Document:

Exhibit 10.8

 

JOHN MARSHALL BANCORP DEFERRED COMPENSATION
PLAN

 

WHEREAS,
John Marshall Bancorp (the “Company”) heretofore adopted the “John Marshall Bancorp Deferred Compensation
Plan” as restated effective January 1, 2021 by Board resolution dated December 15, 2020 (the “Plan”), an unfunded
plan maintained for the purpose of providing deferred compensation for a select group of management or highly compensated employees within
the meaning of the United States Code of Federal Regulations Section 2520.104-23 and Sections 201(2), 301(a)(3) and 401(a)(1) of
the Employee Retirement Income Security Act of 1974 (“ERISA”); and

 

WHEREAS,
the Company desires to restate and amend the Plan effective December 1, 2021.

 

NOW,
THEREFORE, effective December 1, 2021, the Plan is hereby amended and restated to read in its entirety as follows:

 

SECTION 1. PURPOSE OF PLAN

 

The Plan is unfunded and is maintained for the
purpose of providing deferred compensation for a select group of management or highly compensated employees of the Company within the
meaning of the United States Code of Federal Regulations Section 2520.104-23 and Sections 201(2), 301(a)(3) and 401(a)(1) of
ERISA. The Plan will be administered in accordance with such purpose and in accordance with the provisions of Section 409A of the
Code.

 

SECTION 2. DEFINITIONS

 

		2.1	“Administrator” means the committee appointed pursuant to Section 16.1.

 

		2.2	“Beneficiary” means the person or entity determined to be a Participant’s beneficiary pursuant to Section 14.

 

		2.3	“Board” means the board of directors of the Company.

 

		2.4	“Change in Control” means a “change in ownership” of the Company, a “change in effective control”
of the Company, or a “change in the ownership of a substantial portion of the assets” of the Company (within the meaning of
Section 409A of the Code).

 

		2.5	“Code” means the Internal Revenue Code of 1986, as amended from time to time.

 

		2.6	“Company” means John Marshall Bancorp and any subsidiaries or affiliated entities (in accordance with the Treasury
Regulation Section 1.409A-1(g)), which would be considered a single employer with the Company, and which have elected to participate
in the Plan, pursuant to rules and procedures established by John Marshall Bancorp. John Marshall Bancorp shall have the sole authority
to administer, interpret and amend the Plan, as the “Company”.

 

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		2.7	“Compensation” means, in the case of a Participant who is a member of the Board, directors’ fees. In the
case of any other Participant, Compensation means the base salary (“Regular Salary”) paid to, as well as any bonus and or
commission payments earned by, a Participant for the Plan Year as reported on the Participant’s IRS Form W-2. Regular Salary
for a Participant shall also include amounts excludible from gross income that are contributed by the participant on a pre-tax basis to
a salary reduction retirement or welfare plan (including amounts contributed to this Plan, but excluding any irregular payments.

 

		2.8	“Disability” means a condition in which the Participant:

 

		(a)	is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which,
in the opinion of the Administrator, can be expected to result in death or can be expected to last for a continuous period of not less
than 12 months; or

 

		(b)	is, by reason of any medically physical or mental impairment which, in the opinion of the Administrator, can be expected to result
in death or can be expected to last for a continuous period of not less than 12 months, receiving income replacement benefits for a period
of not less than three months under an accident and health plan covering employees of the Company; or

 

		(c)	is determined to be disabled in accordance with a disability insurance program that applies a definition of disability that complies
with the requirements of (a) or (b) above; or

 

		(d)	is determined to be totally disabled by the Social Security Administration or Railroad Retirement Board.

 

		2.9	“ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time.

 

		2.10	“In-Service Account” means an Account to record the Compensation deferral amounts payable at a future time, as
specified in the Participant’s Deferral Election.

 

		2.11	In-Service Account Distribution Date” means the first day of the taxable year which occurs three (3), five (5) or
ten (10) years after the end of the tax year to which the Compensation deferrals subject to a specified In-Service Account Distribution
Date relate.

 

		2.12	“Normal Retirement Age” means the date the Participant attains age sixty-five (65).

 

		2.13	“Participant” means a member of the Board of Directors or an employee of the Company who is eligible to participate
in the Plan pursuant to Section 3.

 

		2.14	“Plan” means the John Marshall Bancorp Deferred Compensation Plan, as set forth herein and as amended from time
to time.

 

		2.15	“Plan Year” means the calendar year.

 

		2.16	“Separation from Service Account” means an Account to record the amounts payable to a Participant due to such Participant’s
separation from service (in accordance with Section 409A)

 

whether
such separation from service from the Company occurs prior to, or on or after the Participant’s Normal Retirement Age. Unless the
Participant has established an In-Service Account(s), all Compensation deferrals and any Company Contributions (including any contributions
made pursuant to Addendums A and/or B) shall be allocated to a Separation from Service Account on behalf of the Participant. A Participant
shall be eligible to make a different distribution election for a separation from service in the event such distribution is to occur prior
to the Participant’s attainment of Normal Retirement Age as well as in the event such a distribution does not occur until on or
after the Participant’s attainment of Normal Retirement Age.

 

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		2.17	“Year of Vesting Service” means, effective for Plan Years beginning on or after January 1, 2022, each 12-consecutive
month period commencing on each date as of which a Company contribution (within the meaning of Section 7) is credited to a Participant’s
account(s) and the anniversary of such date with respect to such Company contribution.

 

SECTION 3. ELIGIBLE EMPLOYEES

 

The Administrator shall determine which employees
of the Company (who must be employed as a senior vice president or above) and/or which members of the Board of Directors shall be eligible
to participate in the Plan from time to time, the eligibility waiting period and such other conditions as may be applicable from time
to time.

 

SECTION 4. ELECTION TO DEFER COMPENSATION

 

A Participant may elect to defer a specified percentage
of his Regular Salary (from one percent (1%) to twenty-five percent (25%)) for a Plan Year, by filing an election with the Administrator
(pursuant to Section 5) on or prior to such date that the Administrator may specify (but no later than the last day of the preceding
Plan Year). Separate elections may be made with respect to any bonus, commissions and/or director’s fees to be earned for the Plan
Year, pursuant to which a Participant may elect to defer a specified percentage (from one percent (1%) to one hundred percent (100%))
for a Plan Year. Effective as of January 1, 2022, any election so made shall not be binding for any following Plan Year. Thus, a
new election must be filed for any following Plan Year on such date that the Administrator may specify (but no later than the last day
of the preceding Plan Year). Notwithstanding the foregoing, however, and subject to the provisions of Section 409A of the Code, a
Participant who first becomes eligible to participate in the Plan after the beginning of a Plan Year shall be entitled to make a deferral
election (with respect to Regular Salary, bonus, commission and/or director’s fees to be earned after the date of the election)
within thirty (30) days of becoming eligible.

 

In addition, each Participant may elect to establish
one or more separate “in-service withdrawal account(s)”, to which shall be credited such portion of his deferrals as the Participant
may designate, and subject to the provisions of Section 11, which shall be distributed as of a date selected by the Participant on
the election form used to make his deferral election for the applicable contribution class year.

 

Notwithstanding the foregoing, if a Participant
receives a distribution under the Plan as a result of an unforeseeable emergency pursuant to Section 12, the Participant’s
deferral election under the Plan shall be cancelled for the balance of the Plan Year in which such distribution is received.

 

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SECTION 5. MANNER OF ELECTION

 

Any election made by a Participant pursuant to
this Plan shall be made by executing such form(s) (including via electronic methods), as the Administrator shall from time to time
prescribe.

 

SECTION 6. ACCOUNTS

 

The Company shall establish and maintain on its
books with respect to each Participant a separate account (including any subaccounts necessary to separately identify amounts contributed
for specific plan years (“class year accounts”), which shall record (a) any Compensation deferred by the Participant
under the Plan pursuant to the Participant’s election, (b) any Company contributions made on behalf of the Participant pursuant
to Section 7 below, and (c) the allocation of any hypothetical investment experience.

 

If a Participant elects to establish one or more
 “in-service withdrawal account(s)” under Section 4, such account(s) shall be established and maintained on the Company’s
books and shall record (a) any Compensation deferred by the Participant under the Plan which the Participant has elected to be credited
to the applicable account, and (b) the allocation of any hypothetical investment experience. There shall also be established for
each Participant a “separation from service account” which shall record (a) any Compensation deferred by the Participant,
and any Company contributions made on his behalf, under the Plan which the Participant has not elected to be credited to an “in-service
withdrawal account” and (b) the allocation of any hypothetical investment experience.

 

To the extent no election is made, or if an election
fails to comply with the terms of the Plan, all amounts shall be allocated to a Participant’s Account to be distributed upon separation
from service in accordance with Section 11 of the Plan.

 

SECTION 7. COMPANY CONTRIBUTIONS

 

For any Plan Year, the Company may elect to credit
to the class year account of each eligible Participant, an amount equal to a specified percentage of such Participant’s Compensation,
a flat dollar amount and/or an amount equal to a specified percentage of any Compensation deferred under Section 4. Any such credit
to any Participant, other than the Chief Executive Officer, shall be made entirely at the discretion of the Chief Executive Officer and
the amount of any such credit may be different for different Participants. Any such credit to the Chief Executive Officer shall be made
entirely at the discretion of the Compensation Committee of the Board.

 

In addition, for any Plan Year, the Board of Directors,
or the Chief Executive Officer, as applicable, may determine to credit to certain Participants, a discretionary Company contribution amount,
which shall be subject to the provisions specified in Addendums A and/or B of the Plan. All such Addendums are incorporated into the Plan
by reference. In the event of a conflict between the Plan and any Addendums, the provisions contained in the Addendums shall apply

 

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SECTION 8. ADJUSTMENTS TO ACCOUNTS

 

Each Participant’s account(s) shall
be reduced by the amount of any distributions to the Participant from the applicable account, by any federal, state and/or local tax withholding
and any social security withholding tax as may be required by law, and by any applicable administrative expenses. Pursuant to procedures
established by the Administrator, each Participant’s account(s) shall be adjusted as of each business day the New York Stock
Exchange is open to reflect the earnings or losses of any hypothetical investment media as may be designated by the Administrator and,
if applicable, elected by the Participant.

 

SECTION 9. INVESTMENT OF ACCOUNTS

 

For purposes of determining the amount of earnings
and appreciation and losses and depreciation to be credited to a Participant’s account(s), each Participant’s account(s) shall
be deemed invested in the investment options (as designated by the Administrator as available under the Plan) as the Participant may elect,
from time to time, in accordance with such rules and procedures as the Administrator may establish. In the event a Participant fails
to make an investment election, such account(s) shall be deemed to be invested in a default investment fund specified by the Administrator.

 

Furthermore, no provision of the Plan shall require
the Company to actually invest any amounts in any fund or in any other investment vehicle and no amounts shall be segregated or otherwise
allocated with respect to any Participant account(s).

 

Notwithstanding the foregoing, however, the account(s) of
each Participant may be subject to proportionate adjustment for the allocable share of the expenses or costs associated with maintenance
of such Participant’s account(s) under the Plan.

 

SECTION 10. VESTED STATUS

 

Subject to the provisions of Section 19,
and/or Addendum A or Addendum B (as appropriate with respect to Company Discretionary Credits) (the “Addendums”), if a Participant
 “separates from service” with the Company (within the meaning of Code Section 409A) for any reason on or after his Normal
Retirement Age, or prior to that date as a result of the Participant’s Disability, death, a change in control of the Company (within
the meaning of Section 2.4 of the Plan), or as a result of an involuntary separation from service without good cause (as defined
in Section 21 of the Plan), such Participant shall have a nonforfeitable (vested) right to the fair market value of the Participant’s
account(s). If a Participant separates from service prior to his Normal Retirement Age for any reason other than separation from service
on or after his Normal Retirement Age, or prior to that date as a result of the Participant’s Disability, death, a change in control
of the Company (within the meaning of Section 2.4 of the Plan), or as a result of an involuntary separation from service without
good cause (as defined in Section 21 of the Plan), such Participant shall be entitled to receive the vested value of his account(s).
For this purpose, each Participant shall at all times have a nonforfeitable (vested) right to his account(s) derived from any Compensation
deferred pursuant to Section 4.

 

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However, with respect to any Company
contributions made on the Participant’s behalf pursuant to Section 7, if a Participant separates from service for any
reason other than separation on or after his Normal Retirement Age, or prior to that date as a result of the Participant’s
Disability, death, a change in control of the Company (within the meaning of Section 2.4 of the Plan), or as a result of an
involuntary separation from service without good cause (as defined in Section 21 of the Plan), then such Participant shall have
a nonforfeitable (vested) right to a percentage of the fair market value of such portion of his applicable account(s). With respect
to any Company contributions made on the Participant’s behalf pursuant to Section 7, for Plan Years prior to
January 1, 2022, the Participant shall have a nonforfeitable (vested) right to a percentage of the fair market value of such
portion of his applicable account(s) as follows:

 

	Years of Vesting Service	 	Vested Percentage	 
	Less than 1 year	 	 	0	%
	1 year but less than 2	 	 	20	%
	2 years but less than 3	 	 	40	%
	3 years but less than 4	 	 	60	%
	4 years but less than 5	 	 	80	%
	5 years or more	 	 	100	%

 

Notwithstanding the foregoing, however,
effective for Plan Years beginning on or after January 1, 2022, with respect to Company contributions earned for services
performed on or after such date, each class year Company contribution credited to a Participant’s account(s) on the
Participant’s behalf pursuant to Section 7 shall vest separately. A Participant shall receive credit for a Year of
Vesting Service (pursuant to Section 2.17 of the Plan)
with respect to a specific class year Company contribution allocation, each year on the anniversary of the date as of which such
class year Company contribution was allocated to such Participant’s account(s) (a “Crediting Date”). The
Participant shall have a nonforfeitable (vested) right to a percentage of the fair market value of such portion of his applicable
account(s) in accordance with the schedule set forth above.

 

Notwithstanding anything in the foregoing to the
contrary, vesting with respect to Company Discretionary Credits as set forth in Addendum A and/or Addendum B shall be governed by the
vesting provisions set forth on the respective Addendum A or B, as appropriate. In the event of a conflict between the provisions of this
Section 10 and Addendum A and/or Addendum B, with respect to such Company Discretionary Credit amounts pursuant to such Addendums,
the provisions of the appropriate Addendum A and/or B shall take precedence.

 

SECTION 11. TIME AND MANNER OF DISTRIBUTION

 

Distribution of a Participant’s vested “separation
from service account” (within the meaning of Section 6) shall be made or commence within ninety (90) days following the date
which is six (6) months after the date as of which the Participant separates from service with the Company (within the meaning of
Section 409A of the Code). Payment may be delayed, however, under any of the circumstances permitted under said Section 409A.
Furthermore, if any amounts credited to a Participant’s vested account(s) become subject to tax under Section 409A of
the Code, such amount(s) shall be immediately distributed to the Participant.

 

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Each Participant shall elect, on the class year
election form used to make his deferral election for a Plan Year, to have the account established for such Plan Year, for his vested separation
from service account (whether such separation from service occurs either prior to, or on or after, the Participant’s attainment
of Normal Retirement Age), from the following modes of distribution:

 

		(a)	a single lump sum payment; or

 

		(b)	annual installments over a period of five (5), ten (10) or fifteen
(15) years, the amount of each installment to equal the balance of the Participant’s vested separation from service account immediately
prior to the installment divided by the number of installments remaining to be paid. The first installment shall be made within ninety
(90) days following the date which is six (6) months following the date as of which the Participant separates from service with the
Company.

 

In addition, any “in-service” withdrawal
account(s) established for a Participant pursuant to Section 6, shall be distributed in a lump-sum cash payment, as of the date(s) previously
designated by the Participant on the applicable class year deferral election form, which is the first day of the taxable year which occurs
three (3), five (5) or ten (10) years after the end of the tax year to which such Compensation deferrals relate. Notwithstanding
the foregoing, however, if a Participant separates from service prior to the scheduled in-service payment date of any class year in-service
withdrawal account(s), such accounts(s) shall be distributed to the Participant at the same time and in the same manner as set forth
in the first paragraph of this Section 11 with respect to distribution upon separation from service.

 

However, if the Company is subject to the provisions
of Section 409A(2)(B)(i) of the Code, and if distribution is to be made or commence as a result of the Participant’s separation
from service with the Company, and if the Participant is a “specified employee” of the Company (as determined under said Section 409A),
distribution of the Participant’s vested retirement account shall, in no event, be made or commence earlier than six (6) months
after the date the Participant separated from service with the Company. For purposes of identifying a “specified employee,”
the definition of compensation under Section 1.415(c)-2(a) of the Income Tax Regulations shall apply, the specified employee
identification date shall be December 31, and the specified employee effective date shall be the first day of the fourth month following
such identification date.

 

Notwithstanding the foregoing, effective as of
January 1, 2022, the Plan shall permit a Participant to make an election to receive distribution of his Accounts in the event the
Company experiences a change in control as defined in Section 2.4 of the Plan. With respect to individuals participating in the Plan
prior to January 1, 2022, such “initial” election shall only apply to amounts contributed with respect to tax years beginning
on or after January 1, 2022. Any individual who first becomes eligible to participate in the Plan on or after January 1, 2022,
shall make such election on the election form or the electronic method used to make his initial deferral election. In the event of Change
in Control, a Participant who has made an election to receive a Change in Control distribution, shall receive a single lump sum payment
equal to the unpaid balance of his Account(s), attributable to Plan Years beginning on or after January 1, 2022, within ninety (90)
days following the date of the Change in Control.

 

Furthermore, in the event the Company experiences
a “change in the ownership of a substantial portion of the assets” of the Company (within the meaning of Section 2.4
of the Plan and Section 409A of the Code) and elects to terminate the Plan as a result of such change in control, a Participant shall
receive a single distribution equal to the unpaid balance of all of his Account(s), within ninety (90) days following the date of the
termination of the Plan, pursuant to Section 19 of this Plan.

 

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Each Participant must also elect, on the election
form or the electronic method used to make his initial deferral election to have his distribution in the event of Disability (within the
meaning of Section 2.8 of the Plan) distributed in:

 

		(a)	a single lump sum payment; or

 

		(b)	annual installments over a period of five (5), ten (10) or fifteen (15) years, the amount of each installment to equal the balance
of the Participant’s vested separation from service account immediately prior to the installment divided by the number of installments
remaining to be paid. The first installment shall be made within ninety (90) days following the date which is six (6) months following
the date as of which the Participant separates from service with the Company as a result of his Disability.

 

With respect to individuals participating in the
Plan prior to January 1, 2022, such election with respect to Disability was made at the time such Participant initially elected to
participate in the Plan. Any individual who first becomes eligible to participate in the Plan on or after January 1, 2022, shall
make such election on the election form or the electronic method used to make his initial deferral election.

 

Furthermore, notwithstanding the foregoing provisions
of this Section, except as otherwise provided under Section 409A of the Code, if a Participant fails to make a distribution election,
or the election made is otherwise invalid, the Participant shall be deemed to have selected a single, lump sum payment of his account(s) under
the Plan upon his separation from service. Such distribution shall be made in accordance with the first paragraph of this Section 11,
except as otherwise required.

 

Notwithstanding the foregoing provisions of this
Section, except as otherwise provided under Section 409A of the Code, if the total fair market value of a Participant’s vested
account(s) does not exceed

 

$10,000 as of the date of the Participant’s
separation from service, the Participant’s vested account(s) shall be distributed to the Participant in a single lump-sum payment
within ninety (90) days following the date which is six (6) months after the date as of which the Participant separates from service
with the Company (within the meaning of Section 409A of the Code).

 

Prior to January 1, 2022, a Participant may
subsequently elect to change the mode of distribution of his separation from service account, or to delay the date on which distribution
of the Participant’s separation from service account is to be made or commence, subject to the following conditions: (i) any
such election may not take effect until twelve (12) months after the date on which the election is made; (ii) payment with respect
to such election must be deferred for a period of at least five (5) years from the date on which payment would otherwise have been
made or commence; and (iii) if the subsequent election relates to a payment that was scheduled to be made on a specified date, the
subsequent election must be made at least twelve (12) months prior to the date the first amount was scheduled to be paid.

 

Any “in-service” withdrawal
account(s) established for a Participant under Section 6 shall be distributed in a lump-sum cash payment, as of the
date(s) previously designated by the Participant. Provided, however, that prior to January 1, 2022, a Participant may
subsequently elect to delay the date on which distribution of an in-service withdrawal account is to be made, subject to the
following conditions: (i) the subsequent election must be made at least twelve (12) months prior to the date the in-service
withdrawal account was scheduled to be paid, and (ii) payment must be deferred for a period of at least five (5) years
from the date on which payment was initially to have been made. Provided, further, that if a Participant separates from service
prior to the scheduled payment date of any in-service withdrawal account(s), such accounts(s) shall be distributed to the
Participant at the same time and in the same manner as the Participant’s separation from service account as set forth in the
preceding paragraphs of this Section 11.

 

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Payment
shall be treated as made upon the date specified under the Plan if payment is made on such date or a later date within the same taxable
year of the Participant or, if later, by the 15th day of the third calendar month following the date specified under the Plan,
provided the Participant is not permitted, directly or indirectly, to designate the taxable year of the payment.

 

SECTION 12. DISTRIBUTION IN THE EVENT OF UNFORESEEABLE EMERGENCY

 

In the event of an “unforeseeable emergency”
(within the meaning of Section 409A of the Code), a Participant may, by filing an election with the Administrator (in such form and
manner as may be prescribed by the Administrator), request to receive a distribution from the Plan in an amount not to exceed the lesser
of (i) the fair market value of the Participant’s vested account(s) or (ii) the amount necessary to satisfy the unforeseeable
emergency. Any such distribution request shall be granted at the sole discretion of the Administrator, in accordance with the rules and
procedures established by the Administrator, and subject to the provisions of Section 409A of the Code.

 

SECTION 13. DEATH BENEFIT

 

In the event of the death of a Participant while
in the employ of the Company, vesting in the Participant’s account(s) shall be one hundred percent (100%), if not otherwise
one hundred percent (100%) vested under Section 10, with the fair market value of the Participant’s account(s) being distributed
to the Participant’s Beneficiary, in a single lump sum payment, within the ninety (90) day period following the close of the Plan
Year in which the Participant’s death occurs.

 

In the event a Participant dies after distribution
has commenced under the Plan, the vested balance of the Participant’s account(s), if any, shall be distributed to the Participant’s
Beneficiary, in a single lump sum payment, within the ninety (90) day period following the close of the Plan Year in which the Participant’s
death occurs.

 

Payment
shall be treated as made upon the date specified under the Plan if payment is made at such date or a later date within the same taxable
year of the Beneficiary or, if later, by the 15th day of the third calendar month following the date specified under the Plan and
if the Beneficiary is not permitted, directly or indirectly, to designate the taxable year of the payment.

 

SECTION 14. BENEFICIARY DESIGNATION

 

A Participant may designate the person or persons
to whom the Participant’s account(s) under the Plan shall be paid in the event of the Participant’s death, by filing
a designation of beneficiary form with the Administrator. If no Beneficiary is designated, or no Beneficiary survives the Participant,
payment shall be made to the Participant’s surviving spouse, or if none, to the Participant’s surviving domestic partner,
or if none, to the Participant’s estate. If a Beneficiary survives the Participant but dies before the balance payable to the Beneficiary
has been distributed, any remaining balance shall be paid to the Beneficiary’s estate.

 

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For purposes of the Plan, a “domestic partner”
is an individual over age eighteen (18) who is in a committed relationship with the Participant. Such committed relationship shall include
the following characteristics: the parties have shared the same regular and permanent residence for at least six (6) months; neither
party is legally married to any other person; the parties have no blood relationship that would preclude marriage; both parties have attained
the age of legal majority in their state of residence; and the parties are financially interdependent.

 

SECTION 15. DOMESTIC RELATIONS ORDERS

 

If a domestic relations order issued by any court
of proper authority directs assignment of all or any portion of a Participant’s vested account(s) to the Participant’s
spouse or former spouse as part of a divorce settlement, the portion so assigned shall be distributed, in a lump-sum, to the spouse or
former spouse within ninety (90) days following the close of the Plan Year in which order was received by the Administrator or, if later,
following the close of the Plan Year in which the order clearly specifies the amount to be assigned and any other terms necessary to comply
with such order and with the provisions of Code Section 409A.

 

SECTION 16. PLAN ADMINISTRATION

 

16.1       Administration.
The Plan shall be administered by a committee (the “Committee”), appointed by the
Chief Executive Officer of the Company and shall include at least three, and up to five, senior officers of the Company. All references
in the Plan to the Administrator shall be understood to refer to the Committee.

 

Where the Committee serves as Administrator, in
the event that a vacancy on the Committee occurs on account of the resignation of a member or the removal of a member, a successor member
shall be appointed by the Chief Executive Officer. The Administrator shall select one of its members as Chairman and may hold meetings
at such times and places as it may determine. A majority shall constitute a quorum, and acts of the Administrator at which a quorum is
present, or acts reduced to or approved in writing by all its members, shall be the valid acts of the Administrator.

 

The Administrator is authorized to interpret and
construe any provision of the Plan, to determine eligibility and benefits under the Plan, to prescribe, amend and rescind rules and
regulations relating to the Plan, to adopt such forms as it may deem appropriate for the administration of the Plan, to provide for conditions
and assurances deemed necessary or advisable to protect the interests of the Company and to make all other determinations necessary or
advisable for the administration of the Plan, but only to the extent not contrary to the express provisions of the Plan or the provisions
of Section 409A of the Code and the regulations and rulings promulgated thereunder. The Administrator shall be responsible for the
day-to- day administration of the Plan. Determinations, interpretations or other actions made or taken by the Administrator under the
Plan shall be final and binding for all purposes and upon all persons.

 

The Company shall indemnify, hold harmless and
defend the Administrator from any liability which the Administrator may incur in connection with the performance of its duties in connection
with this Plan, so long as the Administrator was acting in good faith and within what the Administrator reasonably understood to be the
scope of its duties.

 

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		16.2	Review Procedure.

 

		(a)	Pursuant to procedures established by the Administrator, claims for benefits under the Plan made by a Participant or Beneficiary (the
 "claimant") must be submitted in writing to the Administrator. Such a claim for Disability benefits must be submitted in writing
to the Director of Human Resources. Approved claims shall be processed, and instructions issued to the Trustee or custodian authorizing
payment as claimed.

 

If a claim is denied in whole or in
part, the Administrator or the Director of Human Resources, as appropriate, shall notify the claimant within ninety (90) days (or
forty-five (45) days if the claim relates to a determination of Disability) after receipt of the claim (or within one hundred eighty
(180) days (or seventy-five (75) days for a Disability claim), if special circumstances require an extension of time for processing
the claim, and provided written notice indicating the special circumstances and the date by which a final decision is expected to be
rendered is given to the claimant within the initial ninety (90) day period, or forty-five (45) day period, as the case may be). If
notification is not given in such period, the claim shall be considered denied as of the last day of such period and the claimant
may request a review of the claim.

 

If, prior to the end of the seventy five
(75) day extended period for Disability claims, the Director of Human Resources determines that a decision cannot be rendered within the
initial extension period due to special circumstances, the period for making a determination may be extended for up to an additional thirty
(30) days, provided written notice indicating the special circumstances and the date by which a final decision is expected to be rendered
is given to the claimant within the originally extended seventy-five (75) day period.

 

The notice of the denial of the claim
shall be written in a manner calculated to be understood by the claimant and shall set forth the following:

 

		(i)	the specific reason or reasons for the denial of the claim;

 

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

 

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

 

		(iv)	a statement that any appeal of the denial must be made by giving to the Administrator, or Director of Human Resources, as appropriate,
within sixty (60) days (or one hundred eighty (180) days in the case of a Disability claim) after receipt of the denial of the claim,
written notice of such appeal, such notice to include a full description of the pertinent issues and basis of the claim.

 

		(v)	a statement about the claimant’s right to bring civil action under Section 502(a) under ERISA if the claim is denied
on review.

 

    	 	11	 

     

    

 

With respect to any denial of a
Disability claim, if disability is determined by the Director of Human Resources (rather than a third party such as the Social
Security Administration), the denial, written in a culturally and linguistically appropriate manner, shall also include an
explanation of the basis for disagreeing with, or not following: (A) the views, presented by the claimant, of health care
professionals treating the claimant and/or vocational professionals who evaluated the claimant; (B) the views, obtained on
behalf of the Plan in connection with the claim, of medical or vocational experts (whether or not the advice was relied upon in
denying the claim); and (C) a Disability determination made by the Social Security Administration, presented by the claimant,
if applicable. The denial shall also include either a copy of any internal rules, guidelines, protocols, standards, or similar
criteria relied upon in denying the claim, or, alternatively, include a statement that such internal rules, guidelines, protocols,
standards or other similar criteria do not exist. In addition, the denial shall include a statement that the claimant is entitled to
receive, upon request and free of charge, reasonable access to, and copies of, all documents, records, and other information
relevant to the claim.

 

		(b)	Upon denial of a claim in whole or part, the claimant (or his duly authorized representative) shall have the right to submit a written
request to the Administrator or, the Deferred Compensation Committee with respect to a Disability claim, for a full and fair review of
the denied claim, to be permitted to review documents pertinent to the denial (free of charge), and to submit issues and comments in writing.
Any appeal of the denial must be given to the Administrator, or the Deferred Compensation Committee with respect to a Disability claim,
within the period of time prescribed under (a)(iv) above. If the claimant (or his duly authorized representative) fails to appeal
the denial to the Administrator or the Deferred Compensation Committee with respect to a Disability claim, within the prescribed time,
the Administrator’s, or, with respect to a Disability claim, the Director of Human Resource’s adverse determination shall
be final, binding and conclusive.

 

The Administrator, or the Deferred
Compensation Committee with respect to a Disability claim, may hold a hearing or otherwise ascertain such facts as it deems
necessary and shall render a decision which shall be binding upon both parties. The Administrator or the Deferred Compensation
Committee with respect to a Disability claim, shall advise the claimant of the results of the review within sixty (60) days (or
forty-five (45) days in the case of a Disability claim) after receipt of the written request for the review, unless special
circumstances require an extension of time for processing, in which case a decision shall be rendered as soon as possible but not
later than one hundred twenty (120) days (or ninety (90) days in the case of a Disability claim) after receipt of the request for
review. If such extension of time is required, written notice of the extension shall be furnished to the claimant prior to the
commencement of the extension.

 

With respect to any Disability claim,
the Deferred Compensation Committee shall consider the full record of the claimant’s appeal without deference to the initial determination
and, if the determination is based in whole or in part on a medical judgment, shall consult with a health care professional experienced
in the field of medicine involved in the medical judgment. The health care professional consulted on the appeal shall be an individual
who was not consulted in connection with the initial denied claim (nor a subordinate of any individual consulted in connection with the
initial denied claim) and whose identity shall be disclosed to the claimant upon written request of the claimant, regardless of whether
the health care professional’s advice was relied upon in making the subsequent claim determination.

 

    	 	12	 

     

    

 

During the appeal and before a final decision
on a Disability claim is made by the Deferred Compensation Committee, the Deferred Compensation Committee will provide the claimant, with
any new or additional evidence considered, relied up, or generated by the Plan in connection with the claim. Such evidence shall be provided
as soon as possible and sufficiently in advance of the date on which the notice of adverse benefit determination on review is required
to be provided in order to give the claimant a reasonable opportunity to respond to such additional information before a final decision
is made by the Deferred Compensation Committee. If the Deferred Compensation Committee expects to issue a denial for reasons other than,
or in addition to, the initial claim denial, the claimant will be notified as soon as possible and sufficiently in advance of the date
on which the notice of adverse benefit determination on review is required to be provided of the reasons for the expected denial, as well
as the new or additional evidence considered, relied up, or generated by the Plan in connection with the claim, in order to give the claimant
a reasonable opportunity to respond before a final decision is made by the Deferred Compensation Committee.

 

The decision of the review shall be written
in a manner calculated to be understood by the claimant and shall set forth the following:

 

		(A)	the specific reason or reasons for the denial of the claim;

 

		(B)	the specific references to the pertinent Plan provisions on which the denial is based;

 

		(C)	the claimant’s right to receive free of charge, reasonable access to and copies of, all Plan documents, records, and other information
relevant to the claim;

 

		(D)	a statement about the claimant’s right to bring a civil action under Section 502(a) of ERISA;

 

		(E)	in the case of a claim for disability benefits, if disability is determined by the Deferred Compensation Committee (rather than a
third party such as the Social Security Administration), then the following additional information will be provided:

 

		(i)	to the extent that an internal rule, guideline, protocol, standard, or other similar criterion was relied upon in the denial, the
notification shall set forth the specific rule, guideline, protocol, standard, or criterion or, alternatively, include a statement that
such internal rules, guidelines, protocols, standards, or other similar criteria do not exist.

 

		(ii)	A statement that the claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents,
records, and other information relevant to the claim.

 

		(iii)	All claims and appeals for benefits shall be adjudicated in a manner designed to ensure the independence and impartiality of the persons
involved in making the decision. Decisions regarding hiring, compensation, termination, promotion, or other similar matters with respect
to any individual (such as a claims adjudicator or medical or vocational expert) shall not be made based upon the likelihood that the
individual will support the denial of benefits.

 

    	 	13	 

     

    

 

		(iv)	Notice of a claim denied upon appeal, shall be provided in a culturally and linguistically appropriate manner.

 

		(v)	If the time for determining the claim upon appeal is extended, and the extension of time was required because the claimant has not
provided requested information necessary to decide the appeal, the deadline for the decision by the on the appeal may be extended by the
time during which the claimant is providing the additional information.

 

		(vi)	If the claim upon appeal is denied, the notice of denial shall also include: an explanation of the basis for disagreeing with, or
not following: (1) the views, presented by the claimant as part of the claim, of health care professionals treating the Participant
and/or vocational professionals who evaluated the Participant; (2) the views, obtained on behalf of the Plan in connection with the
claim, of medical or vocational experts (whether or not their advice was relied upon in denying the claim); (3) a disability determination
made by the Social Security Administration and presented by the claimant as part of the claim; and (4) if applicable, the latest
date by which the claimant can bring a civil action under Section 502(a) of ERISA.

 

The decision of the Administrator shall be final, binding
and conclusive.

 

SECTION 17. FUNDING

 

17.1       Plan
Unfunded. The Plan is unfunded for tax purposes and for purposes of Title I of ERISA. Accordingly,
the obligation of the Company to make payments under the Plan constitutes solely an unsecured (but legally enforceable) promise of the
Company to make such payments, and no person, including any Participant or Beneficiary shall have any lien, prior claim or other security
interest in any property of the Company as a result of this Plan. Any amounts payable under the Plan shall be paid out of the general
assets of the Company and each Participant and Beneficiary shall be deemed to be a general unsecured creditor of the Company.

 

17.2       Rabbi
Trust. The Company may create a grantor trust to pay its obligations hereunder (a so-called
rabbi trust), the assets of which shall be, for all purposes, the assets of the Company. In the event the trustee of such trust is unable
or unwilling to make payments directly to Participants and Beneficiaries and such trustee remits payments to the Company for delivery
to Participants and Beneficiaries, the Company shall promptly remit such amount, less applicable income and other taxes required to be
withheld, to the Participant or Beneficiary.

 

SECTION 18. AMENDMENT

 

The Company, by resolution of the Board, shall
have the right to make material amendments, suspend or terminate the Plan at any time subject to the provisions of Section 409A
of the Code; provided, however, that no such action shall, without the Participant’s consent, impair the Participant’s right
with respect to any existing account under the Plan. Immaterial amendments to the Plan, as determined by the Administrator, may be made
by a majority vote of the Committee. The termination of the Plan, with respect to some or all of the Participants, and any resulting
distribution of the account balances of such affected Participants, shall be made in accordance with the provisions of Section 409A
of the Code and shall not constitute the impairment of such Participant’s rights hereunder.

 

    	 	14	 

     

    

 

SECTION 19. TERMINATION OF THE PLAN

 

The Company, by resolution of the Board, and subject
to the provisions of Section 409A of the Code, may elect to terminate and liquidate the Plan within the thirty (30) days preceding
or the twelve (12) months following a Change in Control as defined in Section 2.4 of the Plan, provided all agreements, methods,
programs and other arrangements sponsored by the Company immediately after the time of the Change in Control with respect to which deferrals
of Compensation are treated as having been deferred under a single plan under Section 409A of the Code are terminated and liquidated
with respect to each Participant that experienced the Change in Control, so that under the terms of the termination and liquidation, all
such Participants are required to receive their vested accounts under the terminated agreements, methods, programs and other arrangements
within twelve (12) months of the date the Company irrevocably takes all necessary action to terminate and liquidate the agreements, methods,
programs and other arrangements.

 

The Company, by resolution of the Board, and
subject to the provisions of Section 409A of the Code, may elect to terminate and liquidate the Plan, provided that:
(i) the termination and liquidation does not occur proximate to a downturn in the financial health of the Company;
(ii) the Company terminates and liquidates all agreements, methods, programs, and other arrangements sponsored by the Company
that would be aggregated with any terminated and liquidated agreements, methods, programs, and other arrangements under
Section 409A of the Code, if the same employee had deferrals of compensation under all of the agreements, methods, programs and
other arrangements that are terminated and liquidated; (iii) no
payments in liquidation of the Plan are made within twelve (12) months of the date the Company takes all necessary action to
irrevocably terminate and liquidate the Plan other than payments that would be payable under the terms of the Plan if the action to
terminate and liquidate the Plan had not occurred; (iv) all payments are
made within twenty-four (24) months of the date the Company takes all necessary action to irrevocably terminate and liquidate the
Plan; and (v) the Company does not adopt a new plan that would be aggregated with the terminated Plan under Section 409A
of the Code if the same employee participated in both plans, at any time within three (3) years following the date the Company
takes all necessary action to irrevocably terminate and liquidate the Plan.

 

SECTION 20. NO ASSIGNMENT

 

A Participant’s right to the amount credited
to his account under the Plan shall not be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance,
attachment or garnishment by creditors of the Participant or the Participant’s Beneficiary.

 

SECTION 21. TERMINATION FOR CAUSE

 

Notwithstanding anything to the contrary herein
contained, in the event a Participant’s employment with the Company is terminated “for cause”, no benefits (other than
those attributable to the Participant’s deferrals under Section 4) shall be due or payable under the Plan, and such Participant’s
 “separation from service account” (within the meaning of Section 6) (less such Participant’s interest attributable
to deferrals under Section 4) shall be forfeited. For this purpose, termination “for cause” shall mean a termination
resulting from (i) a conviction of robbery, extortion, embezzlement, fraud, grand larceny, burglary, perjury, income tax evasion,
misapplication of Company funds, false statements in violation of 18 U.S.C. Sec. 1001, and any other felony that is
punishable by a term of imprisonment of more than one year, or (ii) any breach of the Participant’s duty of loyalty to
the Company, any acts of omission in the performance of his duties not in good faith or which involve intentional misconduct or a
knowing violation of law, or any transaction in the performance of his duties from which the Participant derived an improper
personal benefit.

 

    	 	15	 

     

    

 

SECTION 22. COMPANY-OWNED LIFE INSURANCE (“COLI”)

 

22.1       Company
Owns All Rights. In the event that, in its discretion, the Company purchases a life insurance
policy or policies insuring the life of any Participant to allow the Company to informally finance and/or recover, in whole or in part,
the cost of providing the benefits hereunder, neither the Participant nor any Beneficiary shall have any rights whatsoever therein. The
Company shall be the sole owner and beneficiary of any such policy or policies and shall possess and may exercise all incidents of ownership
therein, except in the event of the establishment of and transfer of said policy or policies to a trust by the Company as described in
Section 17.2 hereof.

 

22.2       Participant
Cooperation. If the Company decides to purchase a life insurance policy or policies on any Participant,
the Company shall so notify such Participant. Such Participant shall consent to being insured for the benefit of the Company and shall
take whatever actions may be necessary to enable the Company to timely apply for and acquire such life insurance and to fulfill the requirements
of the insurance carrier relative to the issuance thereof as a condition of eligibility to participate in the Plan.

 

SECTION 23. SUCCESSORS AND ASSIGNS

 

The provisions of this Plan shall be binding upon
and inure to the benefit of the Company, its successors and assigns, and the Participant, his Beneficiaries, heirs, legal representatives
and assigns.

 

SECTION 24. NO CONTRACT OF EMPLOYMENT

 

Nothing contained herein shall be construed as
a contract of employment between a Participant and the Company, or as a right of the Participant to continue in employment with the Company,
or as a limitation of the right of the Company to discharge the Participant at any time, with or without cause.

 

SECTION 25. ENFORCEABILITY

 

If any term or condition of the Plan shall be
invalid or unenforceable to any extent or in any application, then the remainder of the Plan, and such term or condition except to such
extent or in such application, shall not be affected thereby, and each and every term and condition of the Plan shall be valid and enforced
to the fullest extent and in the broadest application permitted by law.

 

SECTION 26. CONSTRUCTION

 

Wherever appropriate, the use of the masculine
gender shall be extended to include the feminine and/or neuter, and the singular form of word extended to include the plural, or vice
versa.

 

    	 	16	 

     

    

 

SECTION 27. GOVERNING LAW

 

This Plan shall be interpreted in a manner consistent
with Code Section 409A and the guidance issued thereunder by the Department of the Treasury and the Internal Revenue Service and
shall also be subject to and construed in accordance with the provisions of ERISA, where applicable, and otherwise by the laws of the
Commonwealth of Virginia, without regard to the conflict of law provisions of any jurisdiction.

 

 

 

IN
WITNESS WHEREOF, the Company, by its duly authorized officer, has caused this Plan to be executed
as of the 14th day of December,
2021.

 

	 	JOHN MARSHALL BANCORP
	 	 	 
		By:	/s/ Carl E. Dodson
	 	 	Authorized Officer

 

    	 	17	 

     

    

 

John
Marshall Bank
 

Nonqualified
Deferred Compensation

 

Addendum
A

 

“Chief
Executive Officer Discretionary Credit”

 

		-	The Board of Directors can approve at its discretion an Employer credit to the account of Christopher W. Bergstrom, CEO.

 

		-	Discretionary Credits awarded pursuant to this Addendum A will be subject to the following vesting schedule effective on the start
of the plan year, January 1, 2019.

 

	End
    of Year	Vesting
	1	33%
	2	66%
	3	100%

 

		-	Accelerated Vesting

 

The occurrence of any of the following events will result in
100% vesting of Discretionary Credits:

 

		o	After Participant reaches age 65, has six years of tenure with the bank, and has been a plan participant for three years he will become
100% vested.

 

		o	The Participant’s Death while employed.

 

		o	The Participant’s Disability while employed

 

		o	The Participant’s involuntary Separation from Service Without Good Cause.

 

		o	The Participant’s voluntary Separation from Service For Good Reason.

 

		o	A Change in Control Event (as defined in the Plan Documents) occurs.

 

		-	Forfeiture:

 

		o	In the event of Separation of Service For Cause, any unvested credits will be forfeited.

 

		-	The CEO Discretionary Credit is subject to all provisions of the John Marshall Bank Nonqualified Deferred Compensation Plan except
where specifically defined in this addendum.

 

Effective
January 1 2019Exhibit 10.9

 

EMPLOYMENT AGREEMENT

 

THIS
EMPLOYMENT AGREEMENT (this “Agreement”), dated as of this 24th day of April, 2018, is made by and between John
Marshall Bancorp, Inc. (the “Company”) and John Marshall Bank (the “Bank”) (collectively, “Employer”)
and Christopher W. Bergstrom (“Executive”) and is effective as of the first day of his employment, which shall be April 30,
2018 (the “Effective Date”).

 

WHEREAS,
Employer wishes to employ Executive as a key executive of Employer and it is the desire of Employer to have the benefit of Executive’s
continued loyalty and service; and

 

WHEREAS,
Executive wishes to be in the employ of Employer; and

 

WHEREAS,
the Employer and Executive desire to set forth in this Agreement the terms and conditions of Executive’s employment; and

 

WHEREAS,
references in this Agreement to Internal Revenue Code section 409A include rules, regulations, and guidance of general application issued
by the Department of the Treasury under section 409A (hereinafter collectively referred to as “Code Section 409A”);
and

 

WHEREAS,
as of the Effective Date, none of the conditions or events included in the definition of the term “golden parachute payment”
that is set forth in section 18(k)(4)(A)(ii) of the Federal Deposit Insurance Act [12 U.S.C. 1828(k)(4)(A)(ii)] and in Federal Deposit
Insurance Corporation Rule 359.1(f)(1)(ii) [12 C.F.R. 359.1(f)(1)(ii)] exists or, to the Employer’s best knowledge, is
contemplated insofar as the Employer or any affiliates are concerned.

 

NOW
THEREFORE, in consideration of the mutual covenants and agreements set forth herein the parties agree as follows:

 

1.             Employment
and Board Service.

 

(a)            Executive
shall be employed as Chief Executive Officer of the Company and President and Chief Executive Officer of the Bank (the “Position”)
on the terms and subject to the conditions of this Agreement. Executive accepts such employment and agrees to perform the duties and
responsibilities of the Position, as may be assigned to Executive by the Board of Directors of the Company (the “Company Board”)
or the Board of Directors of the Bank (the “Bank Board”) (collectively, the “Boards”). Executive shall serve
under the direction of the Boards and in accordance with Employer’s Articles of Incorporation and Bylaws, as each may be amended
or restated from time to time. Executive shall report directly to the Boards.

 

(b)            Executive
shall devote Executive’s best efforts and full time to rendering services on behalf of Employer in furtherance of its best interests.
Executive shall comply with all policies, standards and regulations of Employer now or hereafter promulgated, and shall perform all duties
under this Agreement to the best of Executive’s abilities and in accordance with the ethics and standards of conduct applicable
to employees in the banking industry.

 

    	 	 	 

     

    

 

(c)            Executive
will be appointed as a Director on the Boards. The Company Board will nominate Executive for reelection as a Director of the Company
Board at such times as necessary so that Executive will, if elected by shareholders, remain a Director of the Company Board while he
remains Chief Executive Officer of the Company. The Company Board will recommend to shareholders that they vote in favor of his election
to the Company Board. Unless the parties otherwise agree or the applicable governing documents of the Boards require otherwise, Executive
shall be deemed to have resigned as a Director effective immediately upon termination of Executive’s employment, regardless of
whether Executive submits a formal, written resignation as Director. If the applicable governing documents of the Boards require formal,
written resignation as Director, Executive agrees to comply with such requirements and execute the applicable documents at the time of
his termination of employment. Executive shall not receive any board fees or additional compensation (other than the compensation provided
in Section 2) for his service on the Boards.

 

2.             Compensation.

 

(a)            Base
Salary. While employed, Employer shall cause Executive to be paid an annual base salary of $475,000, paid in equal installments to
Executive in accordance with Employer’s established payroll practices (but no less frequently than monthly). The Company Board
or its designee, in its discretion, may increase Executive’s base salary, but may not decrease it without Executive’s written
consent. The term “Base Salary” as utilized in this Agreement shall refer to Base Salary as adjusted in accordance with the
preceding sentence. Employer shall withhold state and federal income taxes, social security taxes and such other payroll deductions as
may from time to time be required by law or agreed upon in writing by Executive and Employer. Employer shall also withhold and remit
to the proper party any amounts agreed to in writing by Employer and Executive for participation in any corporate sponsored benefit plans
for which a contribution is required.

 

(b)            Bonuses.
Executive shall receive only such annual bonuses, if any, as the Company Board, or its designee, in its sole discretion, decides to pay
to Executive. Any such bonus payable under this Section 3(b) shall be paid annually by March 15 of the year following
the fiscal year for which performance is being evaluated provided Executive remains employed through the date of payment.

 

(c)            Clawback.
Executive agrees that any incentive compensation that Executive receives from Employer or a related entity shall be subject to repayment
(i.e., clawback) to Employer or such related entity to the extent required by law or under the clawback policy adopted by Employer on
April 17, 2018 (the “Clawback Policy”). Executive shall be subject to any subsequent changes to, or replacement of,
the Clawback Policy only to the extent Executive has separately agreed in writing.

 

    	 	2	 

     

    

 

3.             Benefits
and Perquisites.

 

(a)            Corporate
Benefit Plans. Executive shall be entitled to participate in or become a participant in any employee benefit plan maintained by Employer
for which Executive is or will become eligible on such terms as the Company Board or its designee may, in its discretion, establish,
modify or otherwise change.

 

(b)            Personal
Time Off. Executive shall be entitled to five (5) weeks (twenty-five (25) business days) of paid time off (“PTO”)
each year (or such greater annual number of days allowed under Employer’s PTO policy) which shall be taken in accordance with Employer’s
PTO Policy.

 

(c)            Split
Dollar Life Insurance Benefit. Executive shall participate in the John Marshall Bank Split Dollar Life Insurance Plan in accordance
with the terms of such plan, which may be amended from time to time.

 

(d)            Automobile
Allowance. Employer shall provide an Employer-owned automobile for use by Executive. The Employer will pay insurance, taxes, maintenance
expenses for the automobile, and EZ Pass fees and charges incurred by Executive in connection with the use of his company-owned car,
subject to applicable W-2 income reporting for personal use.

 

(e)            Health
Benefits. Employer will pay the annual membership fee for Executive to receive concierge medical care in the Inova VIP 360
Concierge Medicine Membership.

 

(f)            Equity
Awards. Executive may be eligible to receive equity awards from Employer, in such manner and subject to such terms and conditions
as the Company Board or its designee, in its sole discretion, may determine, if at all. Additionally, as initial awards to Executive,
the Company shall grant Executive an award of twenty-five thousand (25,000) shares of common stock of the Company in the form of restricted
stock and an award of stock options with the option to purchase fifteen thousand (15,000) shares of common stock of the Company, subject
to, and in accordance with, the terms of the John Marshall Bancorp, Inc. 2015 Stock Incentive Plan and with the specific terms provided
in the applicable award agreements, drafts of which were agreed upon by the parties prior to the Effective Date.

 

4.             Reimbursement
of Expenses.

 

(a)            Reimbursements.
Executive shall be reimbursed upon Executive’s incurring reasonable and customary business expenses in connection with the performance
of Executive’s duties, subject to presentation of adequate substantiation, including receipts, for the reasonable business travel,
entertainment, lodging, and other business expenses incurred by Executive. In no event will such reimbursements be made later than the
last day of the calendar month following the calendar month in which Executive submits the request for payment of the reimbursable expense,
which shall be submitted no later than sixty (60) days after the expense is incurred.

 

    	 	3	 

     

    

 

(b)            Compliance
with Code Section 409A. If any reimbursement or in-kind benefits under this Agreement constitute deferred compensation
under Code Section 409A, the reimbursement or in-kind benefits will be provided in accordance with Code Section 409A. The reimbursement
or in-kind benefit payments will not be paid later than the last day of Executive’s tax year immediately after Executive’s
tax year in which the expense is incurred, amounts eligible for payment during any one taxable year under this Agreement do not affect
eligibility for payment in any other taxable year under this Agreement, Executive’s right to the payment is not subject to liquidation
or exchange for another benefit, and the Employer’s obligation to make payment does not apply after Executive’s death.

 

5.             Indemnification
and Insurance.

 

(a)           Indemnification.
Employer acknowledges that Executive entered into an Employment Agreement with United Bankshares, Inc., United Bank, and UBV Holding
Company, LLC. (“collectively “United”) dated as of December 19, 2016 (the “United Employment Contract”).
Executive represents that the “Term” of the United Employment Contract, as defined therein, ended Saturday, April 21,
2018. Executive represents that the restrictive covenants in Section 7(b) of the United Employment Contract do not apply to
Executive.  Provided the foregoing representations are accurate, in the event United sends Executive a cease and desist letter or
claim or initiates any litigation or takes any other action against Executive based on allegations that Executive has breached Sections
7(b) or 8 of the United Employment Contract, Employer agrees to defend and reimburse Executive for attorneys’ fees and costs
incurred by Executive as a result of such cease and desist letter, claim, litigation or action to the extent such fees and costs are
incurred defending claims that Executive has breached Sections 7(b) or 8 of the United Employment Contract; provided, however, that
(i) if a judgment or verdict is rendered against Executive based on violations of Sections 7(b) or 8 of the United Employment
Contract, Executive must reimburse Employer upon demand for all attorney’s fees and costs expended on his behalf; or (ii) if
Employer determines, in good faith and based on objective evidence, that Executive has violated Sections 7(b) or 8, Employer’s
obligations under this Section 5(a) shall immediately cease, and Executive must reimburse Employer for all attorney’s
fees and costs expended on his behalf.

 

(b)            Insurance.
Employer will maintain or cause to be maintained directors and officers liability insurance covering Executive throughout his employment
and will otherwise indemnify him in a manner that is no less favorable than the indemnity provided to other directors and officers.

 

    	 	4	 

     

    

 

6.             Termination
of Employment.

 

(a)            Death
or Incapacity. Executive’s employment under this Agreement shall terminate automatically upon Executive’s death. Executive’s
spouse, if the spouse survives Executive, or, if not, Executive’s estate shall receive (i) any unpaid base salary which otherwise
would be payable to Executive through the date of termination payable in a lump sum as soon as administratively feasible following termination,
but not later than thirty (30) days thereafter; (ii) any annual bonus compensation earned and awarded pursuant to Section 3(b) above,
but not yet paid as of the date of termination, payable on the earlier of (A) the thirtieth (30th) day after the date
of termination, or (B) when otherwise due; and (iii) any benefits vested, due and owing pursuant to the terms of any other
plans, policies or programs, payable when otherwise due (hereinafter subsections (i) – (iii) collectively are referred
to as the “Accrued Obligations”). Additionally, if Executive’s spouse or other family is covered by Employer’s
health plan at the time of his death, Employer shall provide Executive’s family with continuing health care coverage as required
under Employer’s health plan in accordance with the Consolidated Omnibus Budget Reconciliation Act (“COBRA”). To the
extent such COBRA coverage is properly elected and continues in place, Employer will reimburse premiums paid, or otherwise provide payment
for, such COBRA coverage such that there is no cost to Executive’s family for a period of twelve (12) months following Executive’s
death. If Employer determines that Incapacity (as defined below) of Executive has occurred, it may terminate Executive’s employment
and this Agreement upon ninety (90) days’ written notice, provided that, within ninety (90) days after receipt of such notice,
Executive shall not have returned to full-time performance of Executive’s assigned duties. In the event of a termination due to
 “Incapacity,” Employer shall pay the Accrued Obligations to Executive. For purposes of this Agreement, “Incapacity”
shall occur if (i) Executive is unable to perform the material functions of Executive’s position for thirteen (13) consecutive
weeks and is then deemed to be permanently unable to continue in the Position by a physician selected by Employer or its insurer, and
acceptable to Executive or Executive’s legal representative, which consent shall not be unreasonably withheld, or (ii) Executive
is deemed disabled as defined in the policy of disability insurance maintained by Employer for the benefit of Executive (and others if
a group policy). Notwithstanding any other provision in this Agreement, Employer shall comply with all requirements of the Americans
with Disabilities Act. Further, if Executive’s employment is terminated due to death or “Incapacity,” then no payments
(other than the Accrued Obligations and, in the event of Executive’s death, the family health coverage payments) shall be owed
or paid, including those under Section 7(a) or Section 8(a) or Section 8(b).

 

(b)            Termination
by Employer With or Without Cause. Employer may terminate Executive’s employment at any time without Cause, upon written notice
ninety (90) days in advance. Employer may, at its option, require that Executive perform no services for Employer or limit Executive’s
services during all or part of the notice period. Employer may also terminate Executive’s employment immediately for Cause. For
purposes of this Agreement, “Cause” shall mean:

 

(i)            Executive’s
willful misconduct in connection with the performance of Executive’s duties;

 

(ii)           Executive’s
misappropriation or embezzlement of funds or material property of Employer or any affiliate;

 

(iii)          Executive’s
fraud or dishonesty with respect to Employer or any affiliate;

 

(iv)          Executive’s
failure to perform any of the material duties and responsibilities required by the Position (other than by reason of Incapacity), or
Executive’s failure to follow reasonable instructions or policies of Employer, in either case after being advised in writing of
such failure and being given a reasonable opportunity and period (as determined by Employer in its reasonable business judgment) to remedy
such failure (if such breach or violation is capable of being remedied), which period shall be not less than thirty (30) days;

 

    	 	5	 

     

    

 

(v)           Executive’s
conviction of or entering of a guilty plea or plea of no contest with respect to any felony, or any misdemeanor involving moral turpitude;

 

(vi)          Executive’s
breach of a material term of this Agreement, or violation in any material respect of any policy, code or standard of behavior or ethics
generally applicable to officers of Employer, after being advised in writing of such breach or violation and being given a reasonable
opportunity and period (as determined by Employer in its reasonable business judgment) to remedy such breach or violation (if such breach
or violation is capable of being remedied), which period shall be not less than thirty (30) days;

 

(vii)         Executive’s
willful violation of any final cease and desist order; or

 

(viii)        Executive’s
breach of any fiduciary duty owed to Employer or its affiliates.

 

(c)            Termination
by Executive for Good Reason. Executive may terminate employment for Good Reason. For purposes of this Agreement, “Good Reason”
shall mean:

 

(i)            The
assignment of duties to Executive by Employer which result in Executive having materially less authority or responsibility than Executive
has on the Effective Date, without Executive’s express written consent;

 

(ii)           The
relocation of Executive to any other primary place of employment that is located more than twenty-five (25) miles from Executive’s
assigned place of employment as of the Effective Date, without Executive’s express written consent to such relocation, provided
that such relocation of Executive is not as a result of, and at the same location as, the relocation of the headquarters of the Company;
or

 

(iii)          A
material reduction of Executive’s base salary, without Executive’s express written consent; or

 

(iv)          A
material diminution in the authority, duties, or responsibilities of the supervisor to whom Executive is required to report, including
a requirement that Executive report to a corporate officer or employee instead of reporting directly to the Boards; or

 

(v)          Any
action or inaction by Employer that constitutes a material breach of this Agreement.

 

As a condition to invoking “Good Reason”,
Executive is required to provide written notice to Employer detailing the existence of a condition described above in this Section 6(c) within
a sixty (60) day period after the initial existence of the condition, and Employer shall have thirty (30) days after notice to remedy
the condition without liability. In addition to the foregoing requirements, to trigger payment under this Section 6(c), Executive
must also terminate employment within one hundred twenty (120) days after the initial occurrence of the event constituting “Good
Reason” and Employer must have been allowed the full opportunity to cure, as set forth above.

 

    	 	6	 

     

    

 

Notwithstanding the above, “Good Reason”
shall not include and shall not apply to any resignation by Executive where there exists objective evidence sufficient to justify a termination
for Cause under Section 6(b), provided that the basis for such Cause is conduct by Executive that either (x) is unknown to
Employer prior to the time written notice of Good Reason is provided by Executive or (y) occurred within the ninety (90) days preceding
the date written notice of Good Reason is provided by Executive.

 

(d)            Other.
Executive’s employment hereunder may be terminated voluntarily by Executive without Good Reason upon ninety (90) days’ prior
written notice to Employer or at any time by mutual agreement in writing. In the event of such voluntary termination notice by Executive
without Good Reason, Employer may terminate Executive’s employment prior to the expiration of the notice period without incurring
any liability under Sections 7 or 8, and Employer shall be required only to pay Executive’s Base Salary through the termination
date (with such payment to be made in accordance with Employer’s established payroll practices), plus any Accrued Obligations (as
defined Section 6(a)).

 

7.             Obligations
Upon Termination of Employment.

 

(a)            Without
Cause or for Good Reason. Except as otherwise provided in Section 8, if Employer terminates Executive’s employment without
Cause or Executive terminates Executive’s employment for Good Reason, Executive shall be entitled to receive, subject to
any applicable delay set forth in Section 20 below:

 

(i)            The
Accrued Obligations (as defined in Section 6(a)); and

 

(ii)           Subject
to Executive’s signing, delivering and not revoking the Release attached as Exhibit A, which Release must be
signed, delivered and not revoked within the period set forth in the Release:

 

(A)            A
payment in a monthly amount equal to one-twelfth (1/12) of Executive’s annual base salary in effect immediately preceding such
termination (but without applying, if applicable, any reduction of base salary that was the basis for Executive’s termination for
Good Reason under Section 6(c)(iii)) for twelve (12) consecutive months, less all applicable withholdings, payable in accordance
with Employer’s established payroll practices (but no less frequently than monthly), provided that the amounts Executive would
otherwise have received during the sixty (60) days after Executive’s termination had the payments begun immediately after Executive’s
termination of employment shall be paid in a lump sum on the sixtieth (60th) day after Executive’s termination of employment
and provided further that, if applicable, subject to the delay provided for in Section 20 (the “Severance Benefit”);
and

 

    	 	7	 

     

    

 

(B)            For
a period of two (2) years from and after the date of Executive’s termination of employment, Employer shall pay Executive a
cash amount on a monthly basis equal to the full monthly cost (including COBRA administrative fees, if applicable) of the medical and
dental coverage for Executive (“Continued Health Coverage”) under the current or any successor health plan provided by Employer
to its employees (the “Employer Plan”) (with Executive eligible to elect any health plan option for Executive and his family
that is then available under the Employer Plan), with the full amount of such payment taxable to Executive; provided that the amounts
Executive would otherwise have received during the sixty (60) days after Executive’s termination had the payments begun immediately
after Executive’s termination of employment shall be paid in a lump sum on the sixtieth (60th) day after Executive’s
termination of employment and provided further that, if applicable, subject to the delay provided for in Section 20. Employer shall
not be required to continue actual coverage under the Employer Heath Plan to the extent it is not required by COBRA or in the event such
coverage is not agreed upon by any insurer under the Employer Plan; provided, however, that in such event Employer shall continue to
be obligated to make the payment required under this Section 7(a)(ii)(B) and the amount of such monthly payment will be based
on the applicable premiums immediately prior to when coverage terminates. Notwithstanding the above, if Executive becomes eligible for
qualifying health care coverage through a subsequent employer within twenty-four (24) months after his last day of employment, Employer’s
obligations hereunder with respect to the foregoing payments provided in this Section 7(a)(ii)(B) shall immediately terminate.

 

Notwithstanding the foregoing, and in addition
to Employer’s remedies set forth in Section 7(c)(iv), all such payments and benefits under Section 7(a)(ii) otherwise
to be made after Executive’s termination of employment shall cease to be paid, and Employer shall have no further obligation with
respect thereto, in the event Executive, without the consent of Employer, breaches or engages in any activity prohibited in Section 7(c) or
any of its sub-parts or Section 10.

 

(b)            For
Cause; Other Than for Good Reason. If Executive’s employment is terminated for Cause or if Executive terminates Executive’s
employment other than for Good Reason, this Agreement shall terminate without any further obligation of Employer to Executive other than
the payment to Executive of the Accrued Obligations.

 

(c)            Covenants.
The restrictions in this Section 7(c) apply in the event of any termination of Executive’s employment, regardless of
the reason and including terminations both before and after a Change of Control.

 

(i)            Non-Competition.
In consideration for Employer’s entering into this Agreement and in exchange for the benefits promised herein, and other valuable
consideration, Executive agrees that Executive will not engage in “Competition” for a period of twelve (12) months after
Executive’s employment with Employer ceases for any reason. For purposes hereof, “Competition” means Executive’s
performing duties that are the same as or substantially similar to those duties performed by Executive for Employer or its affiliates
during the last twelve (12) months of Executive’s employment, as an officer, a director, an employee, a partner or in any other
capacity, within a twenty-five (25) mile radius of the headquarters of the Bank (or any Virginia, District of Columbia or Maryland headquarters
of any successor of the Bank in the event of a merger consummated as of the last day of employment), as such location exists as of the
date Executive’s employment ceases, if those duties are performed for a bank or other financial institution, that provides products
or services that are the same as or substantially similar to, and competitive with, any of the products or services provided by the Bank
at the time Executive’s employment ceases.

 

    	 	8	 

     

    

 

(ii)           Non-Piracy.
In consideration for Employer’s entering into this Agreement and in exchange for the benefits promised herein, and other valuable
consideration, Executive agrees that for a period of twelve (12) months after Executive’s employment ceases for any reason, Executive
will not, directly or indirectly, solicit, divert from Employer or transact business with any “Customer” of Employer with
whom Executive had “Material Contact” during the last twelve (12) months of Executive’s employment or about whom Executive
obtained information not known generally to the public while acting within the scope of Executive’s employment during the last
twelve (12) months of employment, if the purpose of such solicitation, diversion or transaction is to provide products or services that
are the same as or substantially similar to, and competitive with, those offered by Employer at the time Executive’s employment
ceases. “Material Contact” means that Executive personally communicated with the Customer, either orally or in writing, for
the purpose of providing, offering to provide or assisting in providing products or services of Employer during the last twelve (12)
months of Executive’s employment. “Customer” means any person or entity with whom Employer had a depository or other
contractual relationship, pursuant to which Employer provided products or services during the last twelve (12) months of Executive’s
employment.

 

(iii)          Non-Solicitation.
In consideration for Employer’s entering into this Agreement and in exchange for the benefits promised herein, and other valuable
consideration, Executive agrees that for a period of twelve (12) months after Executive’s employment ceases for any reason, Executive
will not, directly or indirectly, hire any person employed by Employer during the six (6) months preceding Executive’s cessation
of employment, or solicit for hire or encourage any such person to terminate employment with Employer, if the purpose is to compete with
Employer.

 

(iv)          Remedies.
Executive acknowledges that the covenants set forth in Section 7(c) are just, reasonable, and necessary to protect the legitimate
business interests of Employer. Executive further acknowledges that if Executive breaches or threatens to breach any provision of Section 7(c),
all payments otherwise due under Sections 7(a)(ii) or 8(b)(ii) (below) shall immediately cease, but Employer’s remedies
at law will be inadequate, and Employer will be irreparably harmed. Accordingly, Employer shall be entitled to an injunction, both preliminary
and permanent, restraining Executive from such breach or threatened breach, such injunctive relief not to preclude Employer from pursuing
all available legal and equitable remedies.

 

    	 	9	 

     

    

 

8.             Obligations
Related to Change of Control.

 

(a)            Change
of Control Benefit. If a Change of Control occurs during the term of this Agreement, subject to Executive’s signing,
delivering and not revoking the Release attached as Exhibit A, which Release
must be signed, delivered and not revoked within the period set forth in the Release, the Company
shall make or cause to be made a lump-sum payment to Executive in an amount in cash equal to 2.99 times Executive’s annual compensation.
For this purpose annual compensation means (i) Executive’s Base Salary when the Change of Control occurs plus (ii) the
average of the highest three years’ annual cash bonus earned by Executive for the five complete fiscal years immediately preceding
the year in which the Change of Control occurs. If the number of complete fiscal years preceding the Change of Control is less than five,
the average of the annual cash bonuses will the highest three out of the preceding four years, or the highest two of the preceding three
years, or the highest one out of the two preceding years, as applicable. If only one complete fiscal year precedes the Change of Control,
the average of the annual cash bonuses will be the cash bonus paid with respect to that fiscal year. If no cash bonus was paid to Executive
with respect to an applicable fiscal year, then such bonus amount shall be zero (0) in calculating the amount of the average. The amount
payable to Executive hereunder shall not be reduced to account for the time value of money or discounted to present value. The payment
required under this Section 8(a) is payable on the date the Change of Control occurs, subject to the Release requirements and
provided that, if the period for execution set forth in the Release should cover two calendar years, payment
shall be made in the later calendar year. If Executive receives payment under this Section 8(a), Executive shall not be entitled
to any additional severance benefits under Section 7(a) after employment termination but may be entitled to the severance benefits
under Section 8(b), subject to the requirements of Section 8(b), including execution of a separate Release at the time of termination
as provided in Section 8(b). Executive shall be entitled to benefits under this Section 8(a) on no more than one occasion
during the term of this Agreement.

 

(b)            Termination
of Employment without Cause. If Executive’s employment terminates without Cause on the date of a Change of Control or within
two (2) years after a Change of Control, Executive shall be entitled to receive, subject to any applicable delay set forth
in Section 20 below:

 

(i)            The
Accrued Obligations (as defined in Section 6(a));

 

(ii)           Subject
to Executive’s signing, delivering and not revoking the Release attached as Exhibit A, which Release must be
signed, delivered and not revoked within the period set forth in the Release for a period of two (2) years from and after the date
of Executive’s termination of employment, Employer shall pay Executive a cash amount on a monthly basis equal to the full monthly
cost (including COBRA administrative fees, if applicable) of the medical and dental coverage for Executive (“Continued Health Coverage”)
under the current or any successor health plan provided by Employer to its employees (the “Employer Plan”) (with Executive
eligible to elect any health plan option for Executive and his family that is then available under the Employer Plan), with the full
amount of such payment taxable to Executive; provided that the amounts Executive would otherwise have received during the sixty (60)
days after Executive’s termination had the payments begun immediately after Executive’s termination of employment shall be
paid in a lump sum on the sixtieth (60th) day after Executive’s termination of employment and provided further that,
if applicable, subject to the delay provided for in Section 20. Employer shall not be required to continue actual coverage under
the Employer Heath Plan to the extent it is not required by COBRA or in the event such coverage is not agreed upon by any insurer under
the Employer Plan; provided, however, that in such event Employer shall continue to be obligated to make the payment required under this
Section 8(b)(ii) and the amount of such monthly payment will be based on the applicable premiums immediately prior to when
coverage terminates. Notwithstanding the above, if Executive becomes eligible for qualifying health care coverage through a subsequent
employer within twenty-four (24) months after his last day of employment, Employer’s obligations hereunder with respect to the
foregoing payments provided in this Section 8(b)(ii) shall immediately terminate.

 

    	 	10	 

     

    

 

Notwithstanding the foregoing, and in addition
to Employer’s remedies set forth in Section 7(c)(iv), all such payments and benefits under Section 8(b) otherwise
to be made after Executive’s termination of employment shall cease to be paid, and Employer shall have no further obligation with
respect thereto, in the event Executive, without the consent of Employer, engages in any activity prohibited by Section 7(c) or
any of its subparts or Section 10.

 

(c)            For
Cause; Other Than for Good Reason. If Executive’s employment is terminated for Cause or if Executive terminates Executive’s
employment other than for Good Reason, on the date of a Change of Control or within two (2) years after a Change of Control, this
Agreement shall terminate without any further obligation of Employer to Executive other than the payment to Executive of the Accrued
Obligations.

 

(d)            Superseding
Provisions. The benefits and payments set forth in Section 8 that may be due in connection with a Change of Control shall supersede
all payments, entitlements and benefits of Executive otherwise payable under Section 7(a). The benefits and payments due under Section 8
replace those in Section 7(a), and are not cumulative thereof.

 

9.            Change
of Control Defined. For purposes of this Agreement, the term “Change of Control” means a change in control as
defined in Code Section 409A, as the same may be amended from time to time. For purposes of clarification and without intending
to affect the foregoing reference to Code Section 409A for the definition of Change of Control, as of the effective date of this
Agreement, a change in control as defined in Rule 1.409A-3(i)(5) would include the following:

 

(a)            Change
in Ownership: a change in ownership of the Employer occurs on the date any one person or group accumulates ownership of Company stock
constituting more than 50% of the total fair market value or total voting power of Company stock, or

 

(b)            Change
in Effective Control: (i) any one person or more than one person acting as a group acquires within a twelve (12)-month period
ownership of Company stock possessing thirty percent (30%) or more of the total voting power of the Company’s stock, or (ii) a
majority of the Company Board is replaced during any twelve (12)-month period by directors whose appointment or election is not endorsed
in advance by a majority of the Company Board, or

 

    	 	11	 

     

    

 

(c)            Change
in Ownership of a Substantial Portion of Assets: a change in ownership of a substantial portion of the Company’s assets occurs
if in a twelve (12)-month period any one person or more than one person acting as a group acquires from the Company assets having a total
gross fair market value equal to or exceeding forty percent (40%) of the total gross fair market value of all of the Company’s
assets immediately before the acquisition or acquisitions. For this purpose, gross fair market value means the value of the Company’s
assets, or the value of the assets being disposed of, determined without regard to any liabilities associated with the assets.

 

10.           Confidentiality.
As an employee of Employer, Executive will have access to and may participate in the origination of non-public, proprietary and confidential
information relating to Employer and/or its affiliates and Executive acknowledges a fiduciary duty owed to Employer and its affiliates
not to disclose any such information. Confidential information may include, but is not limited to, trade secrets, customer lists and
information, internal corporate planning, methods of marketing and operation, and other data or information of or concerning Employer
and its affiliates or their customers that is not generally known to the public or generally in the banking industry. Executive agrees
that for a period of three (3) years following the cessation of employment, Executive will not use or disclose to any third party
any such confidential information, either directly or indirectly, except as may be authorized in writing specifically by Employer; provided,
however that to the extent the information covered by this Section 10 is otherwise protected by the law, such as “trade secrets,”
as defined by the Virginia Uniform Trade Secrets Act, or customer information protected by banking privacy laws, that information shall
not be disclosed or used for however long the legal protections applicable to such information remain in effect. Nothing in this Agreement
is intended to or will be used in any way to limit Executive’s rights to voluntarily communicate with, file a claim or report with,
or to otherwise participate in an investigation with, any federal, state, or local government agency, as provided for, protected under
or warranted by applicable law. Executive does not need prior approval before making any such communication, report, claim, disclosure
or participation and is not required to notify Employer that such communication, report, claim, or participation has been made. Additionally,
federal law provides certain protections to individuals who disclose a trade secret to their attorney, a court, or a government official
in certain, confidential circumstances. Specifically, Executive may not be held criminally or civilly liable under any state or federal
trade secret law for the disclosure of a trade secret that: (a) is made (i) in confidence to a state, federal or local government
official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected
violation of law; or (b) is made in a complaint or other document that is filed under seal in a lawsuit or other proceeding; or
(c) in a lawsuit alleging retaliation by Employer against Executive for reporting a suspected violation of law, Executive discloses
to Executive’s attorney and uses in the court proceeding, as long as any document containing the trade secret is filed under seal
and Executive does not disclose the trade secret except pursuant to a court order.

 

11.           Documents.
All documents, records, tapes and other media of any kind or description relating to the business of Employer or any of its affiliates
or subsidiaries (the “Documents”), whether or not prepared by Executive, shall be the sole and exclusive property of Employer.
The Documents (and any copies) shall be returned to Employer upon Executive’s termination of employment for any reason or at such
earlier time or times as the Company Board or its designee may specify.

 

    	 	12	 

     

    

 

12.            Suspension
or Temporary Prohibition of Services; Permanent Prohibition of Services. If Executive is suspended and/or temporarily prohibited
from participating in the conduct of Employer’s affairs by a notice served pursuant to the Federal Deposit Insurance Act, Employer’s
obligations under this Agreement shall be suspended as of the date of service unless stayed by appropriate proceedings. If the charges
in the notice are dismissed, Employer may in its discretion (a) pay Executive all or part of the compensation withheld while its
contract obligations were suspended, and (b) reinstate (in whole or in part) any of its obligations which were suspended. If Executive
is removed and/or permanently prohibited from participating in the conduct of Employer’s affairs by an order issued under the Federal
Deposit Insurance Act or the Code of Virginia, all obligations of Employer under this Agreement shall terminate as of the effective date
of the order, but vested rights of the parties shall not be affected.

 

13.            Severability/Breach
Not Excuse Performance. If any provision of this Agreement, or part thereof, is determined to be unenforceable for any reason whatsoever,
it shall be severable from the remainder of this Agreement and shall not invalidate or affect the other provisions of this Agreement,
which shall remain in full force and effect and shall be enforceable according to their terms. No covenant shall be dependent upon any
other covenant or provision herein, each of which stands independently.

 

14.            Payment
of Legal Fees. Employer agrees to reimburse Executive for reasonable attorneys’ fees incurred in 2018 not to exceed fifteen
thousand dollars ($15,000) for preparation and negotiation of this Agreement.

 

15.            Governing
Law/Venue. This Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of Virginia. The parties
further agree that venue in the event of a dispute shall be exclusively in the Circuit Court of Fairfax County, or the applicable federal
court encompassing that jurisdiction, at the sole option of Employer, and Executive agrees not to object to venue.

 

16.            Notices.
All written notices required by this Agreement shall be deemed given when delivered personally or sent by overnight or registered or
certified mail, return receipt requested, to the parties at the following addresses (or to such other address as the party entitled to
notice shall hereafter designate in accordance with the terms hereof):

 

	To Employer:	Chairman of the Board of Directors
	 	John Marshall Bancorp, Inc.
	 	1943 Isaac Newton Square
	 	Reston, Virginia 20190
	 
	To Executive:	At Executive’s home address as shown on the records of Employer.

 

17.            Amendment
and Termination of Agreement. This Agreement may not be varied, altered, modified or in any way amended except by an instrument in
writing executed by the parties hereto or their legal representatives. Except as specifically set forth herein, including pursuant to
the provisions of Section 6, this Agreement may not be terminated except by an instrument in writing executed by the parties hereto
or their legal representatives, provided, however, and notwithstanding anything in this Agreement to the contrary, Employer or its successor
has the unilateral right to terminate this Agreement and pay out the full value of all benefits provided under Section 8 in one
lump sum payment in connection with a Change of Control pursuant to, and in compliance with, Treasury Regulation § 1.409A-3(j)(4)(ix)(B).

 

    	 	13	 

     

    

 

18.          Binding
Effect. This Agreement shall be binding upon and shall inure to the benefit of Executive and Employer, its successors and assigns
on the Effective Date, subject to the approval by the Boards. Employer will require any successor to all or substantially all of the
business, stock or assets of Employer to assume expressly and agree to perform this Agreement in the same manner and to the same extent
that Employer would be required to perform it if no such succession had taken place. This Agreement shall be freely assignable by Employer.

 

19.          No
Construction Against Any Party. This Agreement is the product of informed negotiations between Executive and Employer. If any part
of this Agreement is deemed to be unclear or ambiguous, it shall be construed as if it were drafted jointly by all parties. Executive
and Employer agree that neither party was in a superior bargaining position regarding the substantive terms of this Agreement.

 

20.          Code
Section 409A Compliance.

 

(a)            The
intent of the parties is that payments and benefits under this Agreement comply with Code Section 409A or comply with an exemption
from the application of Code Section 409A and, accordingly, all provisions of this Agreement shall be construed in a manner consistent
with the requirements for avoiding taxes or penalties under Code Section 409A.

 

(b)            Neither
Executive nor Employer shall take any action to accelerate or delay the payment of any monies and/or provision of any benefits in any
matter which would not be in compliance with Code Section 409A.

 

(c)            A
termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the form
or timing of payment of any amounts or benefits upon or following a termination of employment unless such termination is also a “separation
from service” (within the meaning of Code Section 409A) and, for purposes of any such provision of this Agreement under which
(and to the extent) deferred compensation subject to Code Section 409A is paid, references to a “termination” or “termination
of employment” or like references shall mean separation from service. A “separation from service” shall not occur under
Code Section 409A unless such Executive has completely severed Executive’s relationship with Employer or Executive has permanently
decreased Executive’s services to twenty percent (20%) or less of the average level of bona fide services over the immediately
preceding thirty-six (36) month period (or the full period if Executive has been providing services for less than thirty-six (36) months).
A leave of absence shall only trigger a termination of employment that constitutes a separation from service at the time required under
Code Section 409A. If Executive is deemed on the date of separation from service with Employer to be a “specified employee”,
within the meaning of that term under Code Section 409A(a)(2)(B) and using the identification methodology selected by Employer
from time to time, or if none, the default methodology, then with regard to any payment or benefit that is required to be delayed for
six (6) months in compliance with Code Section 409A(a)(2)(B), such payment or benefit shall be paid with interest on the earlier
of (i) the first day of the seventh (7th) month measured from the date of Executive’s separation from service or
(ii) the date of Executive’s death. The amount of interest to be paid shall be based on the prime rate of interest in effect
on the first day of the month following Executive’s separation from service as reported in the Wall Street Journal. In the case
of benefits required to be delayed under Code Section 409A, however, Executive may pay the cost of benefit coverage, and thereby
obtain benefits, during such six (6) month delay period and then be reimbursed by Employer thereafter on the first day of the seventh
(7th) month following the date of Executive’s separation from service or, if earlier, on the date of Executive’s
death.

 

    	 	14	 

     

    

 

(d)            If
under this Agreement, an amount is to be paid in two or more installments, for purposes of Code Section 409A, each installment shall
be treated as a separate payment.

 

(e)            When,
if ever, a payment under this Agreement specifies a payment period with reference to a number of days (e.g., “payment shall be
made within ten (10) days following the date of termination”), the actual date of payment within the specified period shall
be within the sole discretion of Employer. In the event any payment payable upon termination of employment would be exempt from Code
Section 409A under Treasury Regulation § 1.409A-1(b)(9)(iii) but for the amount of such payment, the determination of
the payments to Executive that are exempt under such provision shall be made by applying the exemption to payments based on chronological
order beginning with the payments paid closest in time on or after such termination of employment.

 

(f)            Notwithstanding
any other provision of this Agreement, Executive shall be solely liable, and Employer shall not be liable in any way to Executive if
any payment or benefit which is to be provided pursuant to this Agreement and which is considered deferred compensation subject to Code
Section 409A otherwise fails to comply with, or be exempt from, the requirements of Code Section 409A.

 

21.          Regulatory
Limitation. Notwithstanding any other provision of this Agreement, neither Employer nor any subsidiary or affiliate shall be obligated
to make, and Executive shall have no right to receive, any payment, benefit or amount under this Agreement that would violate any law,
regulation or regulatory order applicable to Employer or the subsidiary or affiliate at the time such payment or benefit is due, including
without limitation, any regulation or order of the Federal Deposit Insurance Corporation or the Board of Governors of the Federal Reserve
System. Executive agrees that compliance by Employer with such regulatory restrictions, even to the extent that compensation or other
benefits paid or otherwise due to Executive are limited, shall not be a breach of this Agreement by Employer.

 

22.          Waiver
of Breach. The failure at any time to enforce or exercise any right under any of the provisions of this Agreement or to require at
any time performance by the other parties of any of the provisions of this Agreement shall in no way be construed to be a waiver of such
provisions or to affect either the validity of this Agreement or any part of this Agreement, or the right of any party hereafter to enforce
or exercise its rights under each and every provision in accordance with the terms of this Agreement.

 

    	 	15	 

     

    

 

23.            No
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 execution, 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; provided,
however, that nothing in this Section 23 shall preclude the assumption of such rights by executors, administrators or other legal
representatives of Executive or Executive’s estate and their assigning any rights under this Agreement to the person or persons
entitled hereto.

 

24.            Full
Capacity. The persons signing this Agreement represent that they have full authority and representative capacity to execute this
Agreement in the capacities indicated below and to perform all obligations under this Agreement.

 

25.            Representation
and Warranty of Executive. Executive represents and warrants to Employer that Executive is not under any obligation, contractual
or otherwise, to any other firm or corporation, which would prevent Executive from entering into the employ of Employer under this Agreement
or prevent Executive from performing the terms of this Agreement.

 

26.            Entire
Agreement. Except as otherwise provided herein, this Agreement constitutes the entire agreement of the parties with respect to the
matters addressed herein and, upon the Effective Date, it supersedes all other prior agreements and understandings, both written and
oral, express or implied, with respect to the subject matter of this Agreement.

 

27.            Survivability.
The provisions of Section 7(c) shall survive the termination, expiration or non-renewal of this Agreement.

 

28.            Counterparts/Facsimile.
This Agreement may be executed in counterparts (including by facsimile), each of which shall be deemed an original and all of which together
shall constitute one and the same instrument.

 

29.            Case
and Gender. Wherever required by the context of this Agreement, the singular or plural case and the masculine, feminine and neuter
genders shall be interchangeable.

 

30.            Title.
The titles and sub-headings of each Section and Sub-Section in this Agreement are for convenience only and should not be considered
part of this Agreement to aid in interpretation or construction.

 

[Signature Block on Next Page]

 

    	 	16	 

     

    

 

IN WITNESS WHEREOF, the parties
hereto have executed this Agreement as of the date first written above.

 

	Date: April 24, 2018 	/s/ Christopher W. Bergstrom
	 	Christopher W. Bergstrom
	 
	Date: April 23, 2018	John Marshall Bancorp, Inc. and
	 	John Marshall Bank
	 
	 	By:	/s/ John R. Maxwell
	 	 	John R. Maxwell
	 	 	CEO

 

    	 	17	 

     

    

 

EXHIBIT A

 

RELEASE

 

In
consideration of the benefits promised in the Employment Agreement to which this Release is attached as Exhibit A (and further defined
below), Christopher W. Bergstrom (“Executive”), hereby irrevocably and unconditionally releases, acquits, and forever
discharges John Marshall Bancorp, Inc. and John Marshall Bank (collectively, the “Bank”), and each of its agents, directors,
members, shareholders, affiliated entities, officers, employees, former employees, attorneys, and all persons acting by, through, under
or in concert with any of them (collectively “Releasees”) from any and all charges, complaints, claims, liabilities, grievances,
obligations, promises, agreements, controversies, damages, policies, actions, causes of action, suits, rights, demands, costs, losses,
debts and expenses of any nature whatsoever, known or unknown, suspected or unsuspected, including, but not limited to, any rights arising
out of alleged violations or breaches of any contracts, express or implied, or any tort, or any legal restrictions on Releasees’
right to terminate employees, or any federal, state or other governmental statute, regulation, law or ordinance, including without limitation
(1) Title VII of the Civil Rights Act of 1964, as amended by the Civil Rights Act of 1991; (2) the Americans with Disabilities
Act; (3) 42 U.S.C. § 1981; (4) the federal Age Discrimination in Employment Act (age discrimination); (5) the Older
Workers Benefit Protection Act; (6) the Equal Pay Act; (7) the Family and Medical Leave Act; and (8) the Employee Retirement
Income Security Act (“Claim” or “Claims”), which Executive now has, owns or holds, or claims to have, own or
hold, or which Executive at any time heretofore had owned or held, or claimed to have owned or held, against each or any of the Releasees
at any time up to and including the date of the execution of this Release; provided, however, that nothing herein shall preclude Executive
from filing or participating in a charge of discrimination with the Equal Employment Opportunity Commission (“EEOC”), but
Executive waives any right to monetary relief arising therefrom.

 

Executive hereby acknowledges
and agrees that the execution of this Release [and the cessation of Executive’s employment] and all actions taken in connection
therewith are in compliance with the federal Age Discrimination in Employment Act and the Older Workers Benefit Protection Act and that
the releases set forth above shall be applicable, without limitation, to any claims brought under these Acts. Executive further acknowledges
and agrees that:

 

a.            This
Release given by Executive is given solely in exchange for the benefits set forth in the Employment Agreement dated as of April 30,
2018 between the Bank and Executive (the “Employment Agreement”) to which this Release was initially attached and such consideration
is in addition to anything of value which Executive was entitled to receive prior to entering into this Release;

 

b.            By
entering into this Release, Executive does not waive rights or claims that may arise after the date this Release is executed;

 

    	 	18	 

     

    

 

c.            Executive
has been advised to consult an attorney prior to entering into this Release, and this provision of this Release satisfies the requirements
of the Older Workers Benefit Protection Act that Executive be so advised in writing;

 

d.            Executive
has been offered twenty-one (21) days [or forty-five (45) days if applicable] from receipt of this Release within which to consider whether
to sign this Release; and

 

e.            For
a period of seven (7) days following Executive’s execution of this Release, Executive may revoke this Release by delivering
the revocation to the Chief Human Resources Officer of John Marshall Bank, and it shall not become effective or enforceable until such
seven (7) day period has expired.

 

This Release shall be binding
upon the heirs and personal representatives of Executive and shall inure to the benefit of the successors and assigns of the Bank.

 

	 	 	 
	Date	 	Christopher W. Bergstrom

 

    	 	19

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