Document:

EX-10.21

Exhibit 10.21

Community Bank of Tri-County

Salary Continuation Agreement 

SECOND AMENDMENT

TO THE

COMMUNITY BANK OF TRI-COUNTY

SALARY CONTINUATION AGREEMENT

DATED AUGUST 21, 2006

AND AMENDED ON APRIL 16, 2007

FOR

GREGORY C. COCKERHAM

     THIS
SECOND AMENDMENT is adopted this 30th day of December, 2007, by and between Community
Bank of Tri-County, a state-chartered commercial bank located in Waldorf, Maryland (the “Company”)
and Gregory C. Cockerham (the “Executive”).

     The Company and the Executive executed the Salary Continuation Agreement on August 21, 2006
effective January 1, 2006 a First Amendment on April 16, 2007 (the “Agreement”).

     The undersigned hereby amend the Agreement for the purpose of changing the Change in Control
definition and updating the plan termination provision. Therefore, the following changes shall be
made:

     Section 1.4 of the Agreement shall be deleted in its entirety and replaced with the following:

	1.4	 	“Change in Control” means a change in the ownership or effective control of the Bank,
or in the ownership of a substantial portion of the assets of the Bank, as such change is
defined in Code Section 409A and regulations thereunder.

     Section 8.3 of the Agreement shall be deleted in its entirety and replaced with the following:

	8.3	 	Plan Terminations Under Section 409A. Notwithstanding anything to the contrary in
Section 8.2, if the Company terminates this Agreement in the following circumstances:

	 	(a)	 	Within thirty (30) days before, or twelve (12) months after a Change in
Control, provided that all distributions are made no later than twelve (12) months
following such termination of the Agreement and further provided that all the Company’s
arrangements which are substantially similar to the Agreement are terminated so the
Executive and all participants in the similar arrangements are required to receive all
amounts of compensation deferred under the terminated arrangements within twelve (12)
months of the termination of the arrangements;
	 
	 	(b)	 	Upon the Company’s dissolution or with the approval of a bankruptcy court
provided that the amounts deferred under the Agreement are included in the
Executive’s gross income in the latest of (i) the calendar year in which the
Agreement terminates; (ii) the calendar year in which the amount is no longer
subject to a substantial risk of forfeiture; or (iii) the first calendar year in
which

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Community Bank of Tri-County

Salary Continuation Agreement 

	 	 	 	the distribution is administratively practical; or
	 
	 	(c)	 	Upon the Company’s termination of this and all other arrangements that would be
aggregated with this Agreement pursuant to Treasury Regulations Section 1.409A-1(c) if
the Executive participated in such arrangements (“Similar Arrangements”), provided that
(i) the termination and liquidation does not occur proximate to a downturn in the
financial health of the Company, (ii) all termination distributions are made no earlier
than twelve (12) months and no later than twenty-four (24) months following such
termination, and (iii) the Company does not adopt any new arrangement that would be a
Similar Arrangement for a minimum of three (3) years following the date the Company
takes all necessary action to irrevocably terminate and liquidate the Agreement;

the Company may distribute the amount which the Company has accrued with respect to the
Company’s obligations hereunder, determined as of the date of the termination of the
Agreement, to the Executive in a lump sum subject to the above terms.

     IN WITNESS OF THE ABOVE, the Company and the Executive hereby consent to this Second
Amendment.

	 	 	 	 	 	 	 	 	 
	Executive:	 	Community Bank of Tri-County	 	 
	 
	 	 	 	 	 	 	 	 
	/s/ Gregory C. Cockerham 

	 	By	 	/s/
Michael L. Middleton 	 	 
	 

Gregory C. Cockerham

	 	 	 	
Title	 	President 	 	 

2EX-10.22

Exhibit 10.22

Community Bank of Tri-Country

Salary Continuation Agreement

 

FIRST AMENDMENT

TO THE

COMMUNITY BANK OF TRI-COUNTY

SALARY CONTINUATION AGREEMENT

DATED AUGUST 21, 2006

FOR

WILLIAM J. PASENELLI

     THIS FIRST AMENDMENT
is adopted this 13th day of April, 2007, by and between Community
Bank of Tri-County, a state-chartered commercial bank located in Waldorf, Maryland (the “Company”)
and William J. Pasenelli (the “Executive”).

     The Company and the Executive executed the Salary Continuation Agreement on August 21, 2006
effective January 1, 2006 (the “Agreement”).

     The undersigned hereby amend the Agreement for the purpose of changing the Disability and
Change in Control benefit amounts. Therefore, the following changes shall be made:

     Section 2.3.1 of the Agreement shall be deleted in its entirety and replaced with the
following:

	2.3.1	 	Amount of Benefit. The benefit under this Section 2.3 is the Disability Benefit set
forth on Schedule A for the Plan Year ending prior to Separation from Service.

     Section 2.4.1 of the Agreement shall be deleted in its entirety and replaced with the
following:

	2.4.1	 	Amount of Benefit. The benefit under this Section 2.4 is the Change in Control
Benefit set forth on Schedule A for the Plan Year ending prior to Separation from Service.

     Section 2.4.2 of the Agreement shall be deleted in its entirety and replaced with the
following:

	2.4.2	 	Distribution of Benefit. The Company shall distribute the benefit to the Executive
in one hundred eighty (180) consecutive monthly installments commencing the first day of the
month following Separation from Service.

     Section 2.7 of the Agreement shall be deleted in its entirety and replaced with the following:

	2.7	 	Change in Form or Timing of Distributions. For distribution of benefits under this
Article 2, the Executive and the Company may, subject to the terms of Section 8.1, amend the
Agreement to delay the timing or change the form of distributions. Any such amendment:

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Community Bank of Tri-Country

Salary Continuation Agreement

 

	 	(a)	 	may not accelerate the time or schedule of any distribution,
except as provided in Section 409A of the Code and the regulations thereunder;
	 
	 	(b)	 	must, for benefits distributable under Sections 2.2 and 2.3, be
made at least twelve (12) months prior to the first scheduled distribution;
	 
	 	(c)	 	must, for benefits distributable under Sections 2.1, 2.2, 2.3
and 2.4, delay the commencement of distributions for a minimum of five (5)
years from the date the first distribution was originally scheduled to be made;
and
	 
	 	(d)	 	must take effect not less than twelve (12) months after the
amendment is made.

     IN WITNESS OF THE ABOVE, the Company and the Executive hereby consent to this First Amendment.

	 	 	 	 	 	 	 
	Executive:	 	Community Bank of Tri-County
	 
	 	 	 	 	 	 
	/s/ William J. Pasenelli

	 	By	 	/s/ James M. Burke
	 	 	 	 	 
	William J. Pasenelli

	 	 	 	Title	 	Exec VIce President
	 

	 	 	 	 	 	 

2EX-10.23

Exhibit 10.23

Community Bank of Tri-County

Salary Continuation Agreement

 

SECOND AMENDMENT

TO THE

COMMUNITY BANK OF TRI-COUNTY

SALARY CONTINUATION AGREEMENT

DATED AUGUST 21, 2006

AND AMENDED APRIL 13, 2007

FOR

WILLIAM J. PASENELLI

     THIS
SECOND AMENDMENT is adopted this 30th day of December, 2007, by and between Community
Bank of Tri-County, a state-chartered commercial bank located in Waldorf, Maryland (the “Company”)
and William J. Pasenelli (the “Executive”).

     The Company and the Executive executed the Salary Continuation Agreement on August 21, 2006
effective January 1, 2006 and a First Amendment on April 13, 2007 (the “Agreement”).

     The undersigned hereby amend the Agreement for the purpose of changing the Change in Control
definition and updating the plan termination provision. Therefore, the following changes shall be
made:

     Section 1.4 of the Agreement shall be deleted in its entirety and replaced with the following:

	1.4	 	“Change in Control” means a change in the ownership or effective control of the Bank,
or in the ownership of a substantial portion of the assets of the Bank, as such change is
defined in Code Section 409A and regulations thereunder.

     Section 8.3 of the Agreement shall be deleted in its entirety and replaced with the following:

	8.3	 	Plan Terminations Under Section 409A. Notwithstanding anything to the contrary in
Section 8.2, if the Company terminates this Agreement in the following circumstances:

	 	(a)	 	Within thirty (30) days before, or twelve (12) months after a Change in
Control, provided that all distributions are made no later than twelve (12) months
following such termination of the Agreement and further provided that all the Company’s
arrangements which are substantially similar to the Agreement are terminated so the
Executive and all participants in the similar arrangements are required to receive all
amounts of compensation deferred under the terminated arrangements within twelve (12)
months of the termination of the arrangements;
	 
	 	(b)	 	Upon the Company’s dissolution or with the approval of a bankruptcy court
provided that the amounts deferred under the Agreement are included in the Executive’s
gross income in the latest of (i) the calendar year in which the
Agreement terminates; (ii) the calendar year in which the amount is no longer
subject to a substantial risk of forfeiture; or (iii) the first calendar year in
which

1

 

Community Bank of Tri-County

Salary Continuation Agreement

 

	 	 	 	the distribution is administratively practical; or
	 
	 	(c)	 	Upon the Company’s termination of this and all other arrangements that would be
aggregated with this Agreement pursuant to Treasury Regulations Section 1.409A-1(c) if
the Executive participated in such arrangements (“Similar Arrangements”), provided that
(i) the termination and liquidation does not occur proximate to a downturn in the
financial health of the Company, (ii) all termination distributions are made no earlier
than twelve (12) months and no later than twenty-four (24) months following such
termination, and (iii) the Company does not adopt any new arrangement that would be a
Similar Arrangement for a minimum of three (3) years following the date the Company
takes all necessary action to irrevocably terminate and liquidate the Agreement;

	 	 	the Company may distribute the amount which the Company has accrued with respect to the
Company’s obligations hereunder, determined as of the date of the termination of the
Agreement, to the Executive in a lump sum subject to the above terms.

     IN WITNESS OF THE ABOVE, the Company and the Executive hereby consent to this Second
Amendment.

	 	 	 	 	 	 	 	 	 	 
	Executive:	 	 	 	Community Bank of Tri-County	 
	 
	 	 	 	 	 	 	 	 	 
	/s/ William J. Pasenelli

	 	 	 	By	 	/s/ Michael L. Middleton 	 
	 	 	 	 	 	 	 	 
	William J. Pasenelli

	 	 	 	 	 	Title	 	President	 
	 

	 	 	 	 	 	 	 	 	 

2

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