Document:

EX-10.2

 Exhibit 10.2 

THE BANK OF PRINCETON 

AMENDED AND RESTATED 

2012 EQUITY INCENTIVE PLAN 
 Purpose;
Definitions. The purposes of The Bank of Princeton 2012 Equity Incentive Plan (the “Plan”) are to enable The Bank of Princeton (the “Company” or the “Bank”) and its affiliated
companies to recruit and retain highly qualified personnel, to provide those personnel with an incentive for productivity, and to provide those personnel with an opportunity to share in the growth and value of the Company. 

For purposes of the Plan, the following terms will have the meanings defined below, unless the context clearly requires a different meaning:

 “Affiliate” means any Person that directly or indirectly controls, or is controlled by, or is under common control with
the Company (or its successors). 
 “Award” means a grant of Options or Restricted Stock pursuant to the provisions of the
Plan. 
 “Award Agreement” means, with respect to any particular Award, the written document that sets forth the terms of
that particular Award. 
 “Board” means the Board of Directors of the Company, as constituted from time to time;
provided, however, that if the Board appoints a Committee to perform some or all of the Board’s administrative functions hereunder, references in the Plan to the “Board” will be deemed to also refer to that Committee in
connection with matters to be performed by that Committee. 
 “Cause” means (i) conviction of, or the entry of a plea
of guilty or no contest to, a felony or any other crime that causes the Company or its Affiliates public disgrace or disrepute, or adversely affects the Company’s or its Affiliates’ operations or financial performance, (ii) gross
negligence or willful misconduct with respect to the Company or any of its Affiliates, including, without limitation fraud, embezzlement, theft or proven dishonesty in the course of employment; (iii) alcohol abuse or use of controlled drugs
other than in accordance with a physician’s prescription; (iv) a material breach of any agreement with or duty owed to the Company or any of its Affiliates; or (v) any breach of any obligation or duty to the Company or any of its
Affiliates (whether arising by statute, common law, contract or otherwise) relating to confidentiality, noncompetition, nonsolicitation or proprietary rights. Notwithstanding the foregoing, if a Participant and the Company (or any of its Affiliates)
have entered into an employment agreement, consulting agreement or other similar agreement that specifically defines “cause,” then with respect to such Participant, “Cause” shall have the meaning defined in that employment
agreement, consulting agreement or other agreement. 
 “Change in Control” means the occurrence of any of the following, in
one transaction or a series of related transactions: (i) any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) becoming a “beneficial owner” (as defined in Rule
13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing more than 50% 

  
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 of the voting power of the Company’s then outstanding securities; (ii) a consolidation, share
exchange, reorganization or merger of the Company resulting in the stockholders of the Company immediately prior to such event not owning at least a majority of the voting power of the resulting entity’s securities outstanding immediately
following such event; (iii) the sale or other disposition of all or substantially all the assets of the Company, (iv) a liquidation or dissolution of the Company, or (v) any similar event deemed by the Board to constitute a Change in
Control for purposes of this Plan. 
 For the avoidance of doubt, a transaction or a series of related transactions will not constitute a
Change in Control if such transaction(s) result(s) in the Company, any successor to the Company, or any successor to the Company’s business, being controlled, directly or indirectly, by the same Person or Persons who controlled the Company,
directly or indirectly, immediately before such transaction(s). 
 “Code” means the Internal Revenue Code of 1986, as
amended from time to time, and any successor thereto. 
 “Committee” means a committee appointed by the Board in accordance
with Section 2 of the Plan. 
 “Director” means a member of the Board. 

“Disability” means a condition rendering a Participant Disabled. 

“Disabled” means a total and permanent disability, as defined in Section 22(e)(3) of the Code. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Fair Market Value” means, as of any date: (i) if the Shares are not then publicly traded, the value of such Shares on
that date, as determined by the Board in its sole and absolute discretion; or (ii) if the Shares are publicly traded, the closing price for a Share on the principal national securities exchange on which the Shares are listed or admitted to
trading or, if the Shares are not listed or admitted to trading on any national securities exchange, but are traded in the over-the-counter market, the closing sale
price of a Share or, if no sale is publicly reported, the average of the closing bid and asked prices, as furnished by two members of the Financial Industry Regulatory Authority, Inc. who make a market in the Shares selected from time to time by the
Company for that purpose. 
 “Incentive Stock Option” means any Option intended to be and designated as an “Incentive
Stock Option” within the meaning of Section 422 of the Code. 
 “Non-Employee
Director” will have the meaning set forth in Rule 16b-3(b)(3)(i) promulgated by the Securities and Exchange Commission under the Exchange Act, or any successor definition adopted by the Securities and
Exchange Commission; provided, however, that the Board or the Committee may, to the extent that it deems necessary to comply with Section 162(m) of the Code or regulations thereunder, require that each
“Non-Employee Director” also be an “outside director” as that term is defined in regulations under Section 162(m) of the Code. 

  
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 “Non-Qualified Stock Option” means
any Option that is not an Incentive Stock Option. 
 “Option” means any option to purchase Shares (including Restricted
Stock, if the Board so specifies in the applicable Award Agreement) granted pursuant to Section 5 hereof. 
 “Parent”
means, in respect of the Company, a “parent corporation” as defined in Section 424(e) of the Code. 

“Participant” means an employee, consultant, Director, or other service provider of or to the Company or any of its
Affiliates to whom an Award is granted. 
 “Person” means an individual, partnership, corporation, limited liability
company, trust, joint venture, unincorporated association, or other entity or association. 
 “Restricted Stock” means
Shares that are subject to restrictions pursuant to Section 7 hereof. 
 “Shares” means shares of the Company’s
common stock, par value $5.00, subject to substitution or adjustment as provided in Section 3.3 hereof. 

“Subsidiary” means, in respect of the Company, a subsidiary company, as defined in Sections 424(f) and (g) of the Code.

 Administration. The Plan will be administered by the Board; provided, however, that the Board may at any time appoint a
Committee to perform some or all of the Board’s administrative functions hereunder; and provided further, that the authority of any Committee appointed pursuant to this Section 2 will be subject to such terms and conditions as the
Board may prescribe and will be coextensive with, and not in lieu of, the authority of the Board hereunder. 
 Subject to the requirements
of the Company’s bylaws and certificate of incorporation any other agreement that governs the appointment of Board committees, any Committee to which some or all of the Board’s administrative functions are delegated under this
Section 2 will be composed of not fewer than two members, each of whom will serve for such period of time as the Board determines; provided, however, that if the Company has a class of securities required to be registered under
Section 12 of the Exchange Act, all members of any such Committee will be Non-Employee directors. From time to time the Board may increase the size of the Committee and appoint additional members thereto,
remove members (with or without cause) and appoint new members in substitution therefor, fill vacancies however caused, or remove all members of the Committee and thereafter directly administer the Plan. 

The Board will have full authority to grant Awards under this Plan and determine the terms of such Awards. Such authority will include the
right to: 
 select the persons to whom Awards may from time to time be granted hereunder (consistent with the eligibility conditions set
forth in Section 4); 

  
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 determine the type of Awards to be granted to any person hereunder; 

determine the number of Shares, if any, to be covered by each Award; 

establish the other terms and conditions of each Award issued under the Plan (and any Award Agreement); 

adopt, alter and repeal such administrative rules, guidelines and practices governing the Plan as it, from time to time, deems advisable; 

interpret the terms and provisions of the Plan and any Award issued under the Plan (and any Award Agreement); 

correct any defect, supply any omission or reconcile any inconsistency in the Plan or in any Award Agreement in the manner and to the extent
it deems necessary to carry out the intent of the Plan; and 
 otherwise supervise the administration of the Plan. 

All decisions made by the Board pursuant to the provisions of the Plan will be final and binding on all persons, including the Company and
Participants. No Director will be liable for any good faith determination, act or omission in connection with the Plan or any Award. 
 Shares Subject
to the Plan. 
 Shares Subject to the Plan. The Shares to be subject to or related to Awards under the Plan will be authorized
and unissued Shares of the Company. The maximum number of Shares that may be subject to Awards under the Plan is 600,000, all of which may be issued in respect of Incentive Stock Options. The Company will reserve for the purposes of the Plan, out of
its authorized and unissued Shares, such number of Shares. 
 Effect of the Expiration or Termination of Awards. If and to the extent
that an Option expires, terminates or is canceled or forfeited for any reason without having been exercised in full, the Shares associated with that Option will again become available for grant under the Plan. Similarly, if and to the extent an
Award of Restricted Stock is canceled, forfeited or repurchased for any reason, the Shares subject to that Award will again become available for grant under the Plan. In addition, if the delivery of any Share is withheld in settlement of a tax
withholding obligation associated with an Award or in satisfaction of the exercise price payable upon exercise of an Option, that Share will again become available for grant under the Plan. 

Other Adjustments. In the event of any recapitalization, reorganization, merger, stock split or combination, stock dividend or other
similar event or transaction (including, without limitation, any “corporate transaction,” within the meaning of Treasury Regulation § 1.424-1(a)(3)), substitutions or adjustments will be made by
the Board: (i) to the aggregate number, class and/or issuer of the securities reserved for issuance under the Plan; (ii) to the number, class and/or issuer of securities subject to outstanding Awards; and (iii) to the exercise price
of outstanding Awards, in each case in a manner that reflects equitably the effects of such event or transaction. For avoidance of doubt, a substitution or adjustment that reflects equitably the effects of a given event or transaction will include
(but will not be limited to) any substitution or adjustment consistent with the requirements of Treasury Regulation § 1.424-1(a) or any successor provision. 

  
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 Change in Control. Notwithstanding anything to the contrary set forth in the Plan:
(i) contingent upon the occurrence of any Change in Control, and without the need for the consent of any Participant, immediately prior to that Change in Control, all outstanding Options shall become fully vested and immediately exercisable;
and (ii) in addition, upon or in anticipation of any Change in Control, the Board may, in its sole and absolute discretion and without the need for the consent of any Participant, take one or more of the following actions contingent upon the
occurrence of that Change in Control: 
 cause any or all outstanding Restricted Stock to become
non-forfeitable, in whole or in part; 
 cancel any Option in exchange for a substitute option in a
manner consistent with the requirements of Treas. Reg.§1.424-1(a) (notwithstanding the fact that the original Option may never have been intended to satisfy the requirements for treatment as an Incentive
Stock Option), such that the excess of the aggregate fair market value of the shares subject to the substituted option immediately after the exchange over the aggregate exercise price of such shares shall be equal to the aggregate Fair Market Value
of the Shares subject to the old Option immediately before such exchange over the aggregate exercise price for such Shares; 
 cancel any
Restricted Stock in exchange for restricted stock of any successor corporation or its parents with a value equal to (A) the number of Shares of Restricted Stock, multiplied by (B) the Fair Market Value per Share on the date of the Change
in Control; 
 cause any outstanding Option to become fully vested and immediately exercisable for a reasonable period in advance of the
Change in Control; 
 cancel any Option in exchange for cash and/or other substitute consideration with a value equal to (A) the number
of Shares subject to that Option, multiplied by (B) the difference, if any, between the Fair Market Value per Share on the date of the Change in Control and the exercise price of that Option; or 

redeem any share of Restricted Stock in exchange for cash and/or other substitute consideration with a value equal to the Fair Market Value
per Share on the date of the Change of Control. 
 In the discretion of the Board, any cash or substitute consideration payable upon
cancellation or redemption of an Award may be subjected to (i) in the case of Restricted Stock, vesting terms substantially identical to those that applied to the cancelled or redeemed Award immediately prior to the Change in Control, or (ii) earn-out, escrow, holdback or similar arrangements, to the extent such arrangements are applicable to any consideration paid to stockholders in connection with the Change in Control. 

Eligibility. Employees, directors, consultants, and other individuals who provide services to the Company, its Parent, or their
majority-owned subsidiaries are eligible to be granted Awards under the Plan; provided, however, that only employees of the Company, its Parent or a Subsidiary are eligible to be granted Incentive Stock Options. 

  
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 Options. Options granted under the Plan may be Incentive Stock Options or Non-Qualified Stock Options. Any Option granted under the Plan will be in such form as the Board may at the time of such grant approve. The Award Agreement evidencing any Option will incorporate the following terms
and conditions and will contain such additional terms and conditions as the Board deems appropriate in its sole and absolute discretion: 

Option Price. The exercise price per Share purchasable under an Option will be determined by the Board in its sole and absolute
discretion and will not be less than 100% of the Fair Market Value of a Share on the date of the grant. However, any Incentive Stock Option granted to any Participant who, at the time the Option is granted, owns more than 10% of the voting power of
all classes of shares of the Company, its Parent or a Subsidiary will have an exercise price per Share of not less than 110% of Fair Market Value of a Share on the date of the grant. 

Option Term. The term of each Option will be fixed by the Board; provided however, that no Option will be exercisable more than
10 years after the date the Option is granted. However, any Incentive Stock Option granted to any Participant who, at the time such Option is granted, owns more than 10% of the voting power of all classes of shares of the Company, its Parent or of a
Subsidiary may not have a term of more than five years. No Option may be exercised after expiration of the term of the Option. 

Exercisability. Options will vest and be exercisable at such time or times and subject to such terms and conditions as determined by
the Board. Generally, options will vest over a vesting period of approximately equal percentages each year over an initial term no shorter than three (3) years. 

Method of Exercise. Subject to the terms of the applicable Award Agreement, the exercisability provisions of Section 5.3 and the
cessation of employment provisions of Section 6, Options may be exercised in whole or in part from time to time during their term by the delivery of written notice of exercise by the Participant to the Company specifying the number of Shares to
be purchased. Such notice will be accompanied by payment in full of the purchase price, either by certified or bank check or such other means as the Board may accept. As determined by the Board in its sole discretion on or after the date of grant,
payment in full or in part of the exercise price of an Option may be made in the form of previously acquired Shares based on the Fair Market Value of the Shares on the date the Option is exercised or through means of a “net settlement,”
whereby the Option exercise price will not be due in cash and where the number of Shares issued upon such exercise will be equal to: (A) the product of (i) the number of Shares as to which the Option is then being exercised, and
(ii) the excess, if any, of (a) the then current Fair Market Value per Share over (b) the Option exercise price, divided by (B) the then current Fair Market Value per Share. 

No Shares will be issued upon exercise of an Option until full payment therefor has been made. A Participant will not have the right to
distributions or dividends or any other rights of a stockholder with respect to Shares subject to the Option until the Participant has given written notice of exercise, has paid in full for such Shares, if requested, has given the representation
described in Section 9.1 hereof and fulfills such other conditions as may be set forth in the applicable Award Agreement. 

  
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 Incentive Stock Option Limitations. In the case of an Incentive Stock Option, the
aggregate Fair Market Value (determined as of the time of grant) of the Shares with respect to which Incentive Stock Options are exercisable for the first time by the Participant during any calendar year under the Plan and/or any other plan of the
Company, its Parent or any Subsidiary will not exceed $100,000. For purposes of applying the foregoing limitation, Incentive Stock Options will be taken into account in the order granted. To the extent any Option does not meet such limitation, that
Option will be treated for all purposes as a Non-Qualified Stock Option. 
 Cessation of
Service. Unless otherwise specified in the applicable Award Agreement, Options will be subject to the terms of Section 6 with respect to exercise upon or following cessation of employment or other service. 

Transferability of Options. Except as may otherwise be specifically determined by the Board with respect to a particular Option:
(i) no Option will be transferable by the Participant other than by will or by the laws of descent and distribution, and (ii) during the Participant’s lifetime, an Option will be exercisable only by the Participant (or, in the event
of the Participant’s Disability, by his or her personal representative). 
 Forfeiture. If the Bank’s regulatory capital
falls below minimum regulatory requirements or the existence of outstanding stock options granted under this Plan or any other Plan maintained by the Bank impairs the Bank’s ability to raise capital, as determined by the New Jersey Department
of Banking and Insurance or the Federal Deposit Insurance Corporation (a “Forfeiture Event”), then upon notification by the New Jersey Department of Banking and Insurance or the Federal Deposit Insurance Corporation that a
Forfeiture Event has occurred (the “Forfeiture Notice Date”), the Bank may be required, at the direction of the New Jersey Department of Banking and Insurance or the Federal Deposit Insurance Corporation, to take, without the need
for the consent of any Participant, the following actions with respect to any Option that is outstanding as of the Forfeiture Notice Date: 

cause any outstanding Option that is vested and/or exercisable as of the Forfeiture Notice Date, to remain exercisable for a period of time,
as determined by the applicable regulatory agency, following the Forfeiture Notice Date, and, to the extent not exercised within such time period, cancel that Option; 

cancel any outstanding Option that has not yet become vested and/or exercisable as of the Forfeiture Notice Date. 

Cessation of Service. Unless otherwise specified with respect to a particular Option in the applicable Award Agreement, Options granted
hereunder will remain exercisable after cessation of service only to the extent specified in this Section 6. 
 Cessation by Reason
of Death. If a Participant’s service with the Company or any Affiliate ceases by reason of death, any Option held by such Participant may thereafter be exercised, to the extent then exercisable or on such accelerated basis as the Board may
determine 

  
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 in the applicable Award Agreement, by the legal representative of the estate or by the legatee of the
Participant under the will of the Participant, for a period expiring (i) at such time as may be specified by the Board in the applicable Award Agreement, or (ii) if not specified by the Board, then 12 months from the date of death, or
(iii) if sooner than the applicable period specified under (i) or (ii) above, upon the expiration of the stated term of such Option. 

Cessation by Reason of Disability. If a Participant’s service with the Company or any Affiliate terminates by reason of
Disability, any Option held by such Participant may thereafter be exercised by the Participant or his personal representative, to the extent it was exercisable at the time of termination, or on such accelerated basis as the Board may determine in
the applicable Award Agreement, for a period expiring (i) at such time as may be specified by the Board in the applicable Award Agreement, or (ii) if not specified by the Board, then 12 months from the date of termination of service, or
(iii) if sooner than the applicable period specified under (i) or (ii) above, then upon the expiration of the stated term of such Option. 

Termination for Cause. If a Participant’s service with the Company or any Affiliate is terminated for Cause: (i) any Option
not already exercised will be immediately and automatically forfeited as of the date of such termination, and (ii) any Shares for which the Company has not yet delivered share certificates will be immediately and automatically forfeited and the
Company will refund to the Participant the Option exercise price paid for such Shares, if any. 
 Other Cessations. If a
Participant’s service with the Company and its Affiliates ceases for any reason other than death, Disability or Cause, any Option held by such Participant may thereafter be exercised by the Participant, to the extent it was exercisable at the
time of such termination, or on such accelerated basis as the Board may determine in the applicable Award Agreement, for a period expiring (i) at such time as may be specified by the Board in the applicable Award Agreement, or (ii) if not
specified by the Board, then 90 days from the date of cessation of service (irrespective of the manner or timing of the cessation and without regards to whether there has been reasonable notice of cessation), or (iii) if sooner than the
applicable period specified under (i) or (ii) above, upon the expiration of the stated term of such Option. 
 Restricted Stock. 

Issuance. Restricted Stock may be issued either alone or in conjunction with other Awards. The Board will determine the time or times
within which Restricted Stock may be subject to forfeiture, and all other conditions of such Awards. The purchase price for Restricted Stock may, but need not, be zero. 

Any share certificate issued in connection with an Award of Restricted Stock, will be registered in the name of the Participant receiving the
Award, and will bear the following legend and/or any other legend required by this Plan, the Award Agreement or by applicable law: 
 THE
TRANSFERABILITY OF THIS CERTIFICATE AND THE SHARES REPRESENTED HEREBY ARE SUBJECT TO THE TERMS AND CONDITIONS OF THE BANK OF PRINCETON 2012 EQUITY INCENTIVE PLAN AND AN AGREEMENT ENTERED INTO BETWEEN [THE PARTICIPANT] AND THE 

  
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 BANK OF PRINCETON (WHICH TERMS AND CONDITIONS MAY INCLUDE, WITHOUT LIMITATION, CERTAIN
TRANSFER RESTRICTIONS, REPURCHASE RIGHTS AND FORFEITURE CONDITIONS). COPIES OF THAT PLAN AND AGREEMENT ARE ON FILE IN THE PRINCIPAL OFFICES OF THE BANK OF PRINCETON AND WILL BE MADE AVAILABLE TO THE HOLDER OF THIS CERTIFICATE WITHOUT CHARGE UPON
REQUEST TO THE SECRETARY OF THE COMPANY. 
 Share certificates evidencing Restricted Stock will be held in custody by the Company or in escrow by an escrow
agent until the restrictions thereon have lapsed. As a condition to any Award of Restricted Stock, the Participant may be required to deliver to the Company a share power, endorsed in blank, relating to the Shares covered by such Award. 

Restrictions and Conditions. The Restricted Stock awarded pursuant to this Section 8 will be subject to the following restrictions
and conditions, and any other restrictions and conditions set forth in the applicable Award Agreement. 
 During a period commencing with
the date of an Award of Restricted Stock and ending at such time or times as specified by the Board (the “Restriction Period”), the Participant will not be permitted to sell, transfer, pledge, assign or otherwise encumber Restricted
Stock awarded under the Plan. The Board may condition the lapse of restrictions on Restricted Stock upon the continued employment or service of the recipient, the attainment of specified individual or corporate performance goals, or such other
factors as the Board may determine, in its sole and absolute discretion. 
 Except as provided in this Paragraph (2) or the applicable
Award Agreement, the Participant will have, with respect to the Restricted Stock, all of the rights of a stockholder of the Company, including the right to vote the Shares, and the right to receive any cash distributions or dividends. The Board, in
its sole discretion, may require cash distributions or dividends to be subjected to the same Restriction Period as is applicable to the Restricted Stock with respect to which such amounts are paid, or, if the Board so determines, reinvested in
additional Restricted Stock to the extent Shares are available under Section 3(a) of the Plan. Any distributions or dividends paid in the form of securities with respect to Restricted Stock will be subject to the same terms
and conditions as the Restricted Stock with respect to which they were paid, including, without limitation, the same Restriction Period. 

Subject to the provisions of the applicable Award Agreement, if a Participant’s service with the Company and its Affiliates ceases prior
to the expiration of the applicable Restriction Period, all of that Participant’s Restricted Stock which then remain subject to forfeiture will then be forfeited automatically. 

If and when the Restriction Period expires without a prior forfeiture of the Restricted Stock subject to such Restriction Period (or if and
when the restrictions applicable to Restricted Stock are removed pursuant to Section 3.3 or otherwise), any certificates for such Shares will be replaced with new certificates, without the restrictive legend applicable to such lapsed
restrictions, and such new certificates will be promptly delivered to the Participant, the Participant’s representative (if the Participant has suffered a Disability), or the Participant’s estate or heir (if the Participant has died). 

  
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 Amendments and Termination. The Board may amend, alter or discontinue the Plan at any
time, provided that no amendment, alteration or discontinuation will be made which would impair the rights of a Participant with respect to an Award without that Participant’s consent or which, without the approval of such amendment within
twelve (12) months of its adoption by the Board, by the Company’s stockholders in a manner consistent with Treas. Reg. § 1.422-3 (or any successor provision), would: (i) increase the total
number of Shares reserved for the purposes of the Plan (except as otherwise provided in Section 3), or (ii) change the persons or class of persons eligible to receive Awards. 

General Provisions. 
 The Board may
require each Participant to represent to and agree with the Company in writing that the Participant is acquiring securities of the Company for investment purposes and without a view to distribution thereof and as to such other matters as the Board
believes are appropriate. The Award Agreement evidencing any Award and any securities issued pursuant thereto may include any legend which the Board deems appropriate to reflect any restrictions on transfer and compliance with applicable securities
laws. 
 All certificates for Shares or other securities delivered under the Plan will be subject to such share-transfer orders and other
restrictions as the Board may deem advisable under the rules, regulations and other requirements of any stock exchange upon which the Shares are then listed, and any applicable securities laws, and the Board may cause a legend or legends to be put
on any such certificates to make appropriate reference to such restrictions. 
 Neither the adoption of the Plan nor the execution of any
document in connection with the Plan will: (i) confer upon any employee or other service provider of the Company or an Affiliate any right to continued employment or engagement with the Company or such Affiliate, or (ii) interfere in any
way with the right of the Company or such Affiliate to terminate the employment or engagement of any of its employees or other service providers at any time. 

No later than the date as of which an amount first becomes includible in the gross income of the Participant for federal income tax purposes
with respect to any Award under the Plan, the Participant will pay to the Company, or make arrangements satisfactory to the Company regarding the payment of taxes of any kind required by law to be withheld with respect to such amount. The
obligations of the Company under the Plan will be conditioned on such payment or arrangements and the Company will have the right to deduct any such taxes from any payment of any kind otherwise due to the Participant. Unless otherwise determined by
the Board, the minimum required withholding obligation with respect to an Award may be settled in Shares, including the Shares that are subject to that Award. 

Effective Date of Plan. The Plan will become effective on the date that it is approved by the stockholders of the Company. 

  
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 Term of Plan. The Plan will continue in effect until terminated in accordance with
Section 8; provided, however, that no Incentive Stock Option will be granted hereunder on or after the 10th anniversary of the date the Plan becomes effective (or, if the stockholders approve an amendment that (i) increases the
number of shares subject to the Plan or (ii) extends the period which Incentive Stock Options may be granted hereunder, the 10th anniversary of the effective date of such increase or
extension); but provided further, that Incentive Stock Options granted prior to such 10th anniversary may extend beyond that date. 
 Invalid
Provisions. In the event that any provision of this Plan is found to be invalid or otherwise unenforceable under any applicable law, such invalidity or unenforceability will not be construed as rendering any other provisions contained
herein as invalid or unenforceable, and all such other provisions will be given full force and effect to the same extent as though the invalid or unenforceable provision was not contained herein. 

Governing Law. The Plan and all Awards granted hereunder will be governed by and construed in accordance with the laws of the State of
New Jersey, without regard to the application of the principles of conflicts of laws. 
 Board Action. Notwithstanding anything to the
contrary set forth in the Plan, any and all actions of the Board or Committee, as the case may be, taken under or in connection with the Plan and any agreements, instruments, documents, certificates or other writings entered into, executed, granted,
issued and/or delivered pursuant to the terms hereof, will be subject to and limited by any and all votes, consents, approvals, waivers or other actions of all or certain stockholders of the Company or other persons required by: 

the Company’s certificate of incorporation (as the same may be amended and/or restated from time to time); 

the Company’s bylaws (as the same may be amended and/or restated from time to time); and 

any other agreement, instrument, document or writing now or hereafter existing, between or among the Company and its stockholders or other
persons (as the same may be amended from time to time). 
 Notices. Any notice to be given to the Company pursuant to the provisions of
the Plan shall be given by registered or certified mail, postage prepaid, and addressed, if to the Company to its principal executive office to the attention of its Chief Financial Officer (or such other person as the Company may designate in
writing from time to time), and, if to a Participant, to the address contained in the Company’s personnel records, or to such other address as that Participant may hereafter designate in writing to the Company. Any such notice shall be deemed
given or delivered three days after the date of mailing. 

  
 22EX-10.3

 Exhibit 10.3 

MOREBANK 
 2004 INCENTIVE
EQUITY COMPENSATION PLAN 
 ARTICLE 1 

PURPOSE 
 1.1
GENERAL. The purpose of this 2004 Incentive Equity Compensation Plan (the “Plan”) for MoreBank is to promote the success and enhance the value of MoreBank by linking the personal interests of directors, employees, officers
and executives of the Bank to those of Bank shareholders and by providing such individuals with an incentive for outstanding performance in order to generate superior returns to shareholders of the Bank. The Plan is further intended to provide
flexibility to the Bank in its ability to motivate, attract, and retain the services of directors. employees, officers, and executives upon whose judgment, interest, and special effort the successful conduct of the Bank’s operation is largely
dependent. 
 ARTICLE 2 

EFFECTIVE DATE AND TERM 

2.1 EFFECTIVE DATE. The Plan will be effective as of the date it is approved by the shareholders of the Bank (the
“Effective Date”). No Awards shall be made prior to shareholder approval of this Plan. 
 2.2 TERM. Unless sooner
terminated by the Board, the Plan shall terminate on the Plan Termination Date, and no Awards may be granted under the Plan thereafter. The termination of the Plan shall not affect any Award that is outstanding on the termination date, without the
consent of the Participant. 
 ARTICLE 3 

DEFINITIONS AND CONSTRUCTION 

3.1 DEFINITIONS. When a word or phrase appears in this Plan with the initial letter capitalized, and the word or phrase does not
commence a sentence, the word or phrase shall generally be given the meaning ascribed to it in this Section or in Sections 1.1 or 2.1 unless a clearly different meaning is required by the context. The following words and phrases shall have the
following meanings: 
 (a) “Award” means any Option, Restricted Stock Award or Unrestricted Stock Award granted to a Participant
under the Plan. 
 (b) “Award Agreement” means a writing, in such form as the Committee in its discretion shall prescribe,
evidencing an Award. 
 (c) “Bank” means MoreBank. 

(d) “Board” means the Board of Directors of the Bank. 

(e) “Cause” means actions of or failure to act by a Participant which would authorize the forfeiture of fringe benefits or other
remuneration under his or her written contract of employment with the Bank or, if there is no written contract of employment, and with respect to non-employee Directors, (i) willful misconduct materially
injurious to the Bank, (ii) dishonesty, (iii) the commission of a crime, or (iv) gross negligence of the Participant in the performance of his or her duties. 

  

 (f) “Code” means the Internal Revenue Code of 1986, as amended, and regulations
promulgated thereunder. 
 (g) “Committee” means the committee of the Board described in Article 4. 

(h) “Covered Employee” means an Employee who is a “covered employee” within the meaning of Section l62(m) of the Code.

 (i) “Director” means a member of the Board. 

(j) “Disability” shall have the meaning set forth in Section 22(e)(3) of the Code. 

(k) “Employee” shall mean an individual who is an employee of the Bank under general common law principles. An individual who is an
“Employee,” as so defined, may also be a member of the Board or the Board of Directors of the Bank (but not a Non-Employee Director). 

(l) “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the regulations promulgated thereunder. 

(m) “Fair Market Value” means, as of any given date, the fair market value of Stock on a particular date determined in accordance
with the requirements of Section 422 of the Code. 
 (n) “Incentive Stock Option” means an Option that is intended to meet
the requirements of Section 422 of the Code or any successor provision thereto. 
 (o)
“Non-Employee Director” means a member of the Board who is not an Employee. 
 (p) “Non-Qualified Stock Option” means an Option that is not intended to be an Incentive Stock Option. 

(q) “Option” means a right granted to a Participant under Article 7 of the Plan to purchase Stock at a specified price during
specified time periods. An Option may be either an Incentive Stock Option or a Non-Qualified Stock Option. 

(r) “Participant” means a person who, as a Director or an employee, officer, or executive of the Bank, has been granted an Award
under the Plan, or who has been designated as eligible to make an election to defer compensation under this Plan. 
 (s)
“Performance-Based Awards” means Stock Awards granted to selected Covered Employees pursuant to Article 8, but which are subject to the terms and conditions set forth in Article 9. All Performance-Based Awards are intended to qualify as
“performance-based compensation” under Section 162(m) of the Code. 
 (t) “Performance Criteria” means the criteria
that the Committee selects for purposes of establishing the Performance Goal or Performance Goals for a Participant for a Performance Period. The Performance Criteria that will be used to establish Performance Goals may include, but shall not be
limited to, one or more of the following: pre-or after-tax net earnings, sales growth, operating earnings, operating cash flow, working capital, return on net assets,
return on shareholders’ equity, return on assets, return on capital, Stock price growth, shareholder returns, gross or net profit margin, earnings per share, price per share of Stock, and market share, any of which may be measured either in
absolute terms or as compared to any incremental increase or as compared to results of a peer group. The Committee shall, within the time prescribed by Section 162(m) of the Code, define in an objective fashion the manner of calculating the
Performance Criteria it selects to use for such Performance Period for such Participant. 

  
 -2- 

 (u) “Performance Goals” means, for a Performance Period, the goals established in
writing by the Committee for the Performance Period based upon the Performance Criteria. Depending on the Performance Criteria used to establish such Performance Goals, the Performance Goals may be expressed in terms of overall Bank performance or
the performance of a division, business unit, or an individual. The Committee, in its discretion, may, within the time prescribed by Section 162(m) of the Code, adjust or modify the calculation of Performance Goals for such Performance Period
in order to prevent the dilution or enlargement of the rights of Participants (i) in the event of, or in anticipation of, any unusual or extraordinary corporate item, transaction, event, or development, or (ii) in recognition of, or in
anticipation of, any other unusual or nonrecurring events affecting the Bank, or the financial statements of the Bank, or in response to, or in anticipation of, changes in applicable laws, regulations, accounting principles, or business conditions.

 (v) “Performance Period” means the one or more periods of time, which may be of varying and overlapping durations, as the
Committee may select, over which the attainment of one or more Performance Goals will be measured for the purpose of determining a Participant’s right to, and the payment of, a Performance-Based Award. 

(w) “Plan Termination Date” means the date that is ten (10) years after the Effective Date. 

(x) “Restricted Stock Award” means Stock granted to a Participant under Article 8 that is subject to certain restrictions and to
risk of forfeiture. 
 (y) “Stock” means the common stock of MoreBank and such other securities of MoreBank that may be
substituted for Stock pursuant to Article 11. 
 (z) “Stock Award” means a Restricted Stock Award or an Unrestricted Stock Award.

 (aa) “Unrestricted Stock Award” means Stock granted to a Participant under Article 8 that is not subject to restrictions or a
risk of forfeiture. 
 ARTICLE 4 

ADMINISTRATION 
 4.1
COMMITTEE; BOARD APPROVAL. The Plan shall be administered by a Committee appointed by, and which serves at the discretion of, the Board. Notwithstanding any other provision of the Plan, during any period in which the Bank may be
obligated to become a reporting company pursuant to the Exchange Act, either: (i) the Committee shall consist of at least two individuals and each member of the Committee shall qualify as a Non-Employee
Director; or (ii) (A) at least two members of the Committee must qualify as Non-Employee Directors, (B) any member of the Committee who does not qualify as a
“Non-Employee Director” may not participate in any action of the Committee with respect to any Award under the Plan, and (C) the Plan shall be deemed to be administered by the full Board, the
actions of the Committee under the Plan shall be deemed merely advisory to the Board, and the Board’s approval shall be required for all actions of the Committee under the Plan, including without limitation the grant of each Award. To the
extent necessary or desirable (as may be determined by the Board from time to time) each member of the Committee shall also qualify as an “outside director” under Code Section 162(m) and the regulations issued thereunder. The members
of the Committee shall meet such additional criteria as may be necessary or desirable to comply with regulatory or stock exchange rules or exemptions. The Bank will pay all reasonable expenses of the Committee. The Board of Directors may designate
the Bank’s Compensation Committee as the “Committee” hereunder provided the Compensation Committee meets these requirements. 

  
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 4.2 AUTHORITY OF COMMITTEE. Subject to any specific designation in the Plan,
the Committee (or the Board, in cases where the Board administers the Plan pursuant to Section 4.1) has the exclusive power, authority and discretion to: 

(a) Designate Participants to receive Awards; 

(b) Determine the type or types of Awards to be granted to each Participant; 

(c) Determine the number of Awards to be granted and the number of shares of Stock to which an Award will relate; 

(d) Determine the terms and conditions of any Award granted under the Plan including but not limited to, the exercise price, grant price, or
purchase price, any restrictions or limitations on the Award, any schedule for lapse of forfeiture restrictions or restrictions on the exercisability of an Award, and accelerations or waivers thereof, based in each case on such considerations as the
Committee in its sole discretion determines; 
 (e) Amend, modify, or termination any outstanding Award, with the Participant’s consent
unless the Committee has the authority to amend, modify, or terminate an Award without Participant’s consent under any other provision of the Plan; 

(f) Determine whether, to what extent, and under what circumstances an Award may be settled in, or the exercise price of an Award may be paid
in, cash, Stock, other Awards, or other property, or an Award may be canceled, forfeited, or surrendered; 
 (g) Prescribe the form of each
Award Agreement, which need not be identical for each Participant; 
 (h) Decide all other matters that must be determined in connection
with an Award; 
 (i) Establish, adopt, revise, amend or rescind any guidelines, rules and regulations as it may deem necessary or advisable
to administer the Plan; 
 (j) Interpret the terms of, and rule on any matter arising under, the Plan or any Award Agreement; 

(k) Make all other decisions and determinations that may be required under the Plan or as the Committee deems necessary or advisable to
administer the Plan, including but not limited to, the determination of whether and to what extent any Performance Goals have been achieved; and 

(l) Retain counsel, accountants and other consultants to aid in exercising its powers and carrying out its duties under the Plan. 

4.3 DECISIONS BINDING. The Committee’s interpretation of the Plan, any Awards granted under the Plan, any Award Agreement
and all decisions and determinations by the Committee with respect to the Plan shall (if approved or ratified by the Board during any period when the Board is deemed to administer the Plan pursuant to Section 4.1) be final, binding, and
conclusive on all parties and any other persons claiming an interest in any Award or under the Plan. 

  
 -4- 

 ARTICLE 5 

SHARES SUBJECT TO THE PLAN 

5.1 NUMBER OF SHARES. Subject to adjustment provided in Section 13.1, the aggregate number of shares of Stock reserved and
available for grant under the Plan shall be 70,000 shares. 
 5.2 LAPSED AWARDS. To the extent that an Award terminates, is
cancelled, expires, lapses or is forfeited for any reason, including, but not limited to, the failure to achieve any Performance Goals, any shares of Stock subject to the Award will again be available for the grant of an Award under the Plan;
however, shares subject to an Award granted prior to the Effective Date may not again be available for the grant of an Award after the Plan Termination Date. 

5.3 STOCK DISTRIBUTED. Any Stock distributed pursuant to an Award may consist in whole or in part of authorized and unissued
Stock, treasury Stock or Stock purchased on the open market. 
 ARTICLE 6 

ELIGIBILITY AND PARTICIPATION 

6.1 ELIGIBILITY. Employees and Non-Employee Directors shall be potentially eligible to
receive Awards under the Plan. In making determinations regarding the potential eligibility of any Employee or Non-Employee Director, the Board may take into account the nature of the services rendered by such
Employee or Non-Employee Director, their present and potential contributions to the Bank’s success and such other factors as the Committee in its discretion shall deem relevant. 

6.2 ACTUAL PARTICIPATION. Subject to the provisions of the Plan, the Committee may, from time to time, select from among all
eligible individuals those to whom Awards shall be granted and shall determine the nature and amount of each Award. No individual shall have any right to be granted an Award under this Plan. 

ARTICLE 7 
 STOCK OPTIONS

 7.1 GENERAL. The Committee is authorized to grant Options to Participants on the following terms and conditions: 

(a) EXERCISE PRICE. The exercise price per share of Stock under an Option shall be the Fair Market Value as of the date of grant. 

(b) TERM OF OPTION. No Option shall be exercisable after the date that is 10 years from the date it is granted. 

(c) TIME AND CONDITIONS OF EXERCISE. Except as provided herein, the Committee shall determine the time or times at which an Option may be
exercised in whole or in part. The Committee shall also determine the performance or other conditions, if any, that must be satisfied before all or part of an Option may be exercised. An Option will lapse immediately if a Participant’s
employment or service as a Director is terminated for Cause. 
 (d) TRANSFERABILITY. Each Option granted under the Plan shall, by its terms,
not be transferable otherwise than by will or the laws of descent and distribution. Notwithstanding the foregoing, or any other provision of this Plan, a Participant who holds Options may transfer such Options (but not Incentive Stock Options) to
his or her spouse, lineal ascendants, lineal descendants, or to a duly established 

  
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trust for the benefit of one or more of these individuals. Options so transferred may thereafter be transferred only to the Participant who originally received the grant or to an individual or
trust to whom the Participant could have initially transferred the Options pursuant to this Section 7.1(d). Options which are transferred pursuant to this Section 7.1(d) shall be exercisable by the transferee according to the same terms
and conditions as applied to the Participant (for example, such Options shall terminate automatically, upon the termination of employment or service as a Director of the Participant for Cause). 

(e) PAYMENT. An Option shall be exercised by giving a written notice to the Chief Executive Officer of the Bank stating the number of shares
of Stock with respect to which the Option is being exercised and containing such other information as the Committee may require and by tendering payment therefore with a cashier’s check, certified check, or with existing holdings of Stock held
for more than six months. In addition, if the terms of an Option so provide, the optionee may pay the exercise price by directing the Bank to withhold from those shares of Common Stock that would otherwise be received upon the exercise of the Option
that number of shares of Common Stock having an aggregate fair market value as of the date of exercise equal to the Option’s exercise price, or the applicable portion of the Option’s exercise price if the Option is not exercised in full.
The shares of Common Stock so withheld shall not be deemed to have been issued for purposes of the aggregate-share limitation set forth in Section 4, above. 

(f) EVIDENCE OF GRANT. All Options shall be evidenced by an Award Agreement. The Award Agreement shall include such additional provisions as
may be specified by the Committee. 
 7.2 INCENTIVE STOCK OPTIONS. Incentive Stock Options shall be granted only to employees
of the Bank or “subsidiary corporations” with respect to the Bank, within the meaning of Section 424 of the Code, and the terms of any Incentive Stock Options granted under the Plan must comply with the following additional rules,
which in case of conflict shall control over other provisions of this Plan that might otherwise be applicable. 
 (a) EXERCISE. In no event
may any Incentive Stock Option be exercisable for more than ten years from the date of its grant. 
 (b) INDIVIDUAL DOLLAR LIMITATION. The
aggregate Fair Market Value (determined as of the time an Award is made) of all shares of Stock with respect to which Incentive Stock Options are first exercisable by a Participant in any calendar year may not exceed $100,000.00 or such other
limitation as imposed by Section 422(d) of the Code, or any successor provision. To the extent that Incentive Stock Options are first exercisable by a Participant in excess of such limitation, the excess shall be considered Non-Qualified Stock Options. 
 (c) TEN PERCENT OWNERS. An Incentive Stock Option shall be granted to any
individual who, at the date of grant, owns stock possessing more than ten percent of the total combined voting power of all classes of Stock of the Bank only if such Option is granted at a price that is not less than 110% of Fair Market Value on the
date of grant and the Option is exercisable for no more than five years from the date of grant. 
 (d) RIGHT TO EXERCISE. During a
Participant’s lifetime, an Incentive Stock Option may be exercised only by the Participant. 
 7.3 SPECIAL PROVISION FOR EARLY
EXERCISE OR FORFEITURE OF STOCK OPTIONS. Notwithstanding any other provision of this Plan or the terms of any Option, in the event the Bank’s primary federal banking regulator shall have notified the Bank in writing that the Bank’s
capital has fallen below minimum requirements and directs the Bank in writing to do so, the Bank shall be entitled, by written notice, to notify holders of outstanding, unexercised Options to exercise their Options within a stated

  
 -6- 

 
period (not less than 30 days) or else forfeit their Option rights. If in such circumstances the Bank so notifies a holder of an Option and the holder does not exercise the Option within the
period stated in the Bank’s notice, the Option shall automatically expire and the holder shall be deemed to have forfeited all rights under the Option. 

ARTICLE 8 
 STOCK AWARDS

 8.1 GRANT OF STOCK. The Committee is authorized to grant Unrestricted Stock Awards and Restricted Stock Awards to
Participants in such amounts and subject to such terms and conditions as determined by the Committee. All such Awards shall be evidenced by an Award Agreement. 

8.2 ISSUANCE AND RESTRICTIONS. An Unrestricted Stock Award may provide for a transfer of shares of Stock to a Participant at the
time the Award is granted, or it may provide for a deferred transfer of shares of Stock subject to conditions prescribed by the Committee. Restricted Stock Awards shall be subject to such restrictions on transferability and risks of forfeiture as
the Committee may impose. These restrictions and risks may lapse separately or in combination at such times, under such circumstances, in such installments, or otherwise, as the Committee determines at the time of the grant of the Award or
thereafter. 
 8.3 FORFEITURE. Except as otherwise determined by the Committee at the time of the grant of the Award or
thereafter, upon termination of employment or service as a Director during the applicable restriction period, Stock subject to a Restricted Stock Award that is at that time subject to restrictions shall be forfeited, provided, however, that the
Committee may provide in any Restricted Stock Award that restrictions or forfeiture conditions relating to the Stock will be waived in whole or in part in the event of terminations resulting from specified causes, and the Committee may in other
cases waive in whole or in part restrictions or forfeiture conditions relating to the Stock. 
 8.4 CERTIFICATES FOR RESTRICTED
STOCK. Restricted Stock Awards granted under the Plan may be evidenced in such manner as the Committee shall determine. If certificates representing shares of Stock subject to Restricted Stock Awards are registered in the name of the
Participant, certificates must bear an appropriate legend referring to the terms, conditions, and restrictions applicable to such shares, and the Bank may, at its discretion, retain physical possession of the certificate until such time as all
applicable restrictions lapse. 
 ARTICLE 9 

PERFORMANCE-BASED AWARDS 

9.1 PURPOSE. The purpose of this Article is to provide the Committee the ability to qualify the Awards under Article 8 as
“performance-based compensation” under Section 162(m) of the Code. If the Committee, in its discretion, decides to grant a Performance-Based Award to a Covered Employee, the provisions of this Article shall control over any contrary
provision contained in Article 8. 
 9.2 APPLICABILITY. This Article shall apply only to those Covered Employees selected by
the Committee to receive Performance-Based Awards. The Committee may, in its discretion, grant Awards other than Performance-Based Awards to Covered Employees that do not satisfy the requirements of this Article. The designation of a Covered
Employee as a Participant for a Performance Period shall not in any manner entitle the Participant to receive an Award for the period. Moreover, designation of a Covered Employee as a Participant for a particular Performance Period shall not require
designation of such Covered Employee as a Participant in any subsequent Performance Period and designation of one Covered Employee as a Participant shall not require designation of any other Covered Employees as a Participant in such period or in
any other period. 

  
 -7- 

 9.3 DISCRETION OF COMMITTEE WITH RESPECT TO PERFORMANCE AWARDS. With regard to
a particular Performance Period, the Committee shall have full discretion to select the length of such Performance Period, the type of Performance-Based Awards to be issued, the kind and/or level of the Performance Goal, and whether the Performance
Goal is to apply to the Bank or any division or business unit thereof or to particular Participants or other individuals. 
 9.4
PAYMENT OF PERFORMANCE-BASED AWARDS. Unless otherwise provided in the relevant Award Agreement, a Participant must be employed by the Bank on the last day of the Performance Period to be eligible for a Performance-Based Award for such
Performance Period. In determining the actual size of an individual Performance-Based Award, the Committee may reduce or eliminate the amount of the Performance-Based Award earned for the Performance Period, if in its sole and absolute discretion,
such reduction or elimination is appropriate. 
 9.5 SHAREHOLDER APPROVAL. The Board shall disclose to the shareholders of the
Bank the material terms of any Performance-Based Award, and shall seek approval of the shareholders of the Performance-Based Award before any Stock is transferred to a Participant, or before any restrictions with respect to same lapse, pursuant to
the Award. The Committee shall certify that the Performance Goals with respect to any Performance-Based Award have been achieved before any Stock is transferred to a Participant, or before any restrictions with respect to same lapse. Such
disclosure, approval and certification shall be effected in accordance with the requirements of Section 162(m)(4)(C) of the Code. 

ARTICLE 10 
 PROVISIONS
APPLICABLE TO AWARDS 
 10.1 STAND-ALONE AND TANDEM AWARDS. Awards granted under the Plan may, in the discretion of the
Committee, be granted either alone, in addition to, or in tandem with, any other Award granted under the Plan. Awards granted in addition to or in tandem with other Awards may be granted either at the same time as or at a different time from the
grant of such other Awards. 
 10.2 EXCHANGE PROVISIONS. The Committee may at any time offer to exchange or buyout any
previously granted Award for a payment in cash, Stock, or another Award, based on the terms and conditions the Committee determines and communicates to the Participant at the time the offer is made. 

10.3 TERM OF AWARD. The term of each Award shall be for the period as determined by the Committee, provided that in no event
shall the term of any Incentive Stock Option exceed a period of ten years from the date of its grant. 
 10.4 LIMITS ON
TRANSFER. No right or interest of a Participant in any Award may be pledged, encumbered, or hypothecated to or in favor of any party other than the Bank, or shall be subject to any lien, obligation, or liability of such Participant to any
other party other than the Bank; provided, however, that the foregoing shall not be deemed to imply any obligation of the Bank to lend against or accept a lien or pledge of any Award for any reason. No Award shall be assignable or transferable by a
Participant other than by will or the laws of descent and distribution, except that the Committee, in its discretion, may permit a Participant to make a gratuitous transfer of an Award that is not an Incentive Stock Option to his or her spouse,
lineal descendants, lineal ascendants, or a duly established trust for the benefit of one or more of these individuals. 

  
 -8- 

 10.5 BENEFICIARIES. Notwithstanding Section 10.4, a Participant may, if
and to the extent, and in such manner as may be determined by the Committee from time to time, designate a beneficiary to exercise the rights of the Participant and to receive any distribution with respect to any Award upon the Participant’s
death. A beneficiary, legal guardian, legal representative, or other person claiming any rights under the Plan is subject to all terms and conditions of the Plan and any Award applicable to the Participant, except to the extent the Plan and Award
otherwise provide, and to any additional restrictions deemed necessary or appropriate by the Committee. If no beneficiary has been designated or survives the Participant, payment shall be made to the Participant’s estate. Subject to the
foregoing, if a Participant is entitled to designate a beneficiary, a beneficiary designation may be changed or revoked by a Participant at any time in accordance with any procedures or conditions established by the Committee from time to time,
provided the change or revocation is filed with the Committee. 
 10.6 STOCK CERTIFICATES. Notwithstanding anything herein to
the contrary the Bank shall not be required to issue or deliver any certificates evidencing shares of Stock pursuant to the exercise of any Awards, unless and until the Board has determined, with advice of counsel, that the issuance and delivery of
such certificates is in compliance with all applicable law, regulations of governmental authorities and, if applicable, the requirements of any exchange on which the shares of Stock are listed or traded as well as the terms of this Plan and any
other terms, conditions or restrictions that may be applicable. All Stock certificates delivered under the Plan are subject to any stop-transfer orders and other restrictions as the Committee deems necessary or advisable to comply with Federal,
state, or foreign jurisdiction, securities or other laws, rules and regulations and the rules of any national securities exchange or automated quotation system on which the Stock is listed, quoted, or traded. The Committee may place legends on any
Stock certificate to reference restrictions applicable to the Stock. In addition to the terms and conditions provided herein, the Board may require that a Participant make such reasonable covenants, agreements, and representations as the Board, in
its discretion, deems advisable in order to comply with any such laws, regulations, or requirements. 
 ARTICLE 11 

CHANGES IN CAPITAL STRUCTURE 

11.1 GENERAL. 
 (a)
SHARES AVAILABLE FOR GRANT. In the event of any change in the number of shares of Stock outstanding by reason of any stock dividend or split, recapitalization, merger, consolidation, combination or exchange of shares or similar corporate change, the
maximum aggregate number of shares of Stock with respect to which the Committee may grant Awards shall be appropriately adjusted. In the event of any change in the number of shares of Stock outstanding by reason of any other event or transaction,
the Committee may, but need not, make such adjustments in the number and class of shares of Stock with respect to which Awards may be granted as the Committee may deem appropriate. 

(b) OUTSTANDING AWARDS–INCREASE OR DECREASE IN ISSUED SHARES WITHOUT CONSIDERATION. Subject to any required action by the shareholders of
the Bank, in the event of any increase or decrease in the number of issued shares of Stock resulting from a subdivision or consolidation of shares of Stock or the payment of a stock dividend (but only on the shares of Stock), or any other increase
or decrease in the number of such shares effected without receipt or payment of consideration by the Bank, the Committee shall proportionately adjust the number of shares of Stock subject to each outstanding Award and the exercise price per share of
Stock of each such Award. 
 (c) OUTSTANDING AWARDS–CERTAIN MERGERS. Subject to any required action by the shareholders of the Bank, in
the event that the Bank shall be the surviving corporation in any merger or consolidation (except a merger or consolidation as a result of which the holders of shares of Stock receive securities of another corporation), each Award outstanding on the
date of such merger or consolidation shall pertain to and apply to the securities which a holder of the number of shares of Stock subject to such Award would have received in such merger or consolidation. 

  
 -9- 

 (d) OUTSTANDING AWARDS–CERTAIN OTHER TRANSACTIONS. In the event of (i) a
dissolution or liquidation of the Bank, (ii) a sale of all or substantially all of the Bank’s assets, (iii) a merger or consolidation involving the Bank, or any other reorganization transaction (including without limitation the
formation of a holding company for the Bank) in which the Bank is the surviving corporation but the holders of share of Stock receive securities of another corporation and/or other property, including cash, the Committee shall, in its absolute
discretion, have the power to: 
 (1) cancel, effective immediately prior to the occurrence of such event, each Award outstanding
immediately prior to such event (whether or not then exercisable), and, in full consideration of such cancellation, pay to the Participant to whom such Award was granted an amount in cash, for each share of Stock subject to such Award, respectively,
equal to the excess of (A) the value, as determined by the Committee in its absolute discretion, of the property (including cash) received by the holder of a share of Stock as a result of such event over (B) the exercise of such Award; or

 (2) provide for the exchange of each Award outstanding immediately prior to such event (whether or not then exercisable) for an option,
a restricted or unrestricted stock award or a performance-based award with respect to, as appropriate, some or all of the property for which such Award is exchanged and, incident thereto, make an equitable adjustment as determined by the Committee
in its absolute discretion in the exercise price or value of the option, stock award or performance-based award or the number of shares or amount of-property subject to the option, stock award or
performance-based award or, if appropriate, provide for a cash payment to the Participant to whom such Award was granted in partial consideration for the exchange of the Award, or any combination thereof. 

(e) OUTSTANDING AWARDS–OTHER CHANGES. In the event of any other change in the capitalization of the Bank or corporate change other than
those specifically referred to in this Article, the Committee may, in its absolute discretion, make such adjustments in the number and class of shares subject to Awards outstanding on the date on which such change occurs and in the per share
exercise price of each Award as the Committee may consider appropriate to prevent dilution or enlargement of rights. 
 (f) NO ADDITIONAL
SHAREHOLDER APPROVAL REQUIRED IN CERTAIN CASES. Except to the extent required by applicable law, no adjustment in the number of shares subject to outstanding Awards, and no adjustment in the number of shares available for grant under this Plan,
shall require additional shareholder approval, and all such future adjustments shall be deemed approved by the approval of this Plan, to the extent that such adjustment, whether automatic or discretionary, is proportional to and accompanies an
equivalent adjustment in the number of shares held by the Bank’s shareholders. 
 (g) NO OTHER RIGHTS. Except as expressly provided in
the Plan, no Participant shall have any rights by reason of any subdivision or consolidation of shares of stock of any class, the payment of any dividend, any increase or decrease in the number of shares of stock of any class or any dissolution,
liquidation, merger, or consolidation of the Bank or any other corporation. Except as expressly provided in the Plan, no issuance by the Bank of shares of stock of any class, or securities convertible into shares of stock of any class, shall affect,
and no adjustment by reason thereof shall be made with respect to, the number of shares of Stock subject to an Award or the exercise price of any Award. 

  
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 ARTICLE 12 

AMENDMENT, MODIFICATION, AND TERMINATION 

12.1 AMENDMENT, MODIFICATION, AND TERMINATION. At any time and from time to time, the Board may terminate, amend or modify the
Plan; provided, however, that the Board shall not, without the affirmative vote of the holder of a majority of the shares of each class of voting stock of the Bank, make any amendment which would (i) abolish the Committee without designating
such other committee, change the qualifications of its members, or withdraw the administration of the Plan from its supervision, (ii) except strictly as and to the extent provided in this Plan and permitted by applicable law, increase the
maximum number of shares of Stock for which Awards may be granted under the Plan, (iii) amend the formula for determination of the exercise price of Options, (iv) extend the term of the Plan, and (v) amend the requirements as to the
employees eligible to receive Awards; and further provided that no other amendment shall be made without shareholder approval to the extent shareholder approval is necessary to comply with any applicable law, regulations or stock exchange rule. 

12.2 AWARDS PREVIOUSLY GRANTED. Except as otherwise provided in the Plan, no termination, amendment, or modification of the Plan
shall adversely affect in any material way any Award previously granted under the Plan, without the written consent of the Participant. 

ARTICLE 13 
 GENERAL
PROVISIONS 
 13.1 NO RIGHTS TO AWARDS. No Participant, employee, or other person shall have any claim to be granted any
Award under the Plan, and neither the Bank nor the Committee is obligated to treat Participants, employees, and other persons uniformly. 

13.2 NO STOCKHOLDERS RIGHTS. No Award gives the Participant any of the rights of a shareholder of the Bank unless and until
shares of Stock are in fact issued to such person in connection with such Award. 
 13.3 WITHHOLDING. The Bank shall have the
authority and the right to deduct or withhold, or require a Participant to remit to the Bank, an amount sufficient to satisfy Federal, state, and local taxes (including the Participant’s FICA obligation) required by law to be withheld with
respect to any taxable event arising as a result of this Plan. A Participant may elect to have the Bank withhold from those shares of Stock that would otherwise be received upon the exercise of any Option, a number of shares having a Fall’
Market Value equal to the minimum statutory amount necessary to satisfy the Bank’s applicable federal, state, local and foreign income and employment tax withholding obligations. 

13.4 NO RIGHT TO EMPLOYMENT OR SERVICES. Nothing in the Plan or any Award Agreement shall interfere with or limit in any way the
right of the Bank or any of its affiliates or subsidiaries to terminate any Participant’s employment or services at any time, nor confer upon any Participant any right to continue in the employ of the Bank. 

13.5 INDEMNIFICATION. To the extent allowable under applicable law, each member of the Committee or of the Board shall be
indemnified and held harmless by the Bank and any of its applicable subsidiaries from any loss, cost, liability, or expense that may be imposed upon or reasonably incurred by such member in connection with or resulting from any claim, action, suit,
or proceeding to which he or she may be a party or in which he or she may be involved by reason of any action or failure to act under the Plan and against and from any and all amounts paid by him or her in satisfaction of judgment in such action,
suit, or proceeding against him or her provided he or she gives the Bank an opportunity, at its own expense, to handle and defend the same before he or she undertakes to handle and defend it on his or her own behalf.

  
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The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which such persons may be entitled under the Bank’s or any of its applicable
subsidiaries’ Articles of Incorporation or Bylaws, as a matter of law, or otherwise, or any power that the Bank or any of its applicable subsidiaries may have to indemnify them or hold them harmless. 

13.6 FRACTIONAL SHARES. No fractional shares of Stock shall be issued and the Committee shall determine, in its discretion,
whether cash shall be given in lieu of fractional shares or whether such fractional shares shall be eliminated by rounding up or down as appropriate. 

13.7 GOVERNMENT AND OTHER REGULATIONS. The obligation of the Bank to make payment of awards in Stock or otherwise shall be
subject to all applicable laws, rules, and regulations, and to such approvals by government agencies as may be required. The Bank shall be under no obligation to register, under the Securities Act of 1933, as amended, or any other federal or state
securities laws, any of the shares of Stock paid under the Plan. If the shares paid under the Plan may in certain circumstances be exempt from registration under the Securities Act of 1933, as amended, or applicable state laws, the Bank may restrict
the transfer of such shares in such manner as it deems advisable to ensure the availability of any such exemption. 
 13.8 GOVERNING
LAW. The Plan and the terms of all Awards shall be construed in accordance with and governed by the laws of the Commonwealth of Pennsylvania without regard to rules of choice of law or conflict of laws, except to the extent such laws may be pre-empted by the federal laws of the United States of America. 

  
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