Document:

Exhibit 10.1

 Exhibit 10.1 
 FAIRMOUNT FEDERAL SAVINGS BANK 
 EMPLOYMENT AGREEMENT

 THE AGREEMENT entered into as of the 31st day of March, 2008, by and between Fairmount Federal
Savings Bank (the “Bank”), and Joseph M. Solomon (the “Employee”), effective as of the above date (the “Effective Date”). 
 WHEREAS, the Employee has heretofore been employed by the Bank as its President and Chief Executive Officer and is experienced in all phases of the business of the Bank; and 
 WHEREAS, the Board of Directors of the Bank believes it is in the best interests of the Bank to enter into this Agreement with the Employee
in order to assure continuity of management of the Bank and to reinforce and encourage the continued attention and dedication of the Employee to his assigned duties; and 
 WHEREAS, the parties desire to set forth the continuing employment relationship of the Bank and the Employee: 
 NOW, THEREFORE, in consideration of the mutual covenants herein contained, the parties hereby agree as follows: 
 1. Defined Terms 
 When used anywhere in this Agreement, the following terms
shall have the meanings set forth herein. 
 (a) “Change in Control” shall mean any one of
the following events subsequent to the date hereof: (i) the acquisition of ownership, holding or power to vote more than 25% of the voting power of the Bank or of a holding company for the Bank, (ii) the acquisition of the ability to
control the election of a majority of the directors of the Bank or a holding company therefore, (iii) the acquisition of a controlling influence over the management or policies of the Bank by any person or by persons acting as a
“group” (within the meaning of Section 13(d) of the Securities Exchange Act of 1934), or (iv) during any period of two consecutive years, individuals (the “Continuing Directors”) who at the beginning of such period constitute the Board of Directors of the Bank (the
“Existing Board”) cease for any reason to constitute at least two-thirds thereof; provided, however, that any individual whose election or nomination for election as a member of the Existing Board was approved by a vote of at least
two-thirds of the Continuing Directors then in office shall be considered a Continuing Director. Notwithstanding the foregoing, in the case of (i), (ii) and (iii) hereof, (a) the conversion of the Bank from the mutual to stock form of
organization in which the Employee shall continue to be employed as President and Chief Executive Officer of the Bank, and (b) the acquisition of ownership or control of the Bank by a holding company formed for such purpose by the Bank, and of
which the Employee shall be employed as President and Chief Executive Officer, shall not constitute a Change in Control. For purposes of this paragraph only, the term “person” refers to an individual or a corporation, partnership, trust, Bank, joint venture, pool, syndicate, sole
proprietorship, unincorporated organization or any other form of entity not specifically listed herein. The decision of the Bank’s non-employee directors as to whether or not a Change in Control has occurred shall be conclusive and binding.

 (b) “Code” shall mean the Internal Revenue Code of 1986, as amended from
time to time, and as interpreted through applicable rulings and regulations in effect from time to time. 
 (c) “Code
§280G Maximum” shall mean the product of 2.99 and the Employee’s “base amount” as defined in Code § 28OG(b)(3). 
 (d) “Good Reason” shall mean termination of employment by the Employee based on: (i) without the Employee’s express written consent, a material reduction by the Bank of the
Employee’s base compensation as the same may be increased from time to time; (ii) without the Employee’s express written consent, a material diminution in the Employee’s authority, duties or responsibilities; (iii) a
material diminution in the authority, duties or responsibilities of the supervisor to whom the Employee is required to report; (iv) the principal executive office of the Bank is relocated more than 30 miles from its present location, or the
Bank requires the Employee to be based anywhere other than an area in which the Bank’s principal executive office is located, except for reasonably required travel on behalf of the business of the Bank; or (v) the failure by the Bank to
obtain the assumption of and agreement to perform this Agreement by any successor as contemplated in Section 16(a) hereof. The Employee must provide written notice to the Bank or its successor of the existence of such condition. The Bank shall
have 30 days after receipt of such notice to remedy the condition and, if remedied, the Employee shall not be entitled to be paid the benefits described in Section 12 in connection with the Employee’s termination of employment. 

(e) “Just Cause” shall mean, in the good faith determination of the Board, the Employee’s personal dishonesty,
incompetence, willful misconduct, breach of fiduciary duty involving personal profit, intentional failure to perform stated duties, willful violation of any law, rule or regulation (other than traffic violations or similar offenses) or final
cease-and-desist order, or material breach of any provision of this Agreement. The Employee shall have no right to receive compensation or other benefits for any period after termination for Just Cause. No act, or failure to act, on the
Employee’s part shall be considered “willful” unless he has acted, or failed to act, with an absence of good faith and without a reasonable belief that his action or failure to act was in the best interest of the Bank. 
 (f) “Trust” shall mean a grantor trust that is designed in accordance with Revenue Procedure 92-64 issued by the Internal
Revenue Service and has a trustee independent of the Bank. 
 2. Employment. During the term of this Agreement, the Bank
agrees to continue to employ the Employee, and the Employee agrees to continue to serve, as the President and Chief Executive Officer of the Bank. The Employee shall render such administrative and management services for the Bank as are currently
tendered and as are customarily performed by persons situated in a similar executive capacity. The Employee shall also promote, by entertainment or otherwise, as and to the extent permitted by law, the business of the Bank. The Employee’s other
duties shall be such as the Board may from time to time reasonably direct, including normal duties as an officer of the Bank. 
  

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 3. Base Compensation. The Bank agrees to pay the Employee during the term of this
Agreement a salary at the rate of $115,000 per annum, payable in cash not less frequently than monthly. The Board shall review, not less often than annually, the rate of the Employee’s salary, and in its sole discretion may decide to increase
his salary. Notwithstanding the foregoing, following a Change in Control, the Board shall continue to review annually the rate of the Employee’s salary, and shall increase said rate of salary by a percentage that is not less than the average
annual percentage increase in salary that the Employee received over the three calendar years immediately preceding the year in which the Change in Control occurs. 
 4. Discretionary Bonuses. The Employee shall participate in an equitable manner with all other senior management employees of the Bank in discretionary bonuses that the Board may award from time to
time to the Bank’s senior management employees. No other compensation provided for in this Agreement shall be deemed a substitute for the Employee’s right to participate in such discretionary bonuses. Notwithstanding the foregoing,
following a Change in Control, the Employee shall receive discretionary bonuses that are made no less frequently than, and in annual amounts not less than, the average annual discretionary bonuses paid to the Employee during each of the three
calendar years immediately preceding the year in which such Change in Control occurs. The Employee must remain employed at the end of the fiscal year to be eligible to receive a bonus for such year. Any bonus hereunder shall be paid no later than
December 15 of the fiscal year following the end of the fiscal year for which it is earned. 
 5. Participation in
Plans; Expenses; Indemnification 
 (a) Participation in Retirement, Medical and Other Plans. During the term of this
Agreement, the Employee shall be eligible to participate in any plan that the Bank maintains for the benefit of its employees that relates to (i) pension, profit-sharing or other retirement benefits, (ii) medical insurance or the
reimbursement of medical or dependant care expenses, or (iii) other group benefits, including disability and life insurance plans. The Bank will not, without the Employee’s prior written consent, make any changes in such plans,
arrangements or perquisites that would adversely affect the Employee’s rights or benefits thereunder as in existence as of the Effective Date. 
 (b) Employee Benefit Plans; Expenses. The Employee shall be eligible to participate in any fringe benefits that are or may become available to the Bank’s senior management employees, including
any incentive compensation plans, and any other benefits which are commensurate with the responsibilities and functions to be performed by the Employee under this Agreement. Nothing paid to the Employee under any such plan shall be deemed to be in
lieu of the base and other compensation to which the Employee is entitled under this Agreement. In addition, the Employee shall be reimbursed for all reasonable out-of-pocket travel or other business expenses that he shall incur in connection with
his services under this Agreement upon substantiation of such expenses in accordance with the policies of the Bank. 
 (c)
Liability Insurance; Indemnification. The Bank shall provide the Employee (including his heirs, executors and administrators) with coverage under a standard directors’ and officers’ liability insurance policy at the Bank’s
expense, or in lieu thereof, shall indemnify the Employee (and his heirs, executors and administrators) to the fullest extent permitted under Federal law against all expenses and liabilities reasonably incurred by him in

  

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connection with or arising out of any action, suit or proceeding in which he may be involved by reason of his having been a director or officer of the Bank; such expenses and liabilities to
include, but not to be limited to, judgments, court costs and attorneys’ fees and the cost of reasonable settlements, and such settlements to be approved by the Board; provided, however, that such indemnification shall not extend to matters as
to which the Employee is finally adjudged to be liable for willful misconduct or gross negligence in the performance of his duties as a director or officer of the Bank. 
 6. Term. The Bank hereby employs the Employee, and the Employee hereby accepts such employment under this Agreement, for the period commencing on the Effective Date and ending 36 months thereafter
(or such earlier date as is determined in accordance with Section 10 hereof). Additionally, on each annual anniversary date from the Effective Date, this Agreement and the Employee’s term of employment may be extended for an additional
one-year period beyond the then-effective expiration date; provided, however, that the Board determines in a duly adopted resolution that the performance of the Employee has met the Board’s requirements and standards, and that this Agreement
shall be extended. Only those members of the Board who have no personal interest in this Employment Agreement shall discuss and vote on the approval and subsequent review of this Agreement. By written notice, the Board will inform the Employee as
soon as possible after the Board’s annual review whether the Board has determined to extend the term of this Agreement. 
 7. Loyalty; Noncompetition 
 (a) During the period of his employment hereunder and except
for illnesses, reasonable vacation periods, and reasonable leaves of absence, the Employee shall devote all his full business time, attention, skill and efforts to the faithful performance of his duties hereunder; provided, however, from time
to time, that the Employee may serve on the boards of directors of and hold any other offices or positions in, companies or organizations which will not present any conflict of interest with the Bank or any of its subsidiaries or affiliates, or
unfavorably affect the performance of the Employee’s
duties pursuant to this Agreement, or will not violate any applicable statute or regulation. “Full business time” is hereby defined as that amount of time usually devoted to like companies by similarly situated executive officers. During
the term of his employment under this Agreement, the Employee shall not engage in any business or activity contrary to the business affairs or interests of the Bank or be gainfully employed in any other position or job other than as provided above.

 (b) The Employee shall not, during or after the term of this Agreement, disclose any knowledge of the past, present or
contemplated business of the Bank or of any affiliate thereof to any person for any reason or purpose. Notwithstanding the foregoing, the Employee may disclose any information required in writing by Federal bank regulatory agencies and may disclose
to any person information regarding the Bank that is otherwise publicly available or any knowledge of banking or financial concepts or ideas that are not solely and exclusively derived from the business plans and activities of the Bank. 

(c) Nothing contained in this Section 7 shall be deemed to prevent or limit the Employee’s right to invest in the capital stock or other securities of any
business dissimilar from that of the Bank, or, solely as a passive or minority investor, in any business. 
  

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 8. Standards. The Employee shall perform his duties under this Agreement in
accordance with such reasonable standards as the Board may establish from time to time. The Bank will provide Employee with the working facilities and staff customary for similar executives and necessary for him to perform his duties. 
 9. Vacation and Sick Leave 
 At such reasonable times as the Board shall in its discretion permit, the Employee shall be entitled, without loss of pay, to absent himself voluntarily from the performance of his employment under this
Agreement, all such voluntary absences to count as vacation time, provided that: 
 (a) The Employee shall be entitled to an
annual vacation in accordance with the policies that the Board periodically establishes for senior management employees of the Bank. 
 (b) The Employee shall not receive any additional compensation from the Bank on account of his failure to take a vacation or sick leave, and the Employee shall not accumulate unused vacation or sick leave from one fiscal year to the next,
except in either case to the extent authorized by the Board. 
 (c) In addition to the aforesaid paid vacations, the Employee
shall be entitled without loss of pay, to absent himself voluntarily from the performance of his employment with the Bank for such additional periods of time and for such valid and legitimate reasons as the Board may in its discretion determine.
Further, the Board may grant to the Employee a leave or leaves of absence, with or without pay, at such time or times and upon such terms and conditions as the Board in its discretion may determine. 
 (d) In addition, the Employee shall be entitled to an annual sick leave benefit established by the Board. 
 10. Termination and Termination Pay. Subject to Section 12 hereof, the Employee’s employment hereunder may be terminated
under the following circumstances: 
 (a) Death. The Employee’s employment under this Agreement shall terminate upon
his death during the term of this Agreement, in which event the Employee’s estate shall be entitled to receive the compensation due the Employee through the last day of the calendar month in which his death occurred. 
 (b) Retirement. The Employee’s employment under this Agreement may terminate in accordance with the Bank
’s retirement policy or in accordance with any
retirement arrangement established with the Employee’s consent with respect to the Employee. Upon termination of the Employee upon retirement under such policy or arrangement, the Employee shall be entitled to all benefits under any retirement
plan of the Bank and other plans to which the Employee is a party. 
  

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 (c) Disability. 
 (1) The Bank may terminate the Employee’s employment after having established the Employee’s Disability. For purposes of this Agreement, “Disability
” means a physical or mental infirmity that impairs
the Employee’s ability to substantially perform his duties under this Agreement and that results in the Employee’s becoming eligible for long-term disability benefits under the Bank’s long-term disability plan (or, if the
Bank has no such plan in effect, that impairs the Employee’s ability to substantially perform his duties under this Agreement for a period of 180 consecutive days). The Employee shall be entitled to the compensation and benefits provided for
under this Agreement for (i) any period during the term of this Agreement and prior to the establishment of the Employee’s Disability during which the Employee is unable to work due to the physical or mental infirmity, or (ii) any
period of Disability prior to the Employee’s termination of employment pursuant to this Section 10(c); provided, however, that any benefits paid pursuant to the Bank’s long-term disability plan will continue as provided in such plan.
Payments to the Employee under the Bank’s long-term disability plan shall be deducted from the compensation and benefits provided for under this Agreement. 
 (2) During any period in which the Employee shall receive disability benefits and to the extent that the Employee shall be physically and mentally able to do so, he shall furnish such information,
assistance and documents so as to assist in the continued ongoing business of the Bank and, if able, shall make himself available to the Bank to undertake reasonable assignments consistent with his prior position and his physical and mental health.
The Bank shall pay all reasonable expenses incident to the performance of any assignment given to the Employee during the disability period. 
 (d) Just Cause. The Board may, by written notice to the Employee pursuant to Section 13, terminate his employment at any time, for Just Cause. The Employee shall have no night to receive
compensation or other benefits for any period after termination for Just Cause. 
 (e) Without Just Cause; Constructive
Discharge. 
 (1) The Board may, by written notice to the Employee pursuant to Section 13, immediately terminate his
employment at any time for a reason other than Just Cause, in which event the Employee shall be entitled to receive the following payments in a lump sum within 10 days of effectiveness of termination of employment: (i) the greater of
(A) the salary provided pursuant to Section 3 hereof, up to the expiration date of this Agreement including any renewal term (the “Expiration Date”), or (B) the severance benefit provided for in Section 12(b), and
(ii) an amount equal to the cost to the Employee of obtaining all health, life, disability and other benefits in which the Employee would have been eligible to participate through the Expiration Date based upon benefit levels substantially
equal to those that the Bank provided for the Employee at the date of termination of employment. Such payments shall not be reduced in the event the Employee obtains other employment following termination of his employment with the Bank. 

(2) The Employee shall be entitled to receive the payments payable under subsection 10(e)(1) hereof in the event that the Employee
voluntarily terminates employment by resignation upon 30 days prior written notice given within 60 days of an event that constitutes Good Reason. Notwithstanding the preceding sentence, in the event of a continuing

  

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breach of this Agreement by the Bank, the Employee, after giving due notice of an event that constitutes Good Reason within the required time period, shall not waive any of his rights under this
Section 10(e) by virtue of the fact that the Employee has submitted his resignation but has remained in the employ of the Bank and is engaged in good faith discussions to resolve any occurrence of an event constituting Good Reason. 

(f) Termination or Suspension Under Federal Law 
 (1) If the Employee is removed and/or permanently prohibited from participating in the conduct of the Bank’s affairs
by an order issued under Sections 8(e)(4) or 8(g)(1) of the Federal Deposit Insurance Act (the “FDIA”) (12 U.S.C. §§ 1818(e)(4) and (g)(1)), all obligations of the Bank under this Agreement shall terminate, as of the
effective date of the order, but vested rights of the parties shall not be affected. 
 (2) If the Bank is in default (as
defined in Section 3(x)(1) of the EDIA), all obligations under this Agreement shall terminate as of the date of default; however, this paragraph shall not affect the vested rights of the parties. 
 (3) All obligations under this Agreement shall terminate, except to the extent that continuation of this Agreement is
necessary for the continued operation of the Bank: (i) by the Director of the Office of Thrift Supervision (“Director of OTS”), or his or her designee, at the time that the Federal Deposit Insurance Corporation (“FDIC”) enters into an agreement to provide assistance to or on behalf
of the Bank under the authority contained in Section 13(c) of the FDIA; or (ii) by the Director of the OTS, or his or her designee, at the time that the Director of the OTS, or his or her designee approves a supervisory merger to resolve
problems related to operation of the Bank or when the Bank is determined by the Director of the OTS to be in an unsafe or unsound condition. Such action shall not affect any vested rights of the parties. 
 (4) If a notice served under Section 8(e)(3) or (g)(1) of the FDIA (12 U.S.C. § 1818(e)(3) or (g)(1))
suspends and/or temporarily prohibits the Employee from participating in the conduct of the Bank’s affairs, the Bank’s obligations under this Agreement shall be suspended as of the date of such service, unless stayed by appropriate proceedings. If the charges in the notice are dismissed, the
Bank may in its discretion (i) pay the Employee all or part of the compensation withheld while its contract obligations were suspended, and (ii) reinstate (in whole or in part) any of its obligations which were suspended. 
 (g) Voluntary Termination by Employee. Subject to Section 12 hereof, the Employee may voluntarily terminate
employment with the Bank during the term of this Agreement, upon at least 60 days’ prior written notice to the Board, in which event the Employee shall receive only his compensation, vested rights and employee benefits up to the date of his termination (unless such termination occurs
pursuant to Section 10(e)(2) hereof or, within the Protected Period, Section 12(a) hereof, in which event the benefits and compensation provided for in Sections 10(e) or 12(b), as applicable, shall apply). 
 11. No Mitigation. The Employee shall not be required to mitigate the amount of any payment provided for in this Agreement by seeking
other employment or otherwise and no such payment shall be offset or reduced by the amount of any compensation or benefits provided to the Employee in any subsequent employment. 
  

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 12. Change in Control 
 (a) Trigger Events. The Employee shall be entitled to collect the severance benefits set forth in Section 12(b) in the event that
the Employee terminates employment for Good Reason in connection with or within 12 months after any Change in Control of the Bank or any holding company for the Bank. 
 (b) Amount of Severance Benefit. If the Employee becomes entitled to collect severance benefits pursuant to
Section 12(a), the Bank shall pay the Employee a severance benefit equal to the difference between the Code § 280G Maximum and the sum of any other “parachute payments” as defined under Code § 280G(b)(2) received by the Employee on account of the Change in Control. Such payment
shall be made upon the effectiveness of the termination of employment. In the event that the Employee and the Bank jointly agree that the Employee has collected an amount exceeding the Code § 280G Maximum, the parties may agree in writing that
such excess shall be treated as a loan ab initio that the Employee shall repay to the Bank, on terms and conditions mutually agreeable to the parties, together with interest at the applicable federal rate provided for in
Section 7872(f)(2)(B) of the Code. 
 (c) Funding of Grantor Trust Upon Change in Control. Not later than 10
business days after a Change in Control, the Bank shall (i) deposit in a Trust an amount equal to the Code § 280G Maximum, unless the Employee has previously provided a written release of any claims under this Agreement, and
(ii) provide the trustee of the Trust with a written direction to hold said amount and any investment return thereon in a segregated account for the benefit of the Employee until notified by the Bank that the Employee’s employment has
terminated under circumstances that entitle Employee to a payment under this Agreement, and to follow the instructions of the Bank as to such payment of such amounts from the Trust. Upon the earlier of the Trust’s final payment of all amounts
due under the following paragraph or the date 15 months after the Change in Control, the trustee of the Trust shall pay to the Bank the entire balance remaining in the segregated account maintained for the benefit of the Employee. The Employee shall
thereafter have no further interest in the Trust. 
 Upon the earlier of (i) any payment from the Trust to the Employee, or
(ii) the date 12 months after the date on which the Bank makes the deposit referred to in the first paragraph of this Section 12(c), the trustee of the Trust shall pay to the Bank the entire balance remaining in the segregated account
maintained for the benefit of the Employee. The Employee shall thereafter have no further interest in the Trust pursuant to this Agreement. 
 (d) Limitation by Section 18(k) of the FDIA. Notwithstanding anything herein to the contrary, any payments made to the Employee pursuant to this Agreement, or otherwise, are subject to and
conditioned upon their compliance with section 18(k) of the FDIA (12 U.S.C. § 1828(k)) and any regulations promulgated thereunder. 
 13. Notice 
 (a) Any purported termination by the Bank or the Employee shall
be communicated by Notice of Termination to the other party hereto. For purposes of this Agreement, a “Notice of Termination” shall mean a written notice that shall indicate the specific termination provision in this Agreement relied upon
and shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of the Employee’s employment under such provision. 
  

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 (b) “Date of Termination” shall mean the date specified in the Notice of Termination. In
the case of a termination for Just Cause, such date shall be not less than 30 days from the date the Notice of Termination is received by the Employee. 
 (c) If, within 30 days after any Notice of Termination is given, the party receiving such Notice notifies the other party that a dispute exists concerning the termination (except upon the occurrence of a
Change in Control and upon a voluntary termination by the Employee, in which case the date of termination shall be the date specified in the Notice), the Date of Termination shall be the date on which the dispute is finally determined (i) by
mutual written agreement of the parties, (ii) by a binding arbitration award, or (iii) by a final judgment, order or decree of a court of competent jurisdiction (the time for appeal having expired and no appeal having been perfected);
provided, however, that the Date of Termination shall be extended by a notice of dispute only if such notice is given in good faith and the party giving such notice pursues the resolution of such dispute with reasonable diligence. Notwithstanding
the pendency of any such dispute, the Bank shall continue to pay the Employee his full compensation in effect when the notice giving rise to the dispute was given and continue the Employee in all compensation, benefit, retirement, and insurance
plans in which he was participating when the notice of dispute was given, until the dispute is resolved; provided, however, that such dispute is resolved within nine months after the Date of Termination specified in the Notice of Termination. If
such dispute is not resolved within such nine-month period, the Bank shall not be obligated pending final resolution of the dispute to pay the Employee compensation and other amounts after nine months from the Date of Termination specified in the
Notice of Termination. Amounts paid under this Section 13 are in addition to all amounts due under this Agreement, and shall not be offset against or reduce any other amounts due under this Agreement. 
 14. Reimbursement of Employee for Enforcement Proceedings. In the event that any dispute arises between the Employee and the Bank as
to the terms or interpretation of this Agreement, whether instituted by formal legal proceedings or otherwise, including any action that the Employee takes to defend against any action taken by the Bank, the Employee shall be reimbursed for all
costs and expenses, including reasonable attorneys’ fees, arising from such dispute, proceedings or actions; provided, however, that the Employee obtains either a written settlement or a final judgment by a court of competent jurisdiction
substantially in his favor. Such reimbursement shall be paid within 10 days of Employee’s furnishing to the Bank written evidence, which may be in the form, among other things, of a cancelled check or receipt, of any costs or expenses incurred
by the Employee. 
 15. Federal Income Tax Withholding. The Bank may withhold all federal and state income or other taxes
from any benefit payable under this Agreement as shall be required pursuant to any law or government regulation or ruling. 
 16. Successors and Assigns 
 (a) Bank. The Bank shall require any successor or assignee of the Bank that
shall acquire, directly or indirectly, by merger, consolidation, purchase or otherwise, all or

  

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substantially all of the assets or stock of the Bank expressly and unconditionally to assume and agree to perform the Bank’s obligations under this Agreement, in the same manner and to the
same extent that the Bank would be required to perform if no such succession or assignment had taken place. This Agreement shall not be otherwise assignable by the Bank. 
 (b) Employee. Since the Bank is contracting for the unique and personal skills of the Employee, the Employee shall be precluded from assigning or delegating his rights or duties hereunder without
first obtaining the written consent of the Bank; provided, however, that nothing in this paragraph shall preclude (i) the Employee from designating a beneficiary to receive any benefit payable hereunder upon his death, or (ii) the
executors, administrators, or other legal representatives of the Employee or his estate from assigning any rights hereunder to the person or persons entitled thereunto. 
 (c) Attachment. Except as required by law, no right to receive payments under this Agreement shall be subject to anticipation, commutation, alienation, sale, assignment, encumbrance, charge,
pledge, or hypothecation or to exclusion, attachment, levy or similar process or assignment by operation of law, and any attempt, voluntary or involuntary, to effect any such action shall be null, void and of no effect. 
 17. Amendments. No amendments or additions to this Agreement shall be binding unless made in writing and signed by all of the
parties, except as herein otherwise specifically provided. 
 18. Waiver. No term or condition of this Agreement shall be
deemed to have been waived, nor shall there be any estoppel against the enforcement of any provision of this Agreement, except by written instrument of the party charged with such waiver or estoppel. No such written waiver shall be deemed a
continuing waiver unless specifically stated therein, and each such waiver shall operate only as to the specific term or condition waived and shall not constitute a waiver of such term or condition for the future as to any act other than that
specifically waived, 
 19. Severability. The provisions of this Agreement shall be deemed severable and the invalidity
or unenforceability of any provision shall not affect the validity or enforceability of the other provisions hereof. 
 20.
Applicable Law. Except to the extent preempted by Federal law, the laws of the State of Maryland shall govern this Agreement in all respects, whether as to its validity, construction, capacity, performance or otherwise. 
 21. Entire Agreement. This Agreement, together with any understanding or modifications thereof as agreed to in writing by the
parties, shall constitute the entire agreement between the parties hereto and shall supersede any prior agreement between the parties. 
 22. Section 409A. The severance payments provided in this Agreement are intended to qualify as short-term deferrals under Section 409A of the Internal Revenue Code of 1986, as amended, and the regulations and guidance
thereunder. 
  

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 IN WITNESS WHEREOF, the parties have executed this Agreement on the day and year first
hereinabove written. 
  

							
	ATTEST:	 		 	FAIRMOUNT FEDERAL SAVINGS BANK
				
	  
	 		 	By:	 	  

	Secretary	 		 		 	
			
	WITNESS:	 		 	EMPLOYEE
			
	  
	 		 	  

		 		 	Joseph M. Solomon

  

 11Exhibit 10.2

 Exhibit 10.2 
 FAIRMOUNT BANK 
 EMPLOYMENT AGREEMENT 

THIS AGREEMENT (the “Agreement”) entered into this      day of
            , 2010 by and between Fairmount Bank located at 8216 Philadelphia Road, Baltimore, Maryland 21237 (the “Bank”), and Joseph M. Solomon (“Executive”).

 WHEREAS, Executive and Bank entered into an agreement dated on March 31, 2008 (the “Prior Agreement”),
pursuant to which Executive serves as President and Chief Executive Officer of the Bank; and 
 WHEREAS, the parties
hereto desire to set forth the terms of a revised Agreement and the continuing employment relationship between the Bank and Executive, and the Prior Agreement is hereby replaced in its entirety by this Agreement. 
 NOW, THEREFORE, in consideration of the mutual covenants herein contained, and upon the other terms and conditions hereinafter
provided, the parties hereby agree as follows: 
 1. Employment. During the term of this Agreement, which is effective as
of the date of the conversion (the “Conversion”) of the Bank from the mutual to stock form of organization (the “Commencement Date”), Executive shall serve in the capacity of President and Chief Executive Officer of the Bank.
Executive shall render such administrative and management services to the Bank as are currently rendered and as are customarily performed by persons situated in a similar executive capacity. Executive shall promote the business of the Bank.
Executive’s other duties shall be such as the Board of Directors of the Bank (the “Board of Directors” or “Board”) may from time to time reasonably direct, including normal duties as an officer of the Bank. 
 2. Service on the Board of Directors. During the term of this Agreement, Executive will continue to serve on the Board of Directors
of the Bank as a director. If at any time during the term of this Agreement Executive shall fail to be re-nominated to the Board of Directors other than for reasons of Just Cause (as defined in Section 9(d) of this Agreement), Executive shall
have “Good Reason” (as defined in Section 9(e) of this Agreement) to terminate his employment under this Agreement, and Executive shall have no further obligations under this Agreement. 
 3. Base Compensation. The Bank agrees to pay Executive during the term of this Agreement (as hereinafter defined in Section 7) a
base salary at the rate of $125,580 per annum, payable in accordance with the customary payroll practices of the Bank; provided, however, that the rate of Executive’s base salary shall be reviewed by the Board of Directors not less often than
annually, and Executive shall be entitled to receive annual increases at such percentage or in such an amount as the Board of Directors, in its sole discretion, may decide. 
 4. Discretionary Bonus. Executive shall be entitled to receive an annual bonus in an amount which is based on the bonus program
maintained by the Bank as of the date of this Agreement and shall be eligible to participate in any future bonus program adopted by the Bank in an equitable manner. No other compensation provided for in this Agreement shall be deemed a substitute
for Executive’s right to receive bonuses when and as declared by the Board of Directors or as provided for by any plan or program of the Bank. 
 5. Expenses. During the term of this Agreement, Executive shall be entitled to receive prompt reimbursement of all reasonable expenses incurred (in accordance with the policies and procedures of
the Bank) in performing services under this Agreement; provided, however, that Executive properly accounts for expenses in accordance with the policies of the Bank. 
 6. Employee Benefits. 
 (a) Participation in Retirement and Executive Benefit Plans. Executive shall be entitled, while employed under the terms of this Agreement, to receive all benefits under any tax-qualified or
non-qualified employee benefit plan or arrangement in effect as of the date of this Agreement or that the Bank implements at any time during the term of this Agreement. Executive shall be entitled to participate in such future plans or arrangements
on the same terms as other employees of the Bank or as established by the Bank for Executive or other selected employees. 

 (b) Fringe Benefits. Executive shall be entitled to receive any benefits under
any fringe benefit plan or policy that is in effect as of the date of this Agreement, or that the Bank implements at any time during the term of this Agreement, on the same terms as the Bank’s senior management employees. Nothing paid to
Executive under any plan or arrangement presently in effect or made available in the future will be deemed to be in lieu of base salary or other compensation to Executive under this Agreement. 
 (c) Paid Leave Time. Executive shall be entitled to leave time in accordance with the standard policies or practices of the
Bank for senior executive officers, as in effect from time to time. 
 7. Term of Agreement. Executive’s
employment under this Agreement shall be deemed to have commenced as of the Commencement Date and shall continue for a period of thirty-six (36) calendar months from the Commencement Date. Commencing on the first anniversary of the Commencement
Date and continuing on each anniversary thereafter (each an “Anniversary Date”), the disinterested members of the Board of Directors of the Bank may extend the Agreement an additional year such that the remaining term of the Agreement
shall be thirty-six (36) months, unless Executive elects not to extend the term of this Agreement by giving written notice in accordance with Section 16 of this Agreement. The Board of Directors of the Bank will review the Agreement and
Executive’s performance annually for purposes of determining whether to extend the Agreement and the rationale and results thereof shall be included in the minutes of the Board’s meeting. The Board of Directors of the Bank shall give
written notice to Executive as soon as possible after such review as to whether the Agreement is to be extended; provided, however, that if the Board fails to conduct such review or if written notice of nonrenewal is provided to Executive,
then in such case the term of this Agreement shall become fixed and shall cease at the end of thirty-six (36) full calendar months following the Anniversary Date. 
 8. Loyalty; Noncompetition. 
 (a) During the period of his employment
hereunder and except for illnesses, reasonable vacation periods, and reasonable leaves of absence, Executive shall devote all his full business time, attention, skill and efforts to the faithful performance of his duties hereunder; provided,
however, from time to time, that Executive may serve on the boards of directors of, and hold any other offices or positions in, companies or organizations which will not present any conflict of interest with the Bank or any of its subsidiaries
or affiliates, or unfavorably affect the performance of Executive’s duties pursuant to this Agreement, or will not violate any applicable statute or regulation. “Full business time” is hereby defined as that amount of time usually
devoted to like companies by similarly situated executive officers. During the term of his employment under this Agreement, Executive shall not engage in any business or activity contrary to the business affairs or interests of the Bank or be
gainfully employed in any other position or job other than as provided above. 
 (b) Executive shall not, during or after the
term of this Agreement, disclose any knowledge of the past, present or contemplated business of the Bank, or of any affiliate thereof, to any person for any reason or purpose. Notwithstanding the foregoing, Executive may disclose any information
required in writing by Federal bank regulatory agencies and may disclose to any person information regarding the Bank that is otherwise publicly available or any knowledge of banking or financial concepts or ideas that are not solely and exclusively
derived from the business plans and activities of the Bank. 
 (c) Nothing contained in this Section 8 shall be deemed to
prevent or limit the Executive’s right to invest in the capital stock or other securities of any business dissimilar from that of the Bank, or, solely as a passive or minority investor, in any business. 
  

 2 

 9. Termination. 
 Executive’s employment under this Agreement shall be terminated upon any of the following occurrences: 
 (a) Death. Executive’s employment under this Agreement shall terminate upon his death. Executive’s estate shall be
entitled to receive payments of base salary, payable in accordance with the regular payroll practices of the Bank, for sixty (60) days immediately following the date of Executive’s death and any other compensation accrued as of the date of
death. 
 (b) Termination of Employment by the Board of Directors Without Just Cause or by the Executive for Good
Reason. In the event that (i) the Board of Directors terminates Executive’s employment without “Just Cause” (as defined in Section 9(d)) or (ii) such employment is terminated by the Executive for “Good
Reason” (as defined in Section 9(b)(iii), Executive shall be entitled to: 
  

	 	(i)	His base salary for the remaining term of the Agreement, including any renewals or extensions thereof, at the current rate in effect pursuant to Section 3 of this
Agreement, plus the amount of the annual cash bonus earned in the calendar year preceding the year of termination, and a cash equivalent amount equal to the additional retirement benefits under any retirement program (whether tax-qualified or
non-qualified) that Executive would have been entitled to had his employment continued through the remaining term of the Agreement (with the amount of benefits determined by reference to the benefits received by the Executive or accrued on his
behalf under such programs during the twelve (12) months preceding his termination). 

  

	 	(ii)	Coverage under the Bank’s life insurance plans and non-taxable medical, health, and dental plans (each being a “Welfare Plan”) in the same manner in
which Executive received coverage on the last day of his employment with the Bank. Executive and his covered dependents (if any) shall continue participating in such Welfare Plans, subject to the same premium contributions (if any) on the part of
Executive as were required immediately prior to his termination until the earlier of (i) his death; (ii) his employment by another employer other than one of which he is the majority owner; or (iii) three (3) years from his
termination date. 

  

	 	(iii)	For purposes of this Agreement, termination of Executive’s employment hereunder for “Good Reason” shall be limited to Executive’s voluntary
termination of employment after the occurrence of any of the following events which have not been consented to in advance by Executive in writing; provided that Executive has given written notice to the Bank within ninety (90) days after the
initial occurrence of such event and that the Bank has been given at least thirty (30) days to cure the situation (but the Bank may waive its right to cure): (i) if Executive would be required to move his personal residence or perform his
principal executive functions more than thirty (30) miles from Executive’s primary office as of the Commencement Date; (ii) if, in the organizational structure of the Bank, Executive would be required to report to a person or persons
other than the Board of Directors; (iii) if the Bank should fail to maintain Executive’s base compensation in effect pursuant to Section 3 of this Agreement, or fail to maintain the existing employee benefit plans or arrangements in
which Executive participates as of the date of this Agreement, including any material fringe benefit, bonus plan and/or retirement plan, except to the extent that such reduction in compensation or benefit programs is part of an overall adjustment in
compensation and benefits for all employees of the Bank and the Executive is otherwise compensated for such an overall adjustment in an equitable manner; (iv) if Executive would be assigned duties and responsibilities other than those normally
associated with his position as referenced in Section 1 of this Agreement; (v) if Executive’s responsibilities or authority have in any way been materially diminished or reduced other than for reasons of Just Cause; or (vi) if
Executive is not re-elected to the Board of Directors or appointed as Chairman of the Board other than for reasons of Just Cause. 

  

 3 

	 	(iv)	The sum due under Section 9(b)(i) shall be paid in one lump sum within thirty (30) calendar days after such termination. Notwithstanding the foregoing, in the
event Executive is a Specified Employee (within the meaning of Treasury Regulations §1.409A-1(i)), then, to the extent necessary to avoid penalties under Code Section 409A, payment shall be withheld and shall be paid to Executive on the
first day of the seventh month following Executive’s termination of employment by the Bank without Just Cause. 

  

	 	(v)	For purposes of Section 9(b), termination of employment as used herein shall mean “Separation from Service” as defined in Code Section 409A and the
Treasury Regulations promulgated thereunder. 

 (c) Disability. 
  

	 	(i)	Termination by the Bank of Executive’s employment based on “Disability” shall occur if: (A) Executive is unable to engage in any substantial gainful
activity by reason of any medically determinable physical or mental impairment that can be expected to result in death, or last for a continuous period of not less than twelve (12) months; (B) by reason of any medically determinable
physical or mental impairment that can be expected to result in death, or last for a continuous period of not less than twelve (12) months; or (C) Executive is determined to be totally disabled by the Social Security Administration.
Executive shall be entitled to receive benefits under any short or long-term disability plan maintained by the Bank. 

  

	 	(ii)	The Bank shall pay Executive, as disability pay, a monthly payment equal to Executive’s monthly rate of base salary. These disability payments shall commence
within thirty (30) days of the date of Executive’s termination due to Disability and will end on the earlier of (A) the date Executive returns to the full-time employment of the Bank in the same capacity as he was employed prior to
his termination for Disability and pursuant to an employment agreement between Executive and the Bank; (B) the date Executive begins full-time employment with another employer; (C) the date Executive attains the normal retirement age (as
defined in the Bank’s defined contribution plan) or begins receiving benefits under any substitute retirement plan adopted by the Bank; or (D) the date of Executive’s death. Notwithstanding any other provision to the contrary, the
Bank’s obligation for any payments required to be made under this Section 9(c) shall be reduced by any proceeds received by Executive from disability income insurance or any other disability policy or plan maintained by the Bank for
Executive which was paid for by the Bank as partial satisfaction of its obligation under this Section 9(c). 

  

	 	(iii)	The Bank shall cause to be continued life insurance and non-taxable medical and dental coverage substantially identical to the coverage maintained by the Bank for
Executive prior to his termination for Disability. This coverage shall cease upon the earlier of (A) the date Executive returns to the full-time employment of the Bank, in the same capacity as he was employed prior to his termination for
Disability and pursuant to an employment agreement between Executive and the Bank; (B) the date Executive begins full-time employment with another employer; (C) the date Executive attains the normal retirement age or begins receiving
benefits under the Bank’s retirement plan; or (D) the date of Executive’s death. 

  

	 	(iv)	Notwithstanding the foregoing, there will be no reduction in the compensation otherwise payable to Executive during any period during which Executive is incapable of
performing his duties hereunder by reason of temporary disability. 

 (d) Termination of Employment by the
Board of Directors for Just Cause. In the event Executive’s employment is terminated for “Just Cause,” no continued payments or benefits shall be due under this Agreement. For purposes of this Agreement, termination for
“Just Cause” shall be defined as termination due to Executive’s personal dishonesty, incompetence, willful misconduct, breach of

  

 4 

	 	 
fiduciary duty involving personal profit, intentional failure to perform stated duties, willful violation of any law, rule or regulation (other than traffic violations or similar offenses) or
final cease-and-desist order, or material breach of any provision of this Agreement Any determination of “Just Cause” as defined by this Section 9(d) shall be determined by a majority vote of the entire membership of the Board of
Directors at a meeting of such Board called and held for the purpose (after reasonable notice to Executive and an opportunity for Executive to be heard before the Board with counsel), of finding that in the good faith opinion of the Board, Executive
committed the conduct described above and specifying the particulars thereof. 

  

	 	(e)	Voluntary Termination of Employment by Executive Other Than for Good Reason. The voluntary termination of employment by Executive during the term of this
Agreement, other than for Good Reason, with the delivery of no less than sixty (60) days written notice to the Board of Directors, entitles Executive to receive only the base salary, vested rights, and all employee benefits up to
Executive’s termination date. 

  

	 	(f)	Termination and Board Membership. To the extent Executive is a member of the board of directors of Fairmount Bancorp Inc. (the “Company”) or the
Bank or any of their affiliates on the date of an involuntary termination of employment with the Company or the Bank or a termination of employment for Good Reason, Executive shall be deemed to have automatically resigned from all of the boards of
directors immediately following such termination of employment with the Company or the Bank. 

  

	 	(g)	Termination and Release of Claims. Any payments to be made under this Agreement shall be contingent on Executive’s execution and non-revocation of a
mutual release in a form acceptable to the Company and the Bank; provided, however, that if the Company or the Bank refuse to execute such mutual release, the Executive’s obligation to execute and not revoke the release as a precondition to
receiving such severance benefits shall terminate. The mutual release agreement shall release the Company and the Bank from any and all claims and other actions by Executive and it shall also release the Executive from any and all claims and other
actions by the Company and the Bank. 

 10. Change in Control. 
  

	 	(a)	For purposes of this Agreement, a Change in Control of the Company or the Bank shall be deemed to have occurred if and when: 

  

	 	(i)	there occurs a change in control of the Company or the Bank within the meaning of the Home Owners Loan Act of 1933 or 12 C.F.R. Part 574 as applied to the Company or
the Bank as if it were a federally chartered institution; 

  

	 	(ii)	as a result of, or in connection with, any merger or other business combination, sale of assets or contested election, wherein the persons who were non-employee
directors of the Company or the Bank before such transaction or event cease to constitute a majority of the Board of Directors of the Company or the Bank or any successor to the Company or the Bank; 

  

	 	(iii)	the Company or the Bank transfers substantially all of its assets to another corporation or entity which is not an affiliate of the Company or the Bank; or

  

	 	(iv)	the Company or the Bank is merged or consolidated with another corporation or entity and, as a result of such merger or consolidation, less than sixty percent
(60%) of the equity interest in the surviving or resulting corporation is owned by the former shareholders or depositors of the Company or the Bank. 

  

 5 

 For purposes of Section 10 of this Agreement, a Change in Control shall not occur as a
result of the Conversion. Upon the Conversion, the resulting bank and holding company shall be subject to this Agreement and the obligations of the Bank set forth herein. 
  

	 	(b)	If Executive’s employment is terminated for any reason other than for Just Cause within twelve (12) months following a Change in Control, Executive shall be
entitled to receive the greater of the following: 

  

	 	(i)	the amount of the payment and benefits specified in Section 9(b), or 

  

	 	(ii)	the amount of the payment and benefits specified in Section 10(c). 

 Such payment shall be made in a lump sum within thirty (30) days following Executive’s termination of employment. For purposes of this Section 10, termination of employment as used herein
shall mean “Separation from Service” as defined in Code Section 409A and the Treasury Regulations promulgated thereunder. Notwithstanding the foregoing, in the event Executive is a Specified Employee (within the meaning of Treasury
Regulations §1.409A-1(i)), then, to the extent necessary to avoid penalties under Code Section 409A, payment shall be withheld and shall be paid to Executive on the first day of the seventh month following Executive’s termination of
employment. 
  

	 	(c)	For purposes of Section 10(b)(ii), the amount of payment and benefits shall be equal to: 

  

	 	(i)	an amount equal to three (3) times his “base amount,” as defined in Code Section 280G(b)(3), less one (1) dollar (“Code § 280G
Maximum”); and 

  

	 	(ii)	coverage under the Bank’s life insurance plan and non-taxable medical, health and dental plans (each being a “Welfare Plan”) in the same manner in which
Executive received coverage on the last day of his employment with the Bank. Executive and his covered dependents (if any) shall continue participating in such Welfare Plans, subject to the same premium contributions (if any) on the part of
Executive as were required immediately prior to his termination until the earlier of (i) his death; (ii) his employment by another employer other than one of which he is the majority owner; or (iii) three (3) years from his
termination date. 

  

	 	(d)	Not later than ten (10) business days after a Change in Control, the Bank shall (i) establish a grantor trust (the “Trust”) designed in accordance
with Revenue Procedure 92-64 and having a trustee independent of the Bank and Fairmount Bancorp, Inc., (ii) deposit in said Trust an amount equal to the Code §280G Maximum, unless Executive has previously provided a written release of any
claims under this Agreement, and (iii) provide the trustee of the Trust with a written direction to hold said amount and any investment return thereon in a segregated account for the benefit of Executive, and to follow the procedures set forth
in the next paragraph as to the payment of such amounts from the Trust. 

  

	 	(e)	During the 39-consecutive month period after a Change in Control, Executive may provide the trustee of the Trust with a written notice requesting that the trustee pay
to Executive an amount designated in the notice as being payable pursuant to this Agreement. Within three (3) business days after receiving said notice, the trustee of the Trust shall pay such amount to Executive, and coincidentally shall
provide the Bank or its successor with notice of such payment. Upon the earlier of the Trust’s final payment of all amounts due under the preceding paragraph or the date 39 months after the Change in Control, the trustee of the Trust shall pay
to the Bank the entire balance remaining in the segregated account maintained for the benefit of Executive. Executive shall thereafter have no further interest in the Trust. Such notice shall not have the effect of changing the timing of any payment
under this Agreement, for purposes of Section 409A. 

  

 6 

 11. Limitation of Benefits under Certain Circumstances. 
  

	 	(a)	In no event shall the payments and benefits received by Executive exceed three times Executive’s average compensation over the past five years, in accordance with
the OTS regulations. 

  

	 	(b)	If the payments and benefits pursuant to Section 10 of this Agreement, either alone or together with other payments and benefits which the Executive has the right
to receive from the Bank, would constitute a “parachute payment” under Section 280G of the Code, the cash severance payable by the Bank pursuant to Section 10 shall be reduced by the amount, if any, which is the minimum amount
necessary to result in no portion of the payments and benefits under Section 10 being non-deductible to the Bank pursuant to Section 280G of the Code and subject to the excise tax imposed under Section 4999 of the Code. The
determination of any reduction in the payments and benefits shall be based upon the opinion of the Bank’s independent public accountants and paid for by the Bank. In the event that the Bank and/or the Executive do not agree with the opinion of
such accountants, (i) the Bank shall pay to the Executive the maximum amount of payments and benefits as selected by the Executive, which such opinion indicates there is a high probability do not result in any of such payments and benefits
being non-deductible to the Bank and subject to the imposition of the excise tax imposed under Section 4999 of the Code and (ii) the Bank may request, and the Executive shall have the right to demand that they request, a ruling from the
IRS as to whether the disputed payments and benefits have such consequences. Any such request for a ruling from the IRS shall be promptly prepared and filed by the Bank, but in no event later than thirty (30) days from the date of the
accountant’s opinion referred to above, and shall be subject to the Executive’s approval prior to filing, which shall not be unreasonably withheld. The Bank and the Executive agree to be bound by any ruling received from the IRS and to
make appropriate payments to each other to reflect any such rulings, together with interest at the applicable federal rate. 

 12. Successors and Assigns. 
  

	 	(a)	This Agreement shall inure to the benefit of and be binding upon any corporate or other successor of the Bank which shall acquire, directly or indirectly, by merger,
consolidation, purchase or otherwise, all or substantially all of the assets of the Bank. 

  

	 	(b)	Since the Bank is contracting for the unique and personal skills of Executive, Executive shall be precluded from assigning or delegating his rights or duties hereunder
without first obtaining the written consent of the Bank. 

 13. Amendments. No amendments or
additions to this Agreement shall be binding upon the parties hereto unless made in writing and signed by both parties, except as herein otherwise specifically provided. 
 14. Applicable Law. This agreement shall be governed in all respects, whether as to validity, construction, capacity, performance or otherwise, by the laws of the State of Maryland, except
to the extent that Federal law shall be deemed to apply. 
 15. Severability. The provisions of this Agreement
shall be deemed severable and the invalidity or unenforceability of any provision shall not affect the validity or enforceability of the other provisions hereof. 
 16. Notices. Any notices, requests, demands and other communications provided for or deemed necessary by this Agreement shall be sufficient if set forth in writing and delivered in person or
sent by registered or certified mail, postage prepaid, to, in the case of Executive, the last address filed in writing by Executive with the Bank, or, in the case of the Bank, to the Bank at its main office to the attention of the Board of
Directors. 
 17. Indemnification. The Bank shall provide Executive (including his heirs, executors and
administrators) with coverage under a standard directors’ and officers’ liability insurance policy at its expense, or in lieu thereof, shall indemnify Executive (and his heirs, executors and administrators) to the fullest extent permitted

  

 7 

 
under law and applicable regulation or under any existing indemnification agreement by and between Executive and the Bank against all expenses and liabilities reasonably incurred by him in
connection with or arising out of any action, suit or proceeding in which he may be involved by reason of his having been a director or officer of the Bank (whether or not he continues to be a director or officer at the time of incurring such
expenses or liabilities). Such expenses and liabilities may include, but are not limited to, judgment, court costs and attorneys’ fees and the cost of reasonable settlements. The Bank shall pay such expenses and liabilities in advance of a
final judicial decision (hereinafter an “advancement of expenses”); provided, however, that, an advancement of expenses incurred by Executive in his capacity as a director or executive officer of the Bank (and not in any other capacity in
which service was or is rendered by Executive including, without limitation, services to an employee benefit plan) shall be made only upon delivery to the Bank of an undertaking, by or on behalf of Executive, to repay all amounts so advanced if it
shall ultimately be determined by final judicial decision from which there is no further right to appeal that Executive is not entitled to be indemnified for such expenses under this Section 17 or otherwise. Indemnification under this
Section 17 shall be made in accordance with 12 C.F.R. §545.121 or any successor thereto. 
 18. Entire
Agreement. This Agreement together with any understanding or modifications thereof as may be agreed to in writing by the parties, shall constitute the entire agreement between the parties hereto. 
 19. Required Regulatory Provisions. 
 In the event any of the provisions of this Section 19 are in conflict with the terms of this Agreement, this Section 19 shall prevail. 
  

	 	(a)	The Bank may terminate Executive’s employment at any time, but any termination by the Bank, other than Termination for Just Cause, shall not prejudice
Executive’s right to compensation or other benefits under this Agreement. Executive shall not have the right to receive compensation or other benefits for any period after Termination for Just Cause as defined in Section 9(d) hereinabove.

  

	 	(b)	If Executive is suspended from office and/or temporarily prohibited from participating in the conduct of the Bank’s affairs by a notice served under
Section 8(e)(3) or 8(g)(1) of the Federal Deposit Insurance Act, 12 U.S.C. §1818(e)(3) or (g)(1); the Bank’s obligations under this contract shall be suspended as of the date of service, unless stayed by appropriate proceedings. If
the charges in the notice are dismissed, the Bank may in its discretion: (i) pay Executive all or part of the compensation withheld while their contract obligations were suspended; and (ii) reinstate (in whole or in part) any of the
obligations which were suspended. 

  

	 	(c)	If Executive is removed and/or permanently prohibited from participating in the conduct of the Bank’s affairs by an order issued under Section 8(e)(4) or
8(g)(1) of the Federal Deposit Insurance Act, 12 U.S.C. §1818(e)(4) or (g)(1), all obligations of the Bank under this contract shall terminate as of the effective date of the order, but vested rights of the contracting parties shall not be
affected. 

  

	 	(d)	If the Bank is in default as defined in Section 3(x)(1) of the Federal Deposit Insurance Act, 12 U.S.C. §1813(x)(1) all obligations of the Bank under this
contract shall terminate as of the date of default, but this paragraph shall not affect any vested rights of the contracting parties. 

  

	 	(e)	All obligations of the Bank under this contract shall be terminated, except to the extent determined that continuation of the contract is necessary for the continued
operation of the institution: (i) by the Director of the OTS (or his designee) or the FDIC, at the time the FDIC enters into an agreement to provide assistance to or on behalf of the Bank under authority contained in Section 13(c) of the
Federal Deposit Insurance Act, 12 U.S.C. §1823(c); or (ii) by the Director of the OTS (or his designee) at the time the Director of the OTS (or his designee) approves a supervisory merger to resolve problems related to the operations of
the Bank or when the Bank is determined by the Director of the OTS to be in an unsafe or unsound condition. Any rights of the parties that have already vested, however, shall not be affected by such action. 

  

 8 

	 	(f)	Any payments made to Executive pursuant to this Agreement or otherwise, are subject to and conditioned upon their compliance with 12 U.S.C. Section 1828(k) and any
regulations promulgated thereunder. 

 20. Arbitration. 
  

	 	(a)	Any dispute or controversy arising under or in connection with this Agreement shall be settled exclusively by arbitration, conducted before a panel of three arbitrators
sitting in a location selected by Executive within fifty (50) miles from the location of the Bank, in accordance with the rules of the American Arbitration Association then in effect. Judgment may be entered on the arbitrator’s award in
any court having jurisdiction; provided, however, that Executive shall be entitled to seek specific performance of his right to be paid until the date of termination during the pendency of any dispute or controversy arising under or in connection
with this Agreement. 

  

	 	(b)	In the event any dispute or controversy arising under or in connection with Executive’s termination is resolved in favor of Executive, whether by judgment,
arbitration or settlement, Executive shall be entitled to the payment of all back-pay, including salary, bonuses and any other cash compensation, fringe benefits and any compensation and benefits due Executive under this Agreement.

 21. Payment of Costs and Legal Fees. All reasonable costs and legal fees paid
or incurred by Executive pursuant to any dispute or question of interpretation relating to this Agreement shall be paid or reimbursed by the Bank, if Executive is successful with respect to such dispute or question of interpretation pursuant to a
legal judgment, arbitration or settlement. Such reimbursements shall be paid to Executive within two and one-half (2 1/2) months after the dispute is settled or resolved in Executive’s favor. 
 IN WITNESS WHEREOF, the parties have
executed this Agreement on the latest date set forth below. 
  

							
		 		 	FAIRMOUNT BANK
				
	            ,        	 		 	By:	 	  

	Date	 		 		 	Chairman of the Board
				
	            ,        	 		 		 	  

	Date	 		 		 	Joseph M. Solomon

  

 9

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