Document:

Exhibit 10.6

 

UNITED BUSINESS BANK

AMENDED AND RESTATED EXECUTIVE

SUPPLEMENTAL COMPENSATION AGREEMENT

(By and Between United Business Bank and
Keary Colwell)

 

This Amended and Restated
Executive Supplemental Compensation Agreement (hereinafter “Agreement”) is made and entered into effective as of February
_, 2018, by and between United Business Bank (hereinafter the “Bank” or the “Employer”), a California-chartered
bank with its principal offices located in the city of Walnut Creek, California, and Keary Colwell, an executive of the Bank (the
“Executive”).

 

WHEREAS, it is the consensus
of the Employer and its Board of Directors that Executive’s employment with the Bank in the past has been of exceptional
merit and has constituted an invaluable contribution to the general welfare of the Bank in bringing the Bank to its present status
of operating efficiency and present position in its field of activity;

 

WHEREAS, the Employer has
established a compensation benefit program as a fringe benefit for executives of the Employer in order to attract and retain individuals
with extensive and valuable experience in the banking industry;

 

WHEREAS, Executive’s
experience and knowledge of the affairs of the Employer and the banking industry are extensive and valuable;

 

WHEREAS, it is deemed to
be in the best interests of the Employer to provide Executive with certain fringe benefits, on the terms and conditions set forth
herein, in order to reasonably induce Executive to remain in the Bank’s employ during Executive’s lifetime or until
the age of retirement;

 

WHEREAS, the Employer entered
into an Executive Supplemental Compensation Agreement with Executive effective as of July 1, 2017 (the “Prior SERP”)
to provide for supplemental retirement benefits;

 

WHEREAS, the Employer and
Executive desire to amend and restate the Prior SERP in order to reflect the existence of a holding company for the Employer and
to make certain other changes, with the Employer to provide supplemental retirement benefits to Executive on the terms and conditions
set forth in this Agreement; and

 

WHEREAS, it is the intent
of the parties hereto that this Executive Plan be considered an unfunded management maintained primarily to provide supplemental
retirement benefits for Executive, and be considered a non-qualified benefit plan for the purposes of the Employee Retirement Income
Security Act of 1974, as amended (“ERISA”);

 

NOW, THEREFORE, in consideration
of the past employment performance and the services to be performed by Executive in the future, as well as the mutual promises
and covenants contained herein, Executive and the Employer agree as follows:

 

    	 	 	 

     

    

  

AGREEMENT

 

1.0          Terms
and Definitions.

 

1.1          Accrued
Liability Balance. For the purposes of this Agreement, the “Accrued Liability Balance” (“ALB”)
means the liability accrued by the Bank in accordance with generally accepted accounting principles in order to fully fund the
future benefit payments associated with this Agreement. The ALB shall reflect Annual Contribution Amounts made to the ALB each
Service Period based on the satisfaction of performance criteria established in the Bank Performance Plan (as defined in Paragraph
1.7 below). Annual Contribution Amounts shall be reflected in the ALB within thirty (30) days of the end of any given Service Period.
The ALB shall be credited with interest as defined below in Paragraph 1.2.

 

1.2          Accrued
Liability Balance Interest Rate. Until such time as Executive Separates from Service, becomes Disabled or forfeits a benefit
by operation of this Agreement, the ALB shall be credited with interest compounding annually at the Accrued Liability Interest
Rate, which shall be determined as follows: the average of the Citigroup Pension Liability Index (CPU) over the preceding twelve
(12) months. In the event the CPU is no longer available, an equivalent instrument shall be determined by the Bank’s actuaries
and shall be utilized.

 

1.3          Administrator.
The Bank shall be the “Administrator” and, solely for the purposes of ERISA (as defined below), the “fiduciary”
of this Agreement where a fiduciary is required by ERISA.

 

1.4          Annual
Base Salary. The term “Annual Base Salary” shall mean the annual compensation (excluding bonuses, commissions,
overtime, incentive payments, non-monetary awards or fees) paid to Executive for services rendered to the Bank, before reduction
for compensation deferred pursuant to all qualified, non-qualified and Code Section 125 plans of any employer.

 

1.5          Annual
Contribution Amounts. Provided that the Bank meets the minimum annual goals as defined in the annual Bank Performance Plan
as approved by the HR/Compensation Committee of the Board of Directors, the Bank will make an annual contribution to the ALB for
services provided throughout a given Service Period (as defined in Paragraph 1.19). The forgoing shall be referred to as the “Annual
Contribution Amount” and shall be calculated as a percent of the Executive’s Annual Base Salary. The Annual Contribution
Amount ranges between zero percent (0%) and twenty-seven point two seven percent (27.27%) of Annual Base Salary as shown in the
table below. No Annual Contribution Amount will be made if the Bank does not achieve a minimum of seventy-five percent (75%) of
goals as defined in the BPP, and there will be no incremental or pro rata increase in Annual Contribution Amounts for achievement
of over one hundred and twenty-five percent (125%) of the goals defined in the BPP. Other than as provided in the forgoing sentence,
it is intended that the below chart provides benchmark contribution amounts based on the percentage of BPP goals achieved, and
that any increase in percentage of BPP achieved will correlate to a pro rata increase in Annual Contribution Amounts to the ALB.

 

	% of BPP Achieved in a Given 
 Service Period
	 	 	Contribution to ALB
 (by Service Period & Expressed as a % of

                                         Annual Base Salary)
	 
	 	   0 
	 	 	 	   0 
	 
	 	75%	 	 	 	2.75%	 
	 	80%	 	 	 	5.56%	 
	 	85%	 	 	 	9.19%	 
	 	90%	 	 	 	13.66%	 
	 	95%	 	 	 	16.73%	 
	 	100%	 	 	 	20.00%	 
	 	105%	 	 	 	21.45%	 
	 	110%	 	 	 	22.91%	 
	 	115%	 	 	 	24.36%	 
	 	120%	 	 	 	25.82%	 
	 	125%	 	 	 	27.27%	 

 

    	 	 	 

     

    

  

All Annual Contribution
Amounts shall cease upon Separation from Service or the triggering of any payment event under Paragraphs 4, 5 or 6.

 

1.6          Applicable
Percentage. The term “Applicable Percentage” means the percentage of the Executive Benefit to which Executive
may be entitled based on the date and circumstances associated with Executive’s Separation from Service with the Bank. The
specific benefit to which Executive shall be entitled shall be determined by the facts and circumstances surrounding such Separation
from Service. Subject to the foregoing, the Applicable Percentage shall be determined in accordance with the following:

 

	Date of Separation from Service	 	Applicable Percentage	 
	January 1, 2017- December 31, 2018	 	 	0%	 
	January 1, 2019- December 31, 2019	 	 	30%	 
	January 1, 2020- December 31, 2020	 	 	40%	 
	January 1, 2021- December 31, 2021	 	 	50%	 
	January 1, 2022- December 31, 2022	 	 	60%	 
	January 1, 2023- December 31, 2023	 	 	70%	 
	January 1, 2024- December 31, 2024	 	 	80%	 
	January 1, 2025- December 31, 2025	 	 	90%	 
	January 1, 2026- December 31, 2026	 	 	99%	 
	January 1, 2027	 	 	100%	 

 

1.7          Bank
Performance Plan. The “Bank Performance Plan” (“BPP”) defines the performance criteria to be used
to measure the annual financial performance of the Bank and the amount to be contributed annually to the ALB under· this
Agreement and is incorporated herein by reference. A copy of the 2018 BPP goals are attached hereto and incorporated by reference
herein as “Exhibit A”, and the Annual Contribution Amount shall be pro-rated for 2017 to address partial year participation
in the Plan.

 

For years after 2018, the
BPP goals will either remain as specified for the prior Service Period, or will be modified by the HR/Compensation Committee of
the Board of Directors, and Annual Contribution Amounts will be pro-rated to reflect such partial year modification of the BPP
goals. Any changes to the BPP goals will be provided to the Executive in a timely manner.

 

1.8          Beneficiary(ies).
The “Beneficiary(ies)” shall mean any individual(s) or entities designated to receive any Executive Benefit due or
outstanding to the Executive upon the death of the Executive. The Beneficiary(ies) shall be designated in accordance with the provisions
of Paragraph 11 (and the subsequent subparagraphs). A Bank approved Beneficiary Designation Form has been attached hereto and is
incorporated by reference herein as “Exhibit B”.

 

1.9          Board
of Directors. The “Board of Directors” shall mean the Board of Directors of the Bank.

 

1.10       Change
in Control. For the purposes of this Agreement, a Change in Control shall include any of the following events:

 

    	 	 	 

     

    

  

		A.	Change in the Ownership of the Company or the Bank.
A change in the ownership of the Company or the Bank occurs on the date that any one person or persons acting as a group (as defined
in Code Section 409A) acquires ownership of stock of the Company or the Bank that, together with stock held by such person or
group, constitutes more than fifty percent (50%) of the total fair market value or total voting power of the stock of the Company
or the Bank. The acquisition of additional stock by the same person or group which has already acquired such stock or voting power
is not considered to cause an additional change in the ownership of the Company or the Bank.

 

		B.	Change in the Effective Control of the Company or the
Bank. A change in the effective control of the Company or the Bank shall be deemed to occur on the date any one person or
persons acting as a group acquires (or has acquired during the twelve (12) month period ending on the date of the most recent
acquisition by such person or group) ownership of stock of the Company or the Bank possessing thirty percent (30%) or more of
the total voting power of the stock of the Company or the Bank.

 

		C.	Change in the Effective Control of the Company.
A change in the effective control of the Company shall be deemed to occur on the date a majority of the members of the Company’s
board of directors is replaced during any twelve (12) month period by directors whose appointment or election is not endorsed
by a majority of the members of the Company’s board of directors before the date of the appointment or election.

 

		D.	Change in the Ownership of a Substantial Portion of
the Assets of the Company or the Bank. A change in the ownership of a substantial portion of the assets of the Company or
the Bank shall be deemed to occur on the date that any one person or group acquires (or has acquired during the twelve (12) month
period ending on the date of the most recent acquisition by such person or persons) assets from the Company or the Bank that have
a total gross fair market value equal to or more than forty percent (40%) of the total gross fair market value of all of the assets
of the Company or the Bank immediately before such acquisition or acquisitions. No Change in Control shall result if the assets
are transferred to certain entities controlled directly or indirectly by the shareholders of the transferring corporation.

 

In addition, to constitute
a Change in Control event with respect to the Executive, the change in control event must relate to (i) the corporation for whom
Executive is performing services at the time of the Change in Control; (ii) the corporation that is liable for the payment of the
amounts described herein (or all corporations liable for the payment if more than one corporation is liable) but only if either
the deferred compensation is attributable to the performance of service by the Executive for such corporation(s) or there is a
bona fide business purpose for such corporation(s) to be liable for such payment and, in either case, no significant purpose of
making such corporation(s) liable for such payment is the avoidance of federal income tax; or·(iii) a corporation that is
a majority shareholder of a corporation identified in (i) or (ii) above, or any corporation in a chain of corporations in which
each corporation is a majority shareholder of another corporation in the chain, ending in a corporation identified in (i) or (ii)
above.

 

    	 	 	 

     

    

  

In order to constitute
a Change in Control, the above events must also constitute a change in the ownership of the Company or the Bank, a change in the
effective control of the Company or the Bank or a change in the ownership of a substantial portion of the assets of the Company
or the Bank, in each case as provided under Code Section 409A and the regulations thereunder.

 

1.11       Code.
The “Code” shall mean the Internal Revenue Code of 1986, as amended, and the Treasury Regulations promulgated thereunder.

 

1.12       Company.
The term “Company” shall mean BayCom Corp, a California corporation and the parent holding company of the Bank.

 

1.13       Disability/Disabled.
For the purposes of this Agreement, the term “Disability” shall be interpreted in accordance with Code Section 409A.
Pursuant to Code Section 409A, the Executive will be considered Disabled if:

 

		A.	She is unable to engage in any substantial gainful activity
by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected
to last for a continuous period of not less than twelve (12) months; or

 

		B.	She is, by reason of any medically determinable physical
or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than
twelve (12) months, receiving income replacement benefits for a period of not less than three (3) months under an accident and
health plan covering employees of the Employer.

 

In the event a disability
policy has been purchased by Employer for Executive, then the individual or entity responsible for determining such disability
thereunder shall determine Executive’s Disability under this Agreement (using the foregoing disability definition). In the
event no such disability policy exists, then the Plan Administration shall make a good faith determination of Disability using
the definition provided herein.

 

1.14       Effective
Date. The term “Effective Date” shall mean the date first written above.

 

1.15       ERISA.
The term “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended.

 

1.16       Executive
Benefit. The term “Executive Benefit” shall mean the annual benefit amounts determined pursuant to Paragraphs
4 through 7 (including sub-paragraphs, as applicable), forfeited, reduced or adjusted to the extent: (a) required under the other
provisions of this Agreement; (b) required by reason of the lawful order of any regulatory agency or body having jurisdiction over
the Employer; or (c) required in order for the Employer to comply with any and all applicable state and federal laws, including,
but not limited to, income, employment and disability income tax laws (e.g., FICA, FUTA, SDI).

 

1.17       Involuntary
Separation from Service. The terms “Involuntary Separation from Service” or “Involuntary Termination”
(or “Involuntarily Terminated”) shall mean a Separation from Service due to the independent exercise of the unilateral
authority of the Bank to terminate Executive’s services, other· than due to Executive’s implicit or explicit
request, where Executive was willing and able to continue performing services.

 

    	 	 	 

     

    

  

1.18       Joint
Beneficiary Agreement. The term “Joint Beneficiary Agreement” shall refer to any agreement between the parties
pursuant to which a life insurance policy on the life of Executive is owned by the Bank, and pursuant to which the Bank and Executive’s
designated beneficiaries will share in policy proceeds upon Executive’s death.

 

1.19       Service
Period. For the purposes of this Agreement, the term “Service Period” shall refer to the consecutive period
of time between January 1 and December 31 of a given calendar year, during which time Executive must remain employed (shall not
Separate from Service) in order to receive an Annual Contribution Amount for such Service Period. If, however, Executive Separates
from Service after October 1 of a given calendar year (other than the calendar year 2017), then Executive shall be deemed to have
completed the entire Service Period, thereby entitling Executive to the Annual Contribution Amount she would have received had
Separation from Service occurred on December 31 of such given year.

 

The first Service Period
covered by this Agreement shall be July 1, 2017 through December 31, 2017. Thereafter, and as stated above, a Service Period shall
refer to a calendar year.

 

1.20       Separation
from Service. The term Separation from Service (or “Separates from Service”) shall be interpreted in accordance
with the provisions of Code Section 409A and shall exclude death or Disability. Currently, under Code Section 409A, whether a Separation
from Service has occurred is determined based on whether the facts and circumstances indicate that the Employer (together with
all corporations with whom the Employer would be considered a single employer under Code Section 414(b)) and Executive reasonably
anticipate that no further services will be performed after a certain date or that the level of bona fide services Executive will
perform after such date (whether as an employee or as an independent contractor) will permanently decrease to no more than twenty
percent (20%) of the average level of bona fide services performed (as an employee or an independent contractor) over the immediately
preceding thirty six (36) month period (or the full period of services to the Employer if the Executive has been providing services
to the Employer less than thirty-six (36) months). There shall be no Separation from Service while Executive is on military leave,
sick leave or other bona fide leave of absence, as long as such leave does not exceed six (6) months, or if longer, so long as
the individual retains a right to re-employment with the service recipient under an applicable statute or by contract.

 

1.21       Specified
Employee. The term “Specified Employee” shall be defined in accordance with Code Section 409A and its related
guidance. Code Section 409A currently provides that a Specified Employee means an employee who, as of the date of his or her Separation
from Service, is a “key employee” of an Employer of which any stock is publicly traded on an established securities
market or otherwise. An Executive is a key employee if Executive meets the requirements of Section 416(i)(1)(A)(i), (ii) or (iii)
of the Code (applied in accordance with the regulations thereunder and disregarding Section 416(i)(5)) at any time during the twelve
(12) month period ending on a specified employee identification date. If Executive is a key employee as of a specified employee
identification date, then Executive shall be treated as a key employee for the entire twelve (12) month period beginning on the
specified employee effective date as determined under Code Section 409A.

 

1.22       Termination
for Cause. A “Termination for Cause” shall be defined by the terms of the then effective Employment Agreement
between Bank and Executive, and shall be synonymous with a for cause termination under such agreement. In the event there is no
Employment Agreement in effect between the parties, then a “Termination for Cause” shall mean termination of Executive’s
employment by the Bank for any of the following reasons: (i) Executive fails to perform or habitually neglects the duties which
Executive is required to perform hereunder; (ii) Executive engages in illegal activity which materially adversely affects the Bank’s
reputation in the community or which evidences the lack of Executive’s fitness or ability to perform Executive’s duties
as determined by the Board of Directors in good faith; (iii) any breach of fiduciary duty, personal dishonesty, deliberate or repeated
disregard of the policies or procedures of the Bank as adopted by the Board of Directors or a committee thereof or refusal or failure
to act in accordance with any direction or order of the Board of Directors or a committee thereof of the Bank, except those in
contravention of any law or regulation, or any act by Executive which causes termination of coverage of Executive under any fidelity
or blanket bond; (iv) gross negligence adversely affecting the Bank; (v) any willful or material breach of this Agreement or any
other willful misconduct; (vi) the Bank is closed or taken over by regulatory or other supervisory authority; or (vii) any bank
regulatory or supervisory authority successfully exercises its statutory or regulatory powers to remove Executive.

 

    	 	 	 

     

    

  

2.0         Scope,
Purpose and Effect.

 

2.1         Contract
of Employment. Although this Agreement is intended to provide Executive with an additional incentive to remain in the employ
of the Employer, this Agreement shall not be deemed to constitute a contract of employment between Executive and the Employer,
nor shall any provision of this Agreement restrict or expand the right of the Employer to terminate Executive’s employment.
This Agreement shall have no impact or effect upon any separate written employment agreement which Executive may have with the
Employer, it being the parties’ intention and agreement that unless this Agreement is specifically referenced in said employment
agreement (or any modification thereto), this Agreement (and the Employer’s obligations hereunder) shall stand separate and
apart and shall have no effect on or be affected by, the terms and provisions of said employment agreement.

 

2.2         Fringe
Benefit. The benefits provided by this Agreement are granted by the Bank as a fringe benefit to Executive and are not a
part of any salary reduction plan or any arrangement deferring a bonus or a salary increase. The Executive has no option to take
any payments or bonus in lieu of the benefits provided by this Agreement.

 

2.3         Prohibited
Payments. Notwithstanding anything in this Agreement to the contrary, if any payment made under this Agreement is a “golden
parachute payment” as defined in Section 28(k) of the Federal Deposit Insurance Act (12 U.S.C. Section l828(k) and Part 359
of the Rules and Regulations of the Federal Deposit Insurance Corporation (collectively, the “FDlC Rules”) or·
is otherwise prohibited, restricted or subject to the prior approval of a banking regulator, no payment shall be made hereunder
without complying with said FDIC Rules.

 

3.0          Delay
in Payments for Specified Employee in the Event of a Separation from Service and Compliance With Code Section 409A.

 

3.1      Delay
in Payments for Specified Employee in the Event of a Separation from Service and Compliance with Code Section 409A. In
the case of any employee who is a Specified Employee under Code Section 409A as of the date of a Separation from Service, then
a payment conditioned upon a Separation from Service may not be made before the date that is six (6) months after the date of Separation
from Service (or, if earlier than the end of the six-month period, the date of death of the Specified Employee, if such death benefit
is provided).

 

Therefore,
it is the parties’ understanding and intention that any benefit which is to be made pursuant to this Agreement and to a Specified
Employee within the meaning of Code Section 409A, and whose payment is triggered by a Separation from Service, shall be withheld
for six (6) months in accordance with the foregoing. In the event payments to which Executive would otherwise be entitled during
the first six (6) months are subject to this six (6) month delay in payment, then such payments shall be accumulated and paid on
the first day of the seventh (7th) month following the date of Separation from Service. Payments will then continue
thereafter as called for pursuant to the terms of this Agreement.

 

    	 	 	 

     

    

  

Notwithstanding
any provision existing in this Agreement or any amendment thereto, it is the intent of the Bank and Executive that any payment
or benefit provided pursuant to this Agreement shall be made and paid in a manner, at a time and in a form which complies with
the applicable requirements of Code Section 409A, in order to avoid any unfavorable tax consequences resulting from any such failure
to comply.

 

3.2          Compliance
with Code Section 409A. In the event of any ambiguity in definitions or terms, or in the event further clarification of
any term or provision is necessary, all interpretations and payouts of benefits based thereon shall be in accordance with Code
Section 409A and any related notices or guidance.

 

3.3          Executive
is Solely Responsible for Code Section 409A Violations. Executive understands and agrees that, in the event of a Code Section
409A violation, Executive will be solely responsible for any and all resulting taxes and penalties, and furthermore agrees that
she shall not seek, in any manner, to hold Employer responsible, financially or otherwise, for any such potential taxes and/or
penalties she may incur as a result of a Code Section 409A violation. Executive further acknowledges and agrees that, in the event
of a Code Section 409A violation, Employer’s sole obligation under this Agreement shall be to reasonably cooperate with Executive
in good faith.

 

4.0          Executive
Benefit upon a Separation from Service for Reasons Other than a Termination for Cause or Following a Change in Control.

 

4.1.         Benefit
Amount. In the event Executive Separates from Service for reasons other than For Cause or under the provisions of Paragraph
5 (Change in Control), then Executive shall be entitled to be paid the Applicable Percentage of the ALB as of the date of Separation
from Service. Notwithstanding the forgoing, if Executive is Involuntarily Terminated, the Applicable Percentage shall be accelerated
and shall be deemed to be one hundred percent (100%).

 

4.2          Payment
Method and Duration. The foregoing amount shall be used to calculate an annuity payable on a monthly basis for a period
of one hundred eighty (180) months, and by applying the Accrued Liability Balance Interest Rate. The Executive Benefit amount determined
above in Paragraph 4.1 shall be paid in substantially equal monthly payments, with payments commencing on the first (1st
day of the fourth (4th) month following Executive’s Separation from Service and shall continue for a period of
one hundred eighty (180) months.

 

5.0          Upon
a Change in Control. Upon a Change in Control, Executive shall be entitled to one of the following:

 

5.1          Benefit
Amount.

 

		A.	Change in Control on or Before December 31, 2026.
Upon a Change in Control occurring on or before December 31, 2026, then Executive shall become entitled to receive an amount equal
to the ALB as of the date of the Change in Control, plus the amount of all projected Annual Contribution Amounts expected to be
included in the ALB through December 31, 2026 (i.e., including contributions for the 2026 Service Period). This calculation shall
be made assuming that remaining Annual Contribution Amounts through December 31, 2026 are equal to the amounts the Bank would
have made assuming a performance level for each remaining Service Period equal to the average performance level for the three
(3) year period preceding the Change in Control. In addition, this ALB amount shall be credited with interest as though the Annual
Contribution Amounts had been made on the same annual schedule they would have been made through December 31, 2026 and applying
the Accrued Liability Balance Interest Rate from the date of the Change in Control through December 31,2026.

 

    	 	 	 

     

    

  

		B.	Change in Control After December 31, 2026. Upon
a Change in Control occurring after December 31, 2026, then Executive shall receive the ALB.

 

5.2          Payment
Method and Duration. The foregoing amount shall be used to calculate an annuity payable on a monthly basis for a period
of one hundred eighty (180) months, and by applying the Accrued Liability Balance Interest Rate. The Executive Benefit amount determined
above in Paragraph 5.1 shall be paid in substantially equal monthly payments, with payments commencing on the first (1st)
day of the fourth (4th) month following Executive’s Separation from Service and shall continue for a period of
one hundred eighty (180) months.

 

6.0          Disability.
In the event Executive becomes Disabled at any time prior to Separating from Service with the Bank, then Executive shall be entitled
to be paid the following benefit in lieu of any other benefits herein:

 

6.1          Benefit
Amount.

 

		A.	If Disability Occurs on or Before December 31, 2026.
In the event Executive becomes Disabled on or before December 31, 2026, then Executive shall be entitled to receive an amount
equal to the ALB as of the date of Disability, plus the amount of all projected Annual Contribution Amounts expected to be included
in the ALB had Executive not become Disabled until December 31, 2026. This calculation shall be made assuming that remaining Annual
Contribution Amounts through December 31, 2026 are equal to the amounts the Bank would have made assuming a performance level
for each remaining Service Period equal to the average performance level for the three (3) year period preceding Executive’s
Disability. In addition, this ALB amount shall be credited with interest as though the Annual Contributions had been made on the
same annual schedule they would have been made had there been no Disability until December 31,2026 and applying the Accrued Liability
Balance Interest Rate from the date of Disability through December 31, 2026.

 

		B.	If Disability Occurs After December 31, 2026. In
the event Executive becomes Disabled after December 31, 2026, then Executive shall receive the ALB.

 

6.2          Payment
Method and Duration. The foregoing amount shall be used to calculate an annuity payable on a monthly basis for a period
of one hundred eighty (180) months, and by applying the Accrued Liability Balance Interest Rate. The Executive Benefit amount determined
above in Paragraph 6.1 shall be paid in substantially equal monthly payments, with payments commencing on the first (1st)
day of the fourth (4th) month following Executive’s Disability and shall continue for a period of one hundred
eighty (180) months.

 

7.0          Death.
In the event Executive dies prior to Separating from Service, prior to a Change in Control, and prior to becoming Disabled, then
all benefit amounts under this Agreement, including all amounts to which Executive and/or his Beneficiaries may have become entitled
in the future, shall be forfeited, and any benefits payable upon death shall only be paid pursuant to a Joint Beneficiary Agreement
should one exist.

 

    	 	 	 

     

    

  

In the event Executive
dies after Separating from Service, or after becoming entitled to receive benefits pursuant to Paragraph 5 (Change in Control)
or Paragraph 6 (Disability), then both the Executive Benefit amount and payout method determined as of the Separation from Service,
Change in Control or Disability date will remain unchanged and shall instead be paid to Executive’s designated Beneficiary.

 

8.0          Termination
for Cause.

 

Executive agrees that if
his employment with the Bank is terminated at any time For Cause as defined in this Agreement (and regardless of whether he has
become entitled to a benefit pursuant to Paragraphs 5 or 6 addressing Change in Control and Disability), then he shall forfeit
any and all rights and benefits he may have under the terms of this Agreement and shall have no right to be paid any of the amounts
which would otherwise be due or paid to Executive by the Bank pursuant to the terms of this Agreement.

 

9.0          Non-Compete
Clause.

 

If the Executive is entitled
to receive a benefit pursuant to the provisions of Paragraphs 4 or 6, then as a condition of the Executive’s entitlement
to such benefit, the Executive agrees not to engage in Competitive Activity in the Employer’s Market Area within the three
(3) year period beginning on the date of the Executive’s Separation from Service. The term “Competitive Activity”
means acting directly or indirectly as an employee, agent, member, director, co-partner or in any other individual or representative
capacity on behalf of any FDIC insured financial institution. The term “Employer’s Market Area” is defined as
the area within a forty (40) mile radius from any deposit taking office (not ATM location) of the Employer at the time immediately
prior to the Executive’s employment termination. If the Executive shall breach the covenant not to compete contained herein,
the Employer shall be entitled to injunctive relief as well as monetary relief. The Executive acknowledges that injunctive relief
is appropriate because the Employer’s remedies at law are inadequate.

 

10.0       Right
to Determine Funding Methods.

 

The Bank reserves the right
to determine, in its sole and absolute discretion, whether, to what extent and by what method, if any, to provide for the payment
of the amounts which may be payable to Executive under the terms of this Agreement. In the event that the Bank elects to fund this
Agreement, in whole or in part, through the use of life insurance or annuities, or both, the Bank shall determine the ownership
and beneficial interests of any such policy of life insurance or annuity. The Bank further reserves the right, in its sole and
absolute discretion, to terminate any such policy, and any other devise used to fund its obligations under this Agreement, at any
time, in whole or in part. Executive shall have no right, title or interest in or to any funding source or amount utilized by the
Bank pursuant to this Agreement, and any such funding source or amount shall not constitute security for the performance of the
Bank’s obligations pursuant to this Agreement. In connection with the foregoing, Executive agrees to execute such documents
and undergo such medical examinations or tests which the Bank may request and which may be reasonably necessary to facilitate any
funding for this Agreement including, without limitation, the Bank’s acquisition of any policy of insurance or annuity.

 

    	 	 	 

     

    

  

11.0       Beneficiary
Designation.

 

11.1       Beneficiary
Designation. Executive shall have the right, at any time, to designate any person or persons as his Beneficiary or Beneficiaries
(both primary as well as secondary) to whom benefits under this Agreement shall be paid in the event of his death prior to complete
distribution to the Executive of the benefits due under this Agreement. Each Beneficiary designation shall be in a written form
approved by the Bank and will be effective only when notarized and filed with the Bank during the Executive’s lifetime. Attached
hereto as “Exhibit B” is a Beneficiary Designation Form approved by the Bank; however, the Bank reserves the right
to modify such Beneficiary Designation Form as it deems necessary in the future.

 

11.2       Amendments
to Beneficiary Designation. Any Beneficiary Designation Form may be changed by the Executive without the consent of any
designated Beneficiary by the filing of a new Beneficiary Designation Form with the Bank. The filing of a new Beneficiary Designation
Form will cancel all Beneficiary(ies) previously designated. If an Executive’s compensation is community property, any Beneficiary
designation shall be valid or effective only as permitted under applicable law.

 

11.3       No
Beneficiary Designated. In the absence of an effective Beneficiary Designation Form, or if all stated Beneficiaries predecease
the Executive or die prior to complete distribution of the Executive’s Benefit, then the Executive’s designated Beneficiary
shall be deemed to be Executive’s lawful spouse or registered domestic partner, or if none exists, Executive’s estate.

 

11.4       Doubt
as to Beneficiary. If there is a doubt as to the proper Beneficiary to receive payments pursuant to this Agreement, then
the Bank shall have the right to withhold such payments until this matter is resolved to the satisfaction of Employer. In the event
of any such doubt or dispute, Employer reserves all rights to file an interpleader action or to require a court decree or order
directing the payment of benefits or to require indemnification from any claimant or to require claimants to otherwise finally
resolve such claims prior to Employer paying any benefits under this Plan.

 

11.5       Effect
of Payment to the Beneficiary. The payment to the deemed Beneficiary shall fully and completely discharge the Bank from
all further obligations under this Agreement.

 

12.0       Administrator.

 

12.1       Named
Fiduciary and Plan Administrator. The “Named Fiduciary” and “Plan Administrator” of this executive
plan shall be the Bank until its resignation to removal by the Board of Directors. As Named Fiduciary and Plan Administrator, the
Bank shall be responsible for the management, control and administration of this executive plan. The Named Fiduciary may delegate
to others certain aspects of the management and operation responsibilities of the plan, including employment of advisors and the
delegation of ministerial duties to qualitied individuals.

 

13.0       Claims
Procedure.

 

In the event a dispute
arises over the benefits under this executive plan and benefits are not paid to Executive (or to the Executive’s beneficiary[ies],
if applicable) and such claimants feel they are entitled to receive such benefits, then a written claim must be made to the Named
Fiduciary and Plan Administrator named above in accordance with the following procedures:

 

		A.	Written Claim. The claimant may file a written request
for such benefit to the Plan Administrator.

 

    	 	 	 

     

    

  

		B.	Claim Decision. Upon receipt of such claim, the
Plan Administrator shall respond to such claimant within ninety (90) days after receiving the claim. If the Plan Administrator
determines that special circumstances require additional time for processing the claim, the Plan Administrator can extend the
response period by an additional ninety (90) days for reasonable cause by notifying the claimant in writing, prior to the end
of the initial ninety (90) day period, that an additional period is required. The notice of extension must set forth the special
circumstances and the date by which the Plan Administrator expects to render its decision.

 

If the claim is denied
in whole or in part, the Plan Administrator shall notify the claimant in writing of such denial. The Plan Administration·
shall write the notification in a manner calculated to be understood by the claimant. The notification shall set forth:

 

		(i)	The specific reasons for the denial;

		(ii)	The specific reference to pertinent provisions of
the Agreement on which the denial is based;

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

		(iv)	Appropriate information as to the steps to be taken
if the claimant wishes to submit the claim for review and the time limits applicable to such procedures; and

		(v)	A statement of the claimant’s right to bring
a civil action under ERISA Section 502(a) following an adverse benefit determination on review.

 

		C.	Request for Review. Within sixty (60) days after
receiving notice from the Plan Administrator that a claim has been denied (in part or all of the claim), then claimant (or their
duly authorized representative) may file with the Plan Administrator a written request for a review of the denial of the claim.

 

The claimant (or
his duly authorized representative) shall then have the opportunity to submit written comments, documents, records and other information
relating to the claim. The Plan Administrator shall also provide the claimant, upon request and free of charge, reasonable access
to, and copies of, all documents, records and other information relevant (as defined in applicable ERISA regulations) to the claimant’s
claim for benefits.

 

		D.	Decision on Review. The Plan Administrator shall
respond in writing to such claimant within sixty (60) days after receiving the request for review. If the Plan Administrator determines
that special circumstances require an extension of time for processing the claim, written notice of the extension shall be furnished
to the claimant prior to the termination of the initial sixty (60) day period. In no event shall such extension exceed a period
of sixty (60) days from the end of the initial period. The notice of extension must set forth the special circumstances requiring
an extension of time and the date by which the Plan Administrator expects to render its decision.

 

In considering the
review, the Plan Administrator shall take into account all materials and information the claimant submits relating to the claim,
without regard to whether such information was submitted or considered in the initial benefit determination.

 

The Plan Administrator
shall notify the claimant in writing of its decision on review. The Plan Administrator shall write the notification in a manner
calculated to be understood by the claimant. The notification shall set forth:

 

    	 	 	 

     

    

  

		(i)	The specific reasons for the denial;

		(ii)	A reference to the specific provisions of the Agreement
on which the denial is based;

		(iii)	A statement that the claimant is entitled to receive, upon
request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant (as defined
in applicable ERISA regulations) to the claimant’s claim for benefits; and

		(iv)	A statement of the claimant’s right to bring a civil
action under ERISA Section 502(a).

 

14.0       Dispute
Resolution.

 

14.1       Arbitration
of Disputes. A claimant whose claims have been denied pursuant to the claims and appeals procedures above (and other than
those matters which are to be determined by the Bank in its sole and absolute discretion and/or those matters which arc governed
by ERISA), shall then be subject to non-binding arbitration before a member of the Judicial Arbitration and Mediation Services
(JAMS) in accordance with JAMS rules and procedures. In no event shall the demand for arbitration be made after the date when institution
of legal or equitable proceedings based on such claim, dispute or other matter in question would be barred by the applicable statute
of limitations. Any arbitration hereunder shall be conducted in San Francisco, California, unless otherwise agreed to by the parties.
In the event arbitration is not successful in resolving matters, the parties may then pursue alternate dispute resolution methods
available.

 

14.2       Attorneys’
Fees. In the event of any arbitration or litigation concerning any controversy, claim or dispute between the parties hereto,
arising out of or relating to this Agreement or the breach hereof, or the interpretation hereof, (a) each party shall pay its own
arbitration and attorneys’ fees incurred (pursuant to the terms of this Agreement); and (b) the prevailing party shall be
entitled to recover from the other party reasonable expenses, attorneys’ fees and costs incurred in the enforcement or collection
of any judgment or award rendered. The “prevailing party” means any party (one party or both parties, as the case may
be) determined by the arbitrator(s) or court to be entitled to money payments from the other, not necessarily the party in whose
favor a judgment is rendered.

 

14.3       Attorneys’
Fees in the Event of a Change in Control. The Employer desires that the Executive not be required to incur the expenses
associated with the enforcement of rights under this Agreement, whether by litigation or other legal action, because the cost and
expense thereof would substantially detract from the benefits intended to be granted to the Executive hereunder. The Employer desires
that the Executive not be forced to negotiate settlement of rights under this Agreement under threat of incurring expenses. Accordingly,
if after a Change in Control occurs, it appears to the Executive that (i) the Employer has failed to comply with any or its obligations
under this Agreement, or (ii) the Employer or any other person has taken any action to declare this Agreement void or unenforceable,
or instituted any litigation or other legal action designed to deny, diminish or to recover from the Executive the benefits intended
to be provided to the Executive hereunder, the Employer irrevocably authorizes the Executive from time to time to retain counsel
of Executive’s choice, at Employer’s expense as provided in this subparagraph, to represent the Executive in the initiation
or defense of any litigation or other legal action, whether by or against the Employer or any director, officer, stockholder or
other person affiliated with the Employer, in any jurisdiction. Notwithstanding any existing or previous attorney-client relationship
between the Employer and any counsel chosen by the Executive under this subparagraph, the Employer irrevocably consents to the
Executive entering into an attorney-client relationship with that counsel, and the Executive and Employer agree that a confidential
relationship shall exist between the Executive and that counsel. The fees and expenses of counsel selected from time to time by
Executive as provided in this section shall be paid or reimbursed to the Executive by the Employer on a regular periodic basis
upon presentation by the Executive or a statement or statements prepared by such counsel in accordance with such counsel’s
customary practices up to a maximum aggregate amount of fifty thousand dollars ($50,000), whether suit be brought or not, and whether
or not incurred in trial, bankruptcy or appellate proceedings. The Employer’s obligation to pay Executive’s legal tees
provided by this subparagraph operate separately from and in addition to any legal fees reimbursement obligation the Employer may
have with the Executive under any separate employment, severance or other Agreement between the Executive and the Employer. Despite
any contrary provision within this Agreement, however, the Employer shall not be required to pay or reimburse the Executive’s
legal expenses if doing so would violate Section 18(k) of the Federal Deposit Insurance Act (12 U.S.C. 1828(k)] and the regulations
promulgated thereunder, including 12 C.F.R. Part 359.

 

    	 	 	 

     

    

  

15.0       Status
as an Unsecured General Creditor and Rabbi Trust. Notwithstanding anything contained herein to the contrary: (i) Executive
shall have no legal or equitable rights, interests or claims in or to any specific property or assets of the Employer as a result
of this Agreement; (ii) none of the Bank’s assets shall be held in or under any trust for the benefit of Executive or held
in any way as security for the fulfillment of the obligations of the Bank under this Agreement; (iii) all of the Bank’s assets
shall be and remain the general unpledged and unrestricted assets of the Bank; (iv) the Bank’s obligation under this Agreement
shall be that of an unfunded and unsecured promise by the Bank to pay money in the future; and (v) Executive shall be an unsecured
general creditor with respect to any benefits which may be payable under the terms of this Agreement.

 

Notwithstanding subparagraphs
(i) through (v) above, the Bank and Executive acknowledge and agree that, in the event of a Change in Control, upon request of
Executive, or in the Bank’s discretion if Executive does not so request and the Bank nonetheless deems it appropriate, the
Bank shall establish, not later than the effective date of the Change in Control, a Rabbi Trust or multiple Rabbi Trusts (the “Trust”
or “Trusts”) upon such terms and conditions as the Bank, in its sole discretion, deems appropriate and in compliance
with applicable provisions of the Code, in order to permit the Bank to make contributions and/or transfer assets to the Trust or
Trusts to discharge its obligations pursuant to this Agreement. The principal of the Trust or Trusts and any earnings thereon shall
be held separate and apart from other funds of the Bank to be used exclusively for discharge of the Bank’s obligations pursuant
to this Agreement and shall continue to be subject to the claims of the Bank’s general creditors until paid to Executive
in such manner and at such times as specified in this Agreement.

 

16.0       Miscellaneous.

 

16.1       Opportunity
to Consult with Independent Advisors. Executive acknowledges that she has been afforded the opportunity to consult with
independent advisors of her choosing including, without limitation, accountants or tax advisors and counsel regarding both the
benefits granted to her under the terms of this Agreement and the (i) terms and conditions which may affect Executive’s right
to these benefits and (ii) personal tax effects of such benefits including, without limitation, the effects of any federal or state
taxes, Section 280G of the Code, and any other taxes, costs, expenses or liabilities whatsoever related to such benefits, which
in any of the foregoing instances Executive acknowledges and agrees shall be the sole responsibility of Executive notwithstanding
any other term or provision of this Agreement. Executive further acknowledges and agrees that the Bank shall have no liability
whatsoever related to any such personal tax effects or other personal costs, expenses or liabilities applicable to Executive and
further specifically waives any right for himself or herself, and his or her heirs, beneficiaries, legal representatives, agents,
successors and assigns to claim or assert liability on the part of the Bank related to the matters described above in this paragraph.
Executive further acknowledges that she has read, understands and consents to all of the terms and conditions of this Agreement,
and that she enters into this Agreement with a full understanding of its terms and conditions.

 

    	 	 	 

     

    

  

16.2       Notice.
Any notice required or permitted of either Executive or the Bank under this Agreement shall be deemed to have been duly given,
if by personal delivery, upon the date received by the party or its authorized representative; if by facsimile, upon transmission
to a telephone number previously provided by the party to whom the facsimile is transmitted as reflected in the records of the
party transmitting the facsimile and upon reasonable confirmation of such transmission; and if by mail, on the third day after
mailing via U.S. first class mail, registered or certified, postage prepaid and return receipt requested, and addressed to the
party at the address given below for the receipt of notices, or such changed address as may be requested in writing by a party.

 

	If to the Bank:	United Business Bank- Corporate Offices
	 	500 Ygnacio Valley Road
	 	Suite 200
	 	Walnut Creek, CA 94596
	 	 
	If to the Executive:	Keary Colwell
	 	At the last address appearing on the
	 	personnel records of the Bank

 

16.3       Assignment.
Executive shall have no power or right to transfer, assign, anticipate, hypothecate, modify or otherwise encumber any part or all
of the amounts payable hereunder, nor, prior to payment in accordance with the terms of this Agreement, shall any portion of such
amounts be: (i) subject to seizure by any creditor of Executive, by a proceeding at law or in equity, for the payment of any debts,
judgments, alimony or separate maintenance obligations which may be owed by Executive; or (ii) transferrable by operation of law
in the event of bankruptcy, insolvency or otherwise. Any such attempted assignment or transfer shall be void. In the event Executive
or any beneficiary attempts assignment, communication, hypothecation, transfer or disposal of the benefits hereunder, any such
attempted transfer or assignment shall be void.

 

16.4       IRS
Section 280G Issues. If all or any portion of the amounts payable to Executive under this Agreement, either alone or together
with other payments which Executive has the right to receive from the Employer, constitute “excess parachute payments”
within the meaning of Section 280G of the Code that are subject to the excise tax imposed by Section 4999 of the Code (or similar
tax and/or assessment), Executive shall be responsible for the payment of such excise tax and Employer (and its successor) shall
be responsible for any loss of deductibility related thereto; provided, however, that Employer and Executive shall cooperate with
each other and use all reasonable efforts to minimize to the fullest extent possible the amount of excise tax imposed by Section
4999 of the Code. If, at a later date, it is determined (pursuant to final regulations or published rulings of the Internal Revenue
Service, final judgment of a court of competent jurisdiction, or otherwise) that the amount of excise taxes payable by Executive
is greater than the amount initially so determined, then Executive shall pay an amount equal to the sum of such additional excise
taxes and any interest, fines and penalties resulting from such underpayment. The determination of the amount of any such excise
taxes shall be made by the independent accounting firm or law firm employed by the Employer immediately prior to the change in
control or such other independent accounting firm or law firm as may be mutually agreeable to the Employer and Executive in the
exercise of their reasonable good faith judgment.

 

16.5       Binding
Effect/Merger or Reorganization. This Agreement shall be binding upon and inure to the benefit of Executive and the Bank.
Accordingly, the Bank shall not merge or consolidate into or with another corporation, or reorganize or sell substantially all
of its assets to another corporation, firm or person, unless and until such succeeding or continuing corporation, firm or person
agrees to assume and discharge the obligations of the Bank under this Agreement. In the alternative, a holding company which is
a party to any such transaction may agree to assume and discharge the obligation of the Bank under this Agreement. Upon the occurrence
of such event, the term “Bank” as used in this Agreement shall be deemed to refer to such surviving or successor firm,
person, entity or corporation, or the holding company, as the case may be.

 

    	 	 	 

     

    

  

16.6       Nonwaiver.
The failure of either party to enforce at any time or for any period of time any one or more of the terms or conditions of this
Agreement shall not be a waiver of such term(s) or condition(s) or of that party’s right thereafter to enforce each and every
term and condition of this Agreement.

 

16.7       Partial
Invalidity. If any term, provision, covenant or condition of this Agreement is determined by an arbitrator or a court,
as the case may be, to be invalid, void or unenforceable, such determination shall not render any other term, provision, covenant
or condition invalid, void or unenforceable, and the Agreement shall remain in full force and effect notwithstanding such partial
invalidity.

 

16.8       Entire
Agreement. This Agreement supersedes any and all other agreements, either oral or in writing, between the parties with
respect to the subject matter of this Agreement (including without limitation the Prior SERP) and contains all of the covenants
and agreements between the parties with respect thereto. Each party to this Agreement acknowledges that no other representations,
inducements, promises or agreements, oral or otherwise, have been made by any party, or anyone acting on behalf of any party, which
are not set forth herein, and that no other agreement, statement or promise not contained in this Agreement shall be valid or binding
on either party.

 

16.9       Modifications.
Any modification of this Agreement shall be effective only if it is in writing and signed by each party or such party’s authorized
representative, and only to the extent that it is compliant with all applicable codes and statutes, including but not limited to
Code Section 409A.

 

16.10     Paragraph
Headings. The paragraph headings used in this Agreement are included solely for the convenience of the parties and shall
not affect or be used in connection with the interpretation of this Agreement.

 

16.11     No
Strict Construction. The language used in this Agreement shall be deemed to be the language chosen by the parties hereto
to express their mutual intent, and no rule of strict construction will be applied against any person.

 

16.12     Governing
Law. Other than as required by ERISA, the laws of the State of California, other than those laws denominated choice of
law rules, and where applicable, the rules and regulations of the Board of Governors of the Federal Reserve System, Federal Deposit
Insurance Corporation, Office of the Comptroller of the Currency, or any other regulatory agency or governmental authority having
jurisdiction over the Bank or the Company, shall govern the validity, interpretation, construction and effect of this Agreement.

 

16.13     General
Release. As a condition of receiving severance, Disability or Change in Control benefits pursuant to this Agreement, Executive
must sign and complete a General Release Form provided by the Employer prior to the scheduled commencement date of such benefits.

 

    	 	 	 

     

    

 

 17.0      Termination
or Modification of Agreement.

 

17.1       Termination
of Agreement When Permissible by Code Section 409A. Provided Employer satisfies the requirements of Code Section 409A,
Employer may terminate this Agreement in the event of the following: (i) corporate dissolution or bankruptcy (as ordered by the
bankruptcy court); (ii) upon a Change in Control; or (iii) as a matter of Employer discretion.

 

17.2       Termination
or Modification of Agreement by Reason of Changes in the Law, Rules or Regulations. The Bank is entering into this Agreement
upon the assumption that certain existing tax laws, the Code, rules and regulations will continue in effect in their current form.
If any said assumptions should change and said change has a detrimental effect on this executive plan, then the Bank reserves the
right to terminate or modify this Agreement accordingly.

 

IN WITNESS WHEREOF, the
Bank and the Executive have executed this Agreement effective as of the date first written above in the City of Walnut Creek, California.

 

	UNITED BUSINESS BANK	EXECUTIVE

 

	By:	/s/Janet L. King	 	/s/Keary L. Colwell

 

	 	/s/George J. Guarani	 	/s/George J. Guarani
	 	Witness	 	WitnessExhibit 10.7

 

BAY COMMERCIAL BANK

 

2014 EQUITY INCENTIVE PLAN

 

The purposes of the Bay Commercial Bank
2014 Omnibus Equity Incentive Plan (the “Plan”) are to foster and promote the long-term financial success of Bay Commercial
Bank (the “Bank”) and its affiliates and materially increase shareholder value by (i) motivating superior performance
by Participants, (ii) providing Participants with an ownership interest in the Bank, and (iii) enabling the Bank to attract and
retain the services of outstanding Employees upon whose judgment, interest and special effort the successful conduct of its operations
is largely dependent.

 

ARTICLE I:

DEFINITIONS

 

In addition to the terms defined in the
preamble above and elsewhere in the Plan, the following capitalized terms used in this Plan have the meanings set forth below.
Except when otherwise indicated by the context, reference to the masculine gender shall include, when used, the feminine gender
and any term used in the singular shall also include the plural.

 

“Award Agreement” means
any written agreement, contract, certificate or other instrument or document evidencing any Award granted under the Plan, which
may, but need not, be executed or acknowledged by a Participant.

 

“Award” means any Option, SAR, award
of Restricted Stock or Restricted Stock Units, Stock Award, Other Stock-Based Award, or Performance Award granted under the Plan.

 

“Board” or “Board
of Directors” means the Board of Directors of the Bank, as it may be constituted from time to time.

 

“Cause” means, except
as otherwise defined in an Award Agreement, with respect to any Participant (as determined by the Committee in its sole discretion)
(i) the continued and willful failure of the Participant substantially to perform the duties of his or her employment or service
for the Bank (other than any such failure due to the Participant’s disability); (ii) the participant’s engaging in
willful or serious misconduct that has caused or could reasonably be expected to result in material injury to the Bank or any of
its affiliates, including, but not limited to by way of damage to the Bank’s or an affiliate’s reputation or public
standing; (iii) the Participant’s conviction of, or entering a plea of guilty or nolo contendere to, a crime constituting
a felony or (iv) the Participant’s material violation or breach of the Bank’s or any affiliate’s code of conduct
or ethics or other Bank policy or rule or the material breach by the Participant of any of his or her obligation sunder any written
covenant or agreement with the Bank or any of its affiliates; or (v) any failure by the Participant to cooperate, if requested
by the Bank, with any investigation or inquiry into the Participant’s or the Bank’s business practices, whether internal
or external, including, but not limited to, the Participant’s refusal to be deposed or to provide testimony at any trial
or inquiry; provided that, with respect to any Participant who is a party to an employment agreement or service contract with the
Bank or any affiliates, “Cause” shall have the meaning specified in such agreement.

 

     

     

    

 

“Code” means the Internal
Revenue Code of 1986, as amended and in effect from time to time, or any successor statute.

 

“Committee” means the
HR/Compensation Committee of the Board of Directors, or any successor committee thereto, or such other committee of the Board of
Directors as is appointed or designated by the Board to administer the Plan; provided, however, that the number of members of the
committee and their qualifications shall at all times that the Bank or its officers and directors, by reason of their status as
officers or directors of the Bank, are subject to such laws, satisfy the requirements for exemptions under Rule 16b-3 and tax deductibility
under Section 162(m). The full Board may perform any function of the Committee hereunder, except with respect to matters which
under Rule 16b-3, Section 162(m) or other applicable law (including stock exchange rules) are required to be determined in the
sole discretion of the Committee.

 

“Common Stock” means
the common stock, par value $0.01 per share (as such par value may be adjusted from time to time), of the Bank.

 

“Covered Person” means
an Eligible Individual who is determined by the Committee to be a “covered employee” as defined in Section 162(m) for
the purpose of receiving performance-based compensation complying with Section 162(m).

 

“Eligible Individual”
means any Employee, Non-Employee Director or natural person who is a consultant to the Bank.

 

“Employee” means any
officer or other employee of the Bank.

 

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

 

“Fair Market Value”
of a share of Common Stock as of any date and unless otherwise determined by the Committee, shall be determined as follows:

 

(i) If the Common Stock is listed on any established stock
exchange, system or market, the Fair Market Value of a share of Common Stock shall be (1) the closing price for a share of Common
Stock as quoted on such exchange, system or market, as reported in the Wall Street Journal or other such source as the Committee
deems reliable, on the date on which such value is being determined or the last trading day immediately before such day; (2) the
sale price for the last sale before or the first sale after the time on which such value is being determined; or (3) such other
reasonable method using actual transactions in such market as reported by such market as may be determined by the Committee.

 

(ii) In the absence of an established market for shares
of Common Stock, the Fair Market Value of a share of Common Stock shall be determined in good faith by the Committee by a reasonable
valuation method, taking into account factors consistent with Treas. Reg. § 1.409A-1(b)(5)(iv)(B) as the Committee deems appropriate.

 

    	 	2	 

     

    

 

In all cases Fair Market Value shall be determined in accordance
with Treas. Reg. §1.409A-1(b)(5)(iv).

 

“Incentive Stock Option”
or “ISO” means an option granted under Article V designated by the Committee as an incentive stock option within
the meaning of Section 422 of the Code or any successor provision thereto and qualifying thereunder.

 

“Non-Employee Director” means a member of the
Board who is not an Employee.

 

“Non-Qualified Stock Option”
means an option granted under Article V that is not designated as an incentive stock option by the Committee, or an option that
is designated as an incentive stock option to the extent such option does not comply with the provisions of Section 422 of the
Code.

 

“Option” means an Incentive Stock Option
or a Non-Qualified Stock Option.

 

“Other Stock-Based Award” means any
right granted under Section 8.2.

 

“Participant” means any Eligible Individual
who has been granted an Award under the Plan which remains outstanding, including a person who is no longer an Eligible Individual.

 

“Person” means any individual, corporation,
joint venture, association, partnership, limited liability company, joint stock company, trust, unincorporated organization or
government or any agency or political subdivision thereof.

 

“Reporting Person” means any Eligible
Individual subject to Section 16 of the Exchange Act with respect to the Bank.

 

“Restricted Stock” means a grant of
shares of Common Stock pursuant to Article VI which is subject to certain restrictions and to a risk of forfeiture.

 

“Restricted Stock Unit”
means a contractual right underlying an Award granted under Article VI that is denominated in shares of Common Stock, which unit
represents a right to receive a share of Common Stock (or the value of a share of Common Stock) upon the terms and conditions set
forth in the Plan and the applicable Award Agreement.

 

“Rule 16b-3”
means Rule 16b-3, as from time to time in effect and applicable to Participants, promulgated by the Securities and Exchange Commission
under Section 16 of the Exchange Act.

 

“SAR” or “Stock
Appreciation Right” means the right to receive a payment in cash or shares of Common Stock equal to the amount of appreciation,
if any, in the Fair Market Value of a share of Common Stock from the date of grant of the right to the date of its payment, and
which may be awarded to Eligible Individuals under Article V.

 

    	 	3	 

     

    

 

“Section 162(m)” means Section 162(m) of the
Code and regulations promulgated thereunder.

 

“Section 409A” means Section 409A of the Code
and regulations promulgated thereunder.

 

“Separation from Service”
means (i) with respect to an Eligible Individual who is an employee of the Bank, the termination of his employment with the Bank
that constitutes a “separation from service” within the meaning of Treas. Reg. Section 1.409A-1(h)(1), (ii) with respect
to an Eligible Individual who is a consultant of the Bank, the expiration of his contract or contracts under which services are
performed that constitutes a “separation from service” within the meaning of Treas. Reg. Section 1.409A-1(h)(2), or
(iii) with respect to an Eligible Individual who is a Non-Employee Director, the date on which such Non-Employee Director ceases
to be a member of the Board for any reason.

 

“Specified Employee”
means “specified employee” as such term is defined in Section 409A.

 

“Stock Award” means
award of shares of Common Stock pursuant to Section 8.1.

 

“Substitute Award”
means an Award granted in assumption of, or in substitution for, an outstanding award previously granted by a Person acquired by
the Bank or with which the Bank combines.

 

“Successor” means the
legal representative of an incompetent Participant and, if the Participant is deceased, the legal representative of the estate
of the Participant or the person or persons who may, by bequest or inheritance, or under the terms of an Award or of forms submitted
by the Participant to the Committee, acquire the right to receive cash and/or shares of Common Stock issuable in satisfaction of
an Award.

 

    	 	4	 

     

    

 

ARTICLE II:

ADMINISTRATION

 

2.1           Generally.
The Committee shall have the authority to control and manage the operation and administration of the Plan; provided, however,
that all acts and authority of the Committee pursuant to this Plan are subject to the provisions of the Committee’s charter,
as amended from time to time, and such other authority as may be delegated to the Committee by the Board.

 

2.2           Grant
of Awards. The Committee has the exclusive power to make Awards, to determine when and to which Eligible Individuals Awards
will be granted, the types of Awards and the number of shares of Common Stock covered by the Awards, to establish the terms, conditions,
performance criteria, restrictions, and other provisions of such Awards, and, subject to the terms of the Plan and applicable law,
to cancel, suspend or amend existing Awards.

 

2.3           Section
162(m). Subject to the provisions of the Plan, the Committee will have the authority and discretion to determine the extent
to which Awards under the Plan will be structured to conform to the requirements applicable to performance-based compensation as
described in Section 162(m), and to take such action, establish such procedures, and impose such restrictions as necessary to conform
to such requirements. Notwithstanding any provision of the Plan to the contrary, if an Award under this Plan is intended to qualify
as performance-based compensation under Section 162(m) and the regulations issued thereunder and a provision of this Plan would
prevent such Award from so qualifying, such provision shall be administered, interpreted and construed to carry out such intention
(or disregarded to the extent such provision cannot be so administered, interpreted or construed).

 

2.4           Payment
of Awards. The Committee may, subject to Section 12.3, determine whether, to what extent and under what circumstances Awards
may be settled, paid or exercised in cash, shares of Common Stock or other Awards or other property, or canceled, forfeited or
suspended.

 

2.5           Interpretation.
The Committee has the authority to interpret the Plan and any Award made under the Plan, to establish, amend, waive and rescind
any rules and regulations relating to the administration of the Plan, to determine the terms and provisions of any Award Agreements
entered into hereunder (not inconsistent with the Plan), to amend the terms and provisions of any such Award Agreement (not inconsistent
with the Plan) and to make all other determinations necessary or advisable for the administration of the Plan. The Committee may
correct any defect, supply any omission or reconcile any inconsistency in the Plan or in any Award in the manner and to the extent
it deems desirable. The determinations of the Committee in the administration of the Plan as described herein will be final, binding
and conclusive on all interested parties.

 

2.6           Delegation
of Authority. Except to the extent prohibited by applicable law or regulation, the Committee may allocate all or any portion
of its responsibilities and powers to any one or more of its members and may delegate all or any part of its responsibilities and
powers to any person or persons selected by it; provided, however, the Committee shall not delegate any such authority with respect
to any Awards made to a Reporting Person. The Committee may revoke any such allocation or delegation at any time.

 

    	 	5	 

     

    

 

2.7           Cooperation.
The Bank and any affiliate will, to the fullest extent permitted by law, furnish the Committee with such data and information as
may be required for it to discharge its duties. The records of the Bank and any affiliate as to an Eligible Individual’s
employment, or other provision of services, termination of employment, or cessation of the provision of services, leave of absence,
reemployment and compensation will be conclusive on all persons unless determined to be incorrect. Participants and other persons
entitled to benefit under the Plan must furnish the Committee such evidence, data or information as the Committee considers desirable
to carry out the terms of the Plan.

 

2.8           Indemnification.
To the fullest extent permitted by law, each member and former member of the Committee and each person to whom the Committee delegates
or has delegated authority under this Plan shall be entitled to indemnification by the Bank against and from any loss, liability,
judgment, damage, cost and reasonable expense incurred by such member, former member or other person by reason of any action taken,
failure to act or determination made in good faith under or with respect to this Plan.

 

ARTICLE III:

SHARES AVAILABLE FOR AWARDS

 

3.1           Number.
Subject to adjustment as provided in Section 3.4, the maximum number of shares of Common Stock that may be delivered
pursuant to Awards granted under the Plan is 300,000. Shares of Common Stock to be issued under the Plan may be made
available from authorized but unissued shares of Common Stock, shares of Common Stock held by the Bank in its treasury, or
shares of Common Stock purchased by the Bank on the open market or otherwise.

 

3.2           Award
Limitations. No Participant receiving an Award will be granted any Award with respect to more than 50,000 shares of
Common Stock during any fiscal year.

 

3.3           Share
Counting. If any shares of Common Stock covered by an Award other than a Substitute Award, or to which such an Award relates,
terminate, lapse or are forfeited or cancelled, or such an Award is otherwise settled without the delivery of the full number of
shares of Common Stock underlying the Award, then the shares of Common Stock covered by such Award, or to which such Award relates,
to the extent of any such forfeiture, termination, lapse, cancellation, etc., shall again be, or shall become available for issuance
under the Plan. Shares of Common Stock underlying Substitute Awards shall not reduce the number of shares of Common Stock available
for delivery under this Plan. Shares of Common Stock delivered in payment of the purchase price in connection with the exercise
of Options or shares of Common Stock delivered or withheld to pay tax-withholding obligations or otherwise under the Plan shall
not be added to and shall not increase the number of shares of Common Stock available for purposes of the Plan.

 

    	 	6	 

     

    

 

3.4           Adjustments.
In the event that the Committee shall determine that any dividend or other distribution (whether in the form of cash, shares of
Common Stock, other securities, or other property), recapitalization, share split, reverse share split, reorganization, merger,
consolidation, split-up, spin-off, combination, repurchase or exchange of shares of Common Stock or other securities of the Bank,
issuance of warrants or other rights to purchase shares of Common Stock or other securities of the Bank, or other similar corporate
transaction or event affects the shares of Common Stock such that an adjustment is determined by the Committee to be appropriate
in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan,
then the Committee shall, in such manner as it may deem equitable, adjust any or all of: (i) the number and type of shares of Common
Stock (or other securities or property) which thereafter may be made the subject of Awards, including without limitation the individual
limits set forth in Sections 4(a); (ii) the number and type of shares of Common Stock (or other securities or property) subject
to outstanding Awards; and (iii) the grant, purchase, or exercise price with respect to any Award or, if deemed appropriate, make
provision for a cash payment to the holder of an outstanding Award; provided, however, that the number of shares of Common Stock
subject to any Award shall always be a whole number. The Committee’s adjustment shall be effective and binding for all purposes
of this Plan, provided that no adjustment shall be made which will cause an Incentive Stock Option to lose its status as such,
and further provided that no such adjustment shall constitute (i) a modification of a stock right within the meaning of Treas.
Reg. Section 1.409A-1(b)(5)(v)(B) so as to constitute the grant of a new stock right, (ii) an extension of a stock right, including
the addition of any feature for the deferral of compensation within the meaning of Treas. Reg. Section 1.409A-1(b)(5)(v)(C), or
(iii) an impermissible acceleration of a payment date or a subsequent deferral of a stock right subject to Section 409A within
the meaning of Treas. Reg. Section 1.409A-1(b)(5)(v)(E). Furthermore, no adjustment as the result of a change in capitalization
shall cause the exercise price to be less than the Fair Market Value of such shares (as adjusted to reflect the change in capitalization)
on the date of grant, and any adjustment as the result of the substitution of a new stock right or the assumption of an outstanding
stock right pursuant to a corporate transaction shall satisfy the conditions described in Treas. Reg. Section 1.409A-1(b)(5)(v)(D).

 

ARTICLE IV:

ELIGIBILITY

 

All Eligible Individuals are eligible
to participate in this Plan and receive Awards hereunder. Holders of equity-based awards issued by a company acquired by the Bank
or with which the Bank combines are eligible to receive Substitute Awards hereunder.

 

ARTICLE V:

OPTIONS AND SARS

 

5.1           Grant.
The Committee is hereby authorized to grant Options and SARs to Participants with the following terms and conditions and with such
additional terms and conditions, in either case not inconsistent with the provisions of the Plan, as the Committee determines.
The grant of Options or SARS shall be evidenced by an Award Agreement that contains the terms of the Award, including, but not
limited to: (i) the number of shares of Common Stock that may be issued upon exercise of an Option or number of SARs subject to
an Award; (ii) the exercise or base price of each Option or SAR; (iii) the term of the Option or SAR; (iv) such terms and conditions
on the vesting and/or exercisability of an Option or SAR as may be determined by the Committee; (v) any restrictions on transfer
of the Option or SAR and forfeiture provisions; (vi) the effect on the term of the Option or SAR of the Separation from Service
of the Participant; and (vii) such further terms and conditions, in each case, not inconsistent with this Plan as may be determined
from time to time by the Committee.

 

5.2           Exercise
Price. The exercise price per share of Common Stock under an Option or SAR will be determined by the Committee; provided, however,
that, except in the case of Substitute Awards, such exercise price shall not be less than the Fair Market Value of a share of Common
Stock on the date of grant of such Option or SAR; and provided further that in the case of ISOs granted to an individual then owning
(within the meaning of Section 424(d) of the Code) more than 10% of the total combined voting power of all classes of stock of
the Bank, such price shall not be less than 110% of the Fair Market Value of a share of Common Stock on the date the ISO is granted.
The Committee shall not have the authority to reprice Options or SARs to reduce the exercise price without first obtaining shareholder
approval for such repricing.

 

    	 	7	 

     

    

 

5.3           Term.
The term of each Option and SAR will be fixed by the Committee in its discretion; provided , however, that the term shall not be
more than ten (10) years from the date the Option or SAR is granted.

 

5.4           Exercisability.
Subject to the terms of the Plan and the related Award Agreement, any Option or SAR may be exercised at any time during the period
commencing with either the date that Option or SAR is granted or the first date permitted under a vesting schedule established
by the Committee and ending with the expiration date of the Option or SAR. A Participant may exercise his Option or SAR for all
or part of the number of shares of Common Stock or rights which he is eligible to exercise under terms of the Option or SAR. No
shares of Common Stock shall be delivered pursuant to any exercise of an Option until payment in full of the exercise price is
received by the Bank. The Committee will determine the method or methods by which payment may be made, including, without limitation,
payment (i) in cash, or its equivalent, (ii) by exchanging shares of Common Stock owned by the Participant for at least six months
(which are not the subject of any pledge or other security interest), (iii) by having the Bank “net settle” the shares
by withholding from the shares of Common Stock which would otherwise be delivered to the Participant such shares with a Fair Market
Value sufficient to satisfy the minimum withholding required with respect thereto as determined by the Committee, (iv) through
any broker’s cashless exercise procedure approved by the Committee, or (v) by a combination of the foregoing, provided that
the combined value of all cash and cash equivalents and the Fair Market Value of any such shares of Common Stock so tendered to
the Bank as of the date of such tender is at least equal to such exercise price.

 

5.5           Separation
from Service. Except as otherwise provided in the Award Agreement documenting an Option or SAR Award, the following general
rules will apply to outstanding Option and SAR Awards at the time of Separation from Service:

 

(a)          In
the event of Separation from Service for Cause, unless otherwise determined by the Committee, all outstanding Option and SAR Awards,
whether vested or unvested, will immediately terminate and be forfeited.

 

(b)          In
all other events of Separation from Service, the Participant shall have a period of ninety (90) days following such Separation
from Service (or, if shorter, until the end of the term of a particular Option or SAR as established in the original Award Agreement)
to exercise any vested and unexercised Options and SARs then outstanding; all unvested Option and SAR Awards shall immediately
terminate and be forfeited.

 

5.6           Incentive
Stock Options. The terms of any Incentive Stock Option granted under the Plan shall comply in all respects with the provisions
of Section 422 of the Code, or any successor provision thereto, and any regulations promulgated thereunder. No Incentive Stock
Option shall be granted to any Eligible Individual who is not an Employee of the Bank. Options designated as Incentive Stock Options
shall not be eligible for treatment under the Code as “incentive stock options” (and will be deemed to be Non-Qualified
Stock Options) to the extent that either (i) the aggregate Fair Market Value of shares of Common Stock (determined as of the date
of grant) with respect to such Options are exercisable for the first time by the Participant during any calendar year (under all
plans of the Bank) exceeds $100,000, taking Options into account in the order in which they were granted or (ii) such Options otherwise
remain exercisable but are not exercised within two and one-half (2 1/2) months of termination of employment (or such other period
of time provided in Section 422 of the Code).

 

    	 	8	 

     

    

 

5.7           Disqualifying
Disposition Notice. Each Participant awarded an Incentive Stock Option under the Plan shall notify the Bank in writing immediately
after the date he or she makes a disqualifying disposition of any shares of Common Stock acquired pursuant to the exercise of such
Incentive Stock Option. A disqualifying disposition is any disposition (including any sale) of such shares of Common Stock before
the later of (i) two years after the date of grant of the Incentive Stock Option or (ii) one year after the date the Participant
acquired the shares of Common Stock by exercising the Incentive Stock Option. The Bank may, if determined by the Committee and
in accordance with procedures established by it, retain possession of any shares of Common Stock acquired pursuant to the exercise
of an Incentive Stock Option as agent for the applicable Participant until the end of the period described in the preceding sentence,
subject to complying with any instructions from such Participant as to the sale of such shares of Common Stock.

 

ARTICLE VI:

RESTRICTED STOCK AWARDS

 

6.1           Grant.
The Committee is hereby authorized to grant Awards of Restricted Stock to Eligible Individuals. The grant of Restricted Stock shall
be evidenced by an Award Agreement that contains the terms of the Award, including, but not limited to: (i) the number of shares
of Restricted Stock subject to such Award; (ii) the purchase price, if any, of the shares of Restricted Stock and the means of
payment for such shares; (iii) the performance criteria, if any, and level of achievement in relation to the criteria that shall
determine the number of shares of Restricted Stock granted, issued, retainable and/or vested; provided, however, that any such
performance criteria shall be selected from the criteria set forth in Section 9.2 to the extent the Committee intends that the
Award comply with Section 162(m); (iv) such terms and conditions of the grant, issuance, vesting and/or forfeiture of the Restricted
Stock as may be determined from time to time by the Committee; (v) restrictions on transferability of the Restricted Stock; and
(vi) such further terms and conditions, in each case, not inconsistent with this Plan as may be determined from time to time by
the Committee.

 

6.2           Vesting
and Forfeiture. Restricted Stock granted under this Article VI is subject to such restrictions as the Committee may impose,
which restrictions may lapse separately or in combination at such time or times, in such installments or otherwise, as the Committee
may deem appropriate. Except as otherwise determined by the Committee, upon a Separation from Service during the applicable restriction
period, Restricted Stock that is at that time subject to restrictions shall be forfeited and reacquired by the Bank; provided that
the Committee may provide, by rule or regulation or in any Award Agreement, or may determine in any individual case, that restrictions
or forfeiture conditions relating to Restricted Stock will lapse in whole or in part, including in the event of terminations of
employment resulting from specified causes.

 

6.3           Stock
Certificates. An Award of Restricted Stock may be evidenced in such manner as the Committee may deem appropriate, including,
without limitation, book-entry registration or issuance of a stock certificate or certificates. In the event any stock certificate
is issued in respect of shares of Restricted Stock, such certificate will be registered in the name of the Participant and bear
an appropriate legend referring to the terms, conditions, and restrictions applicable to such shares of Common Stock.

 

    	 	9	 

     

    

 

6.4           Dividends
and Voting Rights. Unless otherwise determined by the Committee, a Participant holding an outstanding Award of Restricted Stock
shall be entitled to (i) receive all dividends and distributions paid in respect of shares of Common Stock underlying such award;
provided, that if any such dividends or distributions are paid in shares of Common Stock or other securities, such shares and other
securities shall be subject to the same vesting and other restrictions as apply to the Restricted Stock with respect to which they
were paid, and (ii)

exercise full voting rights and other rights as a stockholder
with respect to the shares of Common Stock underlying such Award during the period during which such shares remain subject to restriction.

 

ARTICLE VII:

RESTRICTED STOCK UNIT AWARDS

 

7.1           Grant.
The Committee is hereby authorized to grant Awards of Restricted Stock Units to Eligible Individuals. The grant of Restricted Stock
Units shall be evidenced by an Award Agreement that contains the terms of the Award, including, but not limited to: (i) the number
of Restricted Stock Units subject to such Award; (ii) the purchase price, if any, of the Restricted Stock Units and the means of
payment for such Restricted Stock Units; (iii) the performance criteria, if any, and level of achievement in relation to the criteria
that shall determine the number of Restricted Stock Units granted, issued, retainable and/or vested; provided, however, that any
such performance criteria shall be selected from the criteria set forth in Section 9.2 to the extent the Committee intends that
the Award comply with Section 162(m); (iv) such terms and conditions of the grant, issuance, vesting and/or forfeiture of the Restricted
Stock Units as may be determined from time to time by the Committee; (v) restrictions on transferability of the Restricted Stock
Units; and (vi) such further terms and conditions, in each case, not inconsistent with this Plan as may be determined from time
to time by the Committee.

 

7.2           Vesting.
The Awards of Restricted Stock Units granted under this Article VII are subject to such restrictions as the Bank may impose, which
restrictions may lapse separately or in combination, at such time or times, in such installments or otherwise, as the Committee
may deem appropriate.

 

7.3           Separation
from Service. Without limiting the foregoing, and except as otherwise revised in the Award Agreement documenting a Restricted
Stock Unit Award (“RSUs”) or otherwise determined by the Committee, in the event of Separation from Service for Cause
(as determined by the Bank), unless otherwise determined by the Committee, all outstanding RSUs will immediately terminate and
be forfeited. In all other events of Separation from Service, to the extent not previously paid, the Participant shall be paid
any vested RSUs in accordance with the payment provisions of Section 7.4, and all unvested RSUs shall immediately terminate and
be forfeited.

 

7.4           Payment
of Award. The shares of Common Stock or cash underlying a Restricted Stock Unit Awards shall (subject to satisfaction of any
purchase price requirement) be transferred or paid to the Participant as soon as practicable following the Award date or the termination
of the vesting or other restrictions set forth in the Plan or the applicable Award Agreement and the satisfaction of any and all
other conditions of the Award applicable to such Restricted Stock Unit Award (the “Restriction End Date”), but in no
event later than two and one-half (21⁄2) months following the end of the calendar year that includes the later of the Award
date or the Restriction End Date, as the case may be. Notwithstanding any of the foregoing, to the extent that the provisions of
Section 7.3 hereof or the provisions of any Award Agreement for Restricted Stock Units require, distributions of shares of Common
Stock under circumstances that constitute a “deferral of compensation” shall conform to the applicable requirements
of Section 409A, including, without limitation, the requirement that a distribution to a Participant who is a Specified Employee
which is made on account of the Specified Employee’s Separation from Service shall not be made before the date which is six
(6) months after the date of Separation from Service.

 

    	 	10	 

     

    

 

ARTICLE VIII:

STOCK AWARDS AND OTHER STOCK-BASED
AWARDS

 

8.1           Stock
Awards. The Committee is hereby authorized to grant Stock Awards to Eligible Individuals. Stock Awards may be issued by the
Committee in addition to, or in tandem with, other Awards granted under this Plan, and may be issued in lieu of any cash compensation
or fees for services to the Bank as the Committee, in its discretion, determines or authorizes. Stock Awards shall be evidenced
by an Award Agreement or in such other manner as the Committee may deem necessary or appropriate, including, without limitation,
book-entry registration or issuance of a stock certificate or certificates. In the event any stock certificate is issued in respect
of shares of Common Stock underlying a Stock Award, such certificate will be registered in the name of the Participant.

 

8.2           Other
Stock-Based Awards. The Committee is hereby authorized to grant to Participants such other Awards (including, without limitation,
rights to dividends and dividend equivalents) that are denominated or payable in, valued in whole or in part by reference to, or
otherwise based on or related to, shares of Common Stock (including, without limitation, securities convertible into shares of
Common Stock) as are deemed by the Committee to be consistent with the purposes of the Plan. Subject to the terms of the Plan,
the Committee will determine the terms and conditions of such Awards and set forth such terms and conditions in an Award Agreement
related to such Award. Shares of Common Stock or other securities delivered pursuant to a purchase right granted under this Section
8.2 shall be purchased for such consideration, which may be paid by such method or methods and in such form or forms, including,
without limitation, cash, shares of Common Stock, other securities, other Awards or other property, or any combination thereof,
as the Committee determines, the value of which consideration, as established by the Committee, shall, except in the case of Substitute
Awards, not be less than the Fair Market Value of such shares or other securities as of the date such purchase right is granted.

 

8.3           Payment.
Stock Awards and Other Stock-Based Awards shall be transferred or paid to the Participant as soon as practicable following the
Award date and the satisfaction of any and all other conditions of the applicable Award Agreement (the “Satisfaction Date”),
but in no event later than two and one-half (2 1/2) months following the end of the calendar year that includes the later of the
Award date or the Satisfaction Date, as the case may be. Notwithstanding any of the foregoing, to the extent that the provisions
of Article VIII hereof or the provisions of any Award Agreement for Stock Awards or other Stock-Based Awards require, distributions
of shares of Common Stock under circumstances that constitute a “deferral of compensation” shall conform to the applicable
requirements of Section 409A, including, without limitation, the requirement that a distribution to a Participant who is a Specified
Employee which is made on account of the Specified Employee’s Separation from Service shall not be made before the date which
is six (6) months after the date of Separation from Service.

 

    	 	11	 

     

    

 

ARTICLE IX:

SECTION 162(m) PERFORMANCE BASED
COMPENSATION

 

9.1           General
Requirements. To the extent that a Restricted Stock Award, Restricted Stock Unit Award, Stock Award, Other Stock-Based Award,
or Annual Short-term Cash Incentive Award is intended to qualify as performance-based compensation under Section 162(m) (a “Performance
Award”) such Award shall satisfy the requirements set forth in this Article IX.

 

9.2           Performance
Goals. Performance Awards shall be conditioned upon the achievement of objective pre-established goal(s) relating to one or
more of the following performance measures established in writing by the Committee within 90 days after the beginning of the applicable
performance period (and in no event after 25% of the performance period has lapsed) subject to such modifications as specified
by the Committee: earnings (including earnings before taxes); earnings per share, diluted or basic; return on investment; stock
price; return on equity; total shareholder return; return on capital; return on average assets; credit quality measures; loan and
deposit growth; other financial performance ratios such as efficiency ratio; internal control measures; regulatory compliance measures;
and mergers and/or acquisitions. To the extent consistent with Section 162(m), the Committee may determine that certain adjustments
apply, in whole or in part, in such manner as determined by the Committee, to exclude the effect of any of the following events
that occur during a performance period: the impairment of tangible or intangible assets; litigation or claim judgments or settlements;
the effect of changes in tax law, accounting principles or other such laws or provisions affecting reported results; accruals for
reorganization and restructuring programs, including, but not limited to, reductions in force and early retirement incentives;
and any extraordinary, unusual, infrequent or non-recurring items described in management’s discussion and analysis of financial
condition and results of operations or the financial statements and notes thereto appearing in the Bank’s annual report to
shareholders for the applicable year. Performance measures may be determined either individually, alternatively or in any combination,
applied to either the Bank as a whole or to a business unit, either individually, alternatively or in any combination, and measured
over a period of time including any portion of a year, annually or cumulatively over a period of years, on an absolute basis or
relative to a pre-established target, to previous years’ results or to a designated comparison group, in each case as specified
by the Committee.

 

9.3           Certification
of Performance Goals. Achievement of the performance goals established in accordance with Section 9.2 shall be certified in
writing prior to payment of the Performance Award, as required by Section 162(m). In addition to establishing minimum performance
goal(s) below which no compensation shall be payable pursuant to a Performance Award, the Committee, in its discretion, may create
a performance schedule under which an amount less than or more than the target award may be paid so long as the performance goal(s)
have been achieved.

 

9.4           Committee
Discretion. Notwithstanding any provision of this Plan to the contrary, the Committee, in its sole discretion, may retain the
discretion to reduce the amount of any Performance Award to a Participant if it concludes that such reduction is necessary or appropriate.
The Committee shall not use its discretionary authority to increase any award that is intended to be performance-based compensation
under Section 162(m).

 

    	 	12	 

     

    

 

9.5           Payment.
Performance Awards shall be transferred or paid to the Participant as soon as practicable following the termination of the vesting
or other restrictions set forth in the Plan or the applicable Award Agreement and the satisfaction of any and all other conditions
of the Award Agreement applicable to such Performance Award (the “Performance End Date”), but in no event later than
two and one-half (2 1/2) months following the end of the calendar year that includes the Performance End Date.

 

ARTICLE X:

GENERAL TERMS APPLICABLE TO AWARDS

 

10.1         Exemptions
from Section 16(b) Liability. With respect to a Reporting Person, the Committee shall implement transactions under the Plan
and administer the Plan in a manner that will ensure that each transaction with respect to such a Participant is exempt under Rule
16b-3 or otherwise not subject to liability under Section 16(b), except that this provision shall not limit sales by such a Participant,
and such a Participant may engage in other non-exempt transactions under the Plan. The Committee may authorize the Bank to repurchase
any Award or shares of Stock deliverable or delivered in connection with any Award in order to avoid a Participant who is subject
to Section 16 of the Exchange Act incurring liability under Section 16(b).

 

10.2         Non-Assignment.
Except as the Committee may otherwise determine from time to time: (i) no Award and no right under any Award shall be assignable,
alienable, saleable or transferable by a Participant otherwise than by will or by the laws of descent and distribution; provided,
however, that, a Participant may, in the manner established by the Committee, designate a beneficiary or beneficiaries to exercise
the rights of the Participant, and to receive any property distributable, with respect to any Award upon the death of the Participant;
and provided, further, however, that in no event shall the Committee authorize any assignment, alienation, sale, or other transfer
under this paragraph that would provide a Participant or beneficiary with the opportunity to receive consideration from a third
party; (ii) each Award, and each right under any Award, shall be exercisable during the Participant’s lifetime only by the
Participant or, if permissible under applicable law, by the Participant’s guardian or legal representative; and (iii) no
Award and no right under any such Award, may be pledged, alienated, attached, or otherwise encumbered, and any purported pledge,
alienation, attachment or encumbrance thereof shall be void and unenforceable against the Bank. The provisions of this paragraph
shall not apply to any Award which has been fully exercised, earned or paid, as the case may be, and shall not preclude forfeiture
of an Award in accordance with the terms thereof.

 

10.3         Repurchase
Right. Prior to the time that shares of Common Stock are publicly traded on a national securities exchange registered with
the Securities and Exchange Commission under Section 6(a) of the Exchange Act, after a Participant's Separation from Service ,
the Bank has the right (but not the obligation) to repurchase such Participant’s shares of Common Stock which were issued
pursuant to the exercise or vesting of Awards issued under the Plan (herein, such shares of Common Stock are referred to as the
“Plan Shares”) at Fair Market Value as of the date of repurchase. Such right of repurchase shall be exercisable at
any time and from time to time at the discretion of the Bank.

 

10.4         Right
of First Refusal. Prior to the time that shares of Common Stock are publicly traded on a national securities exchange registered
with the Securities and Exchange Commission under Section 6(a) of the Exchange Act, any Plan Shares shall be subject to a right
of first refusal on behalf of the Bank. By virtue of this right, such Plan Shares may not be transferred during the Participant's
lifetime to any person, unless such transfer occurs within fifteen days following the expiration of thirty days after the Bank
was given a written notice which correctly identified the prospective transferee or transferees and which offered the Bank an opportunity
to purchase such shares at their Fair Market Value as of the date of repurchase in cash, and such offer was not accepted within
thirty days after the Bank’s receipt of that notice.

 

    	 	13	 

     

    

 

10.5       Section
409A Compliance. Notwithstanding any other provision of this Plan to the contrary, all Awards under this Plan shall be designed
and administered in a manner that does not result in the imposition of tax or penalties under Section 409A. Accordingly, Awards
under this Plan shall comply with the following requirements, as applicable.

 

(a)          Distributions
to Specified Employees Upon Separation from Service. To the extent that payment under an Award which is subject to Section
409A is due to a Specified Employee on account of the Specified Employee’s Separation from Service from the Bank such payment
shall be delayed until the first day of the seventh month following such Separation from Service (or as soon as practicable thereafter).
The Committee, in its discretion, may provide in the Award Agreement for the payment of interest at a rate set by the Committee
for such six-month period.

 

(b)          No
Acceleration of Payment. To the extent that an Award is subject to Section 409A, payment under such Award shall not be accelerated
from the date(s) specified in the Award Agreement as of the date of grant.

 

(c)          Subsequent
Delay in Payment. To the extent that an Award is subject to Section 409A, payment under such Award shall not be deferred beyond
the dates specified in the Award Agreement as of the date of grant, unless the Committee makes the decision to delay payment at
least one year prior to the scheduled payment date, and payment is delayed at least five years.

 

10.6       Exemptions
from Section 409A. The following Awards are intended to be exempt from the requirements of Section 409A.

 

(a)          Non-Discounted
Options. Any Option issued with an exercise price that is at least equal to the Fair Market Value of a share of Common Stock
on the date of grant.

 

(b)          Non-Discounted
SARs. Any SAR issued with an exercise or base price at least equal to the Fair Market Value of a share of Common Stock on the date
of grant.

 

(c)          Restricted
Stock and Stock Awards. Restricted Stock, Stock Awards and any other property right subject to tax under Section 83 of the
Code.

 

(d)          Short-Term
Deferrals. Any Award which is paid no later than two and one-half (2 1/2) months following the year in which the Award vests.

 

10.7       Capital
Requirements of the Bank. The Bank’s primary federal regulator may direct the Bank to require all Specified Employees
to exercise or forfeit their Options if the Bank’s capital falls below minimum regulatory requirements, as determined by
the Bank’s state or primary federal regulator. If a Specified Employee fails to exercise any Options which such Specified
Employee is required to exercise pursuant to this Section 10.7, such Options shall be cancelled and forfeited. 

 

    	 	14	 

     

    

 

ARTICLE XI:

CHANGE OF
CONTROL

 

11.1       Generally.
The Committee may, in its discretion, at the time an Award is made hereunder or at any time prior to, coincident with or after
the time of a Change of Control (a) subject to Section 10.5, provide for the acceleration of any time periods relating to the exercise
or realization of such Awards, so that such Awards may be exercised or realized in full on or before a date fixed by the Committee;
(b) provide for the purchase of such Awards, upon the Participant’s request, for an amount of cash equal to the amount which
could have been obtained upon the exercise or realization of such Awards had such Awards been currently exercisable or payable;
(c) make such adjustment to the Awards then outstanding as the Committee deems appropriate to reflect such Change of Control; or
(d) cause the Awards then outstanding to be assumed, or new rights substituted therefore, by the surviving corporation in such
Change of Control. The Committee may, in its discretion, include such further provisions and limitations in any Award Agreement
as it may deem equitable and in the best interests of the Bank.

 

11.2       Definition.
“Change of Control” means a change of control of the Bank of a nature that would be required to be reported in response
to Item 6(e) of Schedule 14A promulgated under the Exchange Act, or Item 5.01 of a Current Report on Form 8-K or any successor
rule, whether or not the Bank is then subject to such reporting requirements; provided that, without limitation, such a Change
of Control shall be deemed to occur if:

 

(a)          any
“person” (as such term is used in Sections 13(d) and 14 (d) of the Exchange Act) is or becomes the “beneficial
owner” (as determined for purposes of Regulation 13D-G under the Exchange Act as currently in effect), directly or indirectly,
in a transaction or series of transactions, of securities of the Bank representing more than 50% of the voting power of the Bank’s
voting capital stock (the “Voting Stock”); or

 

(b)          The
consummation of a merger, or other business combination after which the holders of the Voting Stock do not collectively own 50%
or more of the voting capital stock of the entity surviving such merger or other business combination, or the sale, lease, exchange
or other transfer in a transaction or series of transactions of all or substantially all of the assets of the Bank; or

 

(c)          A
majority of the Board is replaced in any twelve (12) month period by individuals whose appointment or election is not endorsed
by a majority of the members of the Board prior to the date of the appointment or election.

 

Any good faith determination by the Committee
as to whether a Change of Control within the meaning of this Section has occurred shall be conclusive and binding on the Participants.

 

ARTICLE XII:

EFFECTIVE DATE, AMENDMENT, MODIFICATION
AND TERMINATION OF PLAN

 

12.1       Effective
Date. The Plan is effective as of . No Award may be granted under the Plan after the tenth anniversary of the date
at which this Plan is approved by shareholders of the Bank. However, unless otherwise expressly provided in the Plan or in an applicable
Award Agreement, any Award theretofore granted may extend beyond such date, and the authority of the Committee to administer the
Plan and to amend, alter, adjust, suspend, discontinue, or terminate any such Award, or to waive any conditions or rights under
any such Award, and the authority of the Board to amend the Plan, shall extend beyond such date.

 

    	 	15	 

     

    

 

12.2       Plan
Amendment and Termination. Except to the extent prohibited by applicable law and unless otherwise expressly provided in an
Award Agreement or in the Plan, the Board may amend, alter, suspend, discontinue, or terminate the Plan or any portion thereof
at any time; provided, however, that no such amendment, alteration, suspension, discontinuation or termination shall be made without:
(i) shareholder approval if such approval is necessary to comply with any tax, legal or regulatory (including, for this purpose,
the rules of any national securities exchange(s) on which the Common Stock is then listed) requirement for which or with which
the Board deems it necessary or desirable to qualify or comply; or (ii) the consent of the affected Participant, if such action
would adversely affect any material rights of such Participant under any outstanding Award. Notwithstanding the foregoing or any
provision of the Plan to the contrary, the Committee may at any time (without the consent of the Participant) modify, amend or
terminate any or all of the provisions of this Plan to the extent necessary to conform the provisions of the Plan with Section
409A regardless of whether such modification, amendment, or termination of the Plan shall adversely affect the rights of a Participant
under the Plan.

 

12.3       Award
Amendment. The Committee may waive any conditions or rights under, amend any terms of, or amend, alter, suspend, discontinue
or terminate, any Award theretofore granted, prospectively or retroactively, without the consent of any Participant or holder or
beneficiary of an Award; provided, however, that no such action shall impair any material rights of a Participant or holder or
beneficiary under any Award theretofore granted under the Plan. The Committee may, in its discretion, vest part or all of a Participant’s
Award that would otherwise be forfeited; provided that, in the case of a Restricted Stock Unit Award, Stock Award, Other Stock-Based
Award or Performance Award, distribution thereof to the Participant shall be made no later than two and one-half (2 1/2) months
following the end of the calendar year in which such vesting occurs. Notwithstanding the foregoing, no waiver, amendment, alteration,
suspension, discontinuation or termination of the Award by the Committee shall constitute (i) a modification of a stock right within
the meaning of Treas. Reg. Section 1.409A-1(b)(5)(v)(B) so as to constitute the grant of a new stock right, (ii) an extension of
a stock right, including the addition of any feature for the deferral of compensation, within the meaning of Treas. Reg. Section
1.409A-1(b)(5)(v)(C), or an impermissible acceleration of a payment date or a subsequent deferral of a stock right subject to Code
Section 409A within the meaning of Treas. Reg. Section 1.409A-1(b)(5)(v)(E). Furthermore, in no event may the Committee exchange
Awards previously granted for Awards of a different type.

 

12.4       Adjustment
of Awards. The Committee is authorized to make adjustments in the terms and conditions of, and the criteria included in, Awards
in recognition of unusual or nonrecurring events (including, without limitation, an event affecting the Bank, or the financial
statements of the Bank, or of changes in applicable laws, regulations or accounting principles), whenever the Committee determines
that such adjustments are appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended
to be made available under the Plan, subject, with respect to Awards intended to meet the requirements of Section 162(m), compliance
with the provisions of Section 162(m).

 

    	 	16	 

     

    

 

ARTICLE XIII:

MISCELLANEOUS

 

13.1       No
Right to Continued Employment. Nothing in the Plan or in any Award Agreement confers upon any Eligible Individual who is a
Participant the right to continue in the service or employment of the Bank or any affiliate or affect any right which the Bank
or any affiliate may have to terminate or modify the employment or provision of service of the Participant with or without cause.

 

13.2       No Rights
as a Stockholder. Notwithstanding anything to the contrary in the Plan, no Participant or Successor shall have any voting or
other rights as a stockholder of the Bank with respect to any Common Stock covered by an Award until the issuance of a certificate
or certificates to the Participant for such Common Stock. Adjustment to Restricted Stock Units may be made for dividends or other
rights for which the record date is prior to the issuance of such certificates.

 

13.3       Withholding.
A Participant may be required to pay to the Bank, and the Bank shall have the right and is hereby authorized to withhold from any
Award, from any payment due or transfer made under any Award or under the Plan or from any compensation or other amount owing to
a Participant the amount (in cash shares of Common Stock, other securities, other Awards or other property) of any applicable withholding
and taxes, including the Participant’s social security and Medicare taxes (FICA) and federal, state, local income tax or
such other applicable taxes (“Taxes”), in respect of any Award, its exercise, or any payment or transfer under an Award
or under the Plan and to take such other action as may be necessary in the opinion of the Bank to satisfy all obligations for the
payment of such Taxes. The Bank may require the Participant to make arrangements satisfactory to it for the payment of any Taxes
before issuing any Stock pursuant to the Award. The Committee may, if it deems appropriate in the case of a Participant, withhold
such Taxes through a reduction of the number of shares of Common Stock delivered to such individual having a Fair Market Value
sufficient to satisfy the minimum amount of Taxes required to be withheld, as determined by the Committee. Such reduction of shares
of Common Stock delivered to the Participant is hereby specifically authorized as an alternative for the satisfaction of withholding
obligations.

 

13.4       No
effect on Compensation. Awards received by a Participant under this Plan are not be deemed a part of a
Participant’s regular, recurring compensation for purposes of any termination, indemnity or severance pay laws and
shall not be included in, nor have any effect on, the determination of benefits under any other employee benefit plan,
contract or similar arrangement provided by the Bank or an affiliate , unless expressly so provided by such other plan,
contract or arrangement, or unless the Committee so determines. No provision of the Plan shall prevent the Bank from adopting
or continuing in effect other or additional compensation arrangements, including incentive arrangements providing for the
issuance of options and stock, and awards that do not qualify under Section 162(m), and such arrangements may be generally
applicable or applicable only in specific cases.

 

13.5       Unfunded
Plan. This Plan is unfunded and the Bank is not required to segregate any assets that may at any time be represented by Awards
under this Plan. Neither the Bank, the Committee, nor the Board shall be deemed to be a trustee of any amounts to be paid under
this Plan nor shall anything contained in this Plan or any action taken pursuant to its provisions create or be construed to create
a fiduciary relationship between the Bank or other affiliates, and a Participant or Successor. To the extent any person acquires
a right to receive an Award under this Plan, such right shall be no greater than the right of an unsecured general creditor of
the Bank.

 

    	 	17	 

     

    

 

13.6       Limitation
of Liability. Any liability of the Bank to any Participant with respect to an Award shall be based solely upon contractual
obligations created by this Plan and the applicable Award Agreement. Except as may be required by law, neither the Bank nor any
member or former member of the Board or of the Committee, nor any other person participating (including participation pursuant
to a delegation of authority under Section 2.6 hereof) in any determination of any question under this Plan, or in the interpretation,
administration or application of this Plan, shall have any liability to any party for any action taken, or not taken, under this
Plan.

 

13.7       Legal
Requirements. No certificate for shares of Common Stock distributable pursuant to this Plan will be issued and delivered unless
the issuance of such certificate complies with all applicable legal requirements including, without limitation, compliance with
the provisions of Section 409A, applicable state securities laws, the Securities Act of 1933, as amended and in effect from time
to time or any successor statute, the Exchange Act and the requirements of the national securities exchange(s) on which the Bank’s
Stock may, at such time, be listed.

 

13.8       Governing
Law. To the extent that federal laws do not otherwise control, this Plan and all determinations made and actions taken pursuant
to this Plan shall be governed by the laws of the state of Delaware, without giving effect to its conflict of law provisions.

 

13.9       Severability.
In the event that any provision of this Plan is held to be illegal or invalid for any reason, the illegality or invalidity shall
not affect the remaining provisions of this Plan, and this Plan shall be construed and enforced as if the illegal or invalid provision
had not been included.

 

13.10     No Fractional Shares. No
fractional shares shall be issued or delivered pursuant to this Plan or any Award Agreement, and the Committee shall determine
whether cash, other securities, or other property shall be paid or transferred in lieu of any fractional shares, or whether such
fractional shares or any rights thereto shall be canceled, terminated, or otherwise eliminated.

 

13.11     Headings.
Headings are provided herein for convenience only and not to serve as a basis for interpretation or construction of the Plan.

 

    	 	18

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