Document:

EX-10.4

 Exhibit 10.4 

THE BANK OF PRINCETON AMENDED AND RESTATED 

2018 EQUITY INCENTIVE PLAN 

Section 1. Purpose; Definitions. The purposes of The Bank of Princeton 2018 Equity Incentive Plan (the
“Plan”) are to enable The Bank of Princeton (the “Bank””) and its affiliated companies to recruit and retain highly qualified personnel, to provide those personnel with an incentive for productivity, and to
provide those personnel with an opportunity to share in the growth and value of the Bank. 
 The Plan was amended and restated effective
February 21, 2019, to clarify certain limitations set forth in Plan Section 3.1(c) and is hereby amended and restated effective March 20, 2019 to add Restricted Stock Units to the Plan. 

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

 “Affiliate” means any Person that directly or indirectly controls, or is controlled by, or is under common control with
the Bank (or its successors). 
 “Award” means a grant of Options, Restricted Stock or Restricted Stock Units pursuant to
the Plan. 
 “Award Agreement” means, with respect to any particular Award, the written document that sets forth the terms
of that particular Award. 
 “Board” means the Board of Directors of the Bank, as constituted from time to time; provided,
however, that if the Board appoints a Committee to perform some or all of the Board’s administrative functions hereunder, references in the Plan to the “Board” will be deemed to also refer to that Committee in connection with matters
to be performed by that Committee. 
 “Cause” means (i) conviction of, or the entry of a plea of guilty or no contest
to, (a) a felony or (b) any other crime that causes the Bank or its Affiliates public disgrace or disrepute, or adversely affects the Bank’s or its Affiliates’ operations or financial performance, (ii) gross negligence or
willful misconduct with respect to the Bank or any of its Affiliates, including, 

  
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without limitation fraud, embezzlement, theft or proven dishonesty in the course of employment; (iii) alcohol abuse or use of controlled drugs other than in accordance with a
physician’s prescription; (iv) a material breach of any agreement with or duty owed to the Bank or any of its Affiliates; or (v) any breach of any obligation or duty to the Bank or any of its Affiliates (whether arising by statute,
common law, contract or otherwise) relating to confidentiality, noncompetition, nonsolicitation or proprietary rights. Notwithstanding the foregoing, if a Participant and the Bank (or any of its Affiliates) have entered into an employment agreement,
consulting agreement or other similar agreement that specifically defines “cause,” then with respect to such Participant, “Cause” shall have the meaning defined in that employment agreement, consulting agreement or
other agreement. 
 “Change in Control” means the occurrence of any of the following, in one transaction or a series of
related transactions: (i) any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) becoming a “beneficial owner” (as defined in Rule 13d-3 under the Exchange
Act), directly or indirectly, of securities of the Bank representing more than 50% of the voting power of the Bank’s then outstanding securities; (ii) a consolidation, share exchange, reorganization or merger of the Bank resulting in the
stockholders of the Bank immediately prior to such event not owning at least a majority of the voting power of the resulting entity’s securities outstanding immediately following such event; (iii) the sale or other disposition of all or
substantially all the assets of the Bank, (iv) a liquidation or dissolution of the Bank, or (v) any similar event deemed by the Board to constitute a Change in Control for purposes of this Plan. 

For the avoidance of doubt, a transaction or a series of related transactions will not constitute a Change in Control if such transaction(s)
result(s) in the Bank, any successor to the Bank, or any successor to the Bank’s business, being controlled, directly or indirectly, by the same Person or Persons who controlled the Bank, directly or indirectly, immediately before such
transaction(s). 
 “Code” means the Internal Revenue Code of 1986, as amended from time to time, and any successor thereto.

 “Committee” means a committee appointed by the Board in accordance with Section 2 of the Plan. 

  
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 “Director” means a member of the Board. 

“Disability” means a condition rendering a Participant Disabled. 

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

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

“Fair Market Value” means, as of any date: (i) if the Shares are not then publicly traded, the value of such Shares on
that date, as determined by the Board in its sole and absolute discretion; or (ii) if the Shares are publicly traded, on the most recent preceding day on which there was a trade, the closing price for a Share on the principal national
securities exchange on which the Shares are listed or admitted to trading or, if the Shares are not listed or admitted to trading on any national securities exchange, but are traded in the over-the-counter market, the closing sale price of a Share or, if no sale is publicly reported, the average of the closing bid and asked prices, as furnished by two members of the Financial Industry
Regulatory Authority, Inc. who make a market in the Shares selected from time to time by the Bank for that purpose. 
 “Incentive
Stock Option” means any Option intended to be and designated as an “Incentive Stock Option” within the meaning of Section 422 of the Code. 

“Non-Employee Director” will have the meaning set forth in Rule 16b-3(b)(3)(i) promulgated by the Securities and Exchange Commission under the Exchange Act, or any successor definition adopted by the Securities and Exchange Commission. 

“Non-Qualified Stock Option” means any Option that is not an Incentive Stock Option.

 “Option” means any option to purchase Shares (including Restricted Stock, if the Board so specifies in the applicable
Award Agreement) granted pursuant to Section 5 hereof. 
 “Parent” means, in respect of the Bank, a “parent
corporation” as defined in Section 424(e) of the Code. 

  
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 “Participant” means an employee, consultant, Director, or other service
provider of or to the Bank or any of its Affiliates to whom an Award is granted. 
 “Person” means an individual,
partnership, corporation, limited liability company, trust, joint venture, unincorporated association, or other entity or association. 

“Restricted Stock” means Shares that are subject to restrictions pursuant to Section 7 hereof. 

“Restricted Stock Unit” or “RSU” means the right granted to a Participant under Section 7 hereof that
is denominated in Shares. Each RSU represents a right to receive the value of one Share (or a percentage of such value) in cash, Shares or a combination thereof. Awards of RSUs may include the right to receive dividend equivalents. 

“Shares” means shares of the Bank’s common stock, par value $5.00, subject to substitution or adjustment as provided in
Section 3.3 hereof. 
 “Subsidiary” means, in respect of the Bank, a subsidiary company, as defined in Sections 424(f)
and (g) of the Code. 
 Section 2. Administration. 

2.1 The Plan will be administered by the Board; provided, however, that the Board may at any time appoint a Committee to perform some
or all of the Board’s administrative functions hereunder; and provided further, that the authority of any Committee appointed pursuant to this Section 2 will be subject to such terms and conditions as the Board may prescribe and
will be coextensive with, and not in lieu of, the authority of the Board hereunder. 
 2.2 Subject to the requirements of the Bank’s
bylaws and certificate of incorporation any other agreement that governs the appointment of Board committees, any Committee to which some or all of the Board’s administrative functions are delegated under this Section 2 will be composed of
not fewer than two members, each of whom will serve for such period of time as the Board determines; provided, however, that if the Bank has a class of securities required to be registered under Section 12 of the Exchange Act, all
members of any 

  
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such Committee will be Non-Employee Directors. From time to time the Board may increase the size of the Committee and appoint additional members thereto,
remove members (with or without cause) and appoint new members in substitution therefor, fill vacancies however caused, or remove all members of the Committee and thereafter directly administer the Plan. 

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

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

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

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

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

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

2.4 All decisions made by the Board pursuant to the provisions of the Plan will be final and binding on all persons, including the Bank and
Participants. No Director will be liable for any good faith determination, act or omission in connection with the Plan or any Award. 

  
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 Section 3. Shares Subject to the Plan. 

3.1 Limitations. 
 (a)
The Shares to be subject to or related to Awards under the Plan will be authorized and unissued Shares of the Bank. The maximum number of Shares that may be subject to Awards under the Plan is 328,910 (which amount is less than five percent (5%) of
total shares outstanding as of the date of adoption of the Plan), all of which may be issued in respect of Incentive Stock Options. The Bank will reserve for the purposes of the Plan, out of its authorized and unissued Shares, such number of Shares.

 (b) Subject to adjustment as provided in Section 3.3, no Participant may be granted Awards during any calendar year with respect to
more than 50,000 Shares. The limitation contained in this Section 3.1(b) shall be multiplied by two (2) with respect to Awards granted to a Participant during the first twelve (12) months following the date on which the Participant
commenced employment with the Bank and its Affiliates. 
 (c) Subject to adjustment as provided in Section 3.3, no Participant who is
a Non-Employee Director may be granted Awards during any calendar year with respect to more than 7,500 Shares. 

3.2 Effect of the Expiration or Termination of Awards. If and to the extent that an Option expires, terminates or is canceled or
forfeited for any reason without having been exercised in full, the Shares associated with that Option will again become available for grant under the Plan. Similarly, if and to the extent an Award of Restricted Stock is canceled, forfeited or
repurchased for any reason, the Shares subject to that Award will again become available for grant under the Plan. In addition, if the delivery of any Share is withheld in settlement of a tax withholding obligation associated with an Award or in
satisfaction of the exercise price payable upon exercise of an Option, that Share will again become available for grant under the Plan. Further, if an Award of an RSU is cancelled or forfeited for any reason, the Shares subject to that RSU Award
will again be available for grant under the Plan. 

  
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 3.3 Other Adjustments. In the event of any recapitalization, reorganization, merger,
stock split or combination, stock dividend or other similar event or transaction (including, without limitation, any “corporate transaction,” within the meaning of Treasury Regulation
§1.424-1(a)(3)), substitutions or adjustments will be made by the Board: (i) to the aggregate number, class and/or issuer of the securities reserved for issuance under the Plan; (ii) to the
number, class and/or issuer of securities subject to outstanding Awards; and (iii) to the exercise price of outstanding Awards, in each case in a manner that reflects equitably the effects of such event or transaction. For avoidance of doubt, a
substitution or adjustment that reflects equitably the effects of a given event or transaction will include (but will not be limited to) any substitution or adjustment consistent with the requirements of Treasury Regulation § 1.424-1 (a) or any
successor provision. 
 3.4 Change in Control. Notwithstanding anything to the contrary set forth in the Plan: (i) contingent
upon the occurrence of any Change in Control, and without the need for the consent of any Participant, immediately prior to that Change in Control, all outstanding Options shall become fully vested and immediately exercisable; and (ii) in
addition, upon or in anticipation of any Change in Control, the Board may, in its sole and absolute discretion and without the need for the consent of any Participant, take one or more of the following actions contingent upon the occurrence of that
Change in Control: 
 (a) cause any or all outstanding Restricted Stock to become non-forfeitable,
in whole or in part; 
 (b) cancel any Option in exchange for a substitute option in a manner consistent with the requirements of Treas.
Reg. §1.424-1(a) (notwithstanding the fact that the original Option may never have been intended to satisfy the requirements for treatment as an Incentive Stock Option), such that the excess of the
aggregate fair market value of the shares subject to the substituted option immediately after the exchange over the aggregate exercise price of such shares shall be equal to the aggregate Fair Market Value of the Shares subject to the old Option
immediately before such exchange over the aggregate exercise price for such Shares; 
 (c) cancel any Restricted Stock in exchange for
restricted stock of any successor corporation or its parents with a value equal to (A) the number of Shares of Restricted Stock, multiplied by (B) the Fair Market Value per Share on the date of the Change in Control; 

  
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 (d) cause any outstanding Option to become fully vested and immediately exercisable for a
reasonable period in advance of the Change in Control; 
 (e) cancel any Option in exchange for cash and/or other substitute consideration
with a value equal to (A) the number of Shares subject to that Option, multiplied by (B) the difference, if any, between the Fair Market Value per Share on the date of the Change in Control and the exercise price of that Option; or 

(f) redeem any share of Restricted Stock in exchange for cash and/or other substitute consideration with a value equal to the Fair Market
Value per Share on the date of the Change of Control. 
 (g) Fully vest all outstanding RSUs as of the effective date of the Change in
Control based, where applicable, on assumed achievement of all relevant performance goals at target level or at actual performance levels if greater than target. 

3.5 In the discretion of the Board, any cash or substitute consideration payable upon cancellation or redemption of an Award may be subjected
to (i) in the case of Restricted Stock, vesting terms substantially identical to those that applied to the cancelled or redeemed Award immediately prior to the Change in Control, or (ii) earn-out,
escrow, holdback or similar arrangements, to the extent such arrangements are applicable to any consideration paid to stockholders in connection with the Change in Control. 

Section 4. Eligibility. 

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

  
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 Section 5. Options. Options granted under the Plan may be
Incentive Stock Options or Non-Qualified Stock Options. Any Option granted under the Plan will be in such form as the Board may at the time of such grant approve. The Award Agreement evidencing any Option will
incorporate the following terms and conditions and will contain such additional terms and conditions as the Board deems appropriate in its sole and absolute discretion: 

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

5.2 Option Term. The term of each Option will be fixed by the Board; provided however, that no Option will be exercisable more
than 10 years after the date the Option is granted. However, any Incentive Stock Option granted to any Participant who, at the time such Option is granted, owns more than 10% of the voting power of all classes of shares of the Bank, its Parent or of
a Subsidiary may not have a term of more than five years. No Option may be exercised after expiration of the term of the Option. 
 5.3
Exercisability. Options will vest and be exercisable at such time or times and subject to such terms and conditions as determined by the Board. Options shall vest over a vesting period of approximately equal percentages each period over a
term no shorter than one (1) year, provided, however, that the Board may grant Options without regard to the foregoing minimum vesting requirement with respect to a maximum of five percent (5%) of the available Shares subject to the Plan under
Section 3.1 (subject to adjustment under Section 3.3). 
 5.4 Method of Exercise. Subject to the terms of the applicable
Award Agreement, the exercisability provisions of Section 5.3 and the cessation of employment provisions of Section 6, Options may be exercised in whole or in part from time to time during their term by the delivery of written notice of
exercise by the Participant to the Bank specifying the number of Shares to be purchased. Such notice will be accompanied by payment in full of the purchase price, either by certified or bank check or such other means as the Board may accept. As
determined by the Board in its sole discretion on or after the date of grant, payment in full or in part of the exercise price of an Option may be made in the form of previously 

  
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acquired Shares based on the Fair Market Value of the Shares on the date the Option is exercised or through means of a “net settlement,” whereby the Option exercise price will not be
due in cash and where the number of Shares issued upon such exercise will be equal to: (A) the product of (i) the number of Shares as to which the Option is then being exercised, and (ii) the excess, if any, of (a) the then
current Fair Market Value per Share over (b) the Option exercise price, divided by (B) the then current Fair Market Value per Share. 

5.5 No Shares will be issued upon exercise of an Option until full payment therefor has been made. A Participant will not have the right to
distributions or dividends or any other rights of a stockholder with respect to Shares subject to the Option until the Participant has given written notice of exercise, has paid in full for such Shares, if requested, has given the representation
described in Section 9.1 hereof and fulfills such other conditions as may be set forth in the applicable Award Agreement. 
 5.6
Incentive Stock Option Limitations. In the case of an Incentive Stock Option, the aggregate Fair Market Value (determined as of the time of grant) of the Shares with respect to which Incentive Stock Options are exercisable for the first time
by the Participant during any calendar year under the Plan and/or any other plan of the Bank, its Parent or any Subsidiary will not exceed $100,000. For purposes of applying the foregoing limitation, Incentive Stock Options will be taken into
account in the order granted. To the extent any Option does not meet such limitation, that Option will be treated for all purposes as a Non-Qualified Stock Option. 

5.7 Cessation of Service. Unless otherwise specified in the applicable Award Agreement, Options will be subject to the terms of
Section 6 with respect to exercise upon or following cessation of employment or other service. 
 5.8 Transferability of
Options. Except as may otherwise be specifically determined by the Board with respect to a particular Option: (i) no Option will be transferable by the Participant other than by will or by the laws of descent and distribution, and
(ii) during the Participant’s lifetime, an Option will be exercisable only by the Participant (or, in the event of the Participant’s Disability, by his or her personal representative). 

  
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 Section 6. Cessation of Service. Unless otherwise specified with
respect to a particular Option in the applicable Award Agreement, Options granted hereunder will remain exercisable after cessation of service only to the extent specified in this Section 6. 

6.1 Cessation by Reason of Death. If a Participant’s service with the Bank or any Affiliate ceases by reason of death, any Option
held by such Participant may thereafter be exercised, to the extent then exercisable or on such accelerated basis as the Board may determine in the applicable Award Agreement, by the legal representative of the estate or by the legatee of the
Participant under the will of the Participant, for a period expiring (i) at such time as may be specified by the Board in the applicable Award Agreement, or (ii) if not specified by the Board, then 12 months from the date of death, or
(iii) if sooner than the applicable period specified under (i) or (ii) above, upon the expiration of the stated term of such Option. 

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

6.3 Termination for Cause. If a Participant’s service with the Bank or any Affiliate is terminated for Cause: (i) any Option
not already exercised will be immediately and automatically forfeited as of the date of such termination, and (ii) any Shares for which the Bank has not yet delivered share certificates will be immediately and automatically forfeited and the
Bank will refund to the Participant the Option exercise price paid for such Shares, if any. 
 6.4 Other Cessations. If a
Participant’s service with the Bank and its Affiliates ceases for any reason other than death, Disability or Cause, any Option held by such Participant may thereafter be exercised by the Participant, to the extent it was exercisable at the time
of such termination, or on such accelerated basis as the Board may determine in the applicable Award Agreement, for a period expiring (i) at such time as may be specified by the 

  
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Board in the applicable Award Agreement, or (ii) if not specified by the Board, then 90 days from the date of cessation of service (irrespective of the manner or timing of the cessation and
without regards to whether there has been reasonable notice of cessation), or (iii) if sooner than the applicable period specified under (i) or (ii) above, upon the expiration of the stated term of such Option. 

Section 7. Restricted Stock and Restricted Stock Units (RSUs). 

7.1 Issuance. Restricted Stock and Restricted Stock Units may be issued either alone or in conjunction with other Awards. The Board, or
its designated Committee, will determine the time or times within which Restricted Stock and/or RSUs may be subject to forfeiture, and all other conditions of such Awards. Except as otherwise determined in the sole discretion of the Board or its
designated Committee, the Award of Restricted Stock or RSUs requires no payment of consideration by Participants. 
 7.2 Certificate.
Any share certificate issued in connection with an Award of Restricted Stock or upon the vesting of an RSU will be registered in the name of the Participant receiving the Award, and will bear the following legend and/or any other legend required by
this Plan, the Award Agreement or by applicable law: 
 THE TRANSFERABILITY OF THIS CERTIFICATE AND THE SHARES REPRESENTED HEREBY ARE SUBJECT
TO THE TERMS AND CONDITIONS OF THE BANK OF PRINCETON 2018 EQUITY INCENTIVE PLAN AND AN AGREEMENT ENTERED INTO BETWEEN [THE PARTICIPANT] AND THE BANK OF PRINCETON (WHICH TERMS AND CONDITIONS MAY INCLUDE, WITHOUT LIMITATION, CERTAIN TRANSFER
RESTRICTIONS, REPURCHASE RIGHTS AND FORFEITURE CONDITIONS). COPIES OF THAT PLAN AND AGREEMENT ARE ON FILE IN THE PRINCIPAL OFFICES OF THE BANK OF PRINCETON AND WILL BE MADE AVAILABLE TO THE HOLDER OF THIS CERTIFICATE WITHOUT CHARGE UPON REQUEST TO
THE SECRETARY OF THE BANK. 

  
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 Share certificates evidencing Restricted Stock will be held in custody by the Bank or in escrow by an escrow
agent until the restrictions thereon have lapsed. As a condition to any Award of Restricted Stock or RSU, the Participant may be required to deliver to the Bank a share power, endorsed in blank, relating to the Shares covered by such Award. 

7.3 Restrictions and Conditions. The Restricted Stock awarded pursuant to this Section 7 will be subject to the following
restrictions and conditions, and any other restrictions and conditions set forth in the applicable Award Agreement. 
 (a) During a period
commencing with the date of an Award of Restricted Stock and ending at such time or times as specified by the Board (the “Restriction Period”), the Participant will not be permitted to sell, transfer, pledge, assign or otherwise
encumber Restricted Stock awarded under the Plan. The Board may condition the lapse of restrictions on Restricted Stock upon the continued employment or service of the recipient, the attainment of specified individual or corporate performance goals,
or such other factors as the Board may determine, in its sole and absolute discretion. The Restriction Period shall be a term no shorter than one (1) year, provided, however, that the Board may grant Restricted Stock without regard to the
foregoing minimum vesting requirement with respect to a maximum of five percent (5%) of the available Shares subject to the Plan under Section 3.1 (subject to adjustment under Section 3.3). 

(b) Except as otherwise provided in this Section 7.3 or the applicable Award Agreement, the Participant will have, with respect to the
Restricted Stock, all of the rights of a stockholder of the Bank, including the right to vote the Shares, and the right to receive any cash distributions or dividends (subject to Section 7.3(c) below). 

(c) Cash distributions or dividends on Restricted Stock shall be subject to the same Restriction Period as is applicable to the Restricted
Stock with respect to which such amounts are paid, or, if the Board so determines, reinvested in additional Restricted Stock to the extent Shares are available under Section 3.1 of the Plan. Any distributions or dividends paid in the form of
securities with respect to Restricted Stock will be subject to the same terms and conditions as the Restricted Stock with respect to which they were paid, including, without limitation, the same Restriction Period. 

 

  
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 (d) Subject to the provisions of the applicable Award Agreement, if a Participant’s
service with the Bank and its Affiliates ceases prior to the expiration of the applicable Restriction Period, all of that Participant’s Restricted Stock and any dividends paid thereon which then remain subject to forfeiture will then be
forfeited automatically. 
 (e) If and when the Restriction Period expires without a prior forfeiture of the Restricted Stock subject to
such Restriction Period (or if and when the restrictions applicable to Restricted Stock are removed pursuant to Section 3.3 or otherwise), any certificates for such Shares will be replaced with new certificates, without the restrictive legend
applicable to such lapsed restrictions, and such new certificates will be promptly delivered to the Participant, the Participant’s representative (if the Participant has suffered a Disability), or the Participant’s estate or heir (if the
Participant has died). 
 7.4 Restricted Stock Unit Terms and Conditions. A Participant shall have no rights as a stockholder with
respect to an Award of RSUs under the Plan until such time as Shares are paid in settlement of such Award. RSUs will be subject to such restrictions on transferability and other restrictions that the Board or a Committee of the Board may impose
(including, for example, vesting, the right to receive dividend equivalents on the RSUs). These restrictions may lapse separately or in combination at such times, under such circumstances, in such installments, upon the satisfaction of performance
goals or otherwise, as the Board or designated Committee determines, at the time of the grant of the RSU Award. RSUs, like Restricted Stock will have a minimum vesting period of one (1) year from the date of grant. 

Section 8. Amendments and Termination. The Board may amend, alter or discontinue the Plan at any time, provided that
no amendment, alteration or discontinuation will be made which would impair the rights of a Participant with respect to an Award without that Participant’s consent or which, without the approval of such amendment within twelve (12) months
of its adoption by the Board, by the Bank’s stockholders in a manner consistent with Treas. Reg. §1.422-3 (or any successor provision), would: (i) increase the total number of Shares reserved
for the purposes of the Plan (except as otherwise provided in Section 3), or (ii) change the persons or class of persons eligible to receive Awards. 

  
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 Section 9. General Provisions. 

9.1 The Board may require each Participant to represent to and agree with the Bank in writing that the Participant is acquiring securities of
the Bank for investment purposes and without a view to distribution thereof and as to such other matters as the Board believes are appropriate. The Award Agreement evidencing any Award and any securities issued pursuant thereto may include any
legend which the Board deems appropriate to reflect any restrictions on transfer and compliance with applicable securities laws. 
 9.2 All
certificates for Shares or other securities delivered under the Plan will be subject to such share-transfer orders and other restrictions as the Board may deem advisable under the rules, regulations and other requirements of any stock exchange upon
which the Shares are then listed, and any applicable securities laws, and the Board may cause a legend or legends to be put on any such certificates to make appropriate reference to such restrictions. 

9.3 Neither the adoption of the Plan nor the execution of any document in connection with the Plan will: (i) confer upon any employee or
other service provider of the Bank or an Affiliate any right to continued employment or engagement with the Bank or such Affiliate, or (ii) interfere in any way with the right of the Bank or such Affiliate to terminate the employment or
engagement of any of its employees or other service providers at any time. 
 9.4 No later than the date as of which an amount first becomes
includible in the gross income of the Participant for federal income tax purposes with respect to any Award under the Plan, the Participant will pay to the Bank, or make arrangements satisfactory to the Bank regarding the payment of taxes of any
kind required by law to be withheld with respect to such amount. The obligations of the Bank under the Plan will be conditioned on such payment or arrangements and the Bank will have the right to deduct any such taxes from any payment of any kind
otherwise due to the Participant. Unless otherwise determined by the Board, the minimum required withholding obligation with respect to an Award may be settled in Shares, including the Shares that are subject to that Award. 

  
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 Section 10. Effective Date of Plan. 

10.1 The Plan will become effective on the date that it is approved by the stockholders of the Bank. 

Section 11. Term of Plan. 

11.1 The Plan will continue in effect until terminated in accordance with Section 8; provided, however, that no Incentive Stock Option
will be granted hereunder on or after the 10th anniversary of the date the Plan becomes effective (or, if the stockholders approve an amendment that (i) increases the number of shares subject to the Plan or (ii) extends the period which
Incentive Stock Options may be granted hereunder, the 10th anniversary of the effective date of such increase or extension); but provided further, that Incentive Stock Options granted prior to such 10th anniversary may extend beyond that date. 

Section 12. Invalid Provisions. 

12.1 In the event that any provision of this Plan is found to be invalid or otherwise unenforceable under any applicable law, such invalidity
or unenforceability will not be construed as rendering any other provisions contained herein as invalid or unenforceable, and all such other provisions will be given full force and effect to the same extent as though the invalid or unenforceable
provision was not contained herein. 
 Section 13. Governing Law. 

13.1 The Plan and all Awards granted hereunder will be governed by and construed in accordance with the laws of the State of New Jersey,
without regard to the application of the principles of conflicts of laws. 
 Section 14. Board Action. 

14.1 Notwithstanding anything to the contrary set forth in the Plan, any and all actions of the Board or Committee, as the case may be, taken
under or in connection with the Plan and any agreements, instruments, documents, certificates or other writings entered into, executed, granted, issued and/or delivered pursuant to the terms hereof, will be subject to and limited by any and all
votes, consents, approvals, waivers or other actions of all or certain stockholders of the Bank or other persons required by: 
 (a) the
Bank’s certificate of incorporation (as the same may be amended and/or restated from time to time); 
  

  
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 (b) the Bank’s bylaws (as the same may be amended and/or restated from time to time);
and 
 (c) any other agreement, instrument, document or writing now or hereafter existing, between or among the Bank and its stockholders
or other persons (as the same may be amended from time to time). 
 Section 15. Notices. 

15.1 Any notice to be given to the Bank pursuant to the provisions of the Plan shall be given by registered or certified mail, postage
prepaid, and addressed, if to the Bank to its principal executive office to the attention of its Chief Financial Officer (or such other person as the Bank may designate in writing from time to time), and, if to a Participant, to the address
contained in the Bank’s personnel records, or to such other address as that Participant may hereafter designate in writing to the Bank. Any such notice shall be deemed given or delivered three days after the date of mailing. 

  
 17EX-10.5

 Exhibit 10.5 

EMPLOYMENT AGREEMENT 
 THIS AGREEMENT made
as of the 6th day of December, 2018 (“Effective Date”), by and between The Bank of Princeton (“TBOP”), a banking corporation organized under the laws of the state of New Jersey, and Edward Dietzler (the
“EMPLOYEE”). 
 BACKGROUND 

A. TBOP desires to continue to employ the EMPLOYEE and the EMPLOYEE is willing to serve on the terms and conditions herein provided. 

B. In order to effect the foregoing, the parties hereto desire to enter into this employment agreement on the terms and conditions set forth below. 

NOW, THEREFORE, in consideration of the premises and the respective covenants and agreements of the parties contained herein, and intending to be legally
bound hereby, the parties hereto agree as follows: 
 1. Employment. TBOP hereby agrees to continue to employ the
EMPLOYEE, and the EMPLOYEE hereby agrees to serve TBOP, on the terms and conditions set forth herein. 
 2. Term of
Agreement. 
 (a) Except as otherwise provided herein, the term of this Agreement shall include: (i) the period
commencing on the Effective Date and ending December 5, 2021, plus (ii) any and all extensions of the term made pursuant to paragraphs (b) and (c) of this Section 2 (the “Term”). 

(b) Beginning on the first anniversary of the Effective Date, and on each anniversary thereafter, the term of this Agreement shall be extended
by one (1) year, so that, at the time of such extension, the term of the Agreement shall be for a period of three (3) years. Notwithstanding the foregoing, TBOP or the EMPLOYEE may elect to terminate the automatic annual extension of the
Term in this paragraph (b) by giving written notice of such election. Any notice given hereunder shall be effective as of the date such notice of nonrenewal is given and the Term shall be fixed at that time. 

(c) Notwithstanding paragraph (b) of this Section 2, in the event of a Change in Control, the Term shall not end before the first
anniversary of such Change of Control; provided, however, this sentence shall apply only to the first Change of Control to occur while this Agreement is in effect. 

(d) Nothing in this Agreement shall mandate or prohibit a continuation of the EMPLOYEE’S employment following the expiration of the Term
upon such terms and conditions as TBOP and the EMPLOYEE may mutually agree. 
 (e) Effective upon the termination of the
EMPLOYEE’s employment with TBOP, the EMPLOYEE shall resign as a director of TBOP, unless continued service as a director of TBOP is requested in writing by the Board of Directors TBOP. 

  
 1 

 3. Position and Duties. The EMPLOYEE shall serve as the President and
Chief Executive Officer of TBOP and shall report directly to the Board of Directors. In addition, the EMPLOYEE shall serve in such capacity, with respect to each Subsidiary or affiliated company, as the Board of Directors of each such Subsidiary or
affiliated company shall designate from time to time. During the Term, EMPLOYEE shall devote substantially all of his working time and efforts to the business and affairs of TBOP, the Subsidiaries, and affiliated companies; provided, however, that
nothing herein shall be construed as precluding him from devoting a reasonable amount of time to civic, charitable, trade association and similar activities, to the extent participation in these activities do not conflict with the EMPLOYEE’s
obligations to TBOP or interfere with the EMPLOYEE’S responsibilities under this Agreement. 
 4. Compensation and Related
Matters. 
 (a) Base Compensation. During the Term, TBOP shall pay to the EMPLOYEE annual base compensation at
a rate not less than $375,000 (“Annual Salary”). The Board of Directors of TBOP shall periodically review the EMPLOYEE’s employment performance, in accordance with policies generally in effect from time to time,
for possible merit or cost-of-living increases and any and all such increases shall be deemed to constitute amendments to this Section 4(a) to reflect the increased
amounts, effective as of the date established for such increases. Except for a reduction which is proportionate to a bank-wide reduction in officer pay, the annual base compensation paid to the EMPLOYEE in any period shall not be less than his
Annual Salary as of the Effective Date. The frequency and manner of payment of the EMPLOYEE’S Annual Salary shall be in accordance with TBOP’s payroll practices from time to time in effect. Nothing herein shall be construed as precluding
the EMPLOYEE from entering into any salary reduction or deferral plan or arrangement during the Term. The amounts set forth in the first sentence of this subparagraph (a) shall be pro-rated to the extent
such period is less than a year. 
 (b) Incentive Compensation. During the Term, the EMPLOYEE shall be eligible to
participate in all incentive plans, equity plans, and similar arrangements maintained by TBOP for its executive officers on a basis and at award levels consistent and commensurate with the EMPLOYEE’S position and duties hereunder. 

(c) Employee Benefit Plans and Other Plans or Arrangements. The EMPLOYEE shall be eligible to participate in all Employee
Benefit Plans of TBOP on the same basis as other executive officers of TBOP. In addition, the EMPLOYEE shall be eligible to participate in and enjoy any other plans and arrangements which provide for sick leave, vacation, sabbatical, or personal
days, club memberships and dues, education payment or reimbursement, business-related seminars, and similar fringe benefits provided to or for the executive officers of TBOP from time to time. 

(d) Expenses. During the Term, the EMPLOYEE shall be entitled to receive prompt reimbursement for all reasonable and
customary expenses, including transportation expenses, incurred by him in performing services hereunder in accordance with the general policies and procedures established by TBOP. 

  
 2 

 5. Termination By Reason of Disability. 

(a) In General. In the event the EMPLOYEE becomes unable to perform his duties on a full-time basis by reason of the
occurrence of his Disability and, within 30 days after a Notice of Termination is given, he shall not have returned to the full-time performance of such duties, his employment may be terminated by TBOP, provided, however, that, if
EMPLOYEE’s Disability occurs after EMPLOYEE delivers a Notice of Termination for Good Reason, EMPLOYEE shall nevertheless be absolutely entitled to receive all of the compensation and benefits provided in Section 9 hereof.

 (b) Compensation and Benefits upon Expiration of Remaining Term. This Agreement shall terminate following the
EMPLOYEE’s termination for Disability, provided, however, the EMPLOYEE shall be entitled to receive the compensation and benefits provided under the terms of any long-term disability plan of TBOP in effect on the Date of Termination.

 6. Termination By Reason of Death. This Agreement shall terminate in the event of the EMPLOYEE’s death
during the Term, provided, however, the EMPLOYEE’s beneficiary(ies) shall be entitled to such benefits as otherwise provided by TBOP as are effective on the date of his death, provided, however, that, if the EMPLOYEE dies after
EMPLOYEE delivers a Notice of Termination for Good Reason, the EMPLOYEE’s estate shall nevertheless be absolutely entitled to receive all of the compensation and benefits provided in Section 9 hereof. 

7. Termination by TBOP for Cause. 

(a) In General. In the event TBOP terminates the EMPLOYEE’S employment for Cause, TBOP shall deliver a Notice of
Termination to the EMPLOYEE which specifies a Date of Termination which, in TBOP’s discretion, may be the same date as the Notice of Termination. 

(b) Compensation. On and after the Date of Termination, EMPLOYEE shall have no further rights under this Agreement,
except that at the end of the payroll period after the EMPLOYEE’s termination under Subparagraph (a), TBOP shall pay him, in one lump sum, his accrued but unpaid base compensation and vacation time/paid time off earned through the Date
of Termination. 
 8. Termination by the EMPLOYEE without Good Reason 

(a) In General. In the event the EMPLOYEE terminates his employment without Good Reason, the EMPLOYEE shall deliver a
Notice of Termination to TBOP which specifies a Date of Termination not less than 30 days following the date of such notice. 
 (b)
Compensation. On and after the Date of Termination, the EMPLOYEE shall have no further rights under this Agreement, except that at the end of the payroll period after the EMPLOYEE’s termination under Subparagraph
(a), TBOP shall pay him, in one lump sum, his accrued but unpaid base compensation and vacation time/paid time off earned through the Date of Termination. 

  
 3 

 9. Involuntary Termination without Disability or Cause or Voluntary Termination by the
EMPLOYEE for Good Reason. 
 (a) In General. In the event TBOP terminates the EMPLOYEE’s
employment for any reason other than Disability or Cause, TBOP shall deliver a Notice of Termination to the EMPLOYEE which specifies a Date of Termination not less than 30 days following the date of such notice. In the event that the EMPLOYEE
intends to terminate his employment for Good Reason, then at the option of the EMPLOYEE, exercisable by him within ninety (90) days after the occurrence of the condition constituting Good Reason, the EMPLOYEE may resign from employment under
this Agreement by delivering a Notice of Termination to TBOP or its successor which specifies a Date of Termination not less than 30 days following the date of such notice, provided, however, that TBOP or its successor shall be given thirty
(30) days from the day it receives the Notice of Termination to remedy such condition. 
 (b) Compensation and Benefits after
Termination. In the event of the termination of EMPLOYEE’S employment under Subparagraph (a), the EMPLOYEE shall be entitled to receive the following payments and benefits. 

(i) The EMPLOYEE shall receive a lump sum payment equal to two (2) times: (A) the EMPLOYEE’S Annual Salary then in
effect, plus (B) the average of the three (3) highest annual cash bonuses paid to the EMPLOYEE during the Term. In the event of a Change in Control, followed by EMPLOYEE’S termination of employment within twenty four (24) months
of a Change in Control, the multiplier for the severance benefit in this Subparagraph (b)(i) shall be three (3) times instead of two (2) times. A portion of the severance payment received in connection with a Change in Control which is
classified as payment of reasonable compensation for purposes of Section 280G of the Code shall be allocated to the restrictive covenants noted in Section 13. 

(ii) In addition to the cash payment provided under Subparagraph (b)(i) of this Section 9, the EMPLOYEE and his eligible
dependents shall be entitled to continue to participate at the same aggregate benefit levels for eighteen (18) months and at no out-of-pocket or tax cost to the
EMPLOYEE, in the medical benefit plan in which the EMPLOYEE was a participant immediately prior to the Date of Termination, to the extent permitted under the terms of such plans and applicable law. To the extent TBOP is unable to provide for
continued participation in the medical benefit plan, it shall provide an equivalent benefit directly at no out-of-pocket or tax cost to the EMPLOYEE. For purposes of the
preceding two sentences, TBOP shall be deemed to have provided a benefit at no tax cost to the EMPLOYEE if it pays an additional amount to the EMPLOYEE or on his behalf, with respect to those benefits which would otherwise be nontaxable to the
EMPLOYEE. 

  
 4 

 (c) Earlier Cessation of Medical Benefits. Notwithstanding the
provisions of Subparagraph 9(b), TBOP shall not be required to provide, at its cost, the medical benefits covered by Subparagraph 9(b)(ii) after the later of (i) the attainment by the EMPLOYEE and his spouse (if any) of age 65, or (ii) the
date specified in the relevant plan document for benefit termination (assuming that he was employed until the normal retirement date, if any, specified in such document). 

(d) Death during Remaining Period of Payment. In the event the EMPLOYEE dies during the period of payment following the
Date of Termination without Disability or Cause and the EMPLOYEE is survived by his spouse, the compensation and benefits required to be paid and provided under Subparagraph (b) shall be unaffected by his death and shall be paid and provided to
the EMPLOYEE’S spouse or on her behalf; provided that TBOP shall not be required to provided continued medical benefits with respect to her deceased husband; and provided further, that in no event shall TBOP be required to provide, at its cost,
the medical benefits described in Subparagraph 9(b)(ii) to such spouse and her eligible dependents after the earlier of (x) her death, or (y) the later of (I) her attainment of age 65, or (II) the date specified in the relevant
plan document for benefit termination (assuming that the EMPLOYEE was employed until the normal retirement date, if any, specified in the document). 

10. Change in Control Best Payment Determination. 

Notwithstanding any contrary provisions in any plan, program or policy of TBOP, if all or any portion of the compensation or benefits payable
under this Agreement, either alone or together with other payments and benefits that the EMPLOYEE receives or is entitled to receive from TBOP, would constitute a “parachute payment” within the meaning of Section 280G of the Internal
Revenue Code. TBOP shall reduce the EMPLOYEE’S payments and benefits payable under this Agreement to the extent necessary so that no portion thereof, after the application of all reasonable exceptions permitted under the Code, shall be subject
to the excise tax imposed by Section 4999 of the Code, but only if, by reason of such reduction, the net after-tax benefit to the EMPLOYEE shall exceed the net
after-tax benefit if such reduction were not made. “Net aftertax benefit” for these purposes shall mean the sum of (i) the total amount payable to the EMPLOYEE under this
Agreement, plus (ii) all other payments and benefits which the EMPLOYEE receives or is then entitled to receive from TBOP that, alone or in combination with the payments and benefits payable under this Agreement, would constitute a
“parachute payment” within the meaning of Section 280G of the Code, less (iii) the amount of federal income taxes payable with respect to the foregoing calculated at the maximum marginal income tax rate for each year in which the
foregoing shall be paid to the EMPLOYEE (based upon the rate in effect for such year as set forth in the Code at the time of the payment under this Agreement), less (iv) the amount of excise taxes imposed with respect to the payments and
benefits described in (i) and (ii) above by Section 4999 of the Code. The parachute payments reduced shall first be the payments under Section 9, and then any other parachute payments. Within any of these categories, a reduction shall
occur first with respect to amounts that are not deemed to constitute a “deferral of compensation” within the meaning of and subject to Code Section 409A (“Nonqualified Deferred Compensation”) and then with respect to
amounts that are treated as Nonqualified Deferred Compensation, with such reduction being applied in each case to the payments in the reverse order in which they would otherwise be made, that is, later payments shall be reduced before earlier
payments. All determinations required to be made under this Section 10 shall be made by an independent accounting firm, law firm or compensation consultant, agreed upon by the EMPLOYEE and TBOP. All fees and expenses incurred in connection with
the calculation required under this Section 10 shall be borne solely by TBOP. 

  
 5 

 11. Withholding Taxes. All compensation and benefits provided for
herein shall, to the extent required by law, be subject to federal, state, and local tax withholding. 
 12. Confidential
Information. The EMPLOYEE agrees that during and subsequent to his employment with TBOP, he will not, at any time, communicate or disclose to any unauthorized person, without the written consent of TBOP, any proprietary or other
confidential information concerning TBOP or any Subsidiary or affiliate thereof; provided, however, that the obligations under this paragraph shall not apply to the extent that such matters (a) are disclosed in circumstances where the EMPLOYEE
is legally obligated to do so, or (b) become generally known to and available for use by the public otherwise than by his wrongful act or omission; and provided further, that he may disclose any knowledge of insurance, financial, legal and
economic principles, concepts and ideas which are not solely and exclusively derived from the business plans and activities of TBOP. 
 13.
Covenants Not to Compete or to Solicit. 
 (a) Noncompetition. During the Term and for a period of
6 months after the Date of Termination (the “Noncompetition Period”), the EMPLOYEE shall not, without the written consent in writing of the Boards of Directors of TBOP, become an officer, employee, agent, partner, consultant, member,
director, or a four and nine-tenths percent or greater shareholder or equity owner of any entity engaged in the banking or lending business within any county in which TBOP has a branch or loan production office. If at the time of the enforcement of
this paragraph a court holds that the duration, scope, or area restrictions stated herein are unreasonable under the circumstances then existing and, thus, unenforceable, TBOP, and the EMPLOYEE agree that the maximum duration, scope, or area
reasonable under such circumstances shall be substituted for the stated duration, scope, or area. 
 (b) Nonsolicitation.
During his employment and the Noncompetition Period, the EMPLOYEE shall not, whether on his own behalf or on behalf of any other individual or business entity, solicit, endeavor to entice away from TBOP, a Subsidiary or any affiliated company,
or otherwise interfere with the relationship of TBOP, a Subsidiary, or any affiliated company with any person who is, or was within the then most recent 12 month period, an employee or associate thereof. 

(c) Extension of Noncompetition Period. The Noncompetition Period shall be automatically extended by the length of time
(if any) in which the EMPLOYEE is in violation of any of the terms of this Paragraph 13. 
 14. Additional Equitable
Remedy. The EMPLOYEE acknowledges and agrees that TBOP’s remedy at law for a breach or a threatened breach of the provisions of Paragraphs 12 and 13 would be inadequate; and, in recognition of this fact, in the event of such a
breach or threatened breach by him, it is agreed that TBOP shall be entitled to request equitable relief in the form of specific performance, temporary restraining order, temporary or permanent injunction, or any other equitable remedy which may
then be available. Nothing in this paragraph shall be construed as prohibiting TBOP from pursuing any other remedy available under this Agreement for such a breach or threatened breach. 

  
 6 

 15. Legal Fees. TBOP shall reimburse the EMPLOYEE for all reasonable
legal fees and expenses he may incur in seeking to obtain or enforce any right or benefit provided by this Agreement, but only with respect to such claim or claims upon which EMPLOYEE prevails. Such payments shall be made within fourteen
(14) days after delivery of EMPLOYEE’s written request for payment accompanied with such evidence of fees and expenses incurred as TBOP may reasonably require. 

16. Related Agreements. Except as may otherwise be provided herein, to the extent that any provision of any other
agreement between TBOP and the EMPLOYEE shall limit, qualify, duplicate, or be inconsistent with any provision of this Agreement, the provision in this Agreement shall control and such provision of such other agreement shall be deemed to have been
superseded, and to be of no force or effect, as if such other agreement had been formally amended to the extent necessary to accomplish such purpose. 

17. Exclusive Rights and Remedy. Except for any explicit rights and remedies the EMPLOYEE may have under any other
contract, plan or arrangement with TBOP, the compensation and benefits payable hereunder and the remedy for enforcement thereof shall constitute his exclusive rights and remedy in the event of his termination of employment. 

18. Director and Officer Liability Insurance; Indemnification. The TBOP shall provide the EMPLOYEE (including his heirs,
executors, and administrators) with the maximum coverage permitted under its directors’ and officers’ liability insurance policy, at TBOP’s expense, and shall indemnify him (and his heirs, executors, and administrators) as an employee
and/or officer of TBOP to the fullest extent permitted under Federal and New Jersey law against all expenses and liabilities reasonably incurred by him in connection with or arising out of any action, suit, or proceeding in which he may be involved
by reason of his having been an e employee and/or officer of TBOP or any Subsidiary or affiliated company (whether or not he continues to be such an officer at the time of incurring such expenses or liabilities). Such expenses and liabilities shall
include, but not be limited to, judgments, court costs, and attorneys’ fees, and the costs of reasonable settlements. 

  
 7 

 19. Cooperation and
Non-Disparagement. EMPLOYEE agrees that he shall not make any disparaging, negative or critical comments regarding TBOP, or any Subsidiary or affiliated company either during his employment by
TBOP, or thereafter. The EMPLOYEE agrees to cooperate fully with TBOP in connection with any claims, suits, charges or causes of action that have been brought, or may be brought in the future, against TBOP in which EMPLOYEE possesses information
relevant to such claims, suits, charges or causes of action, which shall include, but not be limited to, making himself available, within reason, for interviews, depositions and testimony, as needed or requested by TBOP. 

20. Notices. Any notice required or permitted under this Agreement shall be sufficient if it is in writing and shall be
deemed given (i) at the time of personal delivery to the addressee, or (ii) at the time sent certified mail, with return receipt requested, addressed as follows: 
  

					
		 	If to the EMPLOYEE:	 	The address provided in the personnel
		 		 	file of TBOP.
		 	If to TBOP:	 	The Bank of Princeton
		 		 	183 Bayard Lane
		 		 	Princeton, NJ 08540
		 		 	Attention: Chair, Board of Directors

 The name or address of any addressee may be changed at any time and from time to time by notice similarly given. 

21. No Waiver. The failure by any party to this Agreement at any time or times hereafter to require strict performance by
any other party of any of the provisions, terms, or conditions contained in this Agreement shall not waive, affect, or diminish any right of the first party at any time or times thereafter to demand strict performance therewith and with any other
provision, term, or condition contained in this Agreement. Any actual waiver of a provision, term, or condition contained in this Agreement shall not constitute a waiver of any other provision, term, or condition herein, whether prior or subsequent
to such actual waiver and whether of the same or a different type. The failure of TBOP to promptly terminate the EMPLOYEE’s employment for Cause or the EMPLOYEE to promptly terminate his employment for Good Reason shall not be construed
as a waiver of the right of termination, and such right may be exercised at any time following the occurrence of the event giving rise to such right. 

22. Survival. Notwithstanding the nominal termination of this Agreement and the EMPLOYEE’s employment
hereunder, the provisions hereof which specify continuing obligations, compensation and benefits, and rights (including the otherwise applicable term hereof) shall remain in effect until such time as all such obligations are discharged, all such
compensation and benefits are received, and no party or beneficiary has any remaining actual or contingent rights hereunder. 
 23.
Severability. In the event any provision in this Agreement shall be held illegal or invalid for any reason, such illegal or invalid provision shall not affect the remaining provisions hereof, and this Agreement shall be
construed, administered and enforced as though such illegal or invalid provision were not contained herein. 

  
 8 

 24. Binding Effect and Benefit. The provisions of this Agreement shall
be binding upon and shall inure to the benefit of the successors and assigns of TBOP and the executors, personal representatives, surviving spouse, heirs, devisees, and legatees of the EMPLOYEE. TBOP may assign this Agreement in the event of a sale,
merger, consolidation or transfer of all or substantially all of its business and assets. 
 25. Entire Agreement. This
Agreement embodies the entire agreement among the parties with respect to the subject matter hereof, and it supersedes and replaces any prior written or oral agreements between them respecting the within subject matter, including, but not limited
to, superseding the Change in Control Agreement between TBOP and the EMPLOYEE dated March 22, 2017. 
 26. Captions.
The captions of the several paragraphs and subparagraphs of this Agreement have been inserted for convenience of reference only. They constitute no part of this Agreement and are not to be considered in the construction hereof. 

27. Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed one and the
same instrument which may be sufficiently evidenced by any one counterpart. 
 28. Applicable Law. Except to the extent
preempted by federal law, the provisions of this Agreement shall be construed, administered, and enforced in accordance with the domestic internal law of the State of New Jersey without reference to its laws regarding conflict of laws. Each party
hereby agrees that the forum and venue for any legal or equitable action or proceeding arising out of, or in connection with, this Agreement will lie in the appropriate federal or state courts or arbitration proceeding in the State of New Jersey and
specifically waives any and all objections to such jurisdiction and venue. 
 29. Regulatory Matters. The obligations
of TBOP under this Agreement shall in all events be subject to any required limitations or restrictions imposed by or pursuant to the Federal Deposit Insurance Act as the same may be amended from time to time. 

30. Code Section 409A. 

(a) Anything in this Agreement to the contrary notwithstanding, if at the time of the EMPLOYEE’s separation from service within
the meaning of Section 409A of the Code, TBOP’s stock is publicly traded on an established securities market or otherwise and TBOP determines that the EMPLOYEE is a “specified employee” within the meaning of
Section 409A(a)(2)(B)(i) of the Code, then to the extent any payment or benefit that the EMPLOYEE becomes entitled to under this Agreement on account of the EMPLOYEE’s separation from service would be considered deferred
compensation subject to the 20% additional tax imposed pursuant to Section 409A(a) of the IRC as a result of the application of Section 409A(a)(2)(B)(i) of the IRC, such payment shall not be payable and such benefit shall not be provided
until the date that is the earlier of (i) six months and one day after the EMPLOYEE’s separation from service, or (ii) the EMPLOYEE’s death. The first installment 

  
 9 

 payment shall include a catch-up payment covering amounts that would
otherwise have been paid during the six-month period but for the application of this provision, and the balance of the installments shall be payable in accordance with their original schedule. Any such delayed
cash payment shall earn interest at an annual rate equal to the applicable federal short-term rate published by the Internal Revenue Service for the month in which the date of separation from service occurs, from such date of separation from service
until the payment. To the extent that the foregoing applies to the provision of any ongoing medical benefits to the EMPLOYEE that would not be required to be delayed if the premiums therefore were paid by the EMPLOYEE, the EMPLOYEE shall pay the
full costs of premiums for such medical benefits during the six-month period and TBOP shall pay the EMPLOYEE an amount equal to the amount of such premiums paid by the EMPLOYEE during the six-month period within ten (10) days after the conclusion of such period. 
 (b) Solely for purposes
of Section 409A of the IRC, each installment payment of severance is considered a separate payment. 
 (c) All in-kind benefits provided and expenses eligible for reimbursement under this Agreement shall be provided by TBOP or incurred by the EMPLOYEE during the time periods set forth in this Agreement. All reimbursements
shall be paid as soon as administratively practicable, but in no event shall any reimbursement be paid after the last day of the taxable year following the taxable year in which the expense was incurred. The amount of
in-kind benefits provided or reimbursable expenses incurred in one taxable year shall not affect the in-kind benefits to be provided or the expenses eligible for
reimbursement in any other taxable year. Such right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit. 

(d) To the extent that any payment or benefit described in this Agreement constitutes
“non-qualified deferred compensation” under Section 409A of the IRC, and to the extent that such payment or benefit is payable upon the EMPLOYEE’s termination of employment, then
such payments or benefits shall be payable only upon the EMPLOYEE’s “separation from service.” The determination of whether and when a separation from service has occurred shall be made in accordance with the presumptions set
forth in Treasury Regulation § 1.409A-l(h). 

  
 10 

 IN WITNESS WHEREOF, the parties have executed this Agreement, or caused it to be executed,
as of the date first above written. 
  

			
	/s/ Edward Dietzler
	 EDWARD DIETZLER

	
	THE BANK OF PRINCETON
		
	By:	 	/s/ Richard Gillespie, Chairman
		 	On behalf of the Board of Directors

  
 11 

 GLOSSARY 

“Board of Directors” or “Board” means the board of directors of TBOP. 

“Cause” means (i) a documented repeated and willful failure by the EMPLOYEE to perform his duties, but only after written demand,
(ii) his final conviction of a felony, (iii) conduct by him which constitutes moral turpitude which is directly and materially injurious to TBOP or any Subsidiary or affiliated company, (iv) willful material violation of corporate
policy, or (v) the issuance by the regulator of TBOP or any Subsidiary or affiliated company of an unappealable order to the effect that he be permanently discharged. 

For purposes of this definition, no act or failure to act on the part of the EMPLOYEE shall be considered “willful” unless done or omitted not in
good faith and without reasonable belief that the action or omission was in the best interest of TBOP or any of their Subsidiaries or affiliated companies. 

“Change in Control” means the occurrence of any of the following events: 

(a) any Person (except (i) any Subsidiary or prior affiliate of TBOP, or (ii) any Employee Benefit Plan (or any trust forming a part
thereof) maintained by TBOP, or any Subsidiary or prior affiliate of TBOP) is or becomes the beneficial owner, directly or indirectly, of TBOP’s securities representing 50.0% or more of the combined voting power of TBOP’s then outstanding
securities, or 50.0% or more of the combined voting power of a Material Subsidiary’s then outstanding securities, other than pursuant to a transaction described in Subparagraph (c); 

(b) there occurs a sale, exchange, transfer or other disposition of substantially all of the assets of TBOP or a Material Subsidiary to
another entity, except to an entity controlled directly or indirectly by TBOP; 
 (c) there occurs a merger, consolidation, share exchange,
division or other reorganization of or relating to TBOP, unless— 
 (i) the shareholders of TBOP immediately before
such merger, consolidation, share exchange, division or reorganization own, directly or indirectly, immediately thereafter at least two-thirds of the combined voting power of the outstanding voting securities
of the Surviving Company in substantially the same proportion as their ownership of the voting securities immediately before such merger, consolidation, share exchange, division or reorganization; and 

(ii) the individuals who, immediately before such merger, consolidation, share exchange, division or reorganization, are
members of the Incumbent Board continue toconstitute at least two-thirds of the board of directors of the Surviving Company; and 

(iii) no Person (except (A) any Subsidiary or prior affiliate of TBOP, (B) any Employee Benefit Plan (or any trust
forming a part thereof) maintained by TBOP, or any Subsidiary or prior affiliate of TBOP, or (C) the Surviving Company or any Subsidiary or prior affiliate of the Surviving Company) has beneficial ownership of 50.0% or more of the combined
voting power of the Surviving Company’s outstanding voting securities immediately following such merger, consolidation, share exchange, division or reorganization; 

  
 G-1 

 (d) a plan of liquidation or dissolution of TBOP, other than pursuant to bankruptcy or
insolvency laws, is adopted; or 
 (e) during any period of two consecutive years, individuals who, at the beginning of such period,
constituted the Board of Directors of TBOP cease for any reason to constitute at least a majority of such Board of Directors, unless the election, or the nomination for election by TBOP’s shareholders, of each new director was approved by a
vote of at least two-thirds of the directors then still in office who were directors at the beginning of the period. 

Notwithstanding the foregoing, a Change in Control shall not be deemed to have occurred if a Person becomes the beneficial owner, directly or indirectly, of
securities representing 50.0% or more of the combined voting power of TBOP’s then outstanding securities solely as a result of an acquisition by TBOP of its voting securities which, by reducing the number of shares outstanding, increases the
proportionate number of shares beneficially owned by such Person; provided, however, that if a Person becomes a beneficial owner of 50.0% or more of the combined voting power of TBOP’s then outstanding securities by reason of share repurchases
by TBOP and thereafter becomes the beneficial owner, directly or indirectly, of any additional voting securities of TBOP, then a Change in Control shall be deemed to have occurred with respect to such Person under Clause (a). 

Notwithstanding anything contained herein to the contrary, if the EMPLOYEE’s employment is terminated and he reasonably demonstrates that such
termination (i) was at the request of a third party who has indicated an intention of taking steps reasonably calculated to effect a Change in Control and who effects a Change in Control, or (ii) otherwise occurred in connection with, or
in anticipation of, a Change in Control which actually occurs, then for all purposes hereof, a Change in Control shall be deemed to have occurred on the day immediately prior to the date of such termination of his employment. 

“Date of Termination” means: 

(a) if the EMPLOYEE’s employment is terminated for Disability, 30 days after the 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 30-day period); 

(b) if the EMPLOYEE’s employment terminates by reason of his death, the date of his death; 

(c) if the EMPLOYEE’s employment is terminated involuntarily for Cause, the date of termination specified in the Notice of
Termination and determined in accordance with Paragraph 8(a); 

  
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 (d) if the EMPLOYEE’s employment is terminated by him, the date of termination
specified in the Notice of Termination and determined in accordance with Paragraph 9(a); 
 provided, however that the Date of Termination shall mean the
actual date of termination in the event the parties mutually agree to a date other than that described above. 
 “Defined Benefit Plan” has
the meaning ascribed to such term in Section 3(35) of ERISA 
 “Disability” has the meaning ascribed to the term “permanent and
total disability” in Section 22(e)(3) of the IRC. 
 “Election Contest” means a solicitation with respect to the election or
removal of directors that, if TBOP was subject to the provisions of the 1934 Act, would be subject to the provisions of Rule 14a 11 of the 1934 Act. 

“Employee Benefit Plan” has the meaning ascribed to such term in Section 3(3) of ERISA. 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended and as the same may be amended from time to time. 

“Good Reason” means the EMPLOYEE’S separation from service within two (2) years following the initial existence of one or more of
the following conditions arising without the consent of the EMPLOYEE: 
 (a) A material diminution in the EMPLOYEE’S base
compensation; 
 (b) A material diminution in the EMPLOYEE’S authority, duties, or responsibilities; 

(c) A material diminution in the authority, duties, or responsibilities of the supervisor to whom the EMPLOYEE is required to report, including
a requirement that the EMPLOYEE report to a corporate officer or employee instead of reporting directly to the board of directors of a corporation (or similar governing body with respect to an entity other than a corporation); 

(d) A material diminution in the budget over which the EMPLOYEE retains authority; or 

(e) A relocation of the EMPLOYEE’S principal office to a location more than 50 miles away from the location at which the EMPLOYEE
must perform the services. 
 “Incumbent Board” means the Board of Directors of TBOP as constituted at any relevant time. 

“IRC” or the “Code” means the Internal Revenue Code of 1986, as amended and as the same may be amended from time to time.

  
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 “Material Subsidiary” means a Subsidiary whose net worth, determined under generally
accepted accounting principles, at the fiscal year end immediately prior to any relevant time is at least 25% of the aggregate net worth of the controlled group of corporations of which TBOP is parent. 

“Notice of Termination” means a written notice that (i) indicates the specific termination provision in this Agreement relied upon,
(ii) sets forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of the EMPLOYEE’S employment under the provision so indicated, and (iii) gives the required advance notice of
termination. 
 “Person” has the same meaning as such term has for purposes of Sections 13(d) and 14(d) of the 1934 Act. 

“Proxy Contest” means the solicitation of proxies or consents by or on behalf of a Person other than the Board of Directors of TBOP. 

“Subsidiary” means any business entity of which a majority of its voting power or its equity securities or equity interests is owned,
directly or indirectly by TBOP. 
 “Successor” means any Person that succeeds to, or has the practical ability to control (either
immediately or with the passage of time), TBOP’s business directly, by merger or consolidation, or indirectly, by purchase of TBOP’s voting securities or all or substantially all of its assets. 

“Surviving Company” means the business entity that is a resulting company following a merger, consolidation, share exchange, division or
other reorganization of or relating to TBOP. 

  
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