Document:

Exhibit 10.49

 

 

 

December 17, 2013

 

John Inserra

215 South Albert Street

Mount Prospect, IL 60068

 

Dear Mr Inserra:

 

On behalf of The ONE Group (the “Company”),
it is our pleasure to offer you the position of Chief Operating Officer. We are excited about the opportunity to build an
iconic hospitality company with your help and leadership. This letter sets forth the terms and conditions of your employment with
the Company. Please review carefully and contact me if you have any questions.

 

 

		Title:	Chief Operating Officer

 

		Reporting to:	Chief Executive Officer

 

		Start Date:	Mutually agreed upon date

 

		Base Salary:	Your initial base salary will be at an annualized rate
of $350,000.00 less applicable tax and other withholdings. Salary is payable according to the Company’s regular payroll
schedule.

 

		Annual Bonus:	You will be eligible for an annual bonus of 50% of base
at target for each calendar year of employment with the Company, subject to performance measured against budget to be established
by the Company’s Board of Directors (the “Board”).

 

		Sign on Bonus:	$100,000.00 paid during your first week of employment
less applicable tax and other withholdings.

 

		Stock Options:	As a senior member of our team, you will granted 200,000
stock options; five year equal vesting cycle with immediate accelerated vesting upon a change of control.

 

© 2013
by The ONE Group, LLC

    	 

    	 

    

 

 

 

		Benefits:	As ONE Group salaried employee, you are eligible for the current, standard
company health, life, disability, dental and vision coverage will be available on the 1st of the month following 90
days of employment. In addition to information below, we will provide you full detailed information regarding coverage.** The Company
is willing to reimburse COBRA payments until you are fully eligible for The ONE Group insurance benefits. A portion of premium
cost for single coverage will be covered by the company with additional dependent coverage available at a cost as outlined in provided
documentation.

 

			As a senior level executive, you will also receive Armada Care Executive
Health benefits, for yourself and your family, at no cost to you.

 

			Company offers short term and long term disability at 60% of base salary
up to a $1,500.00 weekly maximum on short term disability and up to $10,000.00 maximum on long term disability.

 

			Company offers Group Life and Accidental Death and Dismemberment Insurance.
Benefit amount is $50,000.00

 

			Company will purchase life insurance at one time (1X) base salary

 

			After ninety days of employment, employee can enroll in the Company’s
401k plan.

 

			**Note: The ONE Group’s human resources representatives as well as
insurance representatives are available to explain and answer any questions regarding the details of coverage.

 

		Vacation:	Vacation is accrued at 3.077 hours per pay period, which is equivalent to
four weeks on an annual basis.

 

		Personal/Sick Days:	Personal/Sick days are allotted at 5 each calendar year.

 

		Relocation:	The Company will contribute to reasonable relocation expenses.

 

		Expenses:	Normal and reasonable expenses will be reimbursed on a monthly basis per
company policy and upon completion of the appropriate expense request form. Reasonable expenses include but not limited to phone,
computer, and technology expenses.

 

			The Company will reimburse four (4) round trip airplane tickets to be used
at your discretion.

 

© 2013
by The ONE Group, LLC

    	 

    	 

    

 

 

		Severance:	If employee is let go by the company for any reason other than cause (ie.
violence, theft, fraudulent activities, harassment, etc.), the company will pay the executive six months of salary. Payment will
be in a lump sum upon termination or in regular pay periods over the six months.

 

			Severance will not be due to employee if he doesn’t move to New York
City after four years of employment if terminated with or without cause.

 

		Non-Compete:	You will need to sign a standard reasonable non-compete and non-solicitation
agreement.

 

John, we are extremely excited to have you join The ONE Group
team as we grow the organization. Your offer is contingent upon satisfactory completion of a background check and The ONE Group’s
standard public company director/officer questionnaire. We are confident of the positive impact you will make. If the terms described
above are acceptable, please sign below, return the original to me, and keep a copy for your records. We look forward to working
closely with you.

 

This offer is not intended to be a contractual
obligation to hire the individual indicated herein other than as an Employee-at-will. The company is not extending an employment
agreement to the prospective to employee, and if employed, the employee may be terminated at will and without further obligation
other than that as required pursuant to law.

 

 

Very truly yours,

 

/s/ Jonathan Segal

Jonathan Segal

Chief Executive Officer

The ONE Group

 

 

AGREED AND ACCEPTED:

 

 

	/s/ John Inserra	 	 	12/18/2013
	John Inserra	 	Date	 

 

 

© 2013
by The ONE Group, LLCOCEAN CITY HOME BANK

SUPPLEMENTAL SALARY CONTINUATION AGREEMENT

 

THIS
AGREEMENT (“Agreement”) is entered into on January 21, 2014 by and between OCEAN CITY HOME BANK, a
federal stock savings bank located in Ocean City, New Jersey (the “Bank”), and STEVEN E. BRADY (the
“Executive”).

 

INTRODUCTION

 

To encourage the Executive
to remain an employee of the Bank and to ensure parity in the retirement benefits available to the Executive relative to other
employees of the Bank, the Bank is willing to provide an additional salary continuation benefit to the Executive. The Bank will
pay the benefits from its general assets.

 

AGREEMENT

 

The Executive and the
Bank agree as follows:

 

Article 1

Definitions

 

1.
1Definitions. Whenever used in this Agreement, the following words and phrases shall have the meanings specified:

 

“Benefit Amount”
means an annual benefit of $45,000.

 

“Cause”
shall mean termination because of the Executive’s personal dishonesty, incompetence, willful misconduct, breach of fiduciary
duty involving personal profit, intentional failure to perform stated duties, willful violation of any law, rule or regulation
(other than traffic violations or similar infractions) or a final cease-and-desist order.

 

“Change in
Control” means a change in control as defined in Internal Revenue Section 409A of the Code and rules, regulations, and
guidance of general application thereunder issued by the Department of the Treasury, including:

 

		(i)	Change in ownership: a change in ownership of the Company or the Bank 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

 

		(ii)	Change in effective control: (x) any one person or more than one person acting as
a group acquires within a 12-month period ownership of Company stock possessing 30% or more of the total voting power of Company
stock, or (y) a majority of the Company’s or the Bank’s board of directors is replaced during any 12-month period
by directors whose appointment or election is not endorsed in advance by a majority of the Company’s or the Bank’s
board of directors, or

 

    	 

    	 

    

 

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

 

“Code”
means the Internal Revenue Code of 1986, as amended.

 

“Company”
means Ocean Shore Holding Co. or its successors.

 

“Disability”
means a physical or mental condition which constitutes a disability within the meaning of Section 22(e)(3) of the Internal Revenue
Code of 1986, as amended.

 

“Normal Retirement
Age” means the Executive’s 65th birthday.

 

“Normal Retirement
Date” means the later of the Normal Retirement Age or the date of the Executive’s termination of employment.

 

“Plan Year”
means the calendar year.

 

“Separation
from Service” means a termination of the Executive’s services (whether as an employee or as an independent
contractor) to the Bank. Whether a Separation from Service has occurred shall be determined in accordance with the requirements
of Section 409A of the Code based on whether the facts and circumstances indicate that the Bank and the Executive reasonably anticipated
that no further services would be performed after a certain date or that the level of bona fide services the Executive would performed
after a certain date or (whether as an employee or as an independent contractor) would permanently decrease to no more than twenty
percent (20%) of the average level of bona fide services performed (whether as an employee or an independent contractor) over the
immediately preceding thirty-six (36) month period.

 

“Year of Service”
means each twelve (12) month period after the effective date of this Plan during which the Executive is employed on a full-time
basis by the Bank, with a minimum of 1,000 hours of service, inclusive of any approved leaves of absence.

 

Article 2

Lifetime Benefits

 

2.1Normal Retirement Benefit.
Following the Executive’s Separation from Service on or after the Normal Retirement Age for reasons other than death, the
Bank shall pay to the Executive the benefit described in this Section 2.1.

 

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2.1.1Amount
of Benefit. The monthly benefit under this Section 2.1 is the Benefit Amount.

 

2.1.2Payment
of Benefit. The Bank shall pay the benefit to the Executive in monthly installments on the first day of each month commencing
with the month following the Normal Retirement Date and continuing for the Executive’s life with a guaranteed payment of
240 months.

 

2.2Early Termination Benefit.
Following the Executive’s Separation from Service before the Normal Retirement Date for reasons other than Cause, death or
Disability, the Bank shall pay to the Executive the benefit described in this Section 2.2.

 

2.2.1Amount
of Benefit. The benefit under this Section 2.2 is the Benefit Amount multiplied by a fraction, the numerator of which is the
Executive’s actual Years of Service (including partial Years of Service) from and after the effective date of this Agreement
and the denominator of which is the Executive’s Years of Service determined as if the Executive had continued employment
to the anniversary of the effective date occurring in the Plan Year in which the Executive will attain age Normal Retirement Age.

 

2.2.2Payment
of Benefit. The Bank shall pay the benefit to the Executive in monthly installments on the first day of each month commencing
with the month following the Executive’s Separation from Service for reasons set forth in Section 2.2 and continuing for
the Executive’s life with a guaranteed payment of 240 months.

 

2.3Disability Benefit. Following
the Executive’s Separation from Service before the Normal Retirement Age due to the Executive’s Disability, the Bank
shall pay to the Executive the benefit described, in this Section 2.3.

 

2.3.1Amount
of Benefit. The benefit under this Section 2.3 is the benefit calculated under Section 2.1.1 as if the date of the Executive’s
Separation from Service were the Normal Retirement Date.

 

2.3.2Payment
of Benefit. The Bank shall pay the benefit to the Executive in monthly installments on the first day of each month commencing
with the month following the month in which Executive attains his Normal Retirement Age and continuing for the Executive’s
life with guaranteed payment of 240 months.

 

2.4Change in Control Benefit.
Upon the Executive’s Separation from Service before the Normal Retirement Age following a Change in Control, the Bank shall
pay to the Executive the benefit described, in this Section 2.4.

 

2.4.1Amount
of Benefit. The benefit under this Section 2.4 is the Benefit Amount.

 

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2.4.2 Payment of Benefit. The Bank shall pay the benefit to the Executive in monthly installments on the first day of each
month commencing with the month following the date of the Executive’s Separation from Service for reasons set forth in Section
2.4 and continuing for the Executive’s life with a guaranteed payment of 240 months.

 

2.5Notwithstanding any provision
of this Agreement to the contrary, the Bank shall not pay any benefit under this Agreement if the Bank terminates the Executive’s
employment for Cause.

 

Article 3

Death Benefits

 

3.1Death During Active Service.
If the Executive dies while in the active service of the Bank, the Bank shall pay to the Executive’s beneficiary the benefit
described in this Section 3.1.

 

3.1.1Amount of Benefit.
The annual benefit under Section 3.1 is the Benefit Amount.

 

3.1.2Payment of Benefit.
The Bank shall pay the benefit to the Beneficiary in monthly installments on the first of each month commencing with the month
following the Executive’s death and continuing for 239 additional monthly payments.

 

3.2Death During Benefit Period.
If the Executive dies after benefit payments have commenced under this Agreement but before receiving all guaranteed payments or
if the Executive had terminated employment due to Disability prior to his death and before Normal Retirement Age, the Bank shall
pay the remaining benefits to the Executive’s designated beneficiary at the same time they would have been paid to the Executive
had the Executive survived; provided, however, that if the Executive was entitled to a benefit under Section 2.3 of this Agreement,
such benefit shall be payable to the Executive’s designated beneficiary on the first day of the month commencing with the
month following the Executive’s death.

 

3.3Coordination of Benefits.
Notwithstanding anything in this Agreement to the contrary, no benefit shall be payable under this Article 3 or otherwise if, on
the date of the Executive’s death, Executive is eligible to receive benefits under a split dollar life insurance agreement
between the Executive and the Bank which is in effect on such date.

 

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Article 4

Beneficiaries

 

4.1Beneficiary Designations.
The Executive shall designate a beneficiary by filing a written designation with the Bank. The Executive may revoke or modify the
designation at any time by filing a new designation. However, designations will only be effective if signed by the Executive and
accepted by the Bank during the Executive’s lifetime. The Executive’s beneficiary designation shall be deemed automatically
revoked if the beneficiary predeceases the Executive, or if the Executive names a spouse as beneficiary and the marriage is subsequently
dissolved. If the Executive dies without a valid beneficiary designation, all payments shall be made to the Executive’s estate.

 

4.2Facility of Payment.
If a benefit is payable to a minor, to a person declared incompetent, or to a person incapable of handling the disposition of his
or her property, the Bank may pay such benefit to the guardian, legal representative or person having the care or custody of such
minor, incompetent person or incapable person. The Bank may require proof of incompetence, minority or guardianship as it may deem
appropriate prior to distribution of the benefit. Such distribution shall completely discharge the Bank from all liability with
respect to such benefit.

 

Article 5

Claims and Review Procedures

 

5.1Claims Procedure. The
Bank shall notify the Executive or Executive’s beneficiary in writing, within ninety (90) days of his or her written application
for benefits, of his or her eligibility or ineligibility for benefits under the Agreement. If the Bank determines that, the Executive
or Executive’s beneficiary is not eligible for benefits or full benefits, the notice shall set forth (1) the specific reasons
for such denial, (2) a specific reference to the provisions of the Agreement on which the denial is based, (3) a description of
any additional information or material necessary for the claimant to perfect his or her claim, and a description of why it is needed,
and (4) an explanation of the Agreement’s claims review procedure and other appropriate information as to the steps to be
taken if the Executive or Executive’s beneficiary wishes to have the claim reviewed. If the Bank determines that there are
special circumstances requiring additional time to make a decision, the Bank shall notify the Executive or Executive’s beneficiary
of the special circumstances and the date by which a decision is expected to be made, and may extend the time for up to an additional
ninety-day period.

 

5.2Review Procedure. If
the Executive or Executive’s beneficiary is determined by the Bank entitled to greater or different benefits, the Executive
or Executive’s beneficiary shall have the opportunity to have such claim reviewed by the Bank by filing a petition for review
with the Bank within sixty (60) days after receipt of the notice issued by the Bank. Said petition shall state the specific reasons
which the Executive or Executive’s beneficiary believes entitle him or her to benefits or to greater or different benefits.
Within sixty (60) days after receipt by the Bank of the petition, the Bank shall afford the Executive or Executive’s beneficiary
(and counsel, if any) an opportunity to present his or her position to the Bank orally or in writing, and the Executive or Executive’s
beneficiary (or counsel) shall have the right to review the pertinent documents. The Bank shall notify the Executive or Executive’s
beneficiary of its decision in writing within the sixty-day period, stating, specifically the basis of its decision, written in
a manner calculated to be understood by the Executive or Executive’s beneficiary and the specific provisions of the Agreement
on which the decision is based. If, because of the need for a hearing, the sixty-day period is not sufficient, the decision may
be deferred for up to another sixty-day period at the election of the Bank, but notice of this deferral shall be given to the Executive
or Executive’s beneficiary.

 

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Article 6

Amendments and Termination

 

This Agreement may
be amended or terminated only by a written agreement signed by the Bank and the Executive.

 

Article 7

Miscellaneous

 

7.1Binding Effect. This
Agreement shall bind the Executive and the Bank, and beneficiaries, survivors, executors, administrators and transferees. The Bank
or any parent of the Bank, acting on behalf of the Bank, shall require any successor or assignee, whether direct or indirect, by
purchase, merger, consolidation or otherwise, to all or substantially all the business or assets of the Bank, expressly and unconditionally
to assume and agree to perform the Bank’s obligations under this Agreement, in the same manner and to the same extent that
the Bank would be required to perform if no such succession or assignment had taken place.

 

7.2No Guarantee of Employment.
This Agreement is not an employment policy or contract. It does not give the Executive the right to remain an employee of the Bank,
nor does it interfere with the Bank’s right to discharge the Executive. It also does not require the Executive to remain
an employee nor interfere with the Executive’s right to terminate employment at any time.

 

7.3Non-Transferability.
Benefits under this Agreement cannot be sold, transferred, assigned, pledged, attached or encumbered in any, manner.

 

7.4Tax Withholding. The
Bank shall withhold any taxes that are required to be withheld from the benefits provided under this Agreement.

 

7.5 Applicable Law. The
Agreement and all rights hereunder shall be governed by the law the State of New Jersey, except to the extent preempted by the
laws of the United States of America.

 

7.6Unfunded Arrangement.
The Executive and beneficiary are general unsecured creditors of the Bank for the payment of benefits under this Agreement. The
benefits represent the mere promise by the Bank to pay such benefits. The rights to benefits are not subject in any manner to anticipation,
alienation, sale, transfer, assignment, pledge, encumbrance, attachment, or garnishment by creditors. Any insurance on the Executive’s
life is a general asset of the Bank to which the Executive and beneficiary have no preferred or secured claim.

 

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7.7Entire Agreement. This
Agreement constitutes the entire agreement between the Bank and the Executive as to the subject matter hereof. No rights are granted
to the Executive by virtue of this Agreement other than those specifically set forth herein. Notwithstanding the foregoing, the
benefit provided under this Agreement is in addition to the benefits provided to the Executive under his Amended and Restated Salary
Continuation Agreement dated as of June 18, 2008.

 

7.8Administration. The Bank
shall have powers which are necessary to administer this Agreement, including but not limited to:

 

7.7.1
Interpreting the provisions, of the Agreement;

 

7.7.2Establishing
and revising the method of accounting for the Agreement;

 

7.7.3Maintaining
a record of benefit payments; and

 

7.7.4
Establishing rules and prescribing any forms necessary or desirable to administer Agreement.

 

7.9Payment of Legal Fees.
All reasonable legal fees paid or incurred by the Executive pursuant to any dispute or question of interpretation relating to this
Agreement shall be paid or reimbursed by the Bank, if the Executive is successful pursuant to a legal judgment, arbitration or
settlement.

 

7.10Special Change of Control
Requirements. In the event of a Change in Control of the Bank or the Company, the Bank shall make contributions to an irrevocable
trust established with respect to this Agreement in an amount sufficient to fund the Executive’s benefits under this Agreement
(as determined by the Bank’s independent accountants), and, thereafter, the trustee of such trust shall be responsible for
the payment to the Executive of any benefits to which the Executive is or becomes entitled to receive under this Agreement; provided,
however, that to the extent the assets of the trust are at anytime insufficient to fund the Executive’s benefits, the payment
of such benefits shall remain an obligation of the Bank (or any successor thereto).

 

7.11Payment
to Specified Employee. For purposes of Section 409A, the Executive’s right to receive payments of compensation
pursuant to this Agreement shall be treated as a right to receive a series of separate payments and accordingly, each payment
shall at all times be considered a separate and distinct payment. If the Executive is a “specified employee” (determined
in accordance with Section 409A and Treas. Reg. Section 1.409A-3(i)(2)) as of the Executive’s Separation from
Service, and, if after taking into consideration the other exceptions to the application of Section 409A (such as the severance
pay exception or the short-term deferral exception) any payment, benefit or entitlement provided for in this Agreement or otherwise
both (i) constitutes a “deferral of compensation” within the meaning of and subject to Section 409A and
(ii) cannot be paid or provided in a manner otherwise provided herein without subjecting the Executive to additional tax
or interest (or both) under Section 409A, then any such payment, benefit or entitlement that is payable during the first
six (6) months following the Separation from Service shall be paid or provided to the Executive in a lump sum cash payment
to be made on the earlier of (i) the Executive’s death and (ii) the first business day of the seventh (7th) month
immediately following the Executive’s Separation from Service.

 

7.12Special Rules Relating to Section 409A of the Code.
The Bank intends this Agreement to conform in all respects with Section 409A of the Code in both form and operation. Notwithstanding
any other provision in this Agreement, the Bank reserves the right to amend any provision of the Agreement or take any other action
the Bank deems appropriate to ensure compliance with Section 409A of the Code, including altering the time and form of any distribution.

  

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IN WITNESS WHEREOF,
the Executive and a duly authorized Bank officer have signed this Agreement, all as of the date written above.

 

 

 

	 	OCEAN CITY HOME BANK
	 	 	 
	 	By:	/s/ Kim M. Davidson
	 	 	 
	 	Title:	Executive Vice President and Corporate Secretary
	 	 	 
	 	 	 
	 	/s/ Steven E. Brady
	 	Steven E. Brady

 

 

 

 

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