Document:

Exhibit 10.11

 Exhibit 10.11 
  
 OCEAN CITY HOME BANK 
 SPLIT DOLLAR LIFE INSURANCE AGREEMENT 
  
 THIS AGREEMENT entered into this 18th day of December, 2002 by and between OCEAN CITY HOME BANK (the “Bank”), a federally-chartered savings bank, and ANTHONY RIZZOTTE (the
“Employee”). 
  
 WHEREAS, the Employee has rendered
services to the Bank as a valued employee; and 
  
 WHEREAS, the
Bank desires to encourage the Employee to continue to render faithful and high quality services to the Bank; and 
  
 WHEREAS, the Bank seeks to provide financial protection for the beneficiaries of the Employee in the event of the Employee’s untimely death; and

  
 WHEREAS, the Bank is the owner of one or more life insurance
policies under which Employee is an insured (the “Policies”), all of which are identified in Exhibit A hereto. 
  
 NOW, THEREFORE, for value received and in consideration of the mutual covenants and agreements contained herein, the Bank and the Employee agree as
follows: 
  
 Article I 
 Ownership Rights in the Policies 
  
 A. The Bank shall have all of the ownership rights, options and privileges permitted by the Policies, except those expressly granted to the Employee by
the terms of this Agreement. 
  
 B. The Bank shall have the right
to designate itself as beneficiary of the Policies to the extent of the total death proceeds payable under the Policies, less the Employee’s Interest. For purposes of this Agreement, the “Employee’s Interest” shall be determined
as follows: 
  

	 	(i)	While the Employee is an active employee of the Bank or any affiliate of the Bank, the Employee’s interest means an amount determined in accordance with Exhibit B.

  

	 	(ii)	Following the Employee’s termination of employment, other than for “Cause” (as defined in Paragraph C below), by reason of Disability, or following a Change in
Control, “Employee’s Interest” means an amount determined in accordance with Exhibit B. 

  

	 	(iii)	Upon an Employee’s termination of employment on or after the effective date of a Change in Control (as defined in Paragraph C below) for any reason other than a termination for
Cause (as defined below), “Employee’s Interest” means an amount determined in accordance with Exhibit B. 

  

	 	(iv)	Upon an Employee’s termination of employment by reason of Disability (as defined in Paragraph C below), “Employee’s Interest” means an amount determined in
accordance with Exhibit B. 

 Except to the extent otherwise provided in this Paragraph B and in Article IV, no benefit shall be
provided to an Employee under this Agreement following termination of employment. 
  
 C. For purposes of this Agreement, the following definitions shall apply: 
  

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

  

	 	(ii)	“Change in Control” shall mean any of the following: 

  

	 	(a)	There occurs a “change in control” of the Bank, as defined or determined either by the Bank’s primary banking regulator or under regulations promulgated by its
primary regulator. 

  

	 	(b)	As a result of, or in connection with, any merger or other business combination, sale of assets or contested election, the persons who were Directors of the Bank before such
transaction or event cease to constitute a majority of the Board of Directors of the Bank or any successor to the Bank. 

  

	 	(c)	The Bank transfers all or substantially all of its assets to another corporation or entity which is not an affiliate of the Bank. 

  

	 	(d)	The Bank is merged or consolidated with another corporation or entity and, as a result of such merger or consolidation, less than 60% of the equity interest in the surviving or
resulting corporation is owned by the former shareholders or depositors of the Bank. 

  
 A Change in Control shall not occur solely as a result of a conversion of the Bank from the mutual to the stock form of organization
(“Conversion”) or reorganization of the Bank into the mutual holding company form of ownership (“Reorganization”). 
  

	 	(iii)	“Disability” shall have the same meaning as under Section 22(e)(3) of the Internal Revenue Code of 1986, as amended. 

  
 D. The Employee shall have the right to designate a beneficiary or
beneficiaries of the Policies’ death benefits to the extent of the Employee’s Interest on a form designated by the Bank for such purpose. If more than one beneficiary is named, the share of each beneficiary and the status of each
beneficiary (i.e., as primary or contingent) shall be indicated by the Employee. The Employee shall have the right to change the beneficiary or beneficiaries and the status of the same by submitting the change in writing on a form designated by the
Bank for such purpose. The Bank shall take such action as may be necessary to effectuate the beneficiary designation, as well as any settlement option made available by the Policies that the Employee may elect. The Employee’s beneficiary
designation form, as the same may be modified from time to time by the Employee, shall be incorporated by reference as part of this Agreement. 
  

 2 

 E. The Bank may not take any action with respect to the Policies that will impair any right or interest
of the Employee in the Policies. 
  
 F. With the consent of the
Bank, the Employee may assign without consideration the “Employee’s Interest” to any person, entity or trust. In the event the Employee transfer the “Employee’s Interest,” then all of the “Employee’s
Interest” and the Employee’s rights under this Agreement shall be vested in the Employee’s transferee, who shall be substituted as a party hereunder and the Employee shall have no further interest in the Policies or in this Agreement.

  
 Article II 
 Premium Payments 
  
 A. The Bank shall contribute the entire premium payable under the Policies. 
  
 B. It is understood and agreed by the Employee that, annually during the term of this Agreement, the Employee will be
charged with taxable income by reason of the economic benefit of the insurance protection received under this Agreement in an amount determined under applicable federal income tax requirements. During the term of this Agreement, the Bank shall
annually furnish the Employee a statement on Form W-2 reporting the Employee’s taxable income with respect to coverage provided under this Agreement, unless such amount is reimbursed to the Bank by the Employee on or before the last day of the
calendar year. 
  
 Article III 
 Division of Death Proceeds of Policies 
  
 In the event that the Employee shall die while this Agreement is in force, the Bank shall be entitled to receive from the proceeds of the Policies an
amount equal to the Bank’s interest in the Policies, as determined under Paragraph B of Article I of this Agreement. The portion of the proceeds of the Policies which represents the “Employee’s Interest” as determined in
accordance with Article I, Paragraph B shall be paid to the beneficiary named by the Employee in accordance with the terms of the policy as reflected in the records of the insurance company. 
  
 Article IV 
 Termination of Agreement 
  
 A. Except as otherwise provided in this Article IV, this Agreement shall terminate (i) automatically upon termination of the Employee’s employment with the Bank or any affiliate of the Bank, other than by reason
of the Employee’s death while actively employed or (ii) by mutual agreement of the Employee and the Bank. If the Employee terminates employment with the Bank or any affiliate of the Bank and qualifies as an Eligible Retiree, or terminates
employment (other than for Cause) on or after the effective date of a Change in Control or by reason of Disability, this Agreement shall continue in effect and thereafter shall terminate only by mutual agreement of the Employee and the Bank.

  
 B. Notwithstanding anything in this Agreement to the contrary,
(i) upon the division of the death proceeds of the Policies pursuant to Article III above, this Agreement shall terminate and (ii) this Agreement shall terminate as of the date that the Executive has been paid all benefits to which he is entitled
under his Salary Continuation Agreement with the Bank of even date herewith. 
  

 3 

 Article V 
 Amendment 
  
 This
Agreement may be amended at any time and from time to time, but only by a written instrument signed by the Bank and the Employee. 
  
 Article VI 
 Named Fiduciary and Plan
Administrator 
  
 The Bank is hereby designated the Named
Fiduciary and Plan Administrator with respect to this Agreement. 
  
 As Named Fiduciary, the Bank shall be responsible for the management and administration of this Agreement. The Bank’s Board of Directors may delegate to others the Bank’s responsibilities under the plan including the retention of
advisors and may execute any other powers necessary for the discharge of its duties to the extent not in conflict with the provisions of the Employee Retirement Income Security Act of 1974, as amended. 
  
 Article VII 
 Claims Procedure 
  
 A claim form or a request for claim information with respect to benefits under the Agreement may be obtained upon written request to the Named Fiduciary or its delegate. 
  
 In the event that the claim is in whole or in part denied, the Named
Fiduciary or its delegate shall provide notification of such denial to the claimant within 90 days. The notifications shall contain the specific reasons for the denial as well as specific reference to the pertinent provisions of the Agreement upon
which the denial is based. The claimant shall also be informed of this claim review procedure and shall be provided with description of the method by which the claim may be perfected. 
  
 A claimant seeking claims review may, within 60 days following receipt by the claimant of a written claims denial, request a
claim’s review by written application to the Named Fiduciary. In connection with the claim’s review, the claimant shall be afforded an opportunity to review claims documents and submit comments in writing. A final decision on review shall
be in writing and shall include, in the event the claims for benefits are wholly and partially denied: 
  

	 	(1)	The specific reasons for the denial; 

  

	 	(2)	Specific reference to pertinent provisions of the Agreement upon which the denial or dispute is based; 

  

 4 

	 	(3)	A description of any additional information necessary for the claimant to perfect the claim and an explanation of why such materials or information is necessary; and

  

	 	(4)	An explanation of the Agreement review procedures. 

  
 Article VIII 
 Insurer Not a Party to
Agreement 
  
 The issuer(s) of the Policies shall not be
deemed a party to this Agreement. Payment or other performance of its contractual obligations in accordance with the provisions of the Policies shall fully discharge the issuer(s) from any and all liability. The Bank shall take such action as may be
necessary to ensure that the “Employee’s Interest” in the Policies is reflected in the records of the issuer of the Policies. 
  
 Article IX 
 Agreement Binding Upon
Parties 
  
 This Agreement shall bind both the Bank and the
Employee, as well as their heirs, successors, personal representatives and assigns. Except as otherwise provided by this Agreement, in no event shall a successor entity to the Bank be discharged of its obligation to maintain a level of insurance
protection equal to the Employee’s Interest. 
  
 Article X

 Governing Law 
  
 This Agreement sets forth the entire agreement between the parties hereto, and any and all prior agreements are hereby superseded. The law of the State of
New Jersey shall govern this Agreement, unless preempted by federal law. 
  
 IN WITNESS WHEREOF, the Employee and a duly authorized representative of the Bank have executed this Agreement, all as of the day and year written above. 
  

	
	 OCEAN CITY HOME BANK

	
	 /s/Roy Gillian

	
	 /s/Anthony Rizzotte

	 Employee

  

 5 

 EXHIBIT A 
  

			
	 Insurance Carrier

	 	 Policy Number

	 Mass Mutual
	 	6095124
	 Transamerica
	 	50183160C
	 Transamerica
	 	50335666C
	 Jefferson Pilot
	 	JP-5046703

  

 6 

 EXHIBIT B 
  

			
	 Age

	 	 Pre/Post Termination
 Death Benefit 1, 2, 3, 4

	 48
	 	$1,178,662
	 49
	 	$1,178,662
	 50
	 	$1,178,662
	 51
	 	$1,178,662
	 52
	 	$1,178,662
	 53
	 	$1,178,662
	 54
	 	$1,178,662
	 55
	 	$1,178,662
	 56
	 	$1,178,662
	 57
	 	$1,178,662
	 58
	 	$1,178,662
	 59
	 	$1,178,662
	 60
	 	$1,178,662
	 61
	 	$1,128,024
	 62
	 	$1,074,347
	 63
	 	$1,017,449
	 64
	 	$957,138
	 65
	 	$893,208
	 66
	 	$825,442
	 67
	 	$753,610
	 68
	 	$677,469
	 69
	 	$596,758
	 70
	 	$511,205
	 71
	 	$420,519
	 72
	 	$324,392
	 73
	 	$222,497
	 74
	 	$114,489

	1	In the event of termination of employment prior to age 60 following a Change in Control, the Executive’s benefit shall be determined under this schedule by assuming that the
Executive’s age at termination was 60. 

	2	In the event of termination by reason of Disability, this schedule shall be followed based on the Executive’s actual age of termination. 

	3	In the event of termination prior to age 60, other than by reason of Disability or following a Change in Control, the Executive acknowledges and agrees that his scheduled benefit
above shall be reduced proportionately at termination by reference to the vested percentage of his benefit on the date of termination under his Salary Continuation Agreement with the Bank of even date herewith and by assuming that the
Executive’s age at termination was 60. 

	4	In the event of termination after age 60, this schedule shall be followed by assuming that the Executive’s age at termination was 60. 

  

 7Exhibit 10.12

 Exhibit 10.12 
  
 OCEAN CITY HOME BANK 
 DIRECTOR AND EXECUTIVE LIFE INSURANCE PLAN 
  
 INTRODUCTION 
  
 Ocean City
Home Bank (the “Bank”) wishes to attract and retain highly qualified officers and directors. To further this objective, the Bank is willing to divide the death proceeds of certain life insurance policies which are owned by the Bank on the
lives of the participating officers and directors with their designated beneficiaries. 
  
 Article 1 
 Definitions 
  
 Whenever used in this Plan, the following terms shall have the meanings specified: 
  
 “Base Annual Salary” means the current base annual salary of
the Participant at the earliest of (1) the date of the Participant’s death; (2) the date of the Participant’s Disability; (3) the date the Participant’s employment with the Bank terminates within two years after a Change in Control
(except for Termination for Cause); (4) the date of the Participant’s termination of employment on or after attaining Early Retirement Age; or (5) the Participant’s Normal Retirement Date. 
  
 “Change in Control” means any of the following:

  

	 	(i)	there occurs a “change in control” of the Bank, as defined or determined either by the Bank’s primary banking regulator or under regulations promulgated by it.

  

	 	(ii)	as a result of, or in connection with, any merger or other business combination, sale of assets or contested election, wherein the persons who were Directors of the Bank before such
transaction or event cease to constitute a majority of the Board of Directors of the Bank or any successor to the Bank. 

  

	 	(iii)	the Bank transfers substantially all of its assets to another corporation or entity which is not an affiliate of the Bank. 

  

	 	(iv)	the Bank is merged or consolidated with another corporation or entity and, as a result of such merger or consolidation, less than 60% of the equity interest in the surviving or
resulting corporation is owned by the former shareholders or depositors of the Bank. 

  
 A Change of Control shall not occur solely as a result of a conversion of the Bank from the mutual to the stock form of organization
(“Conversion”) or reorganization of the Bank into the mutual holding company form of ownership (“Reorganization”). 
  
 “Director” means a non-employee member of the Board of Directors of the Bank. 
  

 1 

 “Disability” means the Participant’s suffering a sickness, accident or injury which
has been determined by the carrier of any individual or group disability insurance policy covering the Participant, or by the Social Security Administration, to be a disability rendering the Participant totally and permanently disabled. The
Participant must submit proof to the Bank of the carrier’s or Social Security Administration’s determination upon the request of the Bank. 
  
 “Early Retirement Age” means the Participant has attained an age such that the sum of the Participant’s age and Years of Service
(rounded up to the next full year) at termination totals at least 60. 
  
 “Insured” means the individual whose life is insured. 
  
 “Insurer” means the insurance company issuing the life insurance policy on the life of the Insured. 
  
 “Normal Retirement Age” means the Participant attaining age 60. 
  
 “Normal Retirement Date” means the later of the Normal Retirement Age or the date that the Participant
terminates or is terminated for any reason other than Termination for Cause. 
  
 “Participant” means an officer of the Bank or a Director who is designated as a Participant in Appendix A to the Plan and elects in writing to participate in the Plan using the form attached hereto as
Appendix B, and by signing a split dollar endorsement for the Policy under which he or she is the Insured. 
  
 “Policy” or “Policies” means the individual insurance policy or policies acquired by the Bank for purposes of insuring a
Participant’s life under this Plan. 
  
 “Plan” means this Ocean City Home Bank Director and Executive Life Insurance Plan. 
  
 “Terminated for Cause” or “Termination for Cause” shall mean termination because of personal dishonesty, incompetence,
willful misconduct, breach of fiduciary duty involving personal profit, intentional failure to perform stated duties, willful violation of any law, rule or regulation (other than traffic violations or similar infractions) or a final cease-and-desist
order. 
  
 “Years of Service” means the total
number of twelve-month periods during which the Participant serves as an employee of the Bank. 
  
 Article 2 
 Participation 
  
 2.1 Participation. A Participant may commence participation in this Plan by executing an Election to
Participate and a split dollar endorsement for each Policy. The split dollar endorsement shall bind the Participant and his or her beneficiaries, assigns and transferees, to the terms and conditions of this Plan. 
  

 2 

 2.2 Termination of Participation. In the case of a Participant who is an officer of the
Bank or an Affiliate, a Participant’s rights under this Plan shall cease and his or her participation in this Plan shall terminate if any of the following events occur: 
  

	 	(a)	If the Participant is Terminated for Cause; 

  

	 	(b)	If the Participant’s employment is terminated prior to his Early Retirement Age for reasons other than Disability or following a Change in Control; or 

 

	 	(c)	If the Participant terminates employment due to Disability and thereafter becomes gainfully employed with an entity other than the Bank. 

  
 In the case of a Participant who is a Director, participation shall terminate
only upon Termination for Cause. 
  
 In the event that the Bank
decides to maintain the Policy after the Participant’s termination of participation in the Plan, the Bank shall be the direct beneficiary of the entire death proceeds of the Policy. 
  
 2.3 Maintaining the Policy and Endorsement until Death. If any of the events listed below occur, the Bank
shall maintain the Policy in full force and effect and, in no event shall the Bank amend, terminate or otherwise abrogate the Participant’s interest in the Policy, unless the Participant agrees pursuant to Section 8.1. The Bank may replace the
Policy with a comparable insurance policy to cover the benefit provided under this Agreement if the Bank and Participant execute a new split dollar policy endorsement for a comparable benefit. 
  

	 	(a)	Disability. If the Participant’s employment is terminated due to Disability, except as set forth in section 2.2(c) herein. 

  

	 	(b)	Retirement. If the Participant’s employment is terminated on or after Early Retirement Age (except for Termination for Cause). 

  

	 	(c)	Change in Control. If the Participant’s employment terminates within two years after a Change in Control (except for Termination for Cause). 

  
 Article 3 
 Policy Ownership/Interests 
  
 3.1 Participant’s Interest. With respect to each Policy, the Participant or the Participant’s assignee shall have the right to designate the beneficiary of one of the following death benefits:

  

	 	(a)	 If a Participant who is an officer of the Bank dies while actively employed by the Bank, the death benefit shall equal three (3) times the Participant’s Base
Annual 

  

 3 

	 	 
Salary, less any group term life insurance benefit payable at the time of the Participant’s death. 

  

	 	(b)	If a Participant who was an officer of the Bank dies following termination of employment with the Bank when the Participant is entitled to a post-termination benefit under Section
2.3 hereof, the Participant’s death benefit shall equal two (2) times the Participant’s Base Annual Salary upon termination of employment. 

  

	 	(c)	In the case of a Participant who is a Director, the death benefit shall be $50,000. 

  
 The Participant shall also have the right to elect and change settlement options with the consent of the Bank and the
Insurer to the extent of the Participant’s death benefits. 
  
 3.2 Bank’s Interest. Except to the extent provided in Section 2.3, the Bank shall own the Policies and shall have the right to exercise all incidents of ownership except that the Bank shall not sell, surrender or transfer
ownership of a Policy so long as a Participant has an interest in the Policy. With respect to each Policy, the Bank shall be the direct beneficiary of the remaining death proceeds of the Policy after the Participant’s interest is determined
according to section 3.1. 
  
 Article 4 
 Premiums 
  
 4.1 Premium Payment. The Bank shall pay all premiums due on all Policies. 
  
 4.2 Imputed Income. The Bank shall annually impute income to each Participant in the minimum amount required
under applicable federal tax law based on the net death benefit payable to the Participant’s beneficiary during the calendar year. 
  
 Article 5 
 Assignment 

 
 Any Participant may assign without consideration all interests in his or
her Policy and in this Plan to any person, entity or trust. In the event a Participant shall transfer all of his or her interest in the Policy, then all of that Participant’s interest in his or her Policy and in the Plan shall be vested in his
or her transferee, who shall be substituted as a party hereunder, and that Participant shall have no further interest in his or her Policy or in this Plan. 
  
 Article 6 
 Insurer 
  
 The Insurer shall be bound only by the terms of their corresponding Policy.
Any payments the Insurer makes or actions it takes in accordance with a Policy shall fully discharge it from all claims, suits and demands of all persons relating to that Policy. The Insurer shall not be bound by the provisions of this Plan. The
Insurer shall have the right to rely on the Bank’s 

  

 4 

 
representations with regard to any definitions, interpretations, or Policy interests as specified under this Plan. 
  
 Article 7 
 Administration and Claim 
  
 Section 7.1 Administration. 
  
 The
administration of the Plan, the exclusive power to interpret it, and the responsibility for carrying out its provisions are vested in the Board, which may, at any time, by resolution of the Board, delegate such functions to a committee of the Board.
The Board shall have the authority to resolve any question under the Plan. The determination of the Board as to the interpretation of the Plan or any disputed question shall be conclusive and final to the extent permitted by applicable law.

  
 Section 7.2 Claims Procedures. 
  

	 	(a)	Claims for benefits under the Plan shall be submitted in writing to the Chairman of the Board. 

  

	 	(b)	If any claim for benefits is wholly or partially denied, the claimant shall be given written notice within a reasonable period following the date on which the claim is filed, which
notice shall set forth: 

  

	 	(i)	the specific reason or reasons for the denial; 

  

	 	(ii)	specific reference to pertinent Plan provisions on which the denial is based; 

  

	 	(iii)	a description of any additional material or information necessary for the claimant to perfect the claim and an explanation of why such material or information is necessary; and

  

	 	(iv)	an explanation of the Plan’s claim review procedure. 

  
 If the claim has not been granted and written notice of the denial of the claim is not furnished in a timely manner following the date on which the claim is filed, the
claim shall be deemed denied for the purpose of proceeding to the claim review procedure. 
  

	 	(c)	The claimant or his authorized representative shall have 30 days after receipt of written notification of denial of a claim to request a review of the denial by making written
request to the Chairman of the Board, and may review pertinent documents and submit issues and comments in writing within such 30-day period. 

  

	 	(d)	 After receipt of the request for review, the Board shall, in a timely manner, render and furnish to the claimant a written decision, which shall include specific
reasons 

  

 5 

	 	 
for the decision and shall make specific references to pertinent Plan provisions on which it is based. Such decision by the Board shall not be subject to
further review. If a decision on review is not furnished to a claimant, the claim shall be deemed to have been denied on review. 

  

	 	(e)	No claimant shall institute any action or proceeding in any state or federal court of law or equity or before any administrative tribunal or arbitrator for a claim for benefits
under the Plan until the claimant has first exhausted the provisions set forth in this section. 

  
 Article 8 
 Amendments and Termination 
  
 8.1 Amendment or Termination of Plan. Except as otherwise
provided in sections 2.3 and 8.2, the Bank may amend or terminate the Plan at any time. 
  
 8.2 Amendment or Termination of Plan Upon Change in Control. Notwithstanding the provisions of section 8.1, in the event of a Change in Control, the Bank, or its successor, shall maintain in full force
and effect each Policy that is in existence on the date the Change in Control occurs and shall not terminate or otherwise abrogate a Participant’s interest in the Policy. However, the Bank may replace the Policy with a comparable insurance
policy to cover the benefit provided under this Plan to the Participant. This section 8.2 shall apply to all Participants in the Plan on the date the Change in Control occurs, including but not limited to (i) a retired Participant who has an
interest in a Policy; (ii) a disabled Participant who has an interest in a Policy; and (iii) a Participant whose employment terminates within two years of a Change in Control. 
  
 Article 9 
 Miscellaneous 
  
 9.1 Binding Effect.
This Plan in conjunction with each split dollar endorsement shall bind each Participant and the Bank, their beneficiaries, survivors, executors, administrators and transferees and any Policy beneficiary. 
  
 9.2 No Guarantee of Employment. This Plan is not an employment
policy or contract. It does not give a Participant the right to remain an employee of the Bank, nor does it interfere with the Bank’s right to discharge a Participant. It also does not require a Participant to remain an employee nor interfere
with a Participant’s right to terminate employment at any time. 
  
 9.3 Applicable Law. The Plan and all rights hereunder shall be governed by and construed according to the laws of the State of New Jersey, except to the extent preempted by federal law. 
  
 9.4 Notice. Any notice, consent or demand required or permitted
to be given under the provisions of this Plan by one party to another shall be in writing, shall be signed by the party giving or making the same, and may be given either by delivering the same to such other party 

  

 6 

 
personally, or by mailing the same, by United States certified mail, postage prepaid, to such party, addressed to his/her last known address as shown in the
records of the Bank. The date of such mailing shall be deemed the date of such mailed notice, consent or demand. 
  
 9.5 Entire Agreement. This Plan constitutes the entire agreement between the Bank and the Participant as to the subject matter hereof. No
rights are granted to the Participants by virtue of this Plan other than those specifically set forth herein. 
  
 9.6 Designated Fiduciary. For purposes of the Employee Retirement Income Security Act of 1974, if applicable, the Bank shall be the named
fiduciary and plan administrator under the Agreement. The named fiduciary may delegate to others certain aspects of the management and operational responsibilities of the Plan, including the employment of advisors and the delegation of ministerial
duties to qualified individuals. 
  
 9.7
Severability. If for any reason any provision of this Agreement is held invalid such invalidity shall not affect any other provision of this Agreement not held so invalid, and each such other provision shall, to the full extent consistent
with the law, continue in full force and effect. If any provision of this Agreement shall be held invalid in part, such invalidity shall in no way affect the rest of such provision, not held so invalid, and the rest of such provision, together with
all other provisions of this Agreement shall, to the full extent consistent with the law, continue in full force and effect. 
  
 9.8 Headings. The headings of Sections herein are included solely for convenience of reference and shall not affect the meaning or
interpretation of any provision of this Agreement. 
  
 9.9
Effective Date. The effective date of the Plan is September 26, 2003. 
  

 7 

 APPENDIX A 
  

Directors 
  
 Roy Gillian 
 James Steelman 
 John Van Duyne, Jr. 
 Sylva Bertini 
 Frederick Dalzell

 Robert Previti 
  
 Officers 
  
 Janet Bossi

 Steven Brady 
 Francine Crudo 
 Kim Davidson 
 Paul Esposito 
 Robert Garfi 
 Linda Interlante 
 Theresa Killian 
 Donna Mason 
 Donald Morgenweck 
 Anthony Rizzotte 
 Robert Sobkow 
 Emily Walker 
 James Yensel 
  

 8 

 APPENDIX B 
  

ELECTION TO PARTICIPATE 
  
 I,
                                        
        , hereby elect to become a Participant in the Plan in accordance with Section 2.1 of the Plan. 
  
 Executed this          day of
                    , 2003. 
  

	
	
	  
	 Participant

	
	
	  
	 Witness

  

			
	 Accepted by Ocean City Home Bank:

		
	 By:
	 	 

  

 9

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00071-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00071-of-00352.parquet"}]]