Document:

Exhibit 10.4

 EXHIBIT 10.4 
 CARROLL COMMUNITY BANK 
 CHANGE IN CONTROL AGREEMENT

 THIS CHANGE IN CONTROL AGREEMENT (“Agreement”) is entered into as of
            , 2011, by and between Carroll Community Bank, a Maryland commercial bank (the “Bank”),
                     (“Executive”) and Carroll Bancorp, Inc., a Maryland corporation (the “Company”).

 WHEREAS, the Executive is currently an officer of the Bank; and 

WHEREAS, the Bank recognizes the importance of Executive to the Bank’s operations and wishes to protect his position with the
Bank in the event of a change in control of the Bank or the Company for the period provided for in this Agreement; and 

WHEREAS, Executive and the Boards of Directors of the Bank and the Company desire to enter into an agreement setting forth the
terms and conditions of payments due to Executive in the event of a change in control and the related rights and obligations of each of the parties. 
 NOW, THEREFORE, in consideration of the promises and mutual covenants herein contained, it is hereby agreed as follows: 
 1. Term of Agreement. 
 (a) The term of this Agreement shall be
deemed to have commenced as of the date written above and shall continue for a period of twelve (12) full calendar months thereafter. Commencing on the date of the execution of this Agreement, the term of this Agreement shall be extended for
one day each day until such time as the Chief Executive Officer, after consultation with board of directors of the Bank, or Executive elects not to extend the term of the Agreement by giving written notice to the other party, in which case the term
of this Agreement shall be fixed and shall end on the first anniversary of the date of such written notice. 

(b) Notwithstanding anything in this Section to the contrary, this Agreement shall terminate if Executive or the Bank terminates
Executive’s employment prior to a Change in Control. 
 2. Change in Control. 

(a) Upon the occurrence of a Change in Control of the Bank or the Company followed within twelve (12) months by the voluntary
termination of Executive’s employment for Good Reason, as defined in Section 2(a) of this Agreement, or if the Bank or Company terminates the Executive’s employment for a reason other than for Cause, as defined in Section 2(c) of
this Agreement, the provisions of Section 3 of this Agreement shall apply. 

 For purposes of this Agreement, “Good Reason” shall mean the occurrence of
any of the following events without the Executive’s consent: 
 (i) The assignment to Executive of duties
that constitute a material diminution of Executive’s authority, duties, or responsibilities (including reporting requirements) from the authority, duties, or responsibilities (including reporting requirements) the Executive held immediately
prior to the Change in Control; 
 (ii) A material diminution in Executive’s base salary; 

(iii) Relocation of Executive to a location outside a radius of thirty (30) miles of the Bank’s Sykesville,
Maryland office; or 
 (iv) Any other action or inaction by the Bank or the Company that constitutes a material
breach of this Agreement; 
 provided, that within ninety (90) days after the initial existence of such event, the Bank shall be given
notice and an opportunity, not less than thirty (30) days, to effectuate a cure for such asserted Good Reason by Executive. Executive’s resignation hereunder for Good Reason shall not occur later than ninety (90) days following the
initial date on which the event Executive claims constitutes Good Reason occurred. If the Bank remedies the condition within such thirty (30) day cure period, then no Good Reason shall be deemed to exist with respect to such condition.

 (b) For purposes of this Agreement, a “Change in Control” shall be deemed to occur on the earliest of:

 (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 (for the purposes of this Section 2(b)(ii) the term “corporation” shall mean any corporation, bank, financial institution, limited liability company, partnership, or other form
of legal entity); 
 (ii) Acquisition of Significant Share Ownership. The Company files, or is required to
file, 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 30% or more of a class of the Company’s voting securities, but this clause (b) shall not apply to beneficial ownership of Company voting shares held in a fiduciary capacity by an entity of
which the Company directly or indirectly beneficially owns 50% or more of its outstanding voting securities; or 

  
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 (iii) Sale of Assets. The Company or the Bank sells to a third party
all or substantially all of its assets. 
 A Change in Control shall not occur as a result of the conversion of the Bank from
mutual to stock form. 
 (c) Executive shall not have the right to receive termination benefits pursuant to Section 3
hereof upon termination for Cause. The term “Cause” as used in this Agreement shall mean termination because of Executive’s personal dishonesty, incompetence, willful misconduct, any breach of fiduciary duty involving personal
profit, intentional failure to perform stated duties, willful violation of any law, rule, regulation (other than traffic violations or similar offenses), final cease and desist order, or any material breach of any provision of this Agreement.
Executive shall not have the right to receive compensation or other benefits for any period after termination for Cause. Nothing contained in this Agreement constitutes an employment agreement and Executive remains an employee at will. 

3. Termination Benefits. 
 (a) If, within one (1) year of a Change in Control, Executive voluntarily terminates employment for Good Reason (in accordance with Section 2(a) of this Agreement) or if the Bank
involuntarily terminates his employment for a reason other than Cause, Executive shall receive: 
 (i) a lump sum
cash payment equal to one (1) times the Executive’s (i) then base salary and (ii) the highest rate of bonus paid to Executive during the three (3) years prior to termination, subject to applicable withholding taxes, payable
in a single lump sum payment within ten (10) calendar days following Executive’s termination of employment; and 
 (ii) the Bank will continue to provide Executive and the Executive’s dependents with life insurance, 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 prior to Executive’s termination of employment. Such coverage shall cease upon the expiration of twelve (12) full calendar months after Executive’s
termination. 

  
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 (iii) If the Executive is a “Specified Employee,” as defined in
Treasury Regulation 1.409A-1(i), then, solely to the extent required to avoid penalties under Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), payments under this Section 3 shall be delayed until the
first day of the seventh month following the Executive’s date of termination. 
 (iv) For purposes of this
Agreement, a “termination of employment” shall mean a “Separation from Service” as defined in Section 409A of the Code and the regulations promulgated thereunder, such that the Employer and the Executive reasonably
anticipate that the level of bona fide services the Executive would perform after a termination of employment would permanently decrease to a level that is less than 50% of the average level of bona fide services performed (whether as an employee or
as an independent contractor) over the immediately preceding thirty-six (36) month period. 
 The Bank shall pay the
aggregate sum of these amounts to Executive in a single lump sum payment (without any mitigation) no later than ten (10) days following Executive’s termination of employment. 

(b) Notwithstanding the preceding provisions of this Section 3, in no event shall the aggregate payments or benefits to be made
or afforded to Executive under said paragraphs (the “Termination Benefits”) constitute an “excess parachute payment” under Section 280G of the Code or any successor thereto, and to avoid such a result, Termination
Benefits will be reduced, if necessary, to an amount (the “Non-Triggering 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 said Section 280G. 
 4. Notice of Termination. 

(a) Any purported termination by the Bank or by Executive shall be communicated by Notice of Termination to the other party hereto.
For purposes of this Agreement, a “Notice of Termination” shall mean a written notice which shall indicate the specific termination provision in this Agreement relied upon and shall set forth in detail the facts and circumstances
claimed to provide a basis for termination of Executive’s employment under the provision so indicated. 

(b) “Date of Termination” shall mean the date specified in the Notice of Termination (which, in the case of a
termination for Cause, shall not be less than thirty (30) days from the date such Notice of Termination is given). 
 5. Source of
Payments. All payments provided in this Agreement shall be timely paid in cash or check from the general funds of the Bank. The Company, however, unconditionally guarantees payment and provision of all amounts and benefits due hereunder to
Executive and, if such amounts and benefits due from the Bank are not timely paid or provided by the Bank, such amounts and benefits shall be paid or provided by the Company. 

  
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 6. Effect on Prior Agreements and Existing Benefit Plans. This Agreement contains the entire
understanding between the parties hereto and supersedes any prior agreement between the Bank, Company and Executive, except that this Agreement shall not affect or operate to reduce any benefit or compensation inuring to Executive of a kind
elsewhere provided. No provision of this Agreement shall be interpreted to mean that Executive is subject to receiving fewer benefits than those available to him without reference to this Agreement. Nothing in this Agreement shall confer upon
Executive the right to continue in the employ of the Bank or shall impose on the Bank any obligation to employ or retain Executive in its employ for any period. 
 7. Restriction on Competition. 
 (a) Executive covenants
and agrees that during the period of this Agreement and for a period of one year following the termination thereof for any reason, Executive shall not engage, directly or indirectly, whether as principal or as agent, officer, director, employee,
consultant, shareholder, or otherwise, alone or in association with any other person, corporation or other entity, in any Competing Business. For purposes of this Agreement, the term “Competing Business” shall mean any person,
corporation or other enterprise, or any affiliate thereof located within a geographic area the radius of which is twenty five (25) miles of any Bank office, which is in the business of providing banking services and any activities which the
Bank or Company is permitted to engage in by the Maryland Commissioner of Financial Regulation and the Board of Governors of the Federal Reserve System or any successor agencies thereto. 

(b) Executive agrees that if, within a period of one year following termination of Executive’s employment with the Bank,
Executive enters into an independent contractor, consulting, or other similar relationship with any Competing Business, or any affiliate of any Competing Business, the Executive has irreparably harmed the Bank and as a result the Bank will be
entitled to pursue all legal and equitable remedies from a court of competent jurisdiction, including seeking a preliminary and/or permanent injunction barring such engagement. 
 8. Non-Solicitation of Client. 
 (a) Executive covenants and
agrees that during the period of this Agreement and for a period of one year following the termination thereof for any reason whatsoever, Executive shall not, directly or indirectly, except as authorized by the President and Chief Executive Officer
of the Bank, solicit, accept or engage in any employment, independent contract, consulting, or other similar relationship with any Client (as defined below) of the Bank, or any affiliate of any Client which would involve the Executive in providing
banking services. For purposes of this Agreement, the term “Client” shall mean any person or entity for which Bank provides banking services during the time that the Executive was employed by the Bank and/or any person or entity to
which Bank has an outstanding proposal to provide banking services for or is in active negotiations with regarding such services. 
 (b) Executive agrees that if, within the period of one year following termination of this Agreement with the Bank, Executive enters into an employment, independent contractor, consulting, or other
similar relationship with any Client of the Bank, or any affiliate of any Client for the purpose of rendering banking services in violation of Section 8(a), the Executive agrees in 

  
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light of the irreparable harm caused to the Bank as a result of any such engagement of the Executive by any Client of the Bank, or affiliate of any Client for the purpose of rendering such
services, the Bank may pursue all legal and equitable remedies from a court of competent jurisdiction, including seeking preliminary and/or permanent injunction barring such engagement of the Executive. 

9. Non-Solicitation of Employees. Executive agrees that, during this Agreement with the Bank and for one year following termination
thereof for any reason whatsoever, including, without limitation, termination by the Bank for cause or without cause, Executive shall not, directly or indirectly, solicit or induce, or attempt to solicit or induce, any employee of the Bank to leave
the Bank for any reason whatsoever or hire or cause to be hired any employee of the Bank. 
 10. Successors to the Bank and the
Company. The Bank and the Company shall require any successor or assignee, whether direct or indirect, by purchase, merger, consolidation or otherwise, to all or substantially all of the business or assets of the Bank or the Company,
expressly and unconditionally to assume and agree to perform the Bank’s and the Company’s obligations under this Agreement, in the same manner and to the same extent that the Bank and the Company would be required to perform if no such
succession or assignment had taken place. 
 11. Modification and Waiver. 

(a) This Agreement may not be modified or amended except by an instrument in writing signed by the parties hereto. 

(b) 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 or as to any act other than that specifically waived. 
 12. Severability. Whenever possible, each provision or portion of any provision of this Agreement will be interpreted in such manner as to be effective and valid under applicable law, but if
any provision or portion of any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, then such invalidity, illegality or unenforceability will not affect any
other provision or portion of any provision in such jurisdiction, and this Agreement will be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision or portion of any provision had never been
contained herein. 
 13. 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. In addition, references herein to the masculine shall apply to both the masculine and the feminine. 

  
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 14. Governing Law; Venue. Except to the extent preempted by federal law, the validity,
interpretation, performance and enforcement of this Agreement shall be governed by the laws of the State of Maryland, without regard to principles of conflicts of law of the State of Maryland. . In any judicial action pertaining to this Agreement,
the parties shall submit to venue and personal and subject matter jurisdiction in the appropriate state court located in Carroll County, Maryland and shall refrain from challenging the venue or jurisdiction in that court. 

15. Waiver of Jury Trial. EACH PARTY HEREBY WAIVES TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO WHICH IT MAY BE A PARTY, ARISING OUT OF OR
IN ANY WAY PERTAINING TO THIS AGREEMENT. IT IS AGREED AND UNDERSTOOD THAT THIS WAIVER CONSTITUTES A WAIVER OF TRIAL BY JURY OF ALL CLAIMS AGAINST ALL PARTIES TO SUCH ACTIONS OR PROCEEDINGS, INCLUDING CLAIMS AGAINST PARTIES WHO ARE NOT PARTIES
HERETO. THIS WAIVER IS KNOWINGLY, WILLINGLY AND VOLUNTARILY MADE BY EACH PARTY, AND EACH HEREBY REPRESENTS THAT NO REPRESENTATIONS OF FACT OR OPINION HAVE BEEN MADE BY ANY INDIVIDUAL TO INDUCE THIS WAIVER OF TRIAL BY JURY OR TO IN ANY WAY MODIFY OR
NULLIFY ITS EFFECT. EACH PARTY FURTHER REPRESENTS THAT IT HAS HAD THE OPPORTUNITY TO BE REPRESENTED IN THE EXECUTION OF THIS AGREEMENT AND IN THE MAKING OF THIS WAIVER BY INDEPENDENT LEGAL COUNSEL, SELECTED OF ITS OWN FREE WILL, AND THAT IT HAS HAD
THE OPPORTUNITY TO DISCUSS THIS WAIVER WITH COUNSEL. 
 16. Counterparts; Facsimile. This Agreement may be executed simultaneously
in several counterparts, each of which shall be deemed to be an original copy of this Agreement and all of which together will be deemed to constitute one and the same agreement. The exchange of copies of this Agreement and of signature pages by
facsimile transmission shall constitute effective execution and delivery of this Agreement as to the parties and may be used in lieu of the original Agreement for all purposes. Signatures of the parties transmitted by facsimile shall be deemed to be
their original signatures for all purposes. 
 17. Miscellaneous. Any payment made pursuant to this Agreement, or otherwise, is
subject to and conditioned upon their compliance with Section 18(k) of the Federal Deposit Insurance Act, 12 U.S.C. § 1828(k), and the regulations promulgated thereunder in 12 C.F.R. Part 359, Golden Parachute and Indemnification
Payments. 
 18. Survival. The obligations of the Employee pursuant to Sections 7 through 9 shall survive the termination of
Employee’s employment. 
 [Signatures appear on the following page.] 

  
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 IN WITNESS WHEREOF, the parties have executed this Agreement on the date first
written above. 
  

									
		 		 		 	BANK:
			
	ATTEST:	 		 	CARROLL COMMUNITY BANK
					
	By:	 	  
	 		 	By:	 	  

	Name:	 	  
	 		 	Name:	 	  

	Title:	 	  
	 		 	Title:	 	  

				
		 		 		 	COMPANY:
			
	ATTEST:	 		 	CARROLL BANCORP, INC.
					
	By:	 	  
	 		 	By:	 	  

	Name:	 	  
	 		 	Name:	 	  

	Title:	 	  
	 		 	Title:	 	  

									
			
	WITNESS:	 		 	EXECUTIVE:
					
	By:	 	  
	 		 	By:	 	  

									
	Print Name:	 	  
	 		 	Print Name:	 	  

  
 8Exhibit 10.5

 EXHIBIT 10.5 

 

 

 CONFIDENTIAL 
 November 23, 2010 
 Mr. Russell J. Grimes, Jr. 

President and Chief Executive Officer 
 Carroll
Community Bank 
 1321 Liberty Road 

Sykesville, Maryland 21784 
  

	 	Re:	Proposed Conversion – Records Processing Services 

 Dear Mr. Grimes: 
 Stifel, Nicolaus & Company, Incorporated (“Stifel
Nicolaus”) is pleased to submit this letter agreement setting forth the terms of the proposed engagement of Stifel Nicolaus as data processing records management agent (the “Records Agent”) for Carroll Community Bank (the
“Bank”) in connection with the proposed mutual-to-stock conversion of the Bank and the concurrent sale of common stock of a new stock holding company (the “Stock Company”) to be formed in connection with the Conversion.

  

	1.	CONVERSION AND OFFERING 

 The Bank will
effect the Conversion by undergoing a series of transactions and forming the Stock Company (the Bank and the Stock Company are together referred to herein as the “Company”). The common stock of the Stock Company (the “Common
Stock”) will be offered for sale on a first priority basis in a subscription offering with any remaining shares expected to be sold in a community offering and, if necessary, a syndicated community offering or public underwritten offering
(collectively, the “Offering”). In connection therewith, the Bank’s Board of Directors will adopt a plan of conversion (the “Plan”). Stifel Nicolaus will act as Records Agent to the Company with respect to the subscription
and community offerings. Specific terms of services shall be set forth in the Data Processing Records Management Engagement Terms (the “Terms”), which is an integral part of this letter and is incorporated herein. In the event of any
conflict between this letter and the Terms, the Terms shall control. 
 STIFEL, NICOLAUS &
COMPANY, INCORPORATED 
  
 1600 MARKET STREET, SUITE 1210, PHILADELPHIA, PENNSYLVANIA 19103 | (215) 861-7150 | (215) 861-7149 (FAX)
| WWW.STIFEL.COM 
 MEMBER SIPC AND NYSE 

 Pursuant to a separate engagement letter by and between Stifel Nicolaus and the Bank, Stifel Nicolaus will
serve as conversion advisor and marketing agent for the Company in connection with the Conversion and Offering. 
  

	2.	SERVICES TO BE PROVIDED BY STIFEL NICOLAUS 

In connection with the subscription and community offerings, Stifel Nicolaus will serve as Records Agent. A stock offering requires accurate and timely
record keeping, processing and reporting. We will coordinate with the Bank’s data processing contacts and applicable members of the Conversion working group. We will also interface with and support the Stock Information Center, which will serve
as the “command center” during a stock offering. Specifically, we will provide the records processing, proxy and stock order services described below, each as needed or reasonably requested by the Bank and the Company. 

Preparation 
  

	 	•	 	 Provide the Bank with an account record layout format and consult with the Bank’s data processing contacts. 

 

	 	•	 	 Read, edit, balance and convert the Bank’s customer account records (the “Account Records”) that are provided to Stifel Nicolaus.

  

	 	•	 	 Provide customer account totals based on the Account Records, for the Bank to balance to its internal records. 

 

	 	•	 	 Identify accounts coded as “Bad Address” and “No Mail” and provide to the Bank. 

 

	 	•	 	 Identify accounts that are eligible according to the Plan and consolidate like accounts in order to reduce printing costs.

  

	 	•	 	 Allocate votes according to the Plan. 

  

	 	•	 	 “Household” consolidated accounts, where possible, in order to reduce printing/postage costs. 

 

	 	•	 	 If the Account Records do not contain a high percentage of phone numbers, contact Telematch service bureau to locate customer phone numbers, with the
Bank’s authorization. 

  

	 	•	 	 Provide counsel with a list of aggregate accounts by state. 

 

	 	•	 	 Provide the Stock Information Center with “Folio Views” computer record of customer account, household and vote information.

  

	 	•	 	 Provide financial printer with electronic information to imprint order forms/proxycards with name, address and codes. 

 

	 	•	 	 Provide phone records for Stock Information Center personnel to use for customer proxy solicitation. 

Processing and Reporting 
  

	 	•	 	 Tabulate proxy votes. 

  

	 	•	 	 Record stock order information and, in the event of oversubscription, allocate shares in accordance with the Plan. 

 

	 	•	 	 Produce information for “unvoted” follow-up proxy calls/mailings, in selected vote range. 

 

	 	•	 	 Provide the Company with up-to-date subscriber order totals. 

 

	 	•	 	 Produce subscriber stock order acknowledgement letters, to be mailed. 

 

	 	•	 	 Assign an individual to serve as the Inspector of Elections for the Special Meeting of Members. 

 

	 	•	 	 Calculate interest/refund amounts and provide the Bank with records, for check imprinting. 

 

	 	•	 	 Supply deposit account withdrawal records to the Bank. 

  
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	 	•	 	 Send transfer agent the new investor files for certificate preparation. 

 

	 	•	 	 If requested, produce year end subscriber 1099-INT forms and electronically submit information to IRS. 

 

	3.	RELIANCE ON INFORMATION PROVIDED 

 In
order to provide services effectively and efficiently, Stifel Nicolaus must be provided complete, accurate and timely record date customer account files as well as other information and responses to our inquiries. We must be notified promptly of
Plan changes or other facts that impact our duties hereunder. Stifel Nicolaus will rely on the information provided without independently verifying same and will not assume responsibility for the completeness or accuracy of that information.

  

	4.	COMPENSATION 

 For its services hereunder,
the Company will pay to Stifel Nicolaus a fee of $25,000. Additional fees may be negotiated, provided however any such fees shall not exceed $5,000, if significant additional work is required due to unexpected circumstances such as: 

 

	 	a.)	customer account records provided to us in a format substantially different than our requested format; 

 

	 	b.)	necessity to produce more than four accountholder files (three depositor eligibility dates plus a depositor “test date”), whether due to eligibility date
changes, timetable changes or other circumstances requiring duplicate or additional processing; 

  

	 	c.)	untimely communication by the Company or its agents of material information, or untimely delivery of customer records, resulting in additional time or resources
expended by Stifel Nicolaus; 

  

	 	d.)	processing of stock orders resulting from a resolicitation of subscribers by the Company; or 

 

	 	e.)	non-standard services requested by the Company. 

The above compensation shall be paid as follows: an advance payment of $10,000 upon executing this letter and the balance upon the closing of the
Offering. Year-end 1099 files related to interest earned by subscribers can be prepared for an additional fee. 
 If the Offering is not
consummated for any reason, Stifel Nicolaus shall be entitled to retain the advance payment described above and any additional fees earned hereunder through the termination date. Additionally, Stifel Nicolaus shall be reimbursed for its reasonable
out-of-pocket expenses as set forth below, incurred through the termination date. 
  

	5.	EXPENSES AND REIMBURSEMENT 

 The Company
will bear all of its expenses in connection with the Conversion and the Offering. The Company shall reimburse Stifel Nicolaus for its reasonable out-of-pocket expenses incurred in connection with the services contemplated hereunder, regardless of
whether the Offering is consummated, provided that such out-of-pocket expenses shall not exceed $5,000. Typical expenses include, but are not limited to, postage, overnight delivery, telephone and travel. Not later than two

  
 3 

 
days before the Offering closing, Stifel Nicolaus will provide the Company with a detailed accounting of all reimbursable expenses of Stifel Nicolaus, to be paid at closing. 

 

	6.	ENTIRE AGREEMENT 

 This letter and the
incorporated Terms reflect the entire agreement between us related to the services described herein. This agreement may be amended by a written document signed by both parties. 
 Please acknowledge your agreement to the foregoing by signing in the place provided below and returning one copy of this letter to our office together with the retainer payment in the amount of $10,000.
We look forward to working with you. 
  

			
	STIFEL, NICOLAUS & COMPANY, INCORPORATED
		
	BY:	 	
 

		 	David P. Lazar
		 	Managing Director
	
	CARROLL COMMUNITY BANK
		
	BY:	 	 /s/ Russell J. Grimes, Jr.

		 	Russell J. Grimes, Jr.
		 	President and Chief Executive Officer

Accepted and Agreed to This 23rd Day of November, 2010. 

  
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 STIFEL NICOLAUS 

DATA PROCESSING RECORDS MANAGEMENT ENGAGEMENT TERMS 
 This document, which is integral to the Records Processing Services letter of the same date (together, the or this “Agreement”), applies to all records processing services (the
“Services”) performed, unless a specific engagement letter is entered into for certain services. The Services are to be provided by Stifel Nicolaus (the “Agent”) to Carroll Community Bank and a new stock holding company to be
formed (together, the “Company”) in connection with a mutual-to-stock conversion and related stock offering (the “Stock Offering”) to be conducted pursuant to a Plan of Conversion (the “Plan”). 

Section 1- DUTIES OF STIFEL NICOLAUS 
 a.) The Agent hereby agrees to perform the Services set forth in this Agreement in a commercially reasonable manner, to comply with all timely, appropriate and lawful instructions received from previously
identified duly authorized representatives of the Company. The Agent makes no warranties regarding the rendering of the Services (including, without limitation, warranties of merchantability, security, accuracy, noninfringement, and fitness for a
particular purpose), and no additional warranties may be implied from the terms of this Agreement. The Company will: (i) inform all of its authorized representatives, which may include attorneys, agents and advisors, that the Agent shall act as
the exclusive data processing records management agent and that they are authorized and directed to communicate with the Agent and to promptly provide the Agent with all information that is reasonably requested; (ii) cause the Agent to have
adequate notice of, and permit the Agent to attend, meetings (whether in person or otherwise) where the Agent’s attendance is, in the discretion of the Agent, relevant, advisable or necessary; (iii) cause the Agent to receive, as they
become available, copies of the documents relating to the Plan, the mutual-to-stock conversion and the Stock Offering, to the extent the Agent believes that such documents are necessary or appropriate for the Agent to perform the Services and
(iv) cause the Agent to have adequate advance notice of any proposed changes to the Plan, the proposed Services or the Stock Offering timetable. Failure by the Company to keep the Agent timely and adequately informed or to provide the Agent
with complete and accurate necessary information on a timely basis shall excuse the Agent’s delay in the performance of its Services and may be grounds for the Agent to terminate this Agreement pursuant to Section 2 hereof. 

b.) The actions to be taken by the Agent hereunder are deemed by the parties to be ministerial only and not discretionary. The Agent, in
its capacity as such, shall not be called upon at any time to give any advice regarding implementing the Plan. The Company shall have the sole responsibility to make any and all decisions with respect to implementing the Plan, including but not
limited to decisions regarding which customer bank accounts are to be included in accountholder records provided to the Agent. The Agent may rely on records and information received and is not responsible for ensuring the completeness and accuracy
of the accountholder records provided or processed. 

  
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 c.) The Agent may rely upon the instructions and representations (whether oral or in
writing) of the Company’s duly authorized representatives, without inquiry or investigation. The Agent shall not be responsible for any action taken in reliance upon any signature, endorsement, assignment, certificate, order, request, notice or
instruction (whether written or oral), or other instrument or document reasonably believed by it to be valid, genuine and sufficient in carrying out its duties hereunder. The Agent shall not be liable or responsible, and shall be fully authorized
and protected for, acting or failing to act in accordance with any oral instructions or requests. 
 d.) The Agent may consult
with legal counsel chosen in good faith as to Agent’s obligations or performance under this Agreement, and the Agent shall not incur any liability in acting in good faith in accordance with any advice from such counsel with respect to
Agent’s obligations or performance under this Agreement. 
 e.) The Agent expects to subcontract certain data processing
functions integral to the Services with any one or more of its affiliates or with any other party. The fees and expenses of such subcontractor shall not be billed to the Company, unless otherwise agreed to by the parties hereto in writing.
Such subcontractor shall agree to comply with the provisions of this Agreement relating to Confidentiality (Section 3), Consumer Privacy (Section 4) and Process (Section 5). 

f.) Neither Stifel Nicolaus nor any of its directors, managers, officers, employees, affiliates, subsidiaries or agents nor any of their
respective controlling persons, heirs, representatives, estates, successors and assigns shall be liable, directly or indirectly, for any losses, claims, judgments, damages or expenses suffered or incurred by the Company, or any person claiming
through it, arising out of or relating to the Services provided, other than for, subject to Section 1 g.) below, direct damages or expenses directly related solely to the bad faith, gross negligence or willful misconduct of the Agent as finally
and specifically determined by a court of competent jurisdiction. Moreover, Stifel Nicolaus shall not be responsible nor liable for delays, errors or omissions arising from, relating to or made in connection with circumstances beyond its reasonable
control, including but not limited to, acts or omissions of the Company or any of its advisors or agents, acts of governmental authorities, acts of civil commotion or riot, insurrection, acts of military authority, war or acts of war or terrorism,
national emergencies, labor difficulties, fire, flood, weather-related problems, acts of God or nature, mechanical or electrical breakdown, computer problems, failure or unavailability of communications or power supply or any change in law or
regulation materially affecting the Agent or the Company. 
 g.) The Agent shall not be liable for any action taken, suffered,
or omitted by it or for any error or judgment made by it in the performance of its duties under this Agreement, except for acts or omissions directly relating solely to the Agent’s bad faith, gross negligence or willful misconduct as finally
and specifically determined by a court of competent jurisdiction. In no event shall the Agent be liable for: (i) acting in accordance with or relying upon any instruction, request, notice, demand, certificate, order or document from the
Company or any authorized representative acting on its behalf or (ii) for any consequential, indirect, incidental, punitive, exemplary or special damages of any kind whatsoever (including but not limited to lost profits) even if the Agent has
been advised of the possibility of such damages. Any liability of the Agent shall be limited to the amount of fees 

  
 6 

 
paid to the Agent for the Services performed by the Agent pursuant to this Agreement, in accordance with Section 7 hereof. 

h.) The duties, responsibilities and obligations of the Agent shall be limited to those expressly set forth herein, and no duties,
responsibilities or obligations shall be inferred or implied. The Agent, in its capacity as such, shall not be subject to, nor required to comply with, any other agreement between or among any or all of the parties hereto and/or any other person or
entity, even though reference thereto may be made herein or therein, or to comply with any direction or instruction (other than those contained herein or delivered in accordance with this Agreement) from any person or entity other than the Company.
Except as may otherwise be set forth herein, the Agent shall not be required to, and shall not, expend or risk any of its own funds or otherwise incur any financial liability in the performance of its duties hereunder. 

i.) The parties hereto acknowledge that there are no third party beneficiaries to this Agreement, which is for the exclusive benefit of
the parties hereto. No other person or entity or their respective heirs, successors and assigns shall be deemed to have any legal or equitable right, remedy or claim hereto. 
 j.) In the event of any ambiguity or uncertainty hereunder or in any notice, instruction or other communication received by the Agent hereunder, the Agent will provide the Company a reasonable opportunity
to resolve such uncertainty or ambiguity and in the event that such uncertainty or ambiguity is unresolved the Agent may, in its sole discretion, take any action it deems appropriate or refrain from taking any action unless and until the Agent
receives written instructions from the Company clarifying the ambiguity or uncertainty, and the Agent shall not be liable for acting or the failure to take any action during this period. In the event of any disagreement between the Company and any
other person or entity resulting in adverse claims and demands being made herein or affected hereby, the Agent shall be entitled to refuse to comply with any such claims or demands as long as such disagreement may continue, and in so refusing, shall
make no delivery or other disposition under this Agreement, and in so doing shall be entitled to continue to refrain from acting until: (i) the right of adverse claimants shall have been finally settled by binding arbitration or finally
adjudicated in a court of competent jurisdiction or (ii) all differences shall have been settled by agreement among the adverse claimants and the Company or other persons or entities and the Agent shall have been notified in writing of such
agreement signed by the Company and the adverse person(s) or entity(ies). In the event of such disagreement, the Agent may, but need not, tender into the registry or custody of any court of competent jurisdiction all property in the Agent’s
possession pursuant to the terms of this Agreement, together with such legal proceedings as the Agent deems appropriate, and thereupon the Agent shall be discharged from all further duties under this Agreement. The filing of any such legal
proceeding shall not deprive the Agent of compensation or expenses paid or payable hereunder for Services, and the Agent shall not be liable with respect to any suspension of performance, delay or otherwise as a result of the tendering of such
property. The Agent shall have no obligation to take any legal action in connection with this Agreement or towards its enforcement, or to appear in, prosecute or defend any action or legal proceeding which would or might involve the Agent in any
cost, expense, loss or liability unless indemnification, satisfactory to the Agent, in its sole discretion, shall be furnished by the Company. The Agent shall be indemnified for all reasonable costs (including employee time at the employee’s
hourly rate 

  
 7 

 
determined by his annual salary) and attorneys’ fees and expenses in connection with any such action. 
 Section 2 - COMMENCEMENT AND TERMINATION OF AGREEMENT 
 This Agreement
shall commence immediately upon execution hereof by all parties and shall continue in force until the consummation or termination of the Stock Offering and mutual-to-stock conversion or the termination of this Agreement. This Agreement may only be
terminated by the Company for cause due to action by the Agent constituting a material violation of applicable law or a material breach of this Agreement, which breach remains uncured for ten (10) business days after written notice of such
breach is delivered by the Company to the Agent. This Agreement may only be terminated by the Agent in the event of: one or more of the following: (i) termination of the separate agreement designating the Agent as conversion advisor and
marketing agent related to the mutual-to-stock conversion and related Stock Offering; (ii) circumstances described in Section 1 j.) hereof; (iii) action by the Company constituting a material violation of applicable law or a material
breach of this Agreement (including as described in Section 1 a.) hereof) or failure to pay the fees and expenses of the Agent) which breach remains uncured for ten (10) business days after written notice of breach is delivered by Stifel
Nicolaus to the Company or (iv) any proceeding in bankruptcy, reorganization, rehabilitation, guaranty fund action, receivership or insolvency is commenced by or against the Company, the Company shall become insolvent, or cease paying its
obligations as they become due. 
 Section 3 - CONFIDENTIALITY 

a.) The parties hereto will: (a) hold, and will cause their respective employees, officers, directors and authorized representatives
(including attorneys, advisors and agents) to hold, in strict confidence, unless compelled to disclose by judicial, regulatory or administrative process and then (i) only with written notice prior to disclosure to the disclosing party and
(ii) still maintaining the confidential status of any such documents and information, all documents and information, in any medium (the “Information”), concerning the disclosing party, whether the Information is furnished to the
receiving party by the disclosing party or its representatives in connection with this Agreement or the Information is received, transmitted, created, generated or otherwise processed by the receiving party based, in whole or in part, upon the
Information of the disclosing party, except to the extent that such Information can be shown to have been (iii) previously known by the receiving party other than through a breach of a confidentiality agreement by a third party; (iv) in
the public domain through no fault of the receiving party or (v) later lawfully acquired by the receiving party from other sources) (the “Confidential Information”), and (b) not use such Confidential Information except for the
purposes set forth herein and (c) unless prior written consent is obtained, release Confidential Information only to persons described in this Section 3 (a). It is understood by the parties hereto that the receiving party shall be deemed
to have satisfied its obligation to hold the Confidential Information confidential if it exercises the same care as it takes to preserve the confidentiality of its own similar information. 

b.) The parties hereto agree to the use of facsimile, email and voicemail as means to communicate both sensitive and non-sensitive
information related to the Services. 

  
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 Section 4 - CONSUMER PRIVACY 

a.) In connection with this Agreement, the Company will cause the Agent to be provided Information, which will include nonpublic personal
data regarding customers and bank account records. Unless required by law or unless prior written consent is obtained from the Company, the Agent will not knowingly disclose any such nonpublic personal data except to persons described in
Section 3 a.), in connection with performing the Services. 
 b.) The Agent (or its agents) has implemented and will
maintain physical, electronic and procedural safeguards reasonably designed to protect the security, confidentiality and integrity of, to prevent unauthorized access to or use of, and to ensure the proper disposal, of nonpublic personal data
regarding customers and bank accounts records. Notwithstanding the foregoing, given the nature of electronic communications and the Internet, the Agent makes no absolute guarantees regarding the safety and security of any data transmitted over or
accessible via the Internet or any other public networks. 
 c.) Upon consummation of the Stock Offering, termination of this
Agreement or other reasonable time, at the written request of the Company, and at its sole expense, the Agent shall use its reasonable efforts to transfer to the Company or destroy all physical or electronic Confidential Information, including
nonpublic personal data regarding customers and bank account records (excluding data, software and documentation proprietary to the Agent (or its agents)) and shall not retain copies of such data and documentation; provided however, that the Agent
(and its agents) may retain copies to the extent necessary, but only for as long as necessary, to comply with legal, regulatory and archival requirements. 
 Section 5 - PROCESS 
 If at any time the Agent is served with any
judicial or administrative order, judgment, decree, motion, writ, or other form of judicial or administrative process which in any way affects any property of the Company, the Agent is authorized to comply therewith in any reasonable manner as it or
its legal counsel of its own choosing deems appropriate; provided that the Agent shall endeavor to give notice thereof to the Company. If the Agent complies with any such judicial or administrative order, judgment, decree, writ or other form of
judicial or administrative process, the Agent shall not be liable to any of the parties, or to any other person or entity, even though such order, judgment, decree, writ or process may be subsequently modified or vacated or otherwise determined to
have been without legal force or effect. 
 Section 6 - INDEMNIFICATION 

The Company hereby agrees to indemnify and hold harmless the Agent, its directors, officers, employees, affiliates, subsidiaries, agents,
and each of their controlling persons, if any (within the meaning of Section 15 or Section 20(a) of the Securities Exchange Act of 1934, as amended, and their respective heirs, representatives, successors and assigns (together, the
“Agent Group”) against any loss, liability, claim or expense (“Loss”), joint or several, to which the Agent Group may become subject, under any federal or state law or regulation, at common law, in equity or otherwise, insofar as
such Loss (or actions in respect thereof) arises out of or is based on or is in 

  
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connection with or is related to this Agreement and the Services, except to the extent the Agent is finally found, by a court of competent jurisdiction, to have engaged in bad faith, willful
misconduct or gross negligence. The Company agrees to advance or reimburse the Agent Group (or any one or more of them) within fifteen (15) business days of a written request therefor in connection with investigating, preparing or defending
against any such loss, claim, damage, liability or action by the Agent Group (or any one or more of them). The indemnification obligations of the Company as provided above are in addition to any liabilities that the Company may have under other
agreements, under common law or otherwise. 
 Section 7 - LIMIT OF LIABILITY 

The Agent will provide the Services with due care, in a timely manner, so the provisions of this section establishing a limit of liability
will not apply if, as determined in a judicial proceeding, we performed our services with bad faith, gross negligence or willful misconduct. However, our engagement with you is not intended to shift risks normally borne by you to us. With respect to
any services or work product or this engagement for Services in general, the liability of the Agent and its personnel shall not exceed the fees we receive for the portion of the work giving rise to liability nor include any special, consequential,
incidental, or exemplary damages or loss nor any lost profits, savings, or business opportunity. A claim by Company for a return of fees paid to the Agent by the Company for the Services performed by the Agent pursuant to this Agreement shall be the
sole and exclusive remedy for any damages. This limitation of liability is intended to apply to the full extent allowed by law, regardless of the grounds or nature of any claim asserted. 
 Section 8 - SURVIVAL OF OBLIGATIONS 
 The covenants and agreements of
the parties hereto, including Sections 6 and 7 above, will remain in full force and effect and will survive the consummation of the Stock Offering and mutual-to-stock conversion or the termination of this Agreement, and the Agent Group shall be
entitled to the benefit of the covenants and agreements thereafter. 
 Section 9 - AGREEMENT 

a.) This Agreement contains the entire agreement of the parties with respect to the subject matter hereof. This Agreement supersedes any
other agreements, either oral or written, among the parties hereto with respect to the specific subject matter hereof, but not any engagement, underwriting, agency or other agreements among the parties pursuant to which Stifel Nicolaus is acting as
the Company’s financial advisor, underwriter, placement agent, investment banker or in any similar capacity. Except for Section 1 e) of this Agreement, each party hereto acknowledges that no representation, inducement, promise or
agreement, written, oral or otherwise, has been made by any party, or anyone acting on behalf of any party, which is not embodied or expressly stated herein, and that no other agreement, statement, or promise not contained in this Agreement shall be
valid or binding in relation to the Services. The Company hereby acknowledges and agrees that: (i) Stifel Nicolaus has made full and complete disclosure to the Company of the possibility or existence of any conflict of interest resulting from
Stifel Nicolaus serving as both data processing records management agent pursuant to this Agreement and as financial advisor, underwriter, placement agent, investment banker or in any similar capacity pursuant to a separate agreement and
(ii) having 

  
 10 

 
received full disclosure thereof, the Company hereby waives any such conflict of interest and consents to Stifel Nicolaus serving in such dual capacity. 

b.) This Agreement may be enforced only by the parties hereto and shall be interpreted, construed, enforced and administered in
accordance with the internal substantive laws (and not the choice of law rules) of the State of Maryland. Each of the parties hereto hereby submits to the personal jurisdiction of, and each agrees that all proceedings relating hereto shall be
brought in, courts located within the State of Maryland. Each of the parties waives the right to a trial by a jury. To the extent that in any jurisdiction any party hereto may be entitled to claim, for itself or its assets, immunity from suit,
execution, attachment (whether before or after judgment) or other legal process, each hereby irrevocably agrees not to claim, and hereby waives, such immunity. Each party hereto waives personal service of process and consents to service of process
by certified or registered mail, return receipt requested, directed to it at the address last specified for notices hereunder. 

c.) This Agreement may be executed in several counterparts, which taken together, shall constitute one and the same document. All section
headings used herein are for convenience and ease of reference only and do not constitute part of this Agreement and shall not be referred to for the purpose of defining, interpreting, construing or enforcing any of the provisions of this Agreement.
All pronouns and variations thereof shall be deemed to refer to the masculine, feminine, neuter, singular or plural, as the identity of the party or parties to this Agreement may require. 

d.) This Agreement may not be assigned by any party without the prior written consent of the other parties hereto and any purported
assignment made in violation of the foregoing shall be void and have no legal effect; except that consent is not required for an assignment to a Stifel Nicolaus affiliate or successor in interest. This Agreement may be modified only by a written
amendment signed by all of the parties hereto and no waiver of any provision hereof shall be effective unless expressed in a writing signed by the party to be charged. No waiver of the breach of any provision or term of this Agreement shall be
deemed or construed to be a waiver of any other or subsequent breach. 
 e.) No implied duties or obligations shall be read into
this Agreement against the Agent, and the Agent, in its capacity as such, shall not be bound by any provision of any agreement between the Company and any other person or entity other than this Agreement, and the Agent shall have no duty to inquire
into, or to take into account its knowledge of, the terms and conditions of any agreement made or entered into in connection with this Agreement. 
 f.) Should any term or provision, or portion of such provision, of this Agreement be invalid or unenforceable, the scope thereof or the period covered thereby or otherwise, such term, provision, or
portion of such provision, shall be deemed to be reduced and limited to enable Stifel Nicolaus or the Company, as applicable, to enforce it to the maximum extent permissible under the laws and public policies applied under the jurisdiction in which
enforcement is sought. If any term or provision of this Agreement is held or deemed to be invalid or unenforceable, in whole or in part, by a court of competent jurisdiction, such term or provision shall be ineffective to the extent of such
invalidity or unenforceability without rendering invalid or unenforceable the remaining terms and provisions of this Agreement which shall be construed to preserve, to the maximum extent permissible, the intent and purposes of this Agreement. Any
such invalidity or unenforceability in 

  
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any jurisdiction shall not invalidate or render unenforceable such terms or provisions in any other jurisdiction. 
 g.) The Agent, in furnishing services to the Company under this Agreement, is acting only as an independent contractor and is not a fiduciary of, nor will its entering into this Agreement give rise to
fiduciary duties to, the Company. The Agent does not undertake by this Agreement or otherwise to perform any obligation of the Company, whether regulatory, contractual, or otherwise. The Agent has the sole right and obligation to supervise, manage,
contract, direct, procure, perform or cause to be performed, all work to be performed by the Agent under this Agreement unless otherwise provided in this Agreement. The Company understands and agrees that the Agent may perform services substantially
similar to those to be performed hereunder for others, and nothing herein is intended to restrict or prohibit the Agent from performing such services for others. 
 h.) All media releases, public announcements and public disclosures by either party or its agents relating to this Agreement or the subject matter of this Agreement, but not including any announcement
intended solely for internal distribution at such party or any disclosure required by legal, accounting or regulatory requirements beyond the reasonable control of such party, shall be coordinated with and approved by the other party prior to the
release thereof, which approval shall not be unreasonably withheld. 
 Section 10 - NOTICES 

Except as otherwise contemplated by this Agreement, all notices, demands, requests or other communications which may be or are required to
be given, served or sent by any party to any other party pursuant to this Agreement, other than in the normal course of conducting the Services, can be by certified or registered mail, personal delivery or transmitted by any standard form of
telecommunication with proof of delivery addressed as follows: 
  

	 	(a)	If to the Agent: 

 Stifel,
Nicolaus & Company, Incorporated 
 1600 Market Street, Suite 1210 

Philadelphia, PA 19103 
 Attn: Michelle Darcey 
 Telephone: (215) 861-7158 

Fax: (215) 861-7149 
 With a copy to: 
 Stifel, Nicolaus & Company, Incorporated 

1600 Market Street, Suite 1210 
 Philadelphia, PA 19103 
 Attn: David P. Lazar 

  
 12 

 Telephone: (215) 861-7179 

Fax: (215) 861-7149 
 If to the Company: 
 Carroll Community Bank 

1321 Liberty Road 

Sykesville, Maryland 21784 
 Attn: Russell J. Grimes, Jr. 
 Telephone: (410) 795-1900 

Fax: (410) 549-1715 
 Each
party may designate by notice in writing a new address/addressee to which any notice, demand, request or communication may thereafter be provided. 

  
 13

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