prior to the date of the appointment or election, provided that this sub-section (ii) is inapplicable where a majority shareholder of the
Company is another corporation. 

  

	 	(c)	Change in the ownership of a substantial portion of the Company’s assets. A change in the ownership of a substantial portion of the Company’s assets shall occur on the
date that any one person, or more than one person acting as a group (as defined in Proposed Treasury Regulation Section 1.409A-3(g)(5)(v)(B)), acquires (or has acquired during the 12-month period ending on the date of the most recent
acquisition by such person or persons) assets from the corporation that have a total gross fair market value equal to or more than 40% of the total gross fair market value of (i) all of the assets of the Company, or (ii) the value of the
assets being disposed of, either of which is determined without regard to any liabilities associated with such assets. 

  

 2 

 Cape Savings Bank 
 Amended and Restated Director Retirement Agreement 
  

	 	(d)	For all purposes hereunder, the definition of Change in Control shall be construed to be consistent with the requirements of Proposed Treasury Regulation Section 1.409A-3(g),
except to the extent that such proposed regulations are superseded by subsequent guidance. 

  

	1.6	“Code” means the Internal Revenue Code of 1986, as amended. 

  

	1.7	“Discount Rate” means the rate used by the Plan Administrator for determining the Accrual Balance. The initial Discount Rate is six percent (6%). However, the Plan
Administrator, in its discretion, may adjust the Discount Rate to maintain the rate within reasonable standards according to GAAP and/or applicable bank regulatory guidance. 

  

	1.8	“Early Termination” means Separation from Service before Normal Retirement Age for reasons other than death or Termination for Cause (see Section 5.1).
Separation from Service prior to Normal Retirement Age and following a Change in Control will be deemed an Early Termination. 

  

	1.9	“Early Termination Date” means the month, day and year in which Early Termination occurs. 

  

	1.10	“Effective Date.” The original Effective Date of this Agreement is November 1, 2000. The amendment and restatement is effective as of January 1, 2005, in
order to conform to Code Section 409A. 

  

	1.11	“Fees” means the total fees payable to the Director during a Plan Year. 

  

	1.12	“Normal Retirement Age” means the Director attaining age
                     (__). 

  

	1.13	“Normal Retirement Date” means the later of Normal Retirement Age or Separation from Service. 

  

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

  

	1.15	“Plan Year” means each twelve-month period commencing on November 1 and ending on October 31 of each year. The initial Plan Year shall commence on the
Effective Date of this Plan and end on the following October 31. 

  

	1.16	“Secretary” means the Secretary of the United States Department of the Treasury. 

  

	1.17	 “Separation from Service” means that the Director’s service, as a director and independent contractor, to the Company and any member of a
controlled group as defined in Section 414 of the Code to which the Company belongs, has terminated for any reason, 

  

 3 

 Cape Savings Bank 
 Amended and Restated Director Retirement Agreement 
  

	 	 
other than by reason of a leave of absence approved by the Company or the death of the Director, provided, however, that on or after January 1, 2005,
Separation from Service shall be construed consistent with the requirements of Code Section 409A and the regulations and other guidance issued thereunder. 

  

	1.18	“Termination for Cause” has that meaning set forth in Article 5. 

  

	1.19	“Years of Service” means the total number of 12-month periods during which the Director has served on the Company’s Board of Directors.

 Article 2 
 Lifetime Benefits 
  

	2.1	Normal Retirement Benefit. Upon Separation from Service on or after Normal Retirement Age for reasons other than death, the Company shall pay to the Director the benefit
described in this Section 2.1 in lieu of any other benefit under this Agreement. 

  

	 	2.1.1	Amount of Benefit. The annual benefit under this Section 2.1 is the product of: (a) 2.5 percent times the Director’s Years of Service to the Company, not to
exceed 50%; multiplied by (b) Fees paid to the Director. For the purpose of this Agreement, Fees shall mean the average of the greatest fees earned during any five consecutive calendar years. 

  

	 	2.1.2	Distribution of Benefit. The Company shall distribute the annual benefit to the Director in 12 equal monthly installments payable on the first day of each month commencing
within sixty (60) days following the Director’s Normal Retirement Date. The annual benefit shall be paid to the Director for 10 years or the Director’s lifetime, whichever is longer. 

  

	2.2	Early Termination Benefit. Upon Early Termination, the Company shall distribute to the Director the benefit described in this Section 2.2 in lieu of any other benefit
under this Agreement. 

  

	 	2.2.1	Amount of Benefit. The benefit under this Section 2.2 is the Accrual Balance for the Plan Year ending immediately prior to the Early Termination Date, as recorded on the
Company’s Financial Statements under Generally Accepted Accounting Principles (“GAAP”). 

  

	 	2.2.2	 Distribution of Benefit. The Company shall distribute annual installments by calculating a 10-year fixed annuity, crediting interest on the unpaid balance at
an annual rate of 8.50 percent with monthly compounding, and paying said annual benefit to the Director in 12 equal monthly installments on the first day of each month commencing within sixty (60) days following Normal Retirement Age. The
annual benefit shall be paid to the Director for 10 years. Notwithstanding anything herein to the contrary, the Director may elect to receive a lump sum benefit upon the Director’s Separation from Service in connection with or 

  

 4 

 Cape Savings Bank 
 Amended and Restated Director Retirement Agreement 
  

	 	 
following a Change in Control. The Director shall make this election on the Change in Control Election Form attached hereto as Exhibit 1. Such election, if
made, shall be made no later than December 31, 2006 (or, if later, the last day of the transition period under Code Section 409A). 

 Article 3 
 Death Benefits 
  

	3.1	Death During Active Service. If the Director dies while in the active service of the Company, the Company shall distribute to the Beneficiary the benefit described in this
Section 3.1. This benefit shall be paid in lieu of the benefits under Article 2. 

  

	 	3.1.1	Amount of Benefit. The annual benefit under this Section 3.1 is
$                     (Fourteen Thousand Six Hundred Twenty Dollars). 

  

	 	3.1.2	Distribution of Benefit. The Company shall distribute the annual benefit to the Beneficiary in 12 equal monthly installments payable on the first day of each month commencing
within sixty (60) days following the Company’s receipt of the Director’s death certificate, provided, however, that in no event will distributions commence later than March 15 of the year following the year in which occurs the
Director’s death. The annual benefit shall be paid to the Beneficiary for 10 years. 

  

	3.2	Death During Distribution of Benefits. If the Director dies after benefit distributions have commenced under Article 2 but before receiving 120 monthly installments, the
Company shall distribute the remainder of such installments to the Beneficiary at the same time and in the same amounts they would have been paid to the Director had the Director survived. If the Director dies after receiving 10 years of benefit
distributions (i.e., 120 monthly installments), the Beneficiary will not be entitled to a benefit under this Article 3. 

  

	3.3	Death After Separation from Service But Before Commencement of Benefit Distributions. If the Director is entitled to a benefit under this Agreement, but dies prior to
the commencement of said benefit distributions, the Company shall distribute the same benefit distributions to the Beneficiary that the Director was entitled to prior to death except that the benefit distributions shall commence within sixty
(60) days following the Company’s receipt of the Director’s death certificate, provided, however, that in no event will distributions commence later than March 15 of the year following the year in which occurs the Director’s
death. Pursuant to Article 2.1, the Beneficiary shall be entitled to a maximum of ten years of benefits distributions (i.e., 120 monthly installments). 

 Article 4 
 Beneficiaries 
  

	4.1	Beneficiary. The Director shall have the right, at any time, to designate a Beneficiary(ies) to receive any benefit distributions under this Agreement to a Beneficiary upon
the death of the Director. The Beneficiary designated under this Agreement may be the same as or different from the beneficiary designation under any other plan of the Company in which the Director participates. 

  

 5 

 Cape Savings Bank 
 Amended and Restated Director Retirement Agreement 
  

	4.2	Beneficiary Designation. The Director shall designate a Beneficiary by completing and signing the Beneficiary Designation Form, and delivering it to the Plan Administrator or
its designated agent. The Director’s beneficiary designation shall be deemed automatically revoked if the Beneficiary predeceases the Director or if the Director names a spouse as Beneficiary and the marriage is subsequently dissolved. The
Director 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
Director and accepted by the Plan Administrator prior to the Director’s death. 

  

	4.3	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. 

  

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

  

	4.5	Facility of Distribution. If the Plan Administrator determines in its discretion that a benefit is to be distributed 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 distribution 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 distribution of a benefit shall be a distribution for the account of the
Director and the Director’s Beneficiary, as the case may be, and shall be a complete discharge of any liability under the Agreement for such distribution amount. 

 Article 5 
 General Limitations 
  

	5.1	Termination for Cause. Notwithstanding any provision of this Agreement to the contrary, the Company shall not distribute any benefit under this Agreement if the Company
terminates the Director’s service for: 

  

	 	(a)	Gross negligence or gross neglect of duties; 

  

 6 

 Cape Savings Bank 
 Amended and Restated Director Retirement Agreement 
  

	 	(b)	Conviction of a felony or of a gross misdemeanor involving moral turpitude; or 

  

	 	(c)	Fraud, disloyalty, dishonesty or willful violation of any law or significant Company policy resulting in a material adverse effect on the Company. 

  

	5.2	Suicide or Misstatement. No benefits shall be distributed if the Director commits suicide within two years after the Effective Date of this Agreement, or if an insurance
company which issued a life insurance policy covering the Director and owned by the Company denies coverage (i) for material misstatements of fact made by the Director on an application for such life insurance, or (ii) for any other
reason. 

  

	5.3	Removal. Notwithstanding any provision of this Agreement to the contrary, the Company shall not distribute any benefit under this Agreement if the Director is subject to a
final removal or prohibition order issued by an appropriate federal banking agency pursuant to Section 8(e) of the Federal Deposit Insurance Act. 

  

	5.4	Non-compete Provision. The Company shall not commence or continue to pay any benefit under this Agreement if the Director, without the prior written consent of the Company,
engages in, becomes interested in, directly or indirectly, as a sole proprietor, as a partner in a partnership, or as a substantial shareholder in a corporation (excluding any ownership interest of three percent (3%) or less in the stock of a
publicly traded company) or becomes associated with, in the capacity of employee, director, officer, principal, agent, trustee or in any other capacity whatsoever, any enterprise conducted in the trading area (a 25 mile radius) of the main office of
the Company, which enterprise is, or may be deemed to be, competitive with any business carried on by the Company as of the date of termination of the Director’s service or retirement. 

  

	 	5.4.1	Judicial Remedies. In the event of a breach or threatened breach by the Director of these restrictions, the Director recognizes the substantial and immediate harm that a
breach or threatened breach will impose upon the Company, and further recognizes that in such event monetary damages may be inadequate to fully protect the Company. Accordingly, in the event of a breach or threatened breach of these restrictions,
the Director consents to the Company’s entitlement to such ex parte, preliminary, interlocutory, temporary or permanent injunctive, or any other equitable relief, protecting and fully enforcing the Company’s rights hereunder
and preventing the Director from further breaching any of his obligations set forth herein. Nothing herein shall be construed as prohibiting the Company from pursuing any other remedies available to the Company at law or in equity for such breach or
threatened breach, including the recovery of damages from the Director. The Director expressly acknowledges and agrees that: (i) the restrictions set forth in Section 5.4 hereof are reasonable, in terms of scope, duration, geographic area,
and otherwise, (ii) the protections afforded the Company in Section 5.4 hereof are necessary to protect its legitimate business interest, (iii) the restrictions set forth in Section 5.4 hereof will not be materially adverse to
the Director’s service with the Company, and (iv) his agreement to observe such restrictions forms a material part of the consideration for this Agreement. 

  

 7 

 Cape Savings Bank 
 Amended and Restated Director Retirement Agreement 
  

	 	5.4.2	Overbreadth of Restrictive Covenant. It is the intention of the parties that if any restrictive covenant in this Agreement is determined by a court of competent jurisdiction
to be overly broad, then the court should enforce such restrictive covenant to the maximum extent permitted under the law as to area, breadth and duration. 

  

	 	5.4.3	Change in Control. The non-compete provision detailed in Section 5.4 hereof shall not be enforceable following a Change in Control. 

  

	 5.5
	 Distribution of De Minimus Benefit. Notwithstanding anything herein to the contrary, if the Director’s
benefit (when added together with all of his benefits under all nonqualified deferred compensation plans maintained by the Company) is $10,000 or less at the time of the distribution event, payment shall be made in a lump sum and such payment shall
be made before the later of (i) December 31 of the year in which the Director’s Separation from Service with the Company occurs, or (ii) the 15th day of the third month following the Director’s Separation from Service with the Company. 

 Article 6 
 Administration of Agreement 
  

	6.1	Plan Administrator Duties. This Agreement shall be administered by a Plan Administrator which shall consist of the Board, or such committee or person(s) as the Board shall
appoint. 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 the 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 Company. 

  

	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 the Agreement and the rules and regulations promulgated hereunder shall be final and conclusive and binding upon all persons having any interest in the Agreement. 

  

	6.4	Indemnity of Plan Administrator. The Company shall indemnify and hold harmless the members of the Plan Administrator 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 the Plan Administrator or any of its members. 

  

 8 

 Cape Savings Bank 
 Amended and Restated Director Retirement Agreement 
  

	6.5	Company Information. To enable the Plan Administrator to perform its functions, the Company shall supply full and timely information to the Plan Administrator on all matters
relating to the date and circumstances of the retirement, death, or Separation from Service of the Director, and such other pertinent information as the Plan Administrator may reasonably require. 

  

	6.6	Annual Statement. The Plan Administrator shall provide to the Director, within one hundred twenty (120) days after the end of each Plan Year, a statement setting forth
the benefits to be distributed under this Agreement. 

 Article 7 
 Claims And Review Procedures 
  

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

  

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

  

	 	7.1.2	Timing of Plan Administrator Response. The Plan Administrator shall respond to such claimant within 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 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. 

  

	 	7.1.3	Notice of Decision. If the Plan Administrator denies part or all of the 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; 

  

	 	(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; and 

  

 9 

 Cape Savings Bank 
 Amended and Restated Director Retirement Agreement 
  

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

  

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

  

	 	7.2.1	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. 

  

	 	7.2.2	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 to the claimant’s claim for benefits.

  

	 	7.2.3	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. 

  

	 	7.2.4	Timing of Plan Administrator Response. The Plan Administrator shall respond in writing to such claimant within 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 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. 

  

	 	7.2.5	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; and 

  

	 	(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 to
the claimant’s claim for benefits. 

  

 10 

 Cape Savings Bank 
 Amended and Restated Director Retirement Agreement 
  

 Article 8 
 Amendments and Termination 
  

	8.1	Amendment. This Agreement may be amended only by a written agreement signed by the Company and the Director. 

  

	8.2	Termination. Subject to the requirements of Code Section 409A, in the event of complete termination of the Agreement, the Agreement shall cease to operate and the
Company shall pay out to the Director his benefit as if that Director had terminated service as of the effective date of the complete termination. Such complete termination of the Agreement shall occur only under the following circumstances and
conditions: 

 (1) The Board of Directors of the Company (the “Board”) may terminate the Agreement within 12 months of
a corporate dissolution taxed under Code section 331, or with approval of a bankruptcy court pursuant to 11 U.S.C. §503(b)(1)(A), provided that the amounts deferred under the Agreement are included in the Director’s gross income in the
latest of (i) the calendar year in which the Agreement terminates; (ii) the calendar year in which the amount is no longer subject to a substantial risk of forfeiture; or (iii) the first calendar year in which the payment is
administratively practicable. 
 (2) The Board may terminate the Agreement within the 30 days preceding a Change in Control (but not following
a Change in Control), provided that the Agreement shall only be treated as terminated if all substantially similar arrangements sponsored by the Company are terminated so that the Director and all participants under substantially similar
arrangements are required to receive all amounts of compensation deferred under the terminated arrangements within 12 months of the date of the termination of the arrangements. 
 (3) The Board may terminate the Agreement provided that (i) all arrangements sponsored by the Company that would be aggregated with this Agreement
under Proposed Treasury regulations section 1.409A-1(c) if the Director covered by this Agreement was also covered by any of those other arrangements are also terminated; (ii) no payments other than payments that would be payable under the
terms of the arrangement if the termination had not occurred are made within 12 months of the termination of the arrangement; (iii) all payments are made within 24 months of the termination of the arrangements; and (iv) the Company does
not adopt a new arrangement that would be aggregated with any terminated arrangement under Proposed Treasury regulations section 1.409A-1(c) if the Director participated in both arrangements, at any time within five years following the date of
termination of the arrangement. 
  

 11 

 Cape Savings Bank 
 Amended and Restated Director Retirement Agreement 
  

 Article 9 
 Miscellaneous 
  

	9.1	Binding Effect. This Agreement shall bind the Director and the Company, and their beneficiaries, survivors, executors, administrators and transferees.

  

	9.2	No Guarantee of Services. This Agreement is not a contract for director services. It does not give the Director the right to remain in the service of the Company, nor does it
interfere with the Company’s right to discharge the Director. It also does not require the Director to remain in service of the Company nor interfere with the Director’s right to terminate services at any time. 

  

	9.3	Non-Transferability. Benefits under this Agreement cannot be sold, transferred, assigned, pledged, attached or encumbered in any manner. 

  

	9.4	Tax Withholding. The Company shall withhold any taxes that are required to be withheld from the benefits provided under this Agreement. The Director acknowledges that the
Company’s sole liability regarding taxes is to forward any amounts withheld to the appropriate taxing authority(ies). 

  

	9.5	Applicable Law. The Agreement and all rights hereunder shall be governed by the laws of the State of New Jersey, except to the extent preempted by the laws of the United
States of America. 

  

	9.6	Unfunded Arrangement. The Director and Beneficiary are general unsecured creditors of the Company for the distribution of benefits under this Agreement. The benefits
represent the mere promise by the Company to distribute such benefits. The rights to benefits are not subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment, or garnishment by creditors. Any
insurance on the Director’s life or other informal funding asset is a general asset of the Company to which the Director and Beneficiary have no preferred or secured claim. 

  

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

  

	9.8	Entire Agreement. This Agreement constitutes the entire agreement between the Company and the Director as to the subject matter hereof. No rights are granted to the
Director by virtue of this Agreement other than those specifically set forth herein. 

  

	9.9	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. 

  

 12 

 Cape Savings Bank 
 Amended and Restated Director Retirement Agreement 
  

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

  

	9.11	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.

  

	9.12	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 has never been inserted herein. 

  

	9.13	Notice. Any notice or filing required or permitted to be given to the Company or 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: 

 Cape Savings Bank 
 225 North Main Street 
 Cape May Court
House, NJ 08210 
 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 on the receipt for registration or certification. 
 Any notice or filing required or permitted to be given to the Director under
this Agreement shall be sufficient if in writing and hand-delivered, or sent by mail, to the last known address of the Director. 
  

	9.14	Construction and Severability. This Agreement is adopted following the enactment of Code Section 409A and is intended to be construed consistent with the requirements of
that Section, the Treasury regulations and other guidance issued thereunder. If any provision of the Agreement shall be determined to be inconsistent therewith for any reason, then the Agreement shall be construed, to the maximum extent possible, to
give effect to such provision in a manner that is consistent with Code Section 409A, and if such construction is not possible, as if such provision had never been included. In the event that any of the provisions of this Agreement or portion
thereof are held to be inoperative or invalid by any court of competent jurisdiction, then: (1) insofar as is reasonable, effect will be given to the intent manifested in the provisions held to be invalid or inoperative, and (2) the
invalidity and enforceability of the remaining provisions will not be affected thereby. 

  

 13 

 Cape Savings Bank 
 Amended and Restated Director Retirement Agreement 
  

 IN WITNESS WHEREOF, the Director and a duly authorized Company officer have signed this Agreement.

  

									
	DIRECTOR:	 		 	COMPANY:
			
		 		 	CAPE SAVINGS BANK
				
	 	 		 	By:	 	 
		 		 		 	Title:	 	 

  

 14 

 Cape Savings Bank 
 Amended and Restated Director Retirement Agreement 
  

 EXHIBIT 1 
 TO 
 CAPE SAVINGS BANK 
 AMENDED AND RESTATED 
 DIRECTOR RETIREMENT AGREEMENT 
 Change in Control Election Form 
 According to the terms of Section 2.2.2 of this Agreement, I understand that I may elect to receive a lump sum distribution upon my Separation from Service in connection with or following a Change in Control and that such election must
e made no later than December 31, 2006. 
 In the event of a Change in Control of the Company, I hereby elect to receive my benefit in
the following form (check one): 
  

	 	 ̈	Lump Sum Distribution 

  

	 	 ̈	Substantially equal monthly payments over a period of 120 months 

 Signature _____________________________________ 
 Date _________________________________________ 
 Received by the Company this ___________ day of ______________________, 20____. 
  

			
	By	 	 
	Title	 	 

  

 15 

 Cape Savings Bank 
 Director Retirement Agreement 
 BENEFICIARY DESIGNATION FORM 
  

	 ̈	New Designation 

  

	 ̈	Change in Designation 

 I,
                                , designate the following as Beneficiary under the
Agreement: 
  

				
	Primary:	  		
		
	___________________________________________________________________	  	_____	%
		
	___________________________________________________________________	  	_____	%
		
	Contingent:	  		
		
	___________________________________________________________________	  	_____	%
		
	___________________________________________________________________	  	_____	%

 Notes: 
  

	 	•	 	 Please PRINT CLEARLY or TYPE the names of the beneficiaries. 

  

	 	•	 	 To name a trust as Beneficiary, please provide the name of the trustee(s) and the exact name and date of the trust agreement.

  

	 	•	 	 To name your estate as Beneficiary, please write “Estate of
                                        
            [your name]”. 

  

	 	•	 	 Be aware that none of the contingent beneficiaries will receive anything unless ALL of the primary beneficiaries predecease you.

 I understand that I may change these beneficiary designations by delivering a new written designation to the Plan Administrator,
which shall be effective only upon receipt and acknowledgment by the Plan Administrator prior to my death. I further understand that the designations will be automatically revoked if the Beneficiary predeceases me, or, if I have named my spouse as
Beneficiary and our marriage is subsequently dissolved. 
 Name: ______________________________________ 
 Signature: ___________________________________                 Date: ___________ 

 Received by the Plan Administrator this ____________ day of ______________________, 2_____ 
  

			
	By:	 	 
	Title:

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