Document:

Exhibit 10.9

 Exhibit 10.9 
  
 OCEAN CITY HOME BANK 
 SALARY CONTINUATION AGREEMENT 
  
 THIS AGREEMENT (“Agreement”) is made this 18th day of December, 2002, by and between
OCEAN CITY HOME BANK, a federal mutual savings bank located in Ocean City, New Jersey (the “Bank”), and ANTHONY RIZZOTTE (the “Executive”). 
  
 INTRODUCTION 
  
 To encourage the Executive to remain an employee of the Bank, the Bank is willing to provide salary continuation benefits to the Executive. The Bank will
pay the benefits from its general assets. 
  
 AGREEMENT

  
 The Executive and the Bank agree as follows: 

 
 Article 1 
 Definitions 
  
 1. 1 Definitions. Whenever used in this Agreement, the following words and phrases shall have the meanings specified: 
  
 “Benefit Amount” means $114,489. 
  
 “Cause” shall mean termination because of the Executive’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 infractions) or a final cease-and-desist order. 
  
 “Change in Control” means any of the following: 

 

	 	(i)	there occurs a “change in control” of the Bank, as defined or determined either by the Bank’s primary banking regulator or under regulations promulgated by it.

  

	 	(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 Directors of the Bank before such
transaction or event cease to constitute a majority of the Board of Directors of the Bank or any successor to the Bank. 

  

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

  

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

  
 A Change of Control shall not occur solely as a result of a conversion of the Bank from the mutual stock form of organization (“Conversion”) or
reorganization of the Bank into the mutual holding company form of ownership (“Reorganization”). 
  
 “Code” means the Internal Revenue Code of 1986, as amended. 
  
 “Disability” means a physical or mental condition which constitutes a disability within the meaning of
Section 22(e)(3) of the Internal Revenue Code of 1986, as amended. 
  
 “Normal Retirement Age” means the Executive’s 60th birthday. 
  
 “Normal Retirement Date” means the later of the Normal Retirement Age or the date of the Executive’s termination of employment. 
  
 “Plan Year” means the calendar year. 
  
 “Year of Service” means each twelve (12) month period after the effective date of this Plan during which
the Executive is employed on a full-time basis by the Bank, with a minimum of 1,000 hours of service, inclusive of any approved leaves of absence. 
  
 Article 2 
 Lifetime Benefits

  
 2.1 Normal Retirement Benefit. If the Executive
terminates employment on or after the Normal Retirement Age for reasons other than death, the Bank shall pay to the Executive the benefit described in this Section 2. 1. 
  
 2.1.1 Amount of Benefit. The monthly benefit under this Section 2.1 is one-twelfth of the Benefit
Amount. 
  
 2.1.2 Payment of Benefit. The
Bank shall pay the benefit to the Executive on the first day of each month commencing with the month following the Normal Retirement Date and continuing for 179 additional monthly payments. 
  
 2.2 Early Termination Benefit. Upon the Executive’s termination
of employment before the Normal Retirement Date for reasons other than Cause, death or Disability, the Bank shall pay to the Executive the benefit described in this Section 2.2. 
  
 2.2.1 Amount of Benefit. The benefit under this Section 2.2 is the benefit calculated under Section
2.1.1 as if the date of the Executive’s termination of employment were the Normal Retirement Date, multiplied by a fraction. The numerator of the fraction is the Executive’s actual Years of Service from and after the effective date 

  

 2 

 
of this Agreement and the denominator is the Executive’s Years of Service determined as if the Executive had continued employment to the anniversary of
the effective date occurring in the Plan Year in which the Executive will attain age 60. 
  
 2.2.2 Payment of Benefit. The Bank shall pay the benefit to the Executive on the first day of each month commencing with the month
following the Executive’s Termination of Employment and continuing for 179 additional monthly payments. 
  
 2.3 Disability Benefit. Upon the Executive’s termination of employment before the Normal Retirement Age due to the Executive’s
Disability, the Bank shall pay to the Executive the benefit described, in this Section 2.3. 
  
 2.3.1 Amount of Benefit. The benefit under this Section 2.3 is the benefit calculated under Section 2.1.1 as if the date of the
Executive’s termination of employment were the Normal Retirement Date. 
  
 2.3.2 Payment of Benefit. The Bank shall pay the benefit to the Executive on the first day of each month commencing with the month following the month in which Executive attains his Normal Retirement Age and
continuing for 179 additional monthly payments. [TO BE COORDINATED WITH SUPPLEMENTAL DISABILITY COVERAGE] 
  
 2.4 Change in Control Benefit. Upon the Executive’s termination of employment before the Normal Retirement Age following a Change in Control,
the Bank shall pay to the Executive the benefit described, in this Section 2.3. 
  
 2.4.1 Amount of Benefit. The benefit under this Section 2.3 is the benefit calculated under Section 2.1.1 as if the date of the
Executive’s termination of employment were the Normal Retirement Date. 
  
 2.4.2 Payment of Benefit. The Bank shall pay the benefit to the Executive on the first day of each month commencing with the month following the date of the Executive’s termination of employment and
continuing for 179 additional monthly payments. 
  
 2.5
Notwithstanding any provision of this Agreement to the contrary, the Bank shall not pay any benefit under this Agreement if the Bank terminates the Executive’s employment for Cause. 
  
 Article 3 
 Death Benefits 
  
 3.1 Death During Active
Service. If the Executive dies while in the active service of the Bank, the Bank shall pay to the Executive’s beneficiary the benefit described in this Section 3.1. 
  

 3 

 3.1.1 Amount of Benefit. The annual benefit under Section 3.1 is the lifetime
benefit that, would have been paid to the Executive under Section 2.1 calculated as if the date of the Executive’s death were the Normal Retirement Date: 
  

3.1.2 Payment of Benefit. The Bank shall pay the benefit to the Beneficiary on the first of each month commencing with the month
following the Executive’s death and continuing for 179 additional monthly payments. 
  
 3.2 Death During Benefit Period. If the Executive dies after benefit payments have commenced under this Agreement but before receiving all such payments or if the Executive had terminated employment due to
Disability prior to his death and before Normal Retirement Age, the Bank shall pay the remaining benefits to the Executive’s designated beneficiary at the same time they would have been paid to the Executive had the Executive survived;
provided, however, that if the Executive was entitled to a benefit under Section 2.3 of this Agreement, such benefit shall be payable to the Executive’s designated beneficiary on the first day of the month commencing with the month following
the Executive’s death. 
  
 3.3 Coordination of
Benefits. Notwithstanding anything in this Agreement to the contrary, no benefit shall be payable under this Article 3 or otherwise if, on the date of the Executive’s death, Executive is eligible to receive benefits under a split dollar
life insurance agreement between the Executive and the Bank which is in effect on such date. 
  
 Article 4 
 Beneficiaries 
  
 4.1 Beneficiary Designations. The Executive shall designate a beneficiary by filing a written designation with the
Bank. The Executive may revoke or modify the designation at any time by filing a new designation. However, designations will only be effective if signed by the Executive and accepted by the Bank during the Executive’s lifetime. The
Executive’s beneficiary designation shall be deemed automatically revoked if the beneficiary predeceases the Executive, or if the Executive names a spouse as beneficiary and the marriage is subsequently dissolved. If the Executive dies without
a valid beneficiary designation, all payments shall be made to the Executive’s estate. 
  
 4.2 Facility of Payment. If a benefit is payable to a minor, to a person declared incompetent, or to a person incapable of handling the disposition of his or her property, the Bank may pay such benefit to the
guardian, legal representative or person having the care or custody of such minor, incompetent person or incapable person. The Bank may require proof of incompetence, minority or guardianship as it may deem appropriate prior to distribution of the
benefit. Such distribution shall completely discharge the Bank from all liability with respect to such benefit. 
  
 Article 5 
 Claims and Review Procedures 
  
 5.1 Claims Procedure. The Bank shall notify the Executive or
Executive’s beneficiary in writing, within ninety (90) days of his or her written application for benefits, of his 

  

 4 

 
or her eligibility or ineligibility for benefits under the Agreement. If the Bank determines that, the Executive or Executive’s beneficiary is not
eligible for benefits or full benefits, the notice shall set forth (1) the specific reasons for such denial, (2) a specific reference to the provisions of the Agreement on which the denial is based, (3) a description of any additional information or
material necessary for the claimant to perfect his or her claim, and a description of why it is needed, and (4) an explanation of the Agreement’s claims review procedure and other appropriate information as to the steps to be taken if the
Executive or Executive’s beneficiary wishes to have the claim reviewed. If the Bank determines that there are special circumstances requiring additional time to make a decision, the Bank shall notify the Executive or Executive’s
beneficiary of the special circumstances and the date by which a decision is expected to be made, and may extend the time for up to an additional ninety-day period. 
  
 5.2 Review Procedure. If the Executive or Executive’s beneficiary is determined by the Bank entitled to greater
or different benefits, the Executive or Executive’s beneficiary shall have the opportunity to have such claim reviewed by the Bank by filing a petition for review with the Bank within sixty (60) days after receipt of the notice issued by the
Bank. Said petition shall state the specific reasons which the Executive or Executive’s beneficiary believes entitle him or her to benefits or to greater or different benefits. Within sixty (60) days after receipt by the Bank of the petition,
the Bank shall afford the Executive or Executive’s beneficiary (and counsel, if any) an opportunity to present his or her position to the Bank orally or in writing, and the Executive or Executive’s beneficiary (or counsel) shall have the
right to review the pertinent documents. The Bank shall notify the Executive or Executive’s beneficiary of its decision in writing within the sixty-day period, stating, specifically the basis of its decision, written in a manner calculated to
be understood by the Executive or Executive’s beneficiary and the specific provisions of the Agreement on which the decision is based. If, because of the need for a hearing, the sixty-day period is not sufficient, the decision may be deferred
for up to another sixty-day period at the election of the Bank, but notice of this deferral shall be given to the Executive or Executive’s beneficiary. 
  
 Article 6 
 Amendments and Termination

  
 This Agreement may be amended or terminated only by a
written agreement signed by the Bank and the Executive. 
  
 Article 7 
 Miscellaneous 
  
 7.1 Binding Effect. This Agreement shall bind the Executive and the Bank, and beneficiaries, survivors, executors, administrators and transferees.
The Bank or any parent of the Bank, acting on behalf of the Bank, shall require any successor or assignee, whether direct or indirect, by purchase, merger, consolidation or otherwise, to all or substantially all the business or assets 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.

  

 5 

 7.2 No Guarantee of Employment. This Agreement is not an employment policy or contract. It does
not give the Executive the right to remain an employee of the Bank, nor does it interfere with the Bank’s right to discharge the Executive. It also does not require the Executive to remain an employee nor interfere with the Executive’s
right to terminate employment at any time. 
  
 7.3
Non-Transferability. Benefits under this Agreement cannot be sold, transferred, assigned, pledged, attached or encumbered in any, manner. 
  
 7.4 Tax Withholding. The Bank shall withhold any taxes that are required to be withheld from the benefits provided under this Agreement.

  
 7.5 Applicable Law. The Agreement and all rights
hereunder shall be governed by the law the State of New Jersey, except to the extent preempted by the laws of the United States of America. 
  
 7.6 Unfunded Arrangement. The Executive and beneficiary are general unsecured creditors of the Bank for the payment of benefits under this
Agreement. The benefits represent the mere promise by the Bank to pay such benefits. The rights to benefits are not subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment, or garnishment by
creditors. Any insurance on the Executive’s life is a general asset of the Bank to which the Executive and beneficiary have no preferred or secured claim. 
  

7.7 Entire Agreement. This Agreement constitutes the entire agreement between the Bank and the Executive as to the subject matter hereof. No
rights are granted to the Executive by virtue of this Agreement other than those specifically set forth herein. Executive acknowledges and agrees that this Agreement supercedes and replaces in its entirety the Restated Executive Supplemental
Retirement Income Agreement, between the Executive and the Bank and the related Joinder Agreement, which Executive acknowledges is terminated as of the date of this Agreement. 
  
 7.8 Administration. The Bank shall have powers which are necessary to administer this 
  
 Agreement, including but not limited to: 
  
 7.7.1 Interpreting the provisions, of the Agreement;

  
 7.7.2 Establishing and revising the method of
accounting for the Agreement; 
  
 7.7.3
Maintaining a record of benefit payments; and 
  
 7.7.4 Establishing rules and prescribing any forms necessary or desirable to administer Agreement. 
  
 7.9 Payment of Legal Fees. All reasonable legal fees paid or incurred by the Executive pursuant to any dispute or question of interpretation
relating to this Agreement shall 

  

 6 

 
be paid or reimbursed by the Bank, if the Executive is successful pursuant to a legal judgment, arbitration or settlement. 
  
 7.10 Special Change of Control Requirements. In the event of a Change
in Control of the Bank or a parent of the Bank, the Bank shall make contributions to an irrevocable trust established with respect to this Agreement in an amount sufficient to fund the Executive’s benefits under this Agreement (as determined by
the Bank’s independent accountants), and, thereafter, the trustee of such trust shall be responsible for the payment to the Executive of any benefits to which the Executive is or becomes entitled to receive under this Agreement; provided,
however, that to the extent the assets of the trust are at anytime insufficient to fund the Executive’s benefits, the payment of such benefits shall remain an obligation of the Bank (or any successor thereto). 
  
 IN WITNESS WHEREOF, the Executive and a duly authorized Bank officer have
signed this Agreement, all as of the date written above. 
  

			
	OCEAN CITY HOME BANK
		
	By:	 	/s/ Roy Gillian
	Title:	 	Chairperson of the Board

  

	
	
	/s/ Anthony Rizzotte
	Anthony Rizzotte

  

 7 

 FIRST AMENDMENT 
 TO THE 
 OCEAN CITY HOME BANK 
 SALARY CONTINUATION AGREEMENT 
  
 The Ocean City Home Bank Salary Continuation Agreement (the “Agreement”) with Anthony Rizzotte is hereby amended as follows, effective as of November 26, 2003. 
  
 First Change 
  
 The following new definition is hereby added to Section 1.1: 
  
 “Contingent Disability Trust” means a trust created for the
benefit of the Executive for the purposes stated in Section 2.3. 
  
 Second Change 
  
 Section 2.3 of the
Agreement, the Disability Benefit, is hereby deleted in its entirety and replaced with the following new Section 2.3: 
  
 2.3. Disability. Notwithstanding any provision of this Agreement to the contrary, in the event the Executive terminates employment
with the Bank due to a Disability, the following shall apply with respect to benefits payable to the Executive under this Agreement: 
  

	 	2.3.1 	Disability Benefit Upon Termination of Employment Prior to Normal Retirement Age. Upon the Executive’s termination of employment due to a Disability before Normal
Retirement Age, the Bank shall deposit into the Contingent Disability Trust the greater of the amount which has been or should have been accrued on the Bank’s financial statements, pursuant to generally accepted accounting principles, from the
effective date of the Agreement through the Executive’s termination date (with appropriate adjustment for the year in which termination occurs for accruals during the period since the date of the Bank’s last audited financial statements)
to reflect the liability associated with the Bank’s obligation to the Executive under the Agreement. Except as provided in Section 2.3.3, no further benefits shall be payable to the Executive under this Agreement during the period of
Disability. 

  

	 	2.3.2	  Disability Continuing After Normal Retirement Age. If the Executive remains disabled on the date he attains Normal Retirement Age, then except as provided in
Section 2.3.4, this Agreement shall automatically terminate and the Executive shall not be entitled to further benefits under this Agreement. 

  

	 	2.3.3 	Return to Employment Following Disability. In the event the Executive returns to employment following a period of Disability, the Executive shall be entitled to
receive a retirement benefit pursuant to Section 2.1 or 2.2 hereof that is reduced by amounts payable from the Contingent Disability Trust in accordance with its terms. 

  

	 	2.3.4 	Benefit Restoration Obligation. In the event that the Executive is Disabled as of his Normal Retirement Date and the assets of the Contingent Disability Trust are
insufficient to provide the Executive with an annual benefit equal to the Benefit Amount for the period specified in Section 2.1.2, the Bank shall deposit in the Contingent Disability Trust an additional amount (the “Additional Deposit”)
which, when added to the existing assets of the Trust, will be sufficient to provide the Executive with an annual pre-tax benefit equal to the Benefit Amount for the applicable period. For purposes of this Section 2.3.4, (i) the sufficiency of the
assets of the Contingent Disability Trust and the amount of the Additional Deposit, if any, shall be determined by an independent actuary retained by the Bank, using the interest rate factor in effect for calculations under Section 417(e) of the
Code (or any successor provision of the Code) for the month in which the Executive attains his Normal Retirement Age and (ii) the Additional Deposit, if any, shall be calculated by assuming that the Executive is subject to the highest marginal
federal, state and local tax rates then in effect. The Additional Deposit, if any, shall be made to the Contingent Disability Trust not later than thirty (30) days after the date the Executive attains his Normal Retirement Age.

  

 IN WITNESS WHEREOF, the parties to the Agreement have executed this First Amendment, effective as
of the date hereof. 
  

			
	OCEAN CITY HOME BANK
		
	By:	 	/s/ Emily Walker

  

	
	
	/s/ Anthony Rizzotte
	Anthony RizzotteExhibit 10.10

 Exhibit 10.10 
  
 OCEAN CITY HOME BANK 
 SPLIT DOLLAR LIFE INSURANCE AGREEMENT 
  
 THIS AGREEMENT entered into this 18th day of December, 2002 by and between OCEAN CITY HOME BANK (the “Bank”), a federally-chartered savings bank, and STEVEN BRADY (the “Employee”).

  
 WHEREAS, the Employee has rendered services to the Bank as a
valued employee; and 
  
 WHEREAS, the Bank desires to encourage
the Employee to continue to render faithful and high quality services to the Bank; and 
  
 WHEREAS, the Bank seeks to provide financial protection for the beneficiaries of the Employee in the event of the Employee’s untimely death; and 
  
 WHEREAS, the Bank is the owner of one or more life insurance policies under which Employee is an insured (the
“Policies”), all of which are identified in Exhibit A hereto. 
  
 NOW, THEREFORE, for value received and in consideration of the mutual covenants and agreements contained herein, the Bank and the Employee agree as follows: 
  
 Article I 
 Ownership Rights in the Policies 
  
 A. The Bank
shall have all of the ownership rights, options and privileges permitted by the Policies, except those expressly granted to the Employee by the terms of this Agreement. 
  
 B. The Bank shall have the right to designate itself as beneficiary of the Policies to the extent of the total death
proceeds payable under the Policies, less the Employee’s Interest. For purposes of this Agreement, the “Employee’s Interest” shall be determined as follows: 
  

	 	(i)	While the Employee is an active employee of the Bank or any affiliate of the Bank, the Employee’s interest means an amount determined in accordance with Exhibit B.

  

	 	(ii)	Following the Employee’s termination of employment, other than for “Cause” (as defined in Paragraph C below), by reason of Disability, or following a Change in
Control, “Employee’s Interest” means an amount determined in accordance with Exhibit B. 

  

	 	(iii)	Upon an Employee’s termination of employment on or after the effective date of a Change in Control (as defined in Paragraph C below) for any reason other than a termination for
Cause (as defined below), “Employee’s Interest” means an amount determined in accordance with Exhibit B. 

	 	(iv)	Upon an Employee’s termination of employment by reason of Disability (as defined in Paragraph C below), “Employee’s Interest” means an amount determined in
accordance with Exhibit B. 

  
 Except to the extent
otherwise provided in this Paragraph B and in Article IV, no benefit shall be provided to an Employee under this Agreement following termination of employment. 
  

C. For purposes of this Agreement, the following definitions shall apply: 
  

	 	(i)	“Cause” shall mean termination because of 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 infractions) or a final cease-and-desist order. 

  

	 	(ii)	“Change in Control” shall mean any of the following: 

  

	 	(a)	There occurs a “change in control” of the Bank, as defined or determined either by the Bank’s primary banking regulator or under regulations promulgated by its
primary regulator. 

  

	 	(b)	As a result of, or in connection with, any merger or other business combination, sale of assets or contested election, the persons who were Directors of the Bank before such
transaction or event cease to constitute a majority of the Board of Directors of the Bank or any successor to the Bank. 

  

	 	(c)	The Bank transfers all or substantially all of its assets to another corporation or entity which is not an affiliate of the Bank. 

  

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

  
  
 A Change in Control shall not occur solely as a result of a conversion of the Bank from the mutual to the stock form of
organization (“Conversion”) or reorganization of the Bank into the mutual holding company form of ownership (“Reorganization”). 
  

	 	(iii)	“Disability” shall have the same meaning as under Section 22(e)(3) of the Internal Revenue Code of 1986, as amended. 

  
 D. The Employee shall have the right to designate a beneficiary or
beneficiaries of the Policies’ death benefits to the extent of the Employee’s Interest on a form designated by the Bank for such purpose. If more than one beneficiary is named, the share of each beneficiary and 
  

 2 

 the status of each beneficiary (i.e., as primary or contingent) shall be indicated by the Employee. The Employee shall
have the right to change the beneficiary or beneficiaries and the status of the same by submitting the change in writing on a form designated by the Bank for such purpose. The Bank shall take such action as may be necessary to effectuate the
beneficiary designation, as well as any settlement option made available by the Policies that the Employee may elect. The Employee’s beneficiary designation form, as the same may be modified from time to time by the Employee, shall be
incorporated by reference as part of this Agreement. 
  
 E. The
Bank may not take any action with respect to the Policies that will impair any right or interest of the Employee in the Policies. 
  
 F. With the consent of the Bank, the Employee may assign without consideration the “Employee’s Interest” to any person, entity or trust. In
the event the Employee transfer the “Employee’s Interest,” then all of the “Employee’s Interest” and the Employee’s rights under this Agreement shall be vested in the Employee’s transferee, who shall be
substituted as a party hereunder and the Employee shall have no further interest in the Policies or in this Agreement. 
  
 Article II 
 Premium Payments

  
 A. The Bank shall contribute the entire premium payable
under the Policies. 
  
 B. It is understood and agreed by the
Employee that, annually during the term of this Agreement, the Employee will be charged with taxable income by reason of the economic benefit of the insurance protection received under this Agreement in an amount determined under applicable federal
income tax requirements. During the term of this Agreement, the Bank shall annually furnish the Employee a statement on Form W-2 reporting the Employee’s taxable income with respect to coverage provided under this Agreement, unless such amount
is reimbursed to the Bank by the Employee on or before the last day of the calendar year. 
  
 Article III 
 Division of Death Proceeds of Policies 
  
 In the event that the Employee shall die while this Agreement is in force,
the Bank shall be entitled to receive from the proceeds of the Policies an amount equal to the Bank’s interest in the Policies, as determined under Paragraph B of Article I of this Agreement. The portion of the proceeds of the Policies which
represents the “Employee’s Interest” as determined in accordance with Article I, Paragraph B shall be paid to the beneficiary named by the Employee in accordance with the terms of the policy as reflected in the records of the
insurance company. 
  
 Article IV 
 Termination of Agreement 
  
 A. Except as otherwise provided in this Article IV, this Agreement shall terminate (i) automatically upon termination of the Employee’s employment
with the Bank or any affiliate of the Bank, other than by reason of the Employee’s death while actively employed or (ii) by mutual agreement of the Employee and the Bank. If the Employee terminates employment with 
  

 3 

 the Bank or any affiliate of the Bank and qualifies as an Eligible Retiree, or terminates employment (other than for
Cause) on or after the effective date of a Change in Control or by reason of Disability, this Agreement shall continue in effect and thereafter shall terminate only by mutual agreement of the Employee and the Bank. 
  
 B. Notwithstanding anything in this Agreement to the contrary, (i) upon the
division of the death proceeds of the Policies pursuant to Article III above, this Agreement shall terminate and (ii) this Agreement shall terminate as of the date that the Executive has been paid all benefits to which he is entitled under his
Salary Continuation Agreement with the Bank of even date herewith. 
  
 Article V 
 Amendment 
  
 This Agreement may be amended at any time and from time to time, but only by a written instrument signed by the Bank and the Employee. 
  
 Article VI 
 Named Fiduciary and Plan Administrator 
  
 The Bank is hereby designated the Named Fiduciary and Plan Administrator with respect to this Agreement. 
  
 As Named Fiduciary, the Bank shall be responsible for the management and
administration of this Agreement. The Bank’s Board of Directors may delegate to others the Bank’s responsibilities under the plan including the retention of advisors and may execute any other powers necessary for the discharge of its
duties to the extent not in conflict with the provisions of the Employee Retirement Income Security Act of 1974, as amended. 
  
 Article VII 
 Claims Procedure

  
 A claim form or a request for claim information with
respect to benefits under the Agreement may be obtained upon written request to the Named Fiduciary or its delegate. 
  
 In the event that the claim is in whole or in part denied, the Named Fiduciary or its delegate shall provide notification of such denial to the claimant
within 90 days. The notifications shall contain the specific reasons for the denial as well as specific reference to the pertinent provisions of the Agreement upon which the denial is based. The claimant shall also be informed of this claim review
procedure and shall be provided with description of the method by which the claim may be perfected. 
  

 4 

 A claimant seeking claims review may, within 60 days following receipt by the claimant of a written
claims denial, request a claim’s review by written application to the Named Fiduciary. In connection with the claim’s review, the claimant shall be afforded an opportunity to review claims documents and submit comments in writing. A final
decision on review shall be in writing and shall include, in the event the claims for benefits are wholly and partially denied: 
  

	 	(1)	The specific reasons for the denial; 

  

	 	(2)	Specific reference to pertinent provisions of the Agreement upon which the denial or dispute is based; 

  

	 	(3)	A description of any additional information necessary for the claimant to perfect the claim and an explanation of why such materials or information is necessary; and

  

	 	(4)	An explanation of the Agreement review procedures. 

  
 Article VIII 
 Insurer Not a Party to
Agreement 
  
 The issuer(s) of the Policies shall not be
deemed a party to this Agreement. Payment or other performance of its contractual obligations in accordance with the provisions of the Policies shall fully discharge the issuer(s) from any and all liability. The Bank shall take such action as may be
necessary to ensure that the “Employee’s Interest” in the Policies is reflected in the records of the issuer of the Policies. 
  
 Article IX 
 Agreement Binding Upon
Parties 
  
 This Agreement shall bind both the Bank and the
Employee, as well as their heirs, successors, personal representatives and assigns. Except as otherwise provided by this Agreement, in no event shall a successor entity to the Bank be discharged of its obligation to maintain a level of insurance
protection equal to the Employee’s Interest. 
  
 Article X

 Governing Law 
  
 This Agreement sets forth the entire agreement between the parties hereto, and any and all prior agreements are hereby superseded. The law of the State of
New Jersey shall govern this Agreement, unless preempted by federal law. 
  

 5 

 IN WITNESS WHEREOF, the Employee and a duly authorized representative of the Bank have executed this
Agreement, all as of the day and year written above. 
  

	
	 OCEAN CITY HOME BANK

	
	 /s/Roy Gillian

	
	 /s/Steven E. Brady

	 Employee

  

 6 

 EXHIBIT A 
  

			
	 Insurance Carrier

	  	 Policy Number

	 Mass Mutual
	  	6095122
	 Transamerica
	  	50183161C
	 Transamerica
	  	50390859C
	 Jefferson Pilot
	  	JP-5046701

  

 7 

 EXHIBIT B 
  

			
	 Age

	 	 Pre/Post Termination
 Death Benefit 1, 2, 3, 4

	 50
	 	$2,283,747
	 51
	 	$2,283,747
	 52
	 	$2,283,747
	 53
	 	$2,283,747
	 54
	 	$2,283,747
	 55
	 	$2,283,747
	 56
	 	$2,283,747
	 57
	 	$2,283,747
	 58
	 	$2,283,747
	 59
	 	$2,283,747
	 60
	 	$2,283,747
	 61
	 	$2,185,631
	 62
	 	$2,081,627
	 63
	 	$1,971,384
	 64
	 	$1,854,526
	 65
	 	$1,730,657
	 66
	 	$1,599,365
	 67
	 	$1,460,176
	 68
	 	$1,312,646
	 69
	 	$1,156,264
	 70
	 	$990,499
	 71
	 	$814,788
	 72
	 	$628,534
	 73
	 	$431,106
	 74
	 	$221,831

	1	In the event of termination of employment prior to age 60 following a Change in Control, the Executive’s benefit shall be determined under this schedule by assuming that the
Executive’s age at termination was 60. 

	2	In the event of termination by reason of Disability, this schedule shall be followed based on the Executive’s actual age of termination. 

	3	In the event of termination prior to age 60, other than by reason of Disability or following a Change in Control, the Executive acknowledges and agrees that his scheduled benefit
above shall be reduced proportionately at termination by reference to the vested percentage of his benefit on the date of termination under his Salary Continuation Agreement with the Bank of even date herewith and by assuming that the
Executive’s age at termination was 60. 

	4	In the event of termination after age 60, this schedule shall be followed by assuming that the Executive’s age at termination was 60. 

  

 8

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00071-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00071-of-00352.parquet"}]]