Document:

Amended and Restated Change in Control Agreement

 Exhibit 10.10 
 AMENDED AND RESTATED 
 OCEAN CITY HOME BANK 
 TWO-YEAR CHANGE IN CONTROL AGREEMENT 
 This
AGREEMENT originally entered into on December 21, 2004 (the “Agreement”), by and between Ocean City Home Bank (the “Bank”), a federally-chartered savings bank with its principal offices at 1001
Asbury Avenue, Ocean City, New Jersey 08226-3392 and Paul Esposito (“Executive”) and Ocean Shore Holding Co. (the “Company”), a federally-chartered corporation and the holding company of the Bank, as guarantor is
amended and restated in its entirety as of December 17, 2008. 
 WHEREAS, the Bank continues to recognize the importance of
Executive to the Bank’s operations and wishes to protect his position with the Bank in the event of a change in control of the Bank or the Company for the period provided for in this Agreement; and 
 WHEREAS, Executive and the Board of Directors of the Bank desire to enter into an agreement setting forth the terms and conditions of payments due
to Executive in the event of a change in control and the related rights and obligations of each of the parties and to bring the Agreement into compliance with Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”),
and regulations and guidance issued with respect to Section 409A of the Code. 
 NOW, THEREFORE, in consideration of the promises
and mutual covenants herein contained, it is hereby agreed as follows: 
  

	1.	Term of Agreement. 

 (a) The term of this Agreement
shall be (i) the initial term, commencing on December 21, 2004 (the “Effective Date”) and ending on the second anniversary of the Effective Date, plus (ii) any and all extensions of the initial term made pursuant to this
Section 1 of this Agreement. As of the date of this restatement, the term of this Agreement had been extended to December 17, 2010. 
 (b) Commencing on the first anniversary of the Effective Date and continuing each anniversary date thereafter, the Board of Directors of the Bank (the “Board of Directors”) may extend the term of this Agreement for an additional
one (1) year period beyond the then effective expiration date, provided that Executive shall not have given at least sixty (60) days’ written notice of his desire that the term not be extended. 
 (c) Notwithstanding anything in this Section to the contrary, this Agreement shall terminate if Executive or the Bank terminates Executive’s
employment prior to a Change in Control. 
  

	2.	Change in Control. 

 (a) Upon the occurrence of a
Change in Control of the Bank or the Company followed at any time during the term of this Agreement by the termination of Executive’s employment in accordance with the terms of this Agreement, other than for Just Cause, as defined in
Section 2(c) of this Agreement, the provisions of Section 3 of this Agreement shall apply. Upon the occurrence of a Change in Control, Executive shall have the right to elect to voluntarily terminate his employment for “Good
Reason.” 

 For purposes of this Agreement, “Good Reason” shall mean the occurrence of any of the following
events without the Executive’s consent: 
  

	 	(i)	The assignment to Executive of duties that constitute a material diminution of Executive’s authority, duties, or responsibilities (including reporting requirements);

  

	 	(ii)	A material diminution in Executive’s base salary; 

  

	 	(iii)	Relocation of Executive to a location outside a radius of thirty-five (35) miles of the Company’s Ocean City, New Jersey office; or 

  

	 	(iv)	Any other action or inaction by the Bank or the Company that constitutes a material breach of this Agreement; 

 provided, that within ninety (90) days after the initial existence of such event, the Bank shall be given notice and an opportunity, not less than
thirty (30) days, to effectuate a cure for such asserted “Good Reason” by Executive. Executive’s resignation hereunder for Good Reason shall not occur later than one hundred fifty (150) days following the initial date on
which the event Executive claims constitutes Good Reason occurred. 
 (b) For purposes of this Agreement, a “Change in Control”
shall be deemed to occur on the earliest of any of the following events: 
  

	 	(i)	Merger: The Company merges into or consolidates with another corporation, or merges another corporation into the Company, and as a result less than a majority of the combined
voting power of the resulting corporation immediately after the merger or consolidation is held by persons who were stockholders of the Company immediately before the merger or consolidation. 

  

	 	(ii)	Acquisition of Significant Share Ownership: The Company files, or is required to file, a report on Schedule 13D or another form or schedule (other than Schedule 13G) required
under Sections 13(d) or 14(d) of the Securities Exchange Act of 1934, if the schedule discloses that the filing person or persons acting in concert has or have become the beneficial owner of 25% or more of a class of the Company’s voting
securities, but this clause (b) shall not apply to beneficial ownership of Company voting shares held in a fiduciary capacity by an entity of which the Company directly or indirectly beneficially owns 50% or more of its outstanding voting
securities. 

  

	 	(iii)	Change in Board Composition: During any period of two consecutive years, individuals who constitute the Company’s Board of Directors at the beginning of the two-year
period cease for any reason to constitute at least a majority of the Company’s Board of Directors; provided, however, that for purposes of this clause (iii), each director who is first elected by the board (or first nominated by the board for
election by the stockholders) by a vote of at least two-thirds (2/3) of the directors who were directors at the beginning of the two-year period shall be deemed to have also been a director at the beginning of such period; or

  

	 	(iv)	Sale of Assets: The Company sells to a third party all or substantially all of its assets. 

  

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 Notwithstanding anything in this Agreement to the contrary, in no event shall the conversion of OC
Financial MHC, the Bank and the Company from mutual holding company form to stock holding company form (including without limitation, through the formation of a stock holding company) constitute a “Change in Control” for purposes of this
Agreement. 
 (c) Executive shall not have the right to receive termination benefits pursuant to Section 3 hereof upon termination for
Just Cause. The term “Just Cause” shall mean termination because of Executive’s personal dishonesty, incompetence, willful misconduct, any breach of fiduciary duty involving personal profit, intentional failure to perform stated
duties, willful violation of any law, rule, regulation (other than traffic violations or similar offenses), final cease and desist order, or any material breach of any provision of this Agreement. Notwithstanding the foregoing, Executive shall not
be deemed to have been terminated for Just Cause unless and until there shall have been delivered to him a copy of a resolution duly adopted by the affirmative vote of a majority of the entire membership of the Board of Directors at a meeting of the
Board of Directors called and held for that purpose (after reasonable notice to Executive and an opportunity for him, together with counsel, to be heard before the Board of Directors), finding that in the good faith opinion of the Board of
Directors, Executive was guilty of conduct justifying termination for Just Cause and specifying the particulars thereof in detail. Executive shall not have the right to receive compensation or other benefits for any period after termination for Just
Cause. During the period beginning on the date of the Notice of Termination for Just Cause pursuant to Section 4 hereof through the Date of Termination, stock options granted to Executive under any stock option plan shall not be exercisable nor
shall any unvested stock awards granted to Executive under any stock benefit plan of the Bank, the Company or any subsidiary or affiliate thereof, vest. At the Date of Termination, such stock options and any such unvested stock awards shall become
null and void and shall not be exercisable by or delivered to Executive at any time subsequent to such termination for Just Cause. 
  

	3.	Termination Benefits. 

 (a) If, within one
(1) year of a Change in Control, Executive voluntarily terminates his employment with the Bank or Company or if the Bank or Company involuntarily terminates his employment, Executive shall receive: 
  

	 	(i)	a lump sum cash payment equal to two (2) times the Executive’s “base amount,” within the meaning of Section 280G(b)(3) of the Internal Revenue Code of 1986,
as amended (the “Code”). Such payment shall be made not later than five (5) days following Executive’s termination of employment under this Section 3. 

  

	 	(ii)	Continued benefit coverage under all Bank health and welfare plans which Executive participated in as of the date of the Change in Control (collectively, the “Employee Benefit
Plans”) for a period of twenty-four (24) months following Executive’s termination of employment. Said coverage shall be provided under the same terms and conditions in effect on the date of Executive’s termination of employment.
Solely for purposes of benefits continuation under the Employee Benefit Plans, Executive shall be deemed to be an active employee. 

 (b) Notwithstanding the preceding provisions of this Section 3, in no event shall the aggregate payments or benefits to be made or afforded to Executive under said paragraphs (the “Termination Benefits”) constitute an
“excess parachute payment” under Section 280G of the Code or any successor thereto, and to avoid such a result, Termination Benefits will be reduced, if necessary, to an amount (the “Non-Triggering Amount”), the value of
which is one dollar ($1.00) less than an amount equal to three (3) times Executive’s “base amount,” as determined in accordance with said Section 280G. The allocation of the reduction required hereby among the Termination
Benefits provided by this Section 3 shall be determined by Executive. 
  

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	4.	Notice of Termination. 

 (a) Any purported
termination by the Bank or by Executive 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 which shall indicate the specific
termination provision in this Agreement relied upon and shall set forth in detail the facts and circumstances claimed to provide a basis for termination of Executive’s employment under the provision so indicated. 
 (b) “Date of Termination” shall mean the date specified in the Notice of Termination (which, in the case of a termination for Just Cause, shall
not be less than thirty (30) days from the date such Notice of Termination is given). 
  

	5.	Source of Payments. 

 Unless otherwise determined by
the Board of Directors of the Company, all payments and benefits provided in this Agreement shall be paid or provided solely by the Bank. Notwithstanding anything in this Agreement to the contrary, no provision of this Agreement shall be construed
so as to result in the duplication of any payment or benefit. Unless otherwise determined by the Board of Directors of the Company, the Company’s sole obligation under this Agreement shall be to unconditionally guarantee the payment and
provision of all amounts and benefits due hereunder to Executive and, if such amounts and benefits due from the Bank are not timely paid or provided by the Bank, such amounts and benefits shall be paid or provided by the Company. 
  

	6.	Effect on Prior Agreements and Existing Benefit Plans. 

 This Agreement contains the entire understanding between the parties hereto and supersedes any prior agreement between the Bank and Executive, except that this Agreement shall not affect or operate to reduce any benefit or compensation
inuring to Executive of a kind elsewhere provided. No provision of this Agreement shall be interpreted to mean that Executive is subject to receiving fewer benefits than those available to him without reference to this Agreement. Nothing in this
Agreement shall confer upon Executive the right to continue in the employ of the Bank or shall impose on the Bank any obligation to employ or retain Executive in its employ for any period. 
  

	7.	No Attachment. 

 (a) 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 execution, attachment, levy or similar process or assignment by operation
of law, and any attempt, voluntary or involuntary, to affect any such action shall be null, void and of no effect. 
 (b) This Agreement
shall be binding upon, and inure to the benefit of, Executive, the Bank and their respective successors and assigns. 
  

	8.	Modification and Waiver. 

 (a) This Agreement may
not be modified or amended except by an instrument in writing signed by the parties hereto. 
  

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 (b) 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 or as to any act other than that specifically waived. 
  

	9.	Severability. 

 If, for any reason, any provision of
this Agreement, or any part of any provision, is held invalid, such invalidity shall not affect any other provision of this Agreement or any part of such provision not held so invalid, and each such other provision and part thereof shall to the full
extent consistent with law continue in full force and effect. 
  

	10.	Headings for Reference Only. 

 The headings of
sections and paragraphs herein are included solely for convenience of reference and shall not control the meaning or interpretation of any of the provisions of this Agreement. In addition, references herein to the masculine shall apply to both the
masculine and the feminine. 
  

	11.	Governing Law. 

 Except to the extent preempted by
federal law, the validity, interpretation, performance, and enforcement of this Agreement shall be governed by the laws of the State of New Jersey, without regard to principles of conflicts of law of that State. 
  

	12.	Arbitration. 

 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. 
  

	13.	Payment of Legal Fees. 

 All reasonable 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, only if Executive is successful pursuant to a legal judgment, arbitration or settlement.

  

	14.	Indemnification. 

 The Company or 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 and shall indemnify Executive (and his heirs, executors and
administrators) to the fullest extent permitted under applicable law 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 Company or 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 to include, but not be limited to, judgments,
court costs, attorneys’ fees and the cost of reasonable settlements. 
  

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	15.	Successors to the Bank and the Company. 

 The Bank
and the Company shall require any successor or assignee, whether direct or indirect, by purchase, merger, consolidation or otherwise, to all or substantially all of the business or assets of the Bank or the Company, expressly and unconditionally to
assume and agree to perform the Bank’s and the Company’s obligations under this Agreement, in the same manner and to the same extent that the Bank and the Company would be required to perform if no such succession or assignment had taken
place. 
  

	16.	Required Provisions. 

 In the event any of the
foregoing provisions of this Section 16 are in conflict with the terms of this Agreement, this Section 16 shall prevail. 
 (a) The
Bank’s board of directors may terminate Executive’s employment at any time, but any termination by the Bank, other than Termination for 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 Cause. 
 (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 under this contract shall be terminated, except to the extent determined that continuation of the contract is necessary for the
continued operation of the Bank: (i) by the Director of the OTS (or his designee), at the time the FDIC or the Resolution Trust Corporation, at the time the 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 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 (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 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.

  

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 (f) Any payments made to employees Executive pursuant to this Agreement, or otherwise, are subject to and
conditioned upon their compliance with 12 U.S.C. §1828(k) and FDIC regulation 12 C.F.R. Part 359, Golden Parachute and Indemnification Payments. 
  

	17.	Section 409A of the Code. 

 (a) This Agreement
is intended to comply with the requirements of Section 409A of the Code, and specifically, with the “short-term deferral exception” under Treasury Regulation Section 1.409A-1(b)(4) and the “separation pay exception”
under Treasury Regulation Section 1.409A-1(b)(9)(iii), and shall in all respects be administered in accordance with Section 409A of the Code. If any payment or benefit hereunder cannot be provided or made at the time specified herein
without incurring sanctions on Executive under Section 409A of the Code, then such payment or benefit shall be provided in full at the earliest time thereafter when such sanctions will not be imposed. For purposes of Section 409A of the
Code, all payments to be made upon a termination of employment under this Agreement may only be made upon a “separation from service” (within the meaning of such term under Section 409A of the Code), each payment made under this
Agreement shall be treated as a separate payment, the right to a series of installment payments under this Agreement (if any) is to be treated as a right to a series of separate payments, and if a payment is not made by the designated payment date
under this Agreement, the payment shall be made by December 31 of the calendar year in which the designated date occurs. To the extent that any payment provided for hereunder would be subject to additional tax under Section 409A of the
Code, or would cause the administration of this Agreement to fail to satisfy the requirements of Section 409A of the Code, such provision shall be deemed null and void to the extent permitted by applicable law, and any such amount shall be
payable in accordance with subsection (b) below. In no event shall Executive, directly or indirectly, designate the calendar year of payment. 
 (b) If when separation from service occurs Executive is a “specified employee” within the meaning of Section 409A of the Code, and if the cash severance payment under Section 3(a)(i) of this Agreement would be considered
deferred compensation under Section 409A of the Code, and, finally, if an exemption from the six-month delay requirement of Section 409A(a)(2)(B)(i) of the Code is not available (i.e., the “short-term deferral exception” under
Treasury Regulations Section 1.409A-1(b)(4) or the “separation pay exception” under Treasury Section 1.409A-1(b)(9)(iii)), the Bank will make the maximum severance payment possible in order to comply with an exception from the
six month requirement and make any remaining severance payment under Section 3(a)(i) of this Agreement to Executive in a single lump sum without interest on the first payroll date that occurs after the date that is six (6) months after the
date on which Executive separates from service. 
 (c) If (x) under the terms of the applicable policy or policies for the insurance or
other benefits specified in Section 3(a)(ii) of this Agreement it is not possible to continue coverage for Executive and her dependents, or (y) when a separation from service occurs Executive is a “specified employee” within the
meaning of Section 409A of the Code, and if any of the continued insurance coverage or other benefits specified in Section 3(a)(ii) of this Agreement would be considered deferred compensation under Section 409A of the Code, and,
finally, if an exemption from the six-month delay requirement of Section 409A(a)(2)(B)(i) of the Code is not available for that particular insurance or other benefit, the Bank shall pay to Executive in a single lump sum an amount in cash equal
to the present value of the Bank’s projected cost to maintain that particular insurance benefit (and associated income tax gross-up benefit, if applicable) had Executive’s employment not terminated, assuming continued 

  

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coverage for 24 months. The lump-sum payment shall be made thirty (30) days after employment termination or, if Section 17(b) of this Agreement
applies, on the first payroll date that occurs after the date that is six (6) months after the date on which Executive separates from service. 
 (d) References in this Agreement to Section 409A of the Code include rules, regulations, and guidance of general application issued by the Department of the Treasury under Internal Revenue Section 409A of the Code. 
  

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 SIGNATURES 
 IN WITNESS WHEREOF, Ocean City Home Bank and Ocean Shore Holding Co. have caused this amended and restated Agreement to be executed and their seals to be affixed hereunto by their duly authorized officers, and
Executive has signed this amended and restated Agreement, on December 17, 2008. 
  

									
	ATTEST:	 		 	OCEAN CITY HOME BANK
				
	/s/ Kim M. Davidson	 		 	By:	 	/s/ Steven E. Brady
	Corporate Secretary	 		 		 	For the Entire Board of Directors
			
	ATTEST:	 		 	OCEAN SHORE HOLDING CO.
		 		 	                    (Guarantor)
				
	/s/ Kim M. Davidson	 		 	By:	 	/s/ Steven E. Brady
	Corporate Secretary	 		 		 	For the Entire Board of Directors
			
	[SEAL]	 		 	
			
	WITNESS:	 		 	EXECUTIVE
			
	/s/ Jean Jacobson	 		 	/s/ Paul Esposito
		 		 	Paul Esposito

  

 9Amended and Restated Ocean City Home Bank Directors' Deferred Compensation Plan

 Exhibit 10.11 
 AMENDED AND RESTATED 
 OCEAN CITY HOME BANK 
 DIRECTORS’ DEFERRED COMPENSATION PLAN 
 ARTICLE I 
 PURPOSE 
 The purpose of the Ocean City Home Bank Directors’ Deferred Compensation Plan (hereinafter referred to as the “Plan”) is to provide funds at termination of service for Directors (and their
beneficiaries) of Ocean City Home Bank. It is intended that the Plan will aid in retaining and attracting Directors of exceptional ability. This Plan has been amended and restated in its entirety to conform with Section 409A of the Internal
Revenue Code of 1986, as amended (the “Code”) and the regulations promulgated thereunder. 
 ARTICLE II 
 DEFINITIONS 
 For the purpose of this
Plan, the following words and phrases shall have the meanings indicated, unless the context clearly indicates otherwise: 
 “Bank” means Ocean City Home Bank, Ocean City, New Jersey. 
 “Beneficiary” means the person,
persons or entity designated by the Participant, or as provided in Article VII, to receive any benefits payable under the Plan. 
 “Board” means the Board of Directors of the Bank. 
 “Declared Rate” means with respect to any
calendar month two (2) percentage points over the prime rate as published in the Wall Street Journal. The Board shall establish the Declared Rate effective as of January 1 of each Plan Year. Such Declared Rate, once established,
shall be used for all interest determinations during such Plan Year. 
 “Deferral Benefit” means the benefit payable to a
Participant or his Beneficiary on his death or termination of service as a Director. 
 “Deferred Benefit Account” means the
account maintained on the books of the Bank for each Participant pursuant to Article V. A Participant’s Deferred Benefit Account shall be utilized solely as a device for the measurement and determination of the amounts to be paid to the
Participant pursuant to this Plan. A Participant’s Deferred Benefit Account shall not constitute or be treated as a trust fund of any kind. 
 “Designation of Form for Payment” means the agreement filed by a Participant designating the manner in which the Participant’s Deferred Benefit Account balance shall be paid to the Participant or his beneficiary.

 “Determination Date” means the date on which the amount of a Participant’s Deferred Benefit Account is determined as
provided in Article V hereof. The last day of each calendar month shall be the Determination Date. 
 “Director” means an
active member of the Board of Directors of the Bank. 

 “Fee” or “Fees” means any cash compensation paid to a Director for his
services as a Director. 
 “Participant” means a Director designated as a Participant in Appendix A to the Plan. 

“Participation Agreement” means the agreement filed by a Participant prior to the beginning of the first period for which the
Participant’s Fees are to be deferred pursuant to the Plan and the Participation Agreement. 
 “Plan Year” means a
twelve month period commencing January 1st and ending the following December 31st. 
 “Scheduled In-Service
Withdrawal” means a distribution of all or a portion of the deferrals credited to a Participant’s Deferred Benefit Account in the Plan Year elected by a Participant for such distribution. 
 “Separation from Service” means a Participant’s separation from service with the Bank, within the meaning of Section 409A of
the Code. 
 “Specified Employee” means, as of a given date, a “specified employee” as of such date for purposes
of Section 409A of the Code. 
 ARTICLE III 
 PARTICIPATION 
 3.1 PARTICIPATION. Except as otherwise provided in Article X,
participation in the Plan shall be limited to Directors who are designated Participants on Appendix A. A Participant’s Participation Agreement must be filed prior to the December 15th immediately preceding the Plan Year in which the
Participant’s participation under the agreement will commence, and the election to participate shall be effective on the first day of the Plan Year following receipt by the Bank of a properly completed and executed Participation Agreement
(including the Designation of Form of Payment). In the event that an individual first becomes eligible to participate during the course of a Plan Year or in connection with the first Plan Year, a Participation Agreement must be filed no later than
30 days following notification of the individual by the Board of eligibility to participate or the Plan effective date, and such Participation Agreement shall be effective only with regard to Fees earned or payable following the filing of the
Participation Agreement with the Board. 
 3.2 AMOUNT OF DEFERRAL. A Participant may elect in any Participation Agreement to
defer all, or any percentage (in increments of five (5%) percent), of his Fees. A Participant’s election to defer his Fees shall be irrevocable for the applicable Plan Year upon the filing of the respective Participation Agreement;
provided, however, that the deferral of Fees under any Participation Agreement may be suspended or amended as provided in Sections 10.1 or 10.2. Any change to a Participant’s deferral election must be made at least 12 months prior to the
effective date of the election. 
 ARTICLE IV 
 DEFERRED FEES 
 4.1 ELECTIVE DEFERRED FEES. The amount of Fees that a Participant
elects to defer under this Plan shall be credited by the Bank to the Participant’s Deferred Benefit Account as the Participant’s Fees are payable. 
  

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 4.2 VESTING OF DEFERRED BENEFIT ACCOUNT. A Participant shall be 100% vested in the Deferred
Benefit Account at all times. 
 ARTICLE V 
 DEFERRED BENEFIT ACCOUNT 
 5.1 DETERMINATION OF ACCOUNT. Each Participant’s
Deferred Benefit Account as of each Determination Date shall consist of the balance of the Participant’s Deferred Benefit Account as of the immediately preceding Determination Date plus the Participant’s elective deferred Fees withheld
since the immediately preceding Determination Date pursuant to Section 4.1. The Deferred Benefit Account of each Participant shall be reduced by the amount of all distributions, if any, made from such Deferred Benefit Account since the
preceding Determination Date. 
 5.2 CREDITING OF ACCOUNT. As of each Determination Date, the Participant’s Deferred
Benefit Account shall be increased by the amount of interest earned since the preceding Determination Date. Interest shall be based upon the applicable Declared Rate. Interest shall be based upon the average daily balance of the Participant’s
Deferred Benefit Account since the last preceding Determination Date, but after the Deferred Benefit Account has been adjusted for any contributions or distributions to be credited or deducted for such day. 
 5.3 STATEMENT OF ACCOUNTS. The Board shall submit to each Participant, within 120 days after the close of each Plan Year, a statement in
such form as the Board deems desirable, setting forth the balance to the credit of such Participant in his Deferred Benefit Account as of the last day of the preceding Plan Year. 
 ARTICLE VI 
 BENEFITS 
 6.1 SEPARATION FROM SERVICE. Upon Separation from Service, the Bank shall pay to the Participant a Deferral Benefit equal to the amount of
his Deferred Benefit Account. 
 6.2 FORM OF BENEFIT PAYMENT. 
  

	 	a)	Upon the occurrence of an event described in Section 6.1, the Bank shall pay the Participant’s Deferred Benefit Account in the form of (i) a lump sum or (ii) an
annual payment of a fixed amount which shall amortize the Deferred Benefit Account balance in equal installments of principal and interest over a period of five (5), ten (10) or fifteen (15) years as designated by the Participant on his or
her Participation Agreement. For purposes of determining the amount of the annual payment, the rate of interest shall be the average of the Declared Rate credited to the Participant’s Deferred Benefit Account for the three (3) years
preceding the initial payment (or such lesser number of years in which the Participant participated in the Plan). 

  

	 	b)	Subject to Section 6.2(c) of this Plan, a Participant may change his or her election as to timing and form of benefit payment by submitting a new Participation Agreement and
Designation of Form of Payment Election Form to the Bank, provided that any such revised Participation Agreement Designation of Form of Payment Election Form is submitted at least twelve (12) months prior to the date on which the distribution
is to be made (or commence) and delays the distribution (or commencement of the distribution) date at least five (5) full calendar years from the previously scheduled date. 

  

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 6.3 COMMENCEMENT OF PAYMENTS. 
  

	 	a)	Subject to Section 11.12 of this Plan, payments due under Section 6.1 of this Plan shall commence not later than ninety (90) days following the Participant’s
Separation from Service and continue in accordance with the Participant’s election under Section 6.2 of this Plan. 

  

	 	b)	All installment payments made pursuant to this Section 6.3 shall be payable annually beginning with a single payment on the date specified in Section 6.3(a) and continuing
each anniversary of such date until fully paid in accordance with the Participant’s election. 

  

	 	c)	Notwithstanding anything in this Plan to the contrary, no change submitted on a revised Participation Agreement and Designation of Form of Payment Election Form shall be accepted by
the Bank if the change accelerates the time over which distributions will be made to the Participant (except as otherwise permitted by Section 409A of the Code) and the Bank shall deny any change made to a revised Participation Agreement and
Designation of Form of Payment Election Form if the Bank determines it violates Section 409A of the Code. Notwithstanding the preceding, the Bank, in its discretion, may accelerate distributions under the Plan to the extent permitted under
Section 409A of the Code and the related transition relief issued by the Internal Revenue Service. 

 ARTICLE VII 

 BENEFICIARY DESIGNATION 
 7.1 BENEFICIARY DESIGNATION. Each Participant shall have the right, at any time, to designate any person or persons as his Beneficiary or Beneficiaries (both principal as well as contingent) to wham payment under this Plan
shall be paid in the event of his death prior to complete distribution to Participant of the benefits due him under the Plan. Any Participant Beneficiary Designation shall be made in a written instrument filed with the Board and shall be effective
only when received in writing by the Board. 
 7.2 AMENDMENTS. Any Beneficiary designation may be changed by a Participant by
the written filing of such change on a form prescribed by the Board. The filing of a new Beneficiary designation form will cancel all Beneficiary designations previously filed. 
 7.3 NO PARTICIPANT DESIGNATION. If a Participant fails to designate a Beneficiary as provided above, or if all designated Beneficiaries
predecease the Participant, then Participant’s designated Beneficiary shall be deemed to be the person or persons surviving him in the first of the following classes in which there is a survivor, share and share alike: 
  

	 	a)	The surviving spouse; 

  

	 	b)	The Participant’s children, except that if any of the children predecease the Participant but leave issue surviving, then such issue shall take by right of representation the
share their parent would have taken if living; 

  

	 	c)	The Participant’s Estate. 

 7.4 EFFECT OF
PAYMENT. The payment to the deemed Beneficiary shall completely discharge Bank’s obligations under this Plan. 
  

 4 

 ARTICLE VIII 
 ADMINISTRATION AND CLAIM 
 8.1 ADMINISTRATION. 
 The administration of the Plan, the exclusive power to interpret it, and the responsibility for carrying out its provisions are vested in the Board. The
Board shall have the authority to resolve any question under the Plan. The determination of the Board as to the interpretation of the Plan or any disputed question shall be conclusive and final to the extent permitted by applicable law. 

8.2 CLAIMS PROCEDURES. 
  

	 	a)	Claims for benefits under the Plan shall be submitted in writing to the Chairman of the Board. 

  

	 	b)	If any claim for benefits is wholly or partially denied, the claimant shall be given written notice within a reasonable period following the date on which the claim is filed, which
notice shall set forth: 

  

	 	i)	the specific reason or reasons for the denial; 

  

	 	ii)	specific reference to pertinent Plan provisions on which the denial is based; 

  

	 	iii)	a description of any additional material or information necessary for the claimant to perfect the claim and an explanation of why such material or information is necessary; and

  

	 	iv)	an explanation of the Plan’s claim review procedure. 

 If the claim has not been granted and written notice of the denial of the claim is not furnished in a timely manner following the date on which the claim is filed, the claim shall be deemed denied for the purpose of proceeding to the claim
review procedure. 
  

	 	c)	The claimant or his authorized representative shall have 30 days after receipt of written notification of denial of a claim to request a review of the denial by making written
request to the Chairman of the Board, and may review pertinent documents and submit issues and comments in writing within such 30-day period. 

 After receipt of the request for review, the Board shall, in a timely manner, render and furnish to the claimant a written decision, which shall include specific reasons for the decision and shall make specific
references to pertinent Plan provisions on which it is based. Such decision by the Board shall not be subject to further review. If a decision on review is not furnished to a claimant, the claim shall be deemed to have been denied on review.

  

	 	d)	No claimant shall institute any action or proceeding in any state or federal court of law or equity or before any administrative tribunal or arbitrator for a claim for benefits
under the Plan until the claimant has first exhausted the provisions set forth in this section. 

  

 5 

 ARTICLE IX 
 AMENDMENT AND TERMINATION OF PLAN 
 9.1 AMENDMENT. Subject to Section 409A of the
Code, the Board may at any time amend the Plan in whole or in part, provided, however, that no amendment shall be effective to decrease or restrict any Deferred Benefit Account maintained pursuant to any existing deferral commitment under the Plan.
Any change in the Declared Rate shall be prospective only and shall not become effective until the first day of the calendar year which follows the adoption of the amendment. 
 9.2 TERMINATION OF PLAN. Subject to Section 409A of the Code, the Board may at any time terminate the Plan if, in its judgment, the
tax, accounting, or other effects of the continuance of the Plan, or potential payments thereunder would not be in the best interests of the Bank. 
 ARTICLE X 
 SPECIAL TRANSITION RULES 
 Notwithstanding anything in this Plan to the contrary, the following shall apply with respect to Participants who previously executed a “Joinder Agreement(s)” with respect to their participation in the
predecessor to this Plan, the Ocean City Home Savings and Loan Savings Association Deferred Compensation Master Agreement, as amended (the “Prior Plan”) and to certain other persons in pay status under the Prior Plan who are identified in
Appendix A: 
 Effective as of the effective date of this Plan, the Board has frozen the crediting of deferrals and interest creditable
thereon under the Prior Plan. Each Participant in this Plan who maintained an account balance under the Prior Plan shall be credited with their account balance under the Prior Plan as of March 31, 2003 as the opening balance of their Deferred
Benefit Account under this Plan. In addition, there shall be transferred to Deferred Benefit Accounts under this Plan the account balances under the Prior Plan of each person (whether a participant or a beneficiary) who, as of the effective date of
this Plan, was in pay status with respect to any deferrals made under the Prior Plan. The execution of a Participation Agreement by a person referenced in the preceding two sentences shall be deemed, for all purposes, their consent to the actions
contemplated by this paragraph. Upon the execution of a Participation Agreement by such person, the rights of a Participant or other person maintaining an account balance under this Plan and the obligations of the Bank with respect to such account
balance shall be determined solely by reference to the provisions of this Plan; provided, however, that (i) an election made in a “Joinder Agreement” executed under the Prior Plan with respect to the form of distribution, of benefits
attributable to an account balance transferred from the Prior Plan shall continue in effect and be deemed an election under this Plan unless modified in accordance with the provisions of this Plan and (ii) and interest credited to such balances
pending distribution shall reflect the Declared Rate in effect under this Plan. 
 ARTICLE XI 
 MISCELLANEOUS 
 11.1 UNSECURED
GENERAL CREDITOR. Participants and their Beneficiaries, heirs, successors and assigns shall have no secured interest or claim in any property or assets of the Bank, nor shall they be beneficiaries of, or have any rights, claims or interests
in any life insurance policies, annuity contracts or the proceeds therefrom owned or which may be acquired by the Bank (“Policies”). Such Policies or other assets of the Bank shall not be held under any trust for the benefit of
Participants, their Beneficiaries, heirs, successors or assigns, or held in any way as collateral security for the fulfilling of the obligations of Bank under this Plan. Any and all of the Bank’s assets and Policies shall be, and remain, the
general, unpledged, unrestricted assets of the Bank. The Bank’s obligation under the Plan shall be merely that of an unfunded and unsecured promise of the Bank to pay money in the future. The Bank shall have no obligation under this Plan with
respect to individuals other than that Bank’s employees, directors or consultants. 
  

 6 

 11.2 NON-ASSIGNABILITY. Neither a Participant nor any other person shall have any right to
commute, sell, assign, transfer, pledge, anticipate, mortgage or otherwise encumber, transfer, hypothecate or convey in advance of actual receipt the amounts, if any, payable hereunder, or any part thereof, which are, and all rights to which are,
expressly declared to be unassignable and non-transferable. No part of the amounts payable shall, prior to actual payment, be subject to seizure or sequestration for the payment of any debts, judgments, alimony or separate maintenance owed by a
Participant or any other person, nor be transferable by operation of law in the event of a Participant’s or any other person’s bankruptcy or insolvency. 
 11.3 NOT A CONTRACT OF EMPLOYMENT. The terms and conditions of this Plan shall not be deemed to constitute a contract of employment between the Bank and the Participant, and the Participant (or his
Beneficiary) shall have no rights against the Bank except as may otherwise be specifically provided herein. Moreover, nothing in this Plan shall be deemed to give a Participant the right to be retained in the service of the Bank or to interfere with
the right of the Bank to discipline or discharge him at any time. 
 11.4 TERMS. Whenever any words are used herein in the
masculine, they shall be construed as though they were used in the feminine in all cases where they would so apply; and wherever any words are used herein in the singular or in the plural, they shall be construed as though they were used in the
plural or the singular, as the case may be, in all cases where they would so apply. 
 11.5 CAPTIONS. The captions of the
articles, sections and paragraphs of this Plan are for convenience only and shall not control or affect the meaning or construction of any of its provisions. 
 11.6 GOVERNING LAW. The provisions of this Plan shall be construed and interpreted according to the laws of the State of New Jersey. 
 11.7 VALIDITY. In case any provision of this Plan shall be held illegal or invalid for any reason, said illegality or invalidity shall not
affect the remaining parts hereof, but this Plan shall be construed and enforced as if such illegal and invalid provision had never been inserted herein. 
 11.8 NOTICE. Any notice or filing required or permitted to be given to the Board under the Plan shall be sufficient if in writing and hand delivered, or sent by registered or certified mail, to any
member of the Board, the President of the Bank or the Bank’s Statutory Agent. Such notice shall be deemed given as of the date of delivery or, if delivery is made by mail as of three (3) days following the date shown on the postmark or on
the receipt for registration or certification. 
 11.9 SUCCESSORS. The provisions of this Plan shall bind and inure to the
benefit of the Bank and its successors and assigns. The term successors as used herein shall include any corporate or other business entity which shall, whether by merger, consolidation, purchase or otherwise acquire all or substantially all of the
business and assets of the Bank and successors of any such corporation or other business entity. 
 11.10 EFFECTIVE DATE. The
Plan was implemented on April 1, 2003 and amended and restated in its entirety on November 18, 2008. 
  

 7 

 11.11 AGGREGATION OF EMPLOYERS. To the extent required under Section 409A of the Code,
if the Bank is a member of a controlled group of corporations or a group of trades or business under common control (as described in Section 414(b) or (c) of the Code), all members of the group shall be treated as a single employer for
purposes of whether there has occurred a Separation from Service and for any other purposes under the Plan as Section 409A of the Code shall require. 
 11.12 SPECIFIED EMPLOYEES. Notwithstanding any other provision of the Plan to the contrary, if when a Separation from Service occurs a Participant is a Specified Employee (as defined under
Section 409A of the Code) , the payment of a Participant’s benefit under this Plan shall be delayed until the first day of the seventh month following the date on which the Separation from Service occurs. 
 11.13 SECTION 409A. It is intended that the Plan is intended to be a plan that is not qualified within the meaning of Section 401(a)
of the Code, so as to prevent the inclusion in gross income of any benefits accrued hereunder in a taxable year prior to the taxable year or years in which such amount would otherwise be actually distributed or made available to the Participants.
The Plan shall be administered and interpreted to the extent possible in a manner consistent with that intent. 
 11.14 409A
APPLICATION. References in this Plan to Section 409A of the Code include rules, regulations, and guidance of general application issued by the Department of the Treasury under Section 409A of the Code. 
 The Board of Directors of the Bank adopted and approved this amended and restated Plan on November 18, 2008. 
  

	
	OCEAN CITY HOME BANK
	
	/s/ Robert Previti
	For the Board of Directors

  

 8 

 AMENDED AND RESTATED 
 OCEAN CITY HOME BANK 
 DIRECTORS’ DEFERRED COMPENSATION PLAN 
 Participation Agreement and Designation of Form of Payment 
 I,                                  have been
designated as a Participant (or other Deferred Benefit Account holder) in the Ocean City Home Bank Directors’ Deferred Compensation Plan (the “Plan”). Subject to the terms of the Plan, I hereby make the following elections:

  

	I.	Participant Deferral Election 

 I elect to
defer             % (in 5% increments up to 100%) of my Fees (as defined in the Plan) which are earned and payable in
             [year] to my Deferred Benefit Account under the Plan. I understand that my deferral election will continue in subsequent years at the same percentage unless
modified or revoked by a subsequent election. 
  

	II.	Timing of Payment Election 

  

	 	    	Separation from Service. I request that my entire Deferred Benefit Account Balance be paid (or commence to be paid) following my Separation of Service with the Bank.

  

	 	    	Scheduled In-Service Withdrawal. I request that my entire Deferred Benefit Account Balance be paid (or commence to be paid) on
                            . 

  

	III.	Form of Benefit Payment 

 I elect to receive
the balance in my Deferred Benefit Account as follows (select one of the following): 
  

	 	    	in the form of a lump sum distribution; or 

  

	 	    	in the form of an annual payment of a fixed amount which shall amortize my Deferred Benefit Account balance in equal installments of principal and interest over (select one).

              5 years
                          10 years             
             15 years 
 I understand that, if I later wish to
change my election, the change (i) may not accelerate the payment of my Deferred Benefit Account, (ii) must be made at least 12 months prior to the scheduled distribution date, and (iii) must postpone payment (or the commencement of
payments) for at least 5 years from the scheduled distribution date. 
 Notwithstanding the foregoing elections, I understand
that in the event of a Change in Control I will receive my Deferred Benefit Account balance in a lump sum upon my Separation from Service. 

	IV.	Beneficiary Election 

 I understand that in
the event of my death any amount to which I am entitled under the Plan will be paid to the beneficiary designated by me or, if none, to my surviving spouse or, if none, to my surviving children, or if none, to my estate. I further understand that
the last beneficiary designation filed by during my lifetime revokes all prior beneficiary designations previously filed by me for purposes of the Plan. I hereby state: 
 that
                                     (insert name) residing at

 ___________________________________________ 
 whose Social Security number is
            -        -            , is designated as my primary
beneficiary. 
                                      (insert name)
residing at 
 ___________________________________________     
 whose Social Security number is
            -        -            , is designated as my secondary
beneficiary. 
 If my secondary beneficiary(ies) are not living at the time of this distribution, 
 then my contingent beneficiary shall be
                             
 residing at
                                         
                                    
 whose Social Security number is
            -        -            . 
  

					
			
	  	 		 	  
	Date	 		 	Signature of Participant
			
	  	 		 	  
	Witness	 		 	Social Security Number

  

									
	RECEIVED AND ACCEPTED:	 		 	OCEAN CITY HOME BANK
					
	Date:	 	 	 		 	By:	 	 
		 		 		 		 	

  

 2

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