Document:

ex_174319.htm

Exhibit 4.1

 

DESCRIPTION OF THE REGISTRANT’S SECURITIES

 

As of February 27, 2020, Dorchester Minerals, L.P. (the “Partnership”) has one class of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which is the Partnership’s common units representing limited partnership interests (“Common Units”).

 

The following description of our Common Units is a summary and does not purport to be complete and is subject to and qualified in its entirety by reference to our Certificate of Limited Partnership, as amended (“Certificate”), and our Amended and Restated Agreement of Limited Partnership, as amended (“Partnership Agreement”), each of which are incorporated by reference as an exhibit to the Annual Report on Form 10-K of which this Exhibit 4.1 is a part. We encourage you to read our Certificate, our Partnership Agreement and the applicable provisions of Delaware Revised Uniform Limited Partnership Act, as amended (the “Delaware Act”), for additional information.

 

Listing

 

Our Common Units are listed on The NASDAQ Global Select Market under the trading symbol “DMLP”.

 

Common Units and General Partner Interest

 

The Common Units represent limited partnership interests in us. The holders of the Common Units are entitled to participate in partnership distributions and exercise the rights or privileges available to limited partners under our Partnership Agreement. Our general partner has an ownership interest in the Partnership that entitles the general partner to (i) a 1% partnership interest and sharing percentage in each of the overriding royalty interests conveyed to the Partnership in connection with the combination transaction that occurred immediately prior to the effectiveness of the Partnership’s Registration Statement on Form S-4 (Registration No. 333-88282) and in any similar subsequently created overriding royalty interests and (ii) a 4% partnership interest and sharing percentage in all of our other assets, properties, obligations and liabilities and all our other items of revenue, cost and expense.

 

34,679,774 of our Common Units were outstanding as of February 27, 2020.

 

Holders of Common Units have no preemptive rights to purchase or subscribe for securities of the Partnership, and the Common Units are not convertible. The General Partner has a limited preemptive right pursuant to the Partnership Agreement, which it may from time to time assign to its affiliates, to purchase Partnership securities from the Partnership whenever, and on the same terms that, the Partnership issues Partnership securities to persons other than the General Partner and its affiliates, to the extent necessary to maintain the percentage interests of the general partner and its affiliates in the Partnership.

 

 

 

 

The Partnership may redeem a limited partner’s Common Units if a limited partner fails to furnish, within 30 days following a request made by the general partner in the circumstances set forth in the Partnership Agreement, a certification that such limited partner is qualified to own real property interests in jurisdictions in which the Partnership and any of its subsidiaries own real property or do business. In the event that the Partnership redeems a limited partner’s Common Units, the general partner shall give 30 days’ notice to such limited partner, pay such limited partner as consideration for such redemption the average daily closing price per Common Unit for the 20 consecutive trading days immediately prior to the redemption date upon surrender of the certificate evidencing the Common Units endorsed in blank, and such redeemed Common Units shall no longer constitute outstanding Common Units.

 

We distribute to our general partner and limited partners according to their respective percentage interests, within 45 days of the end of each fiscal quarter, an amount equal to all “available cash” with respect to that quarter. Available cash means all cash and cash equivalents on hand at the end of that quarter (other than cash proceeds received by the Partnership from a public or private offering of securities of the Partnership), less any amount of cash reserves that our general partner determines is necessary or appropriate to provide for the conduct of our business or to comply with applicable law or agreements or obligations to which we are subject. The Delaware Act generally prohibits any distribution to partners if, after giving effect to the distribution, all liabilities of the partnership exceed the fair value of the assets of the partnership. In the event of a liquidation or dissolution of our Partnership, available cash will be deemed to be zero in the quarter in which the events giving rise to the liquidation or dissolution occur and in subsequent quarters. Our general partner may treat taxes that we pay on behalf of, or amounts withheld with respect to, our general partner or limited partners as a distribution of available cash to those partners.

 

Transfer of Common Units

 

A transfer of a Common Unit will not be recorded by the Partnership’s transfer agent or recognized by us unless the transferee executes and delivers a transfer application, or is deemed to have done so. By executing and delivering a transfer application, the transferee, or deemed transferee of Common Units:

 

	 	
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			becomes the record holder of the Common Units and is an assignee until admitted into our Partnership as a substituted limited partner;

			

 

	 	
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			automatically requests admission as a substituted limited partner in the Partnership;

			

 

	 	
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			agrees to be bound by the terms and conditions of, and executed, our Partnership Agreement;

			

 

	 	
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			represents that the transferee has the capacity, power and authority to enter into the Partnership Agreement;

			

 

	 	
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			grants powers of attorney to officers of our general partner and any liquidator of us as specified in the Partnership Agreement; and

			

 

	 	
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			makes the consents and waivers contained in the Partnership Agreement.

			

 

An assignee will become a substituted limited partner of the Partnership for the transferred Common Units upon the consent of our general partner and the recording of the name of the assignee on our books and records. The general partner may withhold its consent in its sole discretion.

 

 

 

 

A transferee’s broker, agent or nominee may complete, execute and deliver a transfer application. We are entitled to treat the nominee holder of a Common Unit as the absolute owner. In that case, the beneficial holder’s rights are limited solely to those that it has against the nominee holder as a result of any agreement between the beneficial owner and the nominee holder.

 

Common Units are securities and are transferable according to the laws governing the transfer of securities. In addition to other rights acquired upon transfer, the transferor gives the transferee the right to request admission as a substituted limited partner in our partnership for the transferred Common Units. A purchaser or transferee of Common Units that does not execute and deliver a transfer application, or is not deemed to have done so, obtains only:

 

	 	
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			the right to assign the Common Unit to a purchaser or other transferee; and

			

 

	 	
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			the right to transfer the right to seek admission as a substituted limited partner in our partnership for the transferred Common Units.

			

 

Thus, a purchaser or transferee of Common Units who does not execute and deliver a transfer application, or is not deemed to have done so:

 

	 	
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			will not receive cash distributions or federal income tax allocations, unless the Common Units are held in a nominee or “street name” account and the nominee or broker has executed and delivered a transfer application; and

			

 

	 	
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			may not receive some federal income tax information or reports furnished to record holders of Common Units.

			

 

The transferor of Common Units has a duty to provide the transferee with all information that may be necessary to transfer the Common Units. The transferor does not have a duty to ensure the execution of the transfer application by the transferee and has no liability or responsibility if the transferee neglects or chooses not to execute and forward the transfer application to the transfer agent.

 

Until a Common Unit has been transferred on our books, we and the transfer agent, may treat the record holder of the Common Unit as the absolute owner for all purposes, except as otherwise required by law or stock exchange regulations.

 

Voting Rights

 

Except as described below regarding a person or group owning 20% or more of any class of units then outstanding, unitholders or assignees who are record holders of Common Units on the record date will be entitled to notice of, and to vote at, meetings of our limited partners and to act upon matters for which approvals may be solicited. Common Units that are owned by an assignee who is a record holder, but who has not yet been admitted as a limited partner, will be voted by the general partner at the written direction of the record holder. Absent direction of this kind, the Common Units will not be voted, except that, in the case of Common Units held by the general partner on behalf of non-citizen assignees, the general partner will distribute the votes on those Common Units in the same ratios as the votes of limited partners on other units are cast.

 

 

 

 

The general partner does not anticipate that any meeting of unitholders will be called in the foreseeable future, other than the annual meeting of unitholders. Any action that is required or permitted to be taken by the unitholders may be taken either at a meeting of the unitholders or without a meeting if consents in writing describing the action so taken are signed by holders of the number of units as would be necessary to authorize or take that action at a meeting. Meetings of the unitholders may be called by the general partner or by unitholders owning at least 20% of the outstanding units of the class for which a meeting is proposed; provided that the limited partners are only entitled to call one special meeting every twelve months. Unitholders may vote either in person or by proxy at meetings. The holders of a majority of the outstanding units of the class or classes for which a meeting has been called, represented in person or by proxy, will constitute a quorum unless any action by the unitholders requires approval by holders of a greater percentage of the units, in which case the quorum will be the greater percentage.

 

Each record holder of a Common Unit has a vote according to its percentage interest in the Partnership. Common Units held in nominee or street name account will be voted by the broker or other nominee in accordance with the instruction of the beneficial owner unless the arrangement between the beneficial owner and his nominee provides otherwise.

 

Any notice, demand, request, report or proxy material required or permitted to be given or made to record holders of Common Units under the Partnership Agreement will be delivered to the record holder by us or by the Partnership’s transfer agent.

 

Summary of Certain Vote Requirements

 

The following is a summary of the approval thresholds for certain matters requiring unitholder approval under our Partnership Agreement:

 

	
			Issuance of additional Partnership securities

				
			No unitholder approval unless in a single transaction or series of related transactions any Partnership securities representing limited partner interests if, after giving effect to such issuance, such newly issued Partnership securities would represent over 40% of the outstanding limited partner interests.

			

 

 

 

 

	
			Issuance in a single transaction or series of related transactions Partnership securities representing over 40% of the outstanding limited partner interests after giving effect to such issuance

				
			Unit majority

			
	
			Amendment of the Partnership Agreement

				
			Certain amendments may be made by our general partner without the approval of the unitholders. Other amendments generally require the approval of a unit majority. A detailed explanation is included below.

			
	
			Sell, exchange or otherwise dispose of all or substantially all of our assets, including by way of merger, consolidation or other combination, or approving the sale, exchange or other disposition of all or substantially all of the assets of our subsidiaries

				
			Unit majority

			
	
			Dissolution

				
			Majority of outstanding limited partner interests

			
	
			Continuation of business after dissolution

				
			Unit majority

			
	
			Amount of compensation paid to appointed liquidator or successor liquidator

				
			Unit majority

			
	
			Removal of appointed liquidator

				
			Unit majority

			
	
			Issuance of Partnership securities having greater rights or powers than the Common Units, and any options, rights, warrants, and appreciation rights relating thereto

				
			Unit majority

			
	
			Actions in contravention of the Partnership Agreement

				
			Unanimous approval of holders of outstanding limited partnership interests

			
	
			Removal of the general partner

				
			Unit majority following receipt by the Partnership of an opinion of counsel covering the matters required by the Partnership Agreement

			
	
			Elect or cause the Partnership to elect a successor general partner of the Partnership, except as otherwise permitted under the Partnership Agreement

				
			Unit majority

			
	
			Causing the Partnership to obtain oil or gas property interests without meeting certain conditions set forth in the Partnership Agreement and explained in detail below

				
			Unit majority

			

 

 

 

 

Acquisition of Oil and Gas Property Interests

 

The approval of the holders of a majority of our outstanding Common Units is required for our general partner to cause us to acquire or obtain any oil and natural gas property interest, unless the acquisition is complementary to our business and is made:

 

	 	
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			in exchange for Partnership interests, including Common Units, not exceeding 40% of the outstanding limited partner interests after issuance;

			

 

	 	
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			in exchange for cash proceeds of any public or private offer and sale of Partnership securities or options, rights, warrants or appreciation rights relating thereto; or

			

 

	 	
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			in exchange for cash from the operations of the Partnership, if the aggregate cost of any acquisitions made for cash during the twelve month period ending on the first to occur of the execution of a definitive agreement for the acquisition or its consummation is no more than ten percent (10%) of our aggregate cash distributions for the four most recent fiscal quarters.

			

 

In the event that the Partnership acquires properties for a combination of cash from operations and partnership interests, (i) the operating cash component of the acquisition consideration shall be equal to or less than 5% of the aggregate cash distributions made by the Partnership for the four most recent fiscal quarters and (ii) the amount of Partnership interests to be issued in such acquisition, after giving effect to such issuance, shall not exceed 10% of the outstanding limited partner interests.

 

Amendment of the Partnership Agreement

 

General

 

Amendments to the Partnership Agreement may be proposed only by or with the consent of the general partner, which consent may be given or withheld in its sole discretion. In order to adopt a proposed amendment, other than the amendments discussed below, the general partner must seek written approval of the holders of the number of Common Units required to approve the amendment or call a meeting of the limited partners to consider and vote upon the proposed amendment. Except as described below, an amendment must be approved by a majority of the Common Units, unless a greater or different percentage is required.

 

 

 

 

 Prohibited Amendments

 

 No amendment may be made that would:

 

	 	
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			enlarge the obligations of any limited partner without its consent, unless approved by at least a majority of the type or class of limited partner interests so affected;

			

 

	 	
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			enlarge the obligations of, restrict in any way any action by or rights of, or reduce in any way the amounts distributable, reimbursable or otherwise payable by us to the general partner or any of its affiliates without the consent of the general partner, which may be given or withheld in its sole discretion;

			

 

	 	
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			change the term of the Partnership;

			

 

	 	
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			provide that our Partnership is not dissolved upon an election to dissolve our Partnership by the general partner that is approved by the holders of a majority of the outstanding Common Units; or

			

 

	 	
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			give any person the right to dissolve our Partnership other than the general partner's right to dissolve our Partnership with the approval of the holders of a majority of the outstanding Common Units.

			

 

The provision of the Partnership Agreement preventing the amendments having the effects described in the bullet points above can be amended upon the approval of the holders of at least 90% of the outstanding Common Units.

 

No Unitholder Approval

 

The general partner may generally make amendments to the Partnership Agreement without the approval of any limited partner or assignee to reflect:

 

	 	
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			a change in our name, the location of our principal place of business, our registered agent or our registered office;

			

 

	 	
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			the admission, substitution, withdrawal or removal of partners in accordance with the Partnership Agreement;

			

 

	 	
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			a change that, in the sole discretion of the general partner, is necessary or advisable for us to qualify or to continue our qualification as a limited partnership or a partnership in which the limited partners have limited liability under the laws of any state or to ensure that the partnership will not be treated as an association taxable as a corporation or otherwise taxed as an entity for federal income tax purposes;

			

 

	 	
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			an amendment that is necessary, in the opinion of our counsel, to prevent us or our general partner or its directors, officers, agents or trustees, from in any manner being subjected to the provisions of the Investment Company Act of 1940, the Investment Advisors Act of 1940, or “plan asset” regulations adopted under the Employee Retirement Income Security Act of 1974, whether or not substantially similar to plan asset regulations currently applied or proposed;

			

 

 

 

 

	 	
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			subject to the limitations on the issuance of additional Common Units or other limited or general partner interests described above, an amendment that in the discretion of the general partner is necessary or advisable for the authorization of additional limited or general partner interests;

			

 

	 	
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			any amendment expressly permitted in the Partnership Agreement to be made by the general partner acting alone;

			

 

	 	
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			any amendment effected, necessitated or contemplated by a merger agreement that has been approved under the terms of the Partnership Agreement;

			

 

	 	
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			any amendment that, in the discretion of the general partner, is necessary or advisable for the formation by us of, or our investment in, any corporation, partnership or other entity, as otherwise permitted by the Partnership Agreement;

			

 

	 	
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			a change in our fiscal year or taxable year and related changes, including a change in the definition of "Quarter" and the dates on which distributions are to be made by the Parternship; and

			

 

	 	
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			any other amendments substantially similar to any of the matters described in the immediately preceding bullet points above.

			

 

In addition, the general partner may make amendments to the Partnership Agreement without the approval of any limited partner or assignee if those amendments, in the discretion of the general partner:

 

	 	
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			do not adversely affect the limited partners in any material respect;

			

 

	 	
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			are necessary or advisable to satisfy any requirements, conditions or guidelines contained in any opinion, directive, order, ruling or regulation of any federal or state agency or judicial authority or contained in any federal or state statute;

			

 

	 	
			3)

				
			are necessary or advisable to effect a subdivision or combination of Common Units in accordance with the Partnership Agreement;

			

 

	 	
			4)

				
			are necessary or advisable to facilitate the trading of limited partner interests or to comply with any rule, regulation, guideline or requirement of any securities exchange on which the limited partner interests are or will be listed for trading, compliance with any of which the general partner deems to be in our best interest and the best interest of limited partners; or

			

 

	 	
			5)

				
			are required to effect the intent expressed in the Partnership's Registration Statement on Form S-4 (Registration No. 333-88282) or the intent of the provisions of the Partnership Agreement or are otherwise contemplated by the Partnership Agreement.

			

 

 Unitholder Approval

 

Any amendment that would have a material adverse effect on the rights or preferences of any type or class of outstanding units in relation to other classes of units will require the approval of at least a unit majority. Any amendment that reduces the voting percentage required to take action must be approved by the affirmative vote of limited partners constituting not less than the voting requirement sought to be reduced. Any amendment that the general partner believes, in the exercise of its reasonable discretion, could result in the delisting or suspension of trading of any class of limited partner interests on the principal National Securities Exchange on which such class of limited partner interests is then traded must be approved by the holders of at least a majority of the outstanding limited partner interests of such class, unless the Partnership has been approved for listing or trading on another National Securities Exchange.

 

 

 

 

Merger, Sale or Disposition of Assets

 

The Partnership Agreement generally prohibits the general partner, without the prior approval of the holders of Common Units representing a unit majority, from causing us to, among other things, sell, exchange or otherwise dispose of all or substantially all of our assets in a single transaction or a series of related transactions, including by way of merger, consolidation or other combination, or approving on our behalf the sale, exchange or other disposition of all or substantially all of the assets of our subsidiaries. If conditions specified in the Partnership Agreement are satisfied, the general partner may merge us or any of our subsidiaries into, or convey some or all of our assets to, a newly formed entity if the sole purpose of that merger or conveyance is to change our legal form into another limited liability entity. The unitholders are not entitled to dissenters’ rights of appraisal under the Partnership Agreement or applicable Delaware law in the event of a merger or consolidation, a sale of substantially all of our assets or any other transaction or event.

 

Termination and Dissolution

 

We will continue as a limited partnership until terminated under the Partnership Agreement. We will dissolve upon:

 

	 	
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			the approval by the holders of Common Units representing a unit majority;

			

 

	 	
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			the sale of all or substantially all of our assets and properties;

			

 

	 	
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			the entry of a decree of judicial dissolution of us; or

			

 

	 	
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			the withdrawal or removal of our general partner or any other event that results in its ceasing to be the general partner other than by reason of a transfer of its general partner interest in accordance with the Partnership Agreement or withdrawal or removal following approval and admission of a successor.

			

 

Upon a dissolution as described in the last bullet point above, the holders of Common Units representing a unit majority may also elect, within specific time limitations, to reconstitute us and continue our business on the same terms and conditions described in the Partnership Agreement by forming a new limited partnership on terms identical to those in the Partnership Agreement and having as general partner an entity approved by the holders of a majority of the outstanding Common Units, subject to our receipt of an opinion of counsel to the effect that (i) the action would not result in the loss of limited liability of any limited partner, and (ii) neither us or the reconstituted limited partnership would be treated as an association taxable as a corporation or otherwise be taxable as an entity for federal income tax purposes upon the exercise of that right to continue.

 

 

 

 

Liquidation and Distribution of Proceeds

 

Upon our dissolution, unless we are reconstituted and continued as a new limited partnership, the liquidator authorized to wind up our affairs will, acting with all of the powers of the general partner that the liquidator deems necessary or desirable in its judgment, liquidate our assets. The liquidator will pay off or make provision for the discharge of our debts and liabilities. Liabilities to creditors will be paid off before liabilities to partners. After the discharge of all liabilities, the liquidator will distribute to our partners the excess property and cash, if any, in accordance with and to the extent of their respective capital accounts, as determined after taking into account all capital account adjustments. In addition, the liquidator may dispose of our assets by public or private sale or by distribution in kind. The liquidator may defer liquidation of our assets for a reasonable period of time or distribute assets to partners in kind if it determines that a sale would be impractical or would cause undue loss to the partners.

 

Anti-Takeover Provisions

 

Our Partnership Agreement contains certain provisions that may be deemed to have an anti-takeover effect that could work to delay or frustrate the assumption of control of our Partnership.

 

Without obtaining approval of a majority of the outstanding Common Units, the Partnership may not issue in a single transaction or group of related transactions any Partnership securities representing limited partner interests if, immediately after giving effect to such issuance, such newly issued Partnership securities would represent over 40% of the outstanding limited partner interests.

 

Our general partner may not be removed as our general partner except upon approval by the affirmative vote of the holders of at least a majority of our outstanding Common Units (including Common Units owned by our general partner and its affiliates), subject to the satisfaction of certain conditions. Our general partner and its affiliates do not own sufficient Common Units to be able to prevent its removal as general partner, but they own sufficient Common Units to make the removal of our general partner by other unitholders difficult.EMPLOYMENT AGREEMENT

    BETWEEN

    BCB COMMUNITY BANK AND THOMAS COUGHLIN

    This Employment Agreement (the “Agreement”) is made effective as of January 1, 2020 (the “Effective Date”), by and
      between BCB BANCORP INC. and BCB COMMUNITY BANK, a New Jersey state-chartered bank (collectively the “Company” or the “Bank”), with its principal offices at Bayonne, New Jersey, and THOMAS COUGHLIN (“Executive”).

    WHEREAS, the
      Bank wishes to assure itself of the continued services of Executive for the period provided in this Agreement; and,

    WHEREAS, in
      order to induce Executive to remain in the employ of the Bank and to provide further incentive for Executive to achieve the financial and performance objectives of the Bank, the parties desire to enter into this Agreement; and,

    WHEREAS, the
      Bank desires to set forth the rights and responsibilities of Executive and the compensation payable to Executive, as modified from time to time.

    NOW, THEREFORE,
      in consideration of the mutual covenants herein contained, and upon the other terms and conditions hereinafter provided, the parties hereby agree as follows:

    
      	
              1.

            	
              POSITION AND RESPONSIBILITIES

            

    

    During the term of this Agreement, Executive agrees to serve as Chief Executive Officer and President of the Bank
      (the “Executive Position”), and will perform all duties and will have all powers associated with such position as set forth in the Job Description
      provided to Executive by the Bank and as may be set forth in the Bylaws of the Bank.  In addition, Executive shall be responsible for establishing the business objectives, policies and strategic plans of the Bank, in conjunction with the Board of
      Directors of the Bank (“Board”).  During the term of the Agreement, Executive also agrees to serve, if elected, as an officer and/or director of any subsidiary or affiliate of the Bank and in such capacity carry out such duties and responsibilities
      reasonably appropriate to that office.

    2.        TERM AND ANNUAL REVIEW

    a. Term.  The term of this Agreement will
        begin as of the Effective Date and will continue for thirty-six (36) calendar months (“Term”) thereafter. Said Term shall automatically renew for thirty-six calendar months thereafter, unless the Bank provides written notice of termination of this
        Agreement no less than ninety (90) days prior to any such renewal or until such time as either party terminates this Agreement as set forth herein.

    

    

    b.    Annual Review.  On an annual basis, at least thirty (30) and not more than ninety (90) days prior to the annual
        anniversary date of this Agreement, the Compensation Committee (the “Committee”) of the Board will conduct a comprehensive performance evaluation and review of Executive’s performance, and the results thereof will be included in the Minutes of a
        Board meeting.

     

      

    
      1

      
        

    

        c. Continued
            Employment Following Expiration of Term.  Nothing in this Agreement shall mandate or prohibit a continuation of Executive’s employment following the expiration of the term of this Agreement, upon such terms and conditions as the Bank
        and Executive may mutually agree.

    3. PERFORMANCE
      OF DUTIES

    During the period of his employment hereunder, except for periods of absence occasioned by illness,
      reasonable vacation periods, and reasonable leaves of absence, Executive will devote all of his business time, attention, skill and efforts to the faithful performance of his duties under this Agreement, including activities and duties directed by
      the Board.  Notwithstanding the preceding sentence, subject to the approval of the Board, Executive may serve as a member of the board of directors of business, community and charitable organizations, provided that in each case such service shall not
      materially interfere with the performance of his duties under this Agreement, adversely affect the reputation of the Bank or any other affiliates of the Bank, or present any conflict of interest.  Executive will submit on or before the annual
      anniversary date of this Agreement to the Board for its review and approval, a list of organizations in which Executive is participating or proposes to participate.  Such service to and participation in outside organizations will be presumed for
      these purposes to be for the benefit of the Bank, and the Bank will reimburse Executive his reasonable expenses associated therewith, to the extent Executive’s expenses are not reimbursed by such organizations.  The failure of Executive to submit
      and/or the Board to approve the list of organizations in a timely manner shall not otherwise prohibit Executive from serving on or participating in these organizations.

    

    4.  COMPENSATION,
      BENEFITS AND REIMBURSEMENT

    a. Base
            Salary.  The Bank agrees to pay or cause to be paid to Executive for Executive’s services an annual base salary at the gross rate prior to taxes and other withholdings of $585,000.00 (“Base Salary”) for the 2020 calendar year. This
        Base Salary shall be subject to annual review and adjustment pursuant to Section 2(b) commensurate with compensation of similar executives of similarly-sized financial institutions located in the same geographic region. Such Base Salary will be
        payable in accordance with the customary payroll practices of the Bank.  

    b. Annual Bonus. The
        Bank under the direction of the Compensation Committee may pay or cause to be paid to Executive an annual cash incentive bonus in an amount up to fifty (50%) percent of the Base Salary. Any such Bonus shall be paid at such time or times and in such
        manner as directed by the Compensation Committee jointly during the term of this Agreement.

    c. Incentive Compensation. 
        Executive shall be entitled to participate in any other incentive compensation and bonus plans or arrangements of the Bank or the Company.  Any incentive compensation will be paid in accordance with the terms of such plans or arrangements, or on a
        discretionary basis by the Compensation Committee.  Nothing paid to the Executive under any such plans or arrangements will be deemed to be in lieu of other compensation to which the Executive is entitled under this Agreement.

     

      

    
      2

      
        

    

    d. Benefit Plans. 
        Executive will be entitled to participate in all employee benefit plans, arrangements and perquisites offered to employees and executives of the Company or the Bank.  Without limiting the generality of the foregoing provisions of this Section 4(c),
        Executive also will be entitled to participate in any employee benefit plans including, but not limited to, stock benefit plans, retirement plans, supplemental retirement plans, pension plans, profit-sharing plans, health-and-accident plans, or any
        other employee benefit plan or arrangement made available by the Bank in the future to its senior executives and key management employees, subject to and on a basis consistent with the terms, conditions and overall administration of such plans and
        arrangements.

    e. Health, Dental, Life and
            Disability Coverage.  The Bank shall provide Executive with life, medical, dental and disability coverage made available by the
        Bank to its senior executives and key management employees, subject to and on a basis consistent with the terms, conditions and overall administration of such coverage.

    f. Vacation and Leave. 
        Executive will be entitled to paid vacation time each year during the term of this Agreement measured on a fiscal or calendar year basis, as well as sick leave, holidays and other paid absences in accordance with the Bank’s policies and procedures
        for senior executives.  Any unused paid time off during an annual period will be treated in accordance with the Bank’s personnel policies as in effect from time to time.

    g.     Expense Reimbursements.  The Bank will reimburse Executive for all reasonable travel, entertainment and other reasonable expenses incurred by Executive during the
      course of performing his obligations under this Agreement, including, without limitation, fees for memberships in such organizations as Executive and the Board mutually agree are necessary and appropriate in connection with the performance of his
      duties under this Agreement, upon substantiation of such expenses in accordance with applicable policies and procedures of the Bank.  All reimbursements pursuant
          to this Section 4(g) shall be paid promptly by the Bank.

    

    

    5. WORKING FACILITIES 

    Executive’s principal place of employment will be at such place as directed by the Board.  The Bank will provide
      Executive at his principal place of employment with a private office, secretarial and other support services and facilities suitable to his position with the Bank and necessary or appropriate in connection with the performance of his duties under
      this Agreement.

    6. TERMINATION AND TERMINATION PAY  

    Subject to Section 7 of this Agreement which governs the occurrence of a Change in Control, Executive’s employment
      under this Agreement may be terminated in the following circumstances:

     

    

    
      3

      
        

    

    a. Death.  Executive’s
        employment under this Agreement will terminate upon his death during the term of this Agreement, in which event Executive’s estate or beneficiary will receive the compensation due to Executive through the last day of the calendar month in which his
        death occurred and vested rights and benefits earned through the date of the Agreement.  The Bank will continue to provide to Executive’s immediate family members, provided said immediate family members are so eligible, for one (1) year after
        Executive’s death non-taxable medical and dental coverage substantially comparable (and on substantially the same terms and conditions) to the coverage maintained by the Bank for Executive and his family immediately prior to Executive’s death.

    b. Retirement.  This
        Agreement will terminate upon Executive’s “Retirement” under the retirement benefit plan or plans of the Bank in which the Executive participates.  Executive will not be entitled to the termination benefits specified in Sections 6 or 7 hereof in
        the event of termination due to Retirement.

    
          c.     Disability.  Termination of Executive’s employment based on “Disability” shall mean termination because of any permanent and total physical or mental impairment that restricts Executive from performing all the
          essential functions of normal employment.  A determination as to whether Executive has suffered a disability shall be made by the Board with objective medical input.  In the event of termination due to Disability, Executive will be entitled to
          disability benefits, if any, provided under a long term disability plan sponsored by the Bank, if any.

       

    In the event the Board determines that Executive is Disabled, Executive will no longer be
      obligated to perform services under this Agreement.  Upon Executive’s termination due to Disability, the Bank will cause to continue to provide to Executive life insurance and non-taxable medical and dental coverage substantially comparable (and on
      substantially the same terms and conditions) to the coverage maintained by the Company or the Bank for Executive immediately prior to termination for Disability.  This coverage shall cease upon the earlier of (i) three (3) years from the date of
      termination, or (ii) the date Executive becomes eligible for Medicare coverage; provided further that if Executive is covered by family coverage or coverage for self and spouse, then Executive’s family or spouse shall continue to be covered for the
      remainder of the three (3) year period, or in the case of the spouse, until the spouse becomes eligible for Medicare coverage or obtains health care coverage elsewhere, whichever period is less.

    d. Termination for Cause.

    (i) The Board may by written notice to Executive in the form and manner specified in this paragraph, immediately terminate the Executive’s employment at
        any time for cause (“Cause”). Executive shall have no right to receive compensation or other benefits for any period after termination
        for Cause, except for earned but unpaid Base Salary plus payment and vested benefits. Termination for Cause shall mean termination (as determined by the Bank in good faith) because of the Executive’s:

     

      

    
      4

      
        

    

    
      	
              (1)

            	
              material act of fraud or dishonesty in performing Executive’s duties on behalf of the Bank;

            

    

    
      	
              (2)

            	
              willful misconduct that, in the judgment of the Board, will likely cause material economic damage to the Bank or injury to
                the business reputation of the Bank;

            

    

    
      	
              (3)

            	
              incompetence (in determining incompetence, the acts or omissions shall be measured against standards generally prevailing in
                the commercial banking  industry);

            

    

    
      	
              (4)

            	
              breach of fiduciary duty;

            

    

    
      	
              (5)

            	
              intentional failure to perform stated duties under this Agreement after written notice thereof from the Board;

            

    

    
      	
              (6)

            	
              willful violation of any law, rule or regulation (other than traffic violations or similar offenses) that reflect adversely
                on the reputation of the Bank, any felony conviction, any violation of law involving moral turpitude, or any violation of a regulatory order;

            

    

    
      	
              (7)

            	
              material breach of any provision of this Agreement; or,

            

    

    
      	
              (8)

            	
              willful engagement in conduct which constitutes a violation of the established written policies or procedures of the bank
                regarding the conduct of its employees.

            

    

    (ii) Executive’s termination for Cause will not become effective unless the Board has delivered to Executive a copy
      of a notice of termination in accordance with Section 8(a) hereof. Executive shall not be deemed to have been terminated for Cause unless and until there shall have been delivered to the Executive a notice of termination, which shall include a copy
      of a resolution duly adopted by the affirmative vote of not less than a majority of the disinterested members of the Board, stating that the Executive was guilty of the conduct described above and specifying the particulars of such conduct.

    
            e. Voluntary Termination by Executive.  In addition to the Executive’s other rights to terminate employment under this Agreement, the Executive may
          voluntarily terminate employment during the term of this Agreement upon at least sixty (60) days prior written notice to the Board.  Upon Executive’s voluntary termination, the executive will only receive compensation and vested rights and
          benefits earned through the date of termination, unless otherwise agreed by the Company, or the Bank, and the Executive.  Following termination of employment under this Section, the Executive will be subject to the restrictions set forth in
          Section 9 of this Agreement.

    

    

    
      5

      
        

    

     

      

  

   

    
    f. Termination
            Without Cause.

    (i)      The Bank may, by written notice to Executive, immediately terminate his employment at any time for a reason other than for cause (a termination “Without Cause”). Any termination of Executive’s
        employment, other than Termination for Cause, shall have no effect on or prejudice the vested rights of Executive under the Bank’s qualified or non-qualified retirement, pension, savings, thrift, profit-sharing or stock bonus plans, group life,
        health (including hospitalization, medical and major medical), dental, accident and long term disability insurance plans or other employee benefit plans or programs, or compensation plans or programs in which Executive was a participant.

    (ii) In the event of termination under this Section 6(e), the Bank shall pay Executive or, in the event of Executive’s subsequent death, Executive’s
        estate, the amount equal to Executive’s Base Salary through the remaining Term or applicable renewal as set forth in this Agreement.  Such payment shall be payable within thirty (30) days following Executive’s date of termination, and will be
        subject to applicable withholding taxes.

    
      	
              (ii)

            	
              In addition, the Bank will continue to provide to Executive with life insurance coverage and non-taxable
                medical and dental insurance coverage substantially comparable (and on substantially the same terms and conditions) to the coverage maintained by the Bank for Executive immediately prior to his termination.  Such life insurance coverage and
                non-taxable medical and dental insurance coverage shall cease upon the earlier of (i) the greater of one (1) calendar year or the end of the term of this Agreement, subject to applicable renewals, whichever is longer; (ii) with respect to
                each such coverage (e.g., life insurance, medical and/or dental coverage), the date on which such substantially comparable coverage is made available to the Executive through subsequent employment; or (3) the date Executive becomes eligible
                for Medicare coverage.

            

    

    
      g. Termination and Board
              Membership.  To the extent Executive is a member of the board of directors of the Bank, or any of its affiliates and subsidiaries, on the date of termination of employment with the Bank, unless
            mutually agreed, said termination of employment shall be deemed automatic resignation by Executive from any and all of the boards of directors, and such resignation will not be conditioned upon any event or payment.

    

     

    

    7. CHANGE IN CONTROL

    a. Change in Control Defined. 
        For purposes of this Agreement, a “Change in Control” shall mean a change in the effective control of the Company or Bank, and shall be deemed to occur on the earliest of any of the following events:

    (i) MERGER:  The Company or the Bank merges into  or consolidates with another corporation, or merges another corporation into the Company or the Bank, and as a result less than a
        majority of the combined voting power of the resulting corporation immediately after the merger or consolidation is held by persons who were stockholders of the Company or the Bank immediately before the merger or consolidation;

     

      

    
      6

      
        

    

    

    

    (ii) ACQUISITION OF SIGNIFICANT SHARE OWNERSHIP:  There is filed or required to be filed a report on Schedule 13D or another form or schedule (other
        than Schedule 13G) required under Sections 13(D) or 14(D) of the Securities Exchange Act of 1934, if the schedule discloses that the filing person or persons acting in concert has or have become the beneficial owner of 25% or more of a class of the
        Company’s voting securities; or

    (iii) SALE OF ASSETS:  The Company sells to a third party all or substantially all of its assets.

    

    

    b. Change In Control Benefits.
        Upon the occurrence of a Change in Control, the Bank shall pay Executive a lump sum cash payment equal to two point nine (2.9x) times the annual Base Salary of the Executive at the time of a Change in Control. Such payment shall be payable within
        thirty (30) days following the date of the Change in Control, and will be subject to all applicable withholding taxes. Notwithstanding the foregoing, the cash payment made pursuant to this Section 7(b) shall be made in lieu of any cash payments
        which may be subsequently triggered pursuant to Section 6 hereof.

    c. 280G Cutback. 
        Notwithstanding anything in this Agreement to the contrary, in no event shall the aggregate payments or benefits to be made or afforded to Executive under this Agreement, either as a stand-alone benefit or when aggregated with other payments to, or
        for the benefit of, Executive that are contingent on a Change in Control, constitute an “excess parachute payment” under Section 280G of the Internal Revenue Code (“Code”) or any successor thereto, and in order to avoid such a result, Executive’s
        benefits hereunder shall be reduced, if necessary, to an amount, the value of which is one dollar ($1.00) less than an amount equal to three (3) times Executive’s “base amount,” as determined in accordance with Code Section 280G.  In the event a
        reduction is necessary, the cash severance payable pursuant to this Section 7 hereof shall be reduced by the minimum amount necessary to result in no portion of the payments and benefits payable by the Bank under this Section 7 being non-deductible
        pursuant to Code Section 280G and subject to excise tax imposed under Code Section 4999.

    8. NOTICE
      REQUIREMENTS

    a. Notice of Termination. 
        A “notice of termination” shall mean a written notice which shall indicate the specific termination provision in this Agreement relied upon as a basis for termination of Executive’s employment.

    b. Date of Termination. 
        “Date of termination” shall mean: (i) if Executive’s employment is terminated for Disability, thirty (30) days after a notice of termination is given (provided that he shall not have returned to the performance of his duties on a full-time basis
        during such thirty (30) day period); or (ii) if Executive’s employment is terminated for any other reason, the date specified in the notice of termination.

     

      

    
      7

      
        

    

    c. Good Faith Resolution. 
        If the party receiving a notice of termination desires to dispute or contest the basis or reasons for termination, the party receiving the notice of termination must notify the other party within ten (10) calendar days after receiving the notice of
        termination that such a dispute exists, and shall pursue the resolution of such dispute in good faith and with reasonable diligence pursuant to Section 19 of this Agreement.  During the ten (10) days after receiving notice of termination and during
        the pendency of any such dispute, the Bank shall not be obligated to pay Executive compensation or other payments beyond the date of termination.  Any amounts paid to Executive upon resolution of such dispute under this Section shall be offset
        against or reduce any other amounts which may be due under this Agreement.

    9. POST-TERMINATION
      OBLIGATIONS

    a. Non-Solicitation. 
        Executive hereby covenants and agrees that, if Executive’s employment with the Bank is terminated under Sections 6(b) - (e) of this Agreement, for a period of one (1) year following termination of employment with the Bank (other than a termination of employment following a Change in Control), Executive shall not, without the written consent of the Bank, either directly or indirectly:

    (i) solicit, offer employment to, or take any other action intended (or that a reasonable person acting in like circumstances would expect) to have the
        effect of causing any officer or employee of the Bank, or any of its respective subsidiaries or affiliates, to terminate his employment and accept employment or become affiliated with, or provide services for compensation in any capacity whatsoever
        to, any business whatsoever which competes with the business of the Bank, or any of its direct or indirect subsidiaries or affiliates, which has headquarters or offices within twenty-five (25) miles of any location(s) in which the Bank has business
        operations or has filed an application for regulatory approval to establish business operations;

    (ii) solicit, provide any information, advice or recommendation, or take any other action intended (or that reasonable person acting in like circumstances would expect) to have the
        effect of causing any customer of the Bank to terminate an existing business or commercial relationship with the Bank.

     

      

    b. Confidentiality. 
        Executive recognizes and acknowledges that the knowledge of the business activities, plans for business activities, and all other proprietary information of the Bank, as it may exist from time to time, are valuable, special and unique assets of the
        business of the Bank.  Executive will not, during or after the term of his employment, disclose any knowledge of the past, present, planned or considered business activities or any other similar proprietary information of the Bank to any person,
        firm, corporation, or other entity for any reason or purpose whatsoever unless expressly authorized by the Board or required by law.  Notwithstanding the foregoing, Executive may disclose any knowledge of banking, financial and/or economic
        principles, concepts or ideas which are not solely and exclusively derived from the business plans and activities of the Bank.  Further, Executive may disclose information regarding the business activities of the Bank to any bank regulator having
        regulatory jurisdiction over the activities of the Bank pursuant to a formal regulatory request.  In the event of a breach or threatened breach by Executive of the provisions of this Section, the Bank will be entitled to an injunction restraining
        Executive from disclosing, in whole or in part, the knowledge of the past, present, planned or considered business activities of the Bank or any other similar proprietary information, or from rendering any services to any person, firm, corporation,
        or other entity to whom such knowledge, in whole or in part, has been disclosed or is threatened to be disclosed.  Nothing herein will be construed as prohibiting the Bank from pursuing any other remedies available to the Bank for such breach or
        threatened breach, including the recovery of damages from Executive.

     

      

    
      8

      
        

    

    c. Information/Cooperation. 
        Executive shall, upon reasonable notice, furnish such information and assistance to the Bank as may be reasonably requested by the Bank, in connection with any litigation in which it or any of its subsidiaries or affiliates is, or may become, a
        party; provided, however, that Executive shall not be required to provide information or assistance with respect to any litigation between Executive and the Bank or any other subsidiaries or affiliates.

    d. Reliance.  All
        payments and benefits to Executive under this Agreement shall be subject to Executive’s compliance with this Section 9, to the extent applicable.  The parties hereto, recognizing that irreparable injury will result to the Bank, its business and
        property in the event of Executive’s breach of this Section 9, agree that, in the event of any such breach by Executive, the Bank will be entitled, in addition to any other remedies and damages available, to an injunction to restrain the violation
        hereof by Executive and all persons acting for or with Executive. Executive represents and admits that Executive’s experience and capabilities are such that Executive can obtain employment in a business engaged in other lines of business than the
        Bank, and that the enforcement of a remedy by way of injunction will not prevent Executive from earning a livelihood.  Nothing herein will be construed as prohibiting the Bank from pursuing any other remedies available to them for such breach or
        threatened breach, including the recovery of damages from Executive.

    10. SOURCE
      OF PAYMENTS/RELEASE

    a. All payments provided in this Agreement shall be timely paid in cash or check from the general funds of the Bank.

    b. Notwithstanding anything to the contrary in this Agreement, Executive shall not be entitled to any payments or benefits under
        this Agreement unless and until Executive executes an unconditional release of any claims against the Bank, and its affiliates, including its officers, directors, successors and assigns, releasing said persons from any and all claims, rights,
        demands, causes of action, suits, arbitrations or grievances relating to the employment relationship other than claims for benefits under tax-qualified plans or other benefit plans in which Executive is vested, claims for benefits required by
        applicable law or claims with respect to obligations set forth in this Agreement that survive the termination of this Agreement.

     

      

    
      9

      
        

    

    11. CLAWBACK AND FORFEITURE.  Notwithstanding any
        other provision to the contrary contained herein, the right of Executive or his estate or other beneficiaries shall forfeit all rights to receive or retain all payments and benefits provided, and shall reimburse the Bank for all such payments and
        benefits received, pursuant to Sections 4, 6 and 7:

    a. Executive breaches any of his agreements contained in Section 9;

    b. Executive makes, except as required by law, any disparaging remark, orally or in writing, about the Bank or about its operations except to those
        persons who have a need to know and a corresponding fiduciary or contractual obligation to keep such conversations confidential, provided that this obligation shall not prohibit Executive from enforcing or defending any legal right he may have at
        law or in equity in appropriate legal proceedings against any other person;

    c. Any financial statement filed is materially misleading as to the Bank’s results of operation for a fiscal year or the Bank financial condition at the
        end of a fiscal year during which Executive was the chief executive officer because of (i) any overstatement of the amount of one or more items of income or understatement of the amount of one or more items of expense or other charges against
        income for such fiscal year; or (ii) any material overstatement in value of any one or more items of assets or understatement in value of any one or more items of liabilities at the end of such fiscal year;

    d. Executive, directly or indirectly, falsified or cause to be falsified, any book, record, or account or made or
      caused to be made a materially false or misleading statement, or omitted to state, or caused another person to omit to state, any material fact necessary in order to make statements made.

    12. REQUIRED
      REGULATORY PROVISIONS

    a. Notwithstanding anything herein contained to the contrary, any payments to Executive by the Bank, whether pursuant to this
        Agreement or otherwise, are subject to and conditioned upon their compliance with Section 18(k) of the Federal Deposit Insurance Act, 12 U.S.C. Section 1828(k), and the regulations promulgated thereunder in 12 C.F.R. Part 359.

    b. Notwithstanding anything else in this Agreement to the contrary, Executive’s employment shall not be deemed to have been
        terminated unless and until Executive has a "Separation from Service" within the meaning of Code Section 409A.  For purposes of this Agreement, a “Separation from Service” shall have occurred if the Bank and Executive reasonably anticipate that
        either no further services will be performed by Executive after the date of the termination (whether as an employee or as an independent contractor) or the level of further services performed is less than 50% of the average level of bona fide
        services in the thirty-six (36) months immediately preceding the termination.  For all purposes hereunder, the definition of Separation from Service shall be interpreted consistent with Treasury Regulation Section 1.409A-1(h)(ii).

     

      

    
      10

      
        

    

    c. Notwithstanding the foregoing, in the event the Executive is a "Specified Employee" (as defined herein), then, solely, to the
        extent required to avoid penalties under Code Section 409A, the Executive’s payments shall be delayed until the first day of the seventh month following the Executive’s Separation from Service.  A “Specified Employee” shall be interpreted to comply
        with Code Section 409A and shall mean a key employee within the meaning of Code Section 416(i) (without regard to paragraph 5 thereof), but an individual shall be a “Specified Employee” only if the Bank or Company is or becomes a publicly traded
        company.

    13. NO ATTACHMENT

    Except as required by law, no right to receive payments under this Agreement shall be subject to anticipation, commutation,
      alienation, sale, assignment, encumbrance, charge, pledge, or hypothecation, or to execution, attachment, levy, or similar process or assignment by operation of law, and any attempt, voluntary or involuntary, to effect any such action shall be null,
      void, and of no effect.

    14. ENTIRE AGREEMENT; MODIFICATION AND WAIVER

    a. This Agreement contains the entire agreement of the parties relating to the subject matter hereof, and supersedes in its entirety
        any and all prior agreements, understandings or representations relating to the subject matter hereof, except that the parties acknowledge that this Agreement shall not affect any of the rights and obligations of the parties  under any agreement or
        plan entered into with or by the Bank pursuant to which Executive may receive compensation or benefits except as set forth in Section 6(d) hereof.

    b. This Agreement may not be modified or amended except by an instrument in writing signed by each of the parties hereto.

    c. No term or condition of this Agreement shall be deemed to have been waived, nor shall there be any estoppel against the
        enforcement of any provision of this Agreement, except by written instrument of the party charged with such waiver or estoppel.  No such written waiver shall be deemed a continuing waiver unless specifically stated therein, and each such waiver
        shall operate only as to the specific term or condition waived and shall not constitute a waiver of such term or condition for the future as to any act other than that specifically waived.

    d. The terms defined in this Agreement have the meanings assigned to them in this Agreement, and they include the plural as well as
        the singular, and the use of any gender herein shall be deemed to include the other gender.

    15.  SEVERABILITY

    If, for any reason, any provision of this Agreement, or any part of any provision, is held invalid, such invalidity
      shall not affect any other provision of this Agreement or any part of such provision not held so invalid, and each such other provision and part thereof shall to the full extent consistent with law continue in full force and effect.

     

    

    
      11

      
        

    

    16.       HEADINGS FOR REFERENCE ONLY

    The headings of sections and paragraphs herein are included solely for convenience of reference and shall not
      control the meaning or interpretation of any of the provisions of this Agreement.

    17.  GOVERNING
      LAW

    This Agreement shall be governed by the laws of the State of New Jersey, but only to the extent not superseded by
      federal law.

    18.  ARBITRATION

    Any dispute or controversy arising under or in connection with this Agreement shall be settled exclusively by
      binding, confidential arbitration, as an alternative to civil litigation and without any trial by jury to resolve such claims, conducted by a single arbitrator mutually acceptable to the Bank and Executive, sitting in a location selected by the Bank within twenty-five (25) miles from the main office of the Bank, in accordance with the rules of the American Arbitration Association’s National Rules
      for the Resolution of Employment Disputes then in effect.  Judgment may be entered on the arbitrator’s award in any court having jurisdiction.

    19. INDEMNIFICATION

    Insurance. 
      During the term of this Agreement, the Bank will provide Executive with coverage under a directors’ and officers’ liability policy, at the Bank’s expense, that is at least equivalent to the coverage provided to directors and senior executives of the
      Bank.

    

    

    20. SUCCESSORS AND ASSIGNS

    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, to expressly and unconditionally 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.

    21.    ATTORNEYS' FEES AND COSTS

    If any action is brought by either party against the other party to enforce the terms of this Agreement, the
      prevailing party shall be entitled to recover from the other party the reasonable attorneys' fees and costs incurred by the prevailing party in connection with the prosecution or defense of such action.

     

    

     

    

    
      12

      
        

    

    
      IN WITNESS
          WHEREOF, the parties hereto have duly executed this Agreement on the dates set forth below.

      

      

      	 	 	
              BCB COMMUNITY BANK

            
	 	 	 
	
              February 24, 2020

            	
              By:

            	
               /s/ Vincent DiDomenico

              Name:  Vincent DiDomenico

              Title:    Chairman of the Compensation Committee

            
	 	 	 
	 	 	
              EXECUTIVE

            
	 	 	 
	
              February 24, 2020

            	
              By:

            	
               /s/ Thomas Coughlin

              

              Name: Thomas Coughlin

            
	 	 	 

      

      

    

  

  13

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