Document:

Exhibit 10.12

 

COMMUNITY BANK OF THE CHESAPEAKE

SALARY CONTINUATION AGREEMENT

(AS AMENDED AND RESTATED)

 

(2006)

 

THIS SALARY CONTINUATION AGREEMENT (the
“Agreement” or “Plan”) was originally adopted on the 21st day of August, 2006, and is hereby amended and
restated in its entirety as of April 30, 2018 by and between COMMUNITY BANK OF THE CHESAPEAKE, a state-chartered commercial, bank
located in Waldorf, Maryland (the “Company”) and JAMES DIMISA (the “Executive”).

 

The purpose, of this Agreement is to provide
specified benefits to the Executive, a member of a select group of management or highly compensated employees who contribute materially
to the continued growth, development, and future business success of the Company. This Agreement shall be unfunded for tax purposes
and for purposes of Title I of the Employee Retirement Income Security Act of 1974 (“ERISA”), as amended from time
to time.

 

ARTICLE 1

DEFINITIONS

 

Whenever used in this
Agreement, the following words and phrases shall have the meanings specified:

 

1.1 “Beneficiary”
means each designated person, or the estate of the deceased Executive, entitled to benefits, if any, upon the death of the Executive
determined pursuant to Article 4.

 

1.2 “Beneficiary
Designation Form” means the form established from time to time by the Plan Administrator that the Executive completes,
signs, and returns to the Plan Administrator to designate one or more Beneficiaries.

 

1.3 “Board”
means the Board of Directors of the Company as from time to time constituted.

 

1.4 “Change in Control”
means a change in ownership or effective control of the Bank, or in the ownership of a substantial portion of assets of the
Bank, as such change is defined in Code Section 409A and regulations thereunder.

 

1.5 “Code”
means the Internal Revenue Code of 1986, as amended.

 

1.6 “Corporation”
means The Community Financial Corporation.

 

1.7 “Disability”
means the Executive’s (i) inability to engage in any substantial gainful activity by reason of any medically determinable
physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not
less than 12 months; or (ii) receipt of disability benefits for a period of 3 months under an accident and health plan of the
employer by reason of the participant’s medically determinable physical or mental impairment which can be expected to result
in death or can be expected to last for a continuous period of not less than 12 months.

 

1.8 “Early
Termination” means Separation from Service before Normal Retirement Age except when such Separation from Service occurs:
(i) within twelve (1.2) months following a Change in Control; or (ii) due to death, Disability, or Termination for Cause.

 

1.9 “Effective
Date” means January 1, 2006.

 

    	 		 

     

    

 

 

1.10 “Normal
Retirement Age” means the Executive attaining age sixty-five (65).

 

1.11 “Normal
Retirement Date” means the date of the Executive’s Separation from Service on or after attaining Normal Retirement
Age.

 

1.12 “Plan
Administrator” means the plan administrator described in Article 6.

 

1.13 “Plan
Year” means each twelve-month period commencing on January 1st and ending on December 31’ of each year.
The initial Plan Year shall commence on the Effective Date of this Agreement and end on the following December 31st.

 

1.14 “Schedule
A” means the schedule attached to this Agreement and made a part hereof. Schedule A shall be updated upon a change in
any of the benefits under Articles 2 or 3.

 

1.15 “Separation
from Service” means the termination of the Executive’s employment with the Company for reasons other than death
(except as provided in Section 1.8). Whether a Separation from Service takes place is determined based on the facts and circumstances
surrounding the termination of the Executive’s employment and whether the Company and the Executive intended for the Executive
to provide significant services for the Company following such termination. A termination of employment will not be considered
a Separation from Service if:

 

(a)       the
Executive continues to provide services as an employee of the Company at an annual rate that is twenty percent (20%) or more of
the services rendered, on average, during the immediately preceding three full calendar years of employment (or, if employed less
than three years, such lesser period) and the annual remuneration for such services is twenty percent (20%) or more of the average
annual remuneration earned during the final three full calendar years of employment (or, if less, such lesser period), or

 

(b)       the
Executive continues to provide services to the Company in a capacity other than as an employee of the Company at an annual rate
that is fifty percent (50%) or more of the services rendered, on average, during the immediately preceding three full calendar
years of employment (or if employed less than three years, such lesser period) and the annual remuneration for such services is
fifty percent (50%) or more of the average annual remuneration earned during the final three full calendar years of employment
(or if less, such lesser period).

 

1.16 “Specified
Employee” means a key employee (as defined in Section 416(i) of the Code without regard to paragraph 5 thereof) of the
Company if any stock of the Company is publicly traded on an established securities market or otherwise.

 

1.17 “Termination
for Cause” shall have the meaning set forth in Article 5.

 

ARTICLE 2

DISTRIBUTIONS DURING
LIFETIME

 

2.1 Normal Retirement
Benefit. Upon Separation from Service on or after the Normal Retirement Date, the Company shall distribute to the Executive
the benefit described in this Section 2.1 in lieu of any other benefit under this Article.

 

2.1.1 Amount of
Benefit. The annual benefit under this Section 2.1 is Sixty-Five Thousand Dollars ($65,000), payable for a period of fifteen
(15) years and resulting in a total benefit of Nine Hundred Seventy-Five Thousand Dollars ($975,000). The Company’s Board
of Directors, in its sole discretion,

 

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through a duly adopted
resolution, may increase the annual benefit under this Section prior to the Executive’s Separation from Service.

 

2.1.2 Distribution
of Benefit. The Company shall distribute the benefit to the Executive in one hundred eighty (180) consecutive equal monthly
installments, commencing on the first day of the month following Separation from Service.

 

2.2 Early Termination
Benefit. Upon Early Termination, the Company shall distribute to the Executive the benefit described in this Section 2.2 in
lieu of any other benefit under this Article.

 

2.2.1 Amount of Benefit. The benefit
under this Section 2.2 is the Early Termination Benefit set forth on Schedule A for the Plan Year ending prior to Separation from
Service. Notwithstanding anything in this Agreement to the contrary, in the event Executive has an Early Termination after the
Executive attains age 62, his benefit shall equal the Normal Retirement Benefit.

 

2.2.2 Distribution
of Benefit. The Company shall distribute the benefit to the Executive in one hundred eighty (180) consecutive equal monthly
installments commencing the first day of the month following the Executive attaining Normal Retirement Age.

 

2.3 Disability Benefit.
If the Executive experiences a Disability which results in a Separation from Service prior to Normal Retirement Age, the Company
shall distribute to the Executive the benefit described in this Section 2.3 in lieu of any other benefit under this Article.

 

2.3.1 Amount of
Benefit. The benefit under this Section 2.3 is the Disability Benefit set forth on Schedule A for the Plan Year ending prior
to Separation from Service. Notwithstanding anything in this Agreement to the contrary, in the event Executive has a Separation
from Service due to Disability after the Executive attains age 62, his benefit shall equal the Normal Retirement Benefit.

 

2.3.2 Distribution
of Benefit. The Company shall distribute the benefit to the Executive in one hundred eighty (180) consecutive equal monthly
installments commencing the first day of the month following the Executive attaining Normal Retirement Age.

 

2.4 Change in Control
Benefit. Upon a Change in Control, followed within twelve (12) months by a Separation from Service, the Company shall distribute
to the Executive the benefit described in this Section 2.4 in lieu of any other benefit under this Article.

 

2.4.1 Amount of
Benefit. The benefit under this Section 2.4 is the Change in Control Benefit set forth on Schedule A for the Plan Year ending
prior to Separation from Service.

 

2.4.2 Distribution
of Benefit. The Company shall distribute the benefit to the Executive in one hundred eighty (180) consecutive monthly installments
commencing the first day of the month following Separation from Service.

 

2.4.3 Net after
tax benefit.   Notwithstanding any other provision of this Agreement to the contrary, if payments made under Section
2.4.1 of this Agreement or otherwise from the Company or any affiliate of the  Company are considered “parachute payments”
under Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”) (such payments hereinafter referred
to as the “Total Payments”), then such payments shall be reduced to the greatest amount that may be paid to the Executive
under Section 280G of the Code without causing any loss of deduction to the Company or its affiliates under such

 

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section (hereinafter referred to as the
“Reduced Payments”), however, the payments or benefits shall not be reduced if the net after tax benefit to the Executive
of receiving the Total Payments exceeds the net after tax benefit  of receiving the Reduced Payments by at least $50,000. 
“Net after tax benefit” for purposes of this Plan shall mean the sum of the present value of (i) the
Total Payments or Reduced Payments (as applicable), less (ii) the amount of federal, state and local income and payroll taxes
payable with respect to the foregoing calculated at the maximum marginal tax rates expected for each year in which the foregoing
shall be paid to the Executive (based upon the rates in effect as set forth in the Code under state and local laws at the time
of the Executive’s termination of employment with the Company), less (iii) the amount of excise taxes imposed with respect
to the payments and benefits described in (i) above by Section 4999 of the Code.  The determination as to whether and to
what extent payments are required to be reduced in accordance with this Section 2.4.3 shall be made at the Company’s expense
by an accounting firm, consulting firm or law firm experienced in such matters.  Any reduction in payments required by this
Section 2.4.3 shall occur in the following order: (i) any cash severance, (ii) any other cash amount payable to the Executive
and treated entirely as a “parachute payment”, (iii) any benefit valued entirely as a “parachute payment,”
(iv) the acceleration of vesting of any equity award that is treated entirely as a “parachute payment”, (v) the acceleration
of vesting of any equity awards that are time-vested options, and (vi) the acceleration of vesting of any other time-vested equity
awards.  Within any such category of payments and benefits, a reduction shall occur first with respect to amounts that are
not “deferred compensation” within the meaning of Section 409A of the Code and then with respect to amounts that are. 
In the event that acceleration of compensation from equity awards is to be reduced, such acceleration of vesting shall be canceled,
subject to the immediately preceding sentence, in the reverse order of the date of grant.

 

2.5 Restriction on
Timing of Distribution. Notwithstanding any provision of this Agreement to the contrary, if the Executive is considered a
Specified Employee at Separation from Service under such procedures as established by the Company in accordance with Section 409A
of the Code, benefit distributions that are made upon Separation from Service may not commence earlier than six (6) months after
the date of such Separation from Service. Therefore, in the event this Section 2.5 is applicable to the Executive, any distribution
which would otherwise be paid to the Executive within the first six months following the Separation from Service shall be accumulated
and paid to the Executive in a lump sum on the first day of the seventh month following the Separation from Service. All subsequent
distributions shall be paid in the manner specified under this Article 2 of the Plan with respect to the applicable benefit.

 

2.6 Distributions
Upon Income Inclusion Under Section 409A of the Code. Upon the inclusion of any amount into the Executive’s income as
a result of the failure of this non-qualified deferred compensation plan to comply with the requirements of Section 409A of the
Code, to the extent such tax liability can be covered by the amount which the Company has accrued with respect to the obligations
described in this Article 2, a distribution shall be made as soon as is administratively practicable following the discovery of
the plan failure.

 

2.7 Change in Form or Timing of Distributions.
For distribution of benefits under this Article 2, the Executive and the Company may, subject to the terms of Section 8.1,
amend the Agreement to delay the timing or change the form of distributions. Any such amendment:

 

(a) may not accelerate
the time or schedule of any distribution, except as provided in Section 409A of the Code and the Regulations thereunder;

 

(b) must be made
at least twelve (12) months prior to the first scheduled distribution;

 

(c) must delay the
commencement of distributions for a minimum of five (5) years from the date the first distribution was originally scheduled to
be made; and

 

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(d) must not take
effect less than twelve (12) months after the amendment is made.

 

ARTICLE 3

DISTRIBUTION AT DEATH

 

3.1 Death During
Active Service. If the Executive dies before Separation from Service and prior to Normal Retirement Age, the Company shall
distribute to the Beneficiary the benefit described in this Section 3.1. This benefit shall be distributed in lieu of the benefits
under Article 2.

 

3.1.1 Amount of
Benefit. The benefit under this Section 3.1 is the Normal Retirement Benefit amount described in Section 2.1.1.

 

3.1.2 Distribution
of Benefit. The Company shall distribute the benefit to the Beneficiary in one hundred eighty (180) consecutive equal monthly
installments for commencing the first day of the month following receipt by the Company of the Executive’s death certificate.

 

3.2 Death During
Distribution of a Benefit. If the Executive dies after any benefit distributions have commenced under this Agreement but before
receiving all such distributions, the Company shall distribute to the Beneficiary the remaining benefits at the same time and
in the same amounts that would have been distributed to the Executive had the Executive survived.

 

3.3 Death After Separation
from Service But Before Benefit Distributions Commence. If the Executive is entitled to benefit distributions under this Agreement,
but dies prior to the commencement of said benefit distributions, the Company shall distribute to the Beneficiary the same benefits
that the Executive was entitled to prior to death except that the benefit distributions shall commence within thirty (30) days
following receipt by the Company of the Executive’s death certificate.

 

ARTICLE 4

BENEFICIARIES

 

4.1 Beneficiary.
The Executive shall have the right, at any time, to designate a Beneficiary to receive any benefit distributions under this Agreement
upon the death of the Executive. The Beneficiary designated under this Agreement may be the same as or different from the beneficiary
designation under any other plan of the Company in which the Executive participates.

 

4.2 Beneficiary Designation:
Change. The Executive shall designate a Beneficiary by completing and signing the Beneficiary Designation Form, and delivering
it to the Plan Administrator or its designated agent. The Executive’s beneficiary designation shall be deemed automatically
revoked if the Beneficiary predeceases the Executive or if the Executive names a spouse as Beneficiary and the marriage is subsequently
dissolved. The Executive shall have the right to change a Beneficiary by completing, signing and otherwise complying with the
terms of the Beneficiary Designation Form and the Plan Administrator’s rules and procedures, as in effect from time to time.
Upon the acceptance by the Plan Administrator of a new Beneficiary Designation Form, all Beneficiary designations previously filed
shall be cancelled. The Plan Administrator shall be entitled to rely on the last Beneficiary Designation Form filed by the Executive
and accepted by the Plan Administrator prior to the Executive’s death.

 

4.3 Acknowledgment.
No designation or change in designation of a Beneficiary shall be effective until received., accepted and acknowledged in writing
by the Plan Administrator or its designated agent.

 

4.4 No Beneficiary
Designation. If the Executive dies without a valid beneficiary designation, or if all designated Beneficiaries predecease
the Executive, then the Executive’s spouse shall be the designated

 

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Beneficiary. If the
Executive has no surviving spouse, the benefits shall be made to the personal representative of the Executives estate.

 

4.5 Facility of Distribution.
If the Plan Administrator determines in its discretion that a benefit is to be distributed to a minor, to a person declared incompetent,
or to a person incapable of handling the disposition of that person’s property, the Plan Administrator may direct distribution
of such benefit to the guardian, legal representative or person having the care or custody of such minor, incompetent person or
incapable person. The Plan Administrator may require proof of incompetence, minority or guardianship as it may deem appropriate
prior to distribution of the benefit. Any distribution of a benefit shall be a distribution for the account of the Executive and
the Executive’s Beneficiary, as the case may be, and shall be a complete discharge of any liability under the Agreement
for such distribution amount.

 

ARTICLE 5

GENERAL LIMITATIONS

 

5.1 Termination for
Cause. Notwithstanding any provision of this Agreement to the contrary, the Company shall not pay any benefit under this Agreement
if the Company terminates the Executive’s employment for Cause. Cause shall mean a good faith determination of the Company’s
Board of Directors that the Executive has: (a) engaged in acts of personal dishonesty which have resulted in loss to the Company,
or one of its affiliates, (b) intentionally failed to perform stated duties, (c) committed a willful violation of any law,
rule, regulation (other than traffic violations or similar offenses), (d) become subject to the entry of a final cease and desist
order which results in substantial loss to the Company or one of its affiliates, (e) been convicted of a crime or act involving
moral turpitude, (f) willfully breached the Company’s code of conduct and business ethics, (g) been disqualified or barred
by any governmental or self-regulatory authority from serving in the Executive’s then-current employment capacity or (h)
willfully attempted to obstruct or failed to cooperate with any investigation authorized by the Board of Directors or any governmental
or self-regulatory entity. No act or failure to act on the part of the Executive shall be considered “willful” unless
it is done, or omitted to be done, by the Executive in bad faith or without reasonable belief that the Executive’s action
or omission was in the best interests of the Company. Any act or failure to act that is based upon authority given pursuant to
a resolution duly adopted by the Board of Directors, or upon the advice of legal counsel for the Company, shall be conclusively
presumed to be done, or omitted to be done, by the Executive in good faith and in the best interests of the Company.

 

5.2 Suicide or Misstatement.
No benefits shall be distributed if the Executive commits suicide within three years after the Effective Date of this Agreement,
or if an insurance company which issued a life insurance policy covering the Executive and owned by the Company denies coverage
(i) for material misstatements of fact made by the Executive on an application for such life insurance, or (ii) for any other
reason.

 

5.3 Required Regulatory
Provision. No payments will be made under this Agreement that would violate of 12 U.S.C. Sec. 1828(k) or 12 U.S.C. Sec. 1818(e)
or any regulation promulgated thereunder.

 

ARTICLE 6

ADMINISTRATION OF AGREEMENT

 

6.1 Plan Administrator
Duties. This Agreement shall be administered by a Plan Administrator which shall consist of the Board, or such committee or
person(s) as the Board shall appoint. The Plan Administrator shall administer this Agreement according to its express terms and
shall also have the discretion and authority to (i) make, amend, interpret and enforce all appropriate rules and regulations for
the administration of this Agreement and (ii) decide or resolve any and all questions including interpretations

 

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of this Agreement, as
may arise in connection with the Agreement to the extent the exercise of such discretion and authority does not conflict with
Section 409A of the Code and regulations thereunder.

 

6.2 Agents. In
the administration of this Agreement, the Plan Administrator may employ agents and delegate to them such administrative duties
as it sees fit, (including acting through a duly appointed representative), and may from time to time consult with counsel who
may be counsel to the Company.

 

6.3 Binding Effect
of Decisions. The decision or action of the Plan Administrator with respect to any question arising out of or in connection
with the administration, interpretation and application of the Agreement and the rules and regulations promulgated hereunder shall
be final and conclusive and binding upon all persons having any interest in the Agreement.

 

6.4 Indemnity of
Plan Administrator. The Company shall indemnify and hold harmless the members of the Plan Administrator against any and all
claims, losses, damages, expenses or liabilities arising from any action or failure to act with respect to this Agreement, except
in the case of willful misconduct by the Plan Administrator or any of its members.

 

6.5 Company Information.
To enable the Plan Administrator to perform its functions, the Company shall supply full and timely information to the Plan Administrator
on all matters relating to the date and circumstances of the Disability, death, or Separation from Service of the Executive and
such other pertinent information as the Plan Administrator may reasonably require.

 

6.6 Annual Statement.
The Plan Administrator shall provide to the Executive, within one hundred twenty (120) days after the end of each Plan Year, a
statement setting forth the benefits to he distributed under this Agreement.

 

ARTICLE 7

CLAIMS AND REVIEW PROCEDURES

 

7.1 For all claims,
the following procedures will apply:

 

7.1.1 Claims Procedure.
Any individual (“Claimant”) who has not received benefits under this Agreement that he or she believes should be paid
shall make a claim for such benefits as follows:

 

7.1.1.1 Initiation
— Written Claim. The Claimant initiates a claim by submitting to the Company a written claim for the benefits.

 

7.1.1.2 Timing
of Company Response. The Company shall respond to such Claimant within ninety (90) days after receiving the claim. If the
Company determines that special circumstances require additional time for processing the claim, the Company can extend the response
period by an additional ninety (90) days 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 Company expects to render its decision.

 

7.1.1.3 Notice
of Decision. If the Company denies part or all of the claim, the Company shall notify the Claimant in writing of such denial.
The Company shall write the notification in a manner calculated to be understood by the Claimant. The notification shall set forth:

 

(a)       The
specific reasons for the denial,

 

(b)       A
reference to the specific provisions of this Agreement on which the denial is based,

 

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(c)       A
description of any additional information or material necessary for the Claimant to perfect the claim and an explanation of why
it is needed,

 

(d)       An
explanation of this Agreement’s review procedures and the time limits applicable to such procedures, and

 

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

 

7.1.2 Review Procedure.
If the Company denies part or all of the claim, the Claimant shall have the opportunity for a full and fair review by the Company
of the denial, as follows:

 

7.1.2.1 Initiation
— Written Request. To initiate the review, the Claimant, within 60 days after receiving the Company’s notice of
denial, must file with the Company a written request for review.

 

7.1.2.2 Additional
Submissions — Information Access. The Claimant shall then have the opportunity to submit written comments, documents,
records and other information relating to the claim. The Company 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.

 

7.1.2.3 Considerations
on Review. In considering the review, the Company 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.

 

7.1.2.4 Timing
of Company Response. The Company shall respond in writing to such Claimant within 60 days after receiving the request for
review. If the Company determines that special circumstances require additional time for processing the claim, the Company can
extend the response period by an additional 60 days by notifying the Claimant in writing, prior to the end of the initial 60-day
period, that an additional period is required. The notice of extension must set forth the special circumstances and the date by
which the Company expects to render its decision.

 

7.1.2.5 Notice
of Decision. The Company shall notify the Claimant in writing of its decision on review. The Company shall write the notification
in a manner calculated to be understood by the Claimant. The notification shall set forth:

 

(a)       The
specific reasons for the denial,

 

(b)       A
reference to the specific provisions of this Agreement on which the denial is based,

 

(c)       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

 

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

 

ARTICLE 8

AMENDMENTS AND TERMINATION

 

8.1 Amendments.
This Agreement may be amended only by a written agreement signed by the Company and the Executive. However, the Company may unilaterally
amend this Agreement to conform with

 

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written directives to
the Company from its auditors or banking regulators or to comply with legislative or tax law, including without limitation Section
409A of the Code and any and all regulations and guidance promulgated thereunder.

 

8.2 Plan Termination
Generally. This Agreement may be terminated only by a written agreement signed by the Company and the Executive. However,
the Company may unilaterally amend this Agreement to conform with written directives to the Company from its auditors or banking
regulators or to comply with legislative or tax law, including without limitation Section 409A of the Code and any and all regulations
and guidance promulgated thereunder. The benefit shall be frozen as of the date the Agreement is terminated. Except as provided
in Section 8.3, the termination of this Agreement shall not cause a distribution of benefits under this Agreement. Rather, upon
such termination benefit distributions will be made at the earliest distribution event permitted under Article 2 or Article 3.

 

8.3 Plan Terminations Under Section
409A. Notwithstanding anything to the contrary in Section 8.2, if the Company terminates this Agreement in the following circumstances:

 

(a) Within thirty
(30) days before, or twelve (12) months after a change in a Change in Control, provided that all distributions are made no later
than twelve (12) months following such termination of the Agreement and further provided that all the Company’s arrangements
which are substantially similar to the Agreement are terminated so the Executive and all participants in the similar arrangements
are required to receive all amounts of compensation deferred under the terminated arrangements within twelve (l 2) months of the
termination of the arrangements;

 

(b) Upon the Company’s
dissolution or with the approval of a bankruptcy court provided that the amounts deferred under the Agreement are included in
the Executive’s gross income in the latest of (i) the calendar year in which the Agreement terminates; (ii) the calendar
year in which the amount is no longer subject to a substantial risk of forfeiture; or (iii) the first calendar year in which the
distribution is administratively practical; or

 

(c) Upon the Company’s
termination of this and all other arrangements that would be aggregated with this Agreement pursuant to Treasury Regulations Section
1.409A-1(c) if the Executive participated in such arrangements (“Similar Arrangements), provided that (i) the termination
and liquidation does not occur proximate to a downturn in the financial health of the Company, (ii) all termination distributions
are made no earlier than twelve (12) months and no later than twenty-four (24) months following such termination, and (iii) the
Company does not adopt any new arrangement that would be a Similar Arrangement for a minimum of three (3) years following the
date the Company takes all necessary action to irrevocably terminate and liquidate the Agreement;

 

the Company may distribute the amount
which the company has accrued with respect to the Company’s obligations hereunder, determined as of the date of the termination
of the Agreement, to the Executive in a lump sum subject to the above terms.

 

ARTICLE 9

MISCELLANEOUS

 

9.1 Binding Effect.
This Agreement shall bind the Executive and the Company, and their beneficiaries, survivors, executors, administrators and transferees.

 

9.2 No Guarantee
of Employment. This Agreement is not a contract for employment. It does not give the Executive the right to remain as an employee
of the Company, nor does it interfere with the Company’s

 

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right to discharge the
Executive. It also does not require the Executive to remain an employee nor interfere with the Executive’s right to terminate
employment at any time.

 

9.3 Non-Transferability.
Benefits under this Agreement cannot be sold, transferred, assigned, pledged, attached or encumbered in any manner.

 

9.4 Tax Withholding
and Reporting. The Company shall withhold any taxes that are required to be withheld, including, but not limited to, taxes
owed under Section 409A of the Code and regulations thereunder, from the benefits provided under this Agreement. The Executive
acknowledges that the Company’s sole liability regarding taxes is to forward any amounts withheld to the appropriate taxing
authority(ies). Further, the Company shall satisfy all applicable reporting requirements, including those under Section 409A of
the Code and regulations thereunder.

 

9.5 Applicable Law.
The Agreement and all rights hereunder shall be governed by the laws of the State of Maryland, except to the extent preempted
by the laws of the United States of America.

 

9.6 Unfunded Arrangement.
The Executive and the Beneficiary are general unsecured creditors of the Company for the distribution of benefits under this Agreement.
The benefits represent the mere promise by the Company to distribute such benefits. The rights to benefits are not subject in
any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment, or garnishment by creditors.
Any insurance on the Executives life or other informal funding asset is a general asset of the Company to which the Executive
and Beneficiary have no preferred or secured claim.

 

9.7 Reorganization.
The Company shall not merge or consolidate into or with another bank, or reorganize, or sell substantially all of its assets to
another bank, firm, or person unless such succeeding or continuing bank, firm, or person agrees to assume and discharge the obligations
of the Company under this Agreement. Upon the occurrence of such event, the term “Company” as used in this Agreement
shall be deemed to refer to the successor or survivor bank.

 

9.8 Entire Agreement.
This Agreement constitutes the entire agreement between the Company and the Executive as to the subject matter hereof. No rights
are granted to the Executive by virtue of this Agreement other than those specifically set forth herein.

 

9.9 Interpretation.
Wherever the fulfillment of the intent and purpose of this Agreement requires, and the context will permit, the use of the masculine
gender includes the feminine and use of the singular includes the plural.

 

9.10 Alternative
Action. In the event it shall become impossible for the Company or the Plan Administrator to perform any act required by this
Agreement, the Company or Plan Administrator may in its discretion perform such alternative act as most nearly carries out the
intent and purpose of this Agreement and is in the best interests of the Company, provided that such alternative acts do not violate
Section 409A of the Code.

 

9.11 Headings.
Article and section headings are for convenient reference only and shall not control or affect the meaning or construction of
any of its provisions.

 

9.12 Validity.
In case any provision of this Agreement shall be illegal or invalid for any reason, said illegality or invalidity shall not affect
the remaining parts hereof, but this Agreement shall be construed and enforced as if such illegal and invalid provision has never
been inserted herein.

 

    	 	10	 

     

    

 

9.13 Notice.
Any notice or filing required or permitted to be given to the Company or Plan Administrator under this Agreement shall be sufficient
if in writing and hand-delivered, or sent by registered or certified mail, to the address below:

 

Community Bank of the Chesapeake

P.O. Box 38

Waldorf, MD 20601

 

Such notice shall be
deemed given as of the date of delivery or, if delivery is made by mail, as of the date shown on the postmark on the receipt for
registration or certification.

 

Any notice or filing
required or permitted to be given to the Executive under this Agreement shall be sufficient if in writing and hand-delivered,
or sent by mail, to the last known address of the Executive.

 

9.14 Compliance
with Section 409A. This Agreement shall at all times be administered and the provisions of this Agreement shall be interpreted
consistent with the requirements of Section 409A of the Code and any and all regulations thereunder, including such regulations
as may be promulgated after the Effective Date of this Agreement. If any provision of this
Agreement would subject the Executive to additional tax or interest under Section 409A, the Company shall reform the provision
to the extent possible in order to avoid the additional tax or interest under section 409A. However, the Company shall maintain
to the maximum extent practicable the original intent of the applicable provision without subjecting the Executive to additional
tax or interest, and the Company shall not be required to incur any additional compensation expense as a result of the reformed
provision. The Agreement shall be interpreted and administered to the greatest extent possible to be either exempt from Section
409A, or in compliance with Section 409A. 

 

9.15
Not Contrived Against the Drafter. This Plan has been negotiated and prepared by the parties and their respective legal
counsel, and no provision of this Plan shall be construed more strictly against one party as the drafter.

 

    	 	11	 

     

    

 

IN WITNESS WHEREOF, the Executive and
a duly authorized representative of the Company have signed this Agreement.

 

	EXECUTIVE:	 	COMPANY:
	 	 	COMMUNITY BANK OF THE CHESAPEAKE
	 	 	 
	/s/ James DiMisa	 	By: 	/s/ Michael L. Middleton
	JAMES DIMISA	 	 
	 	 	Title:	Chairman of the Board of Directors

 

    	 	12	 

     

    

  

Salary
Continuation Agreement (as Amended)

Schedule
A

 

James DiMisa

	 

        Normal
        Retirement Date:

        10/4/2024,
        Age 65

         

        Normal
        Retirement Payments: Monthly for 15 years
	 

        Early
        Termination

        

         

        Amount Payable
        Monthly for 15 Years commencing at Normal Retirement Age
	 

        Disability

          

        Amount Payable
        Monthly for 15 Years commencing at Normal Retirement Age
	 

        Change
        in Control

         

        

        Amount Payable
        Monthly for 15 Years commencing at Separation of Service
	 

        Pre-Retirement
        Death

        

         

        Amount Payable
        Monthly for 15 Years commencing Upon Death

	 Values
        As Of
	 Age
	 Annual
        Benefit 1
	 Annual
        Benefit 1
	 Annual
        Benefit 1
	 Annual
        Benefit 1

	12/31/2016	57	45,521	45,521	44,354	65,000
	12/31/2017	58	50,026	50,026	46,571	65,000
	12/31/2018	59	54,269	54,269	48,900	65,000
	12/31/2019	60	58,266	58,266	51,345	65,000
	12/31/2020	61	62,030	62,030	53,912	65,000
	10/4/2021	62	65,000	65,000	55,964	65,000
	12/31/2021	62	65,000	65,000	56,608	65,000
	12/31/2022	63	65,000	65,000	59,438	65,000
	12/31/2023	64	65,000	65,000	62,410	65,000
	10/4/2024	65	65,000	65,000	65,000	65,000

 

1 The annual benefit amount will be distributed
in 12 equal monthly payments for a total of 180 monthly payments.

 

IF THERE IS A CONFLICT BETWEEN THIS SCHEDULE A AND THE AGREEMENT,
THE TERMS AND PROVISIONS OF THE AGREEMENT SHALL PREVAIL. IF A TRIGGERING EVENT OCCURS, REFER TO THE AGREEMENT TO DETERMINE THE
ACTUAL BENEFIT AMOUNT BASED ON THE DATE OF THE EVENT.

 

	James DiMisa      /s/ James DiMisa

	By	/s/
    Michael L. Middleton
	 	 	 
	Date April 30, 2018	Title	Chairman
    of the Board of Directors
	 	 	 
	 	Date	April
    30, 2018Exhibit 10.13

 

AMENDED AND RESTATED

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

 

2011

 

THIS AGREEMENT,
originally entered into effective January 1, 2011 is
hereby amended and restated in its entirety effective April 30, 2018, by and between Community Bank of the Chesapeake, a
banking corporation organized and existing under the laws of the State of Maryland, hereinafter referred to as the “Plan
Sponsor”, and William Pasenelli, hereinafter referred to as the “Participant.”

 

WITNESSETH

 

WHEREAS, it is the consensus of the
Board that the Participant's services to the Plan Sponsor in the past have been of exceptional merit and have constituted an invaluable
contribution to the general welfare of the Plan Sponsor bringing it to its present status of operating efficiency, and its present
position in its field of activity;

 

WHEREAS, the experience of the Participant,
his knowledge of the affairs of the Plan Sponsor, his reputation and contacts in the industry are so valuable that assurance of
his continued services is essential for the future growth and profits of the Plan Sponsor and it is in the best interests of the
Plan Sponsor to arrange terms of continued employment for the Participant so as to reasonably assure his remaining in the Plan
Sponsor's employment during his lifetime or until the age of retirement;

 

WHEREAS, it is the desire of the
Plan Sponsor that his services be retained as herein provided;

 

WHEREAS, the Participant is willing
to continue in the employ of the Plan Sponsor provided the Plan Sponsor agrees to pay to his beneficiaries certain benefits in
accordance with the terms and conditions hereinafter set forth;

 

WHEREAS, the Plan Sponsor intends
that the Plan shall at all times be administered and interpreted in such a manner as to constitute an unfunded nonqualified deferred
compensation plan for tax purposes and for purposes of Title I of ERISA. This Plan is not intended to qualify for favorable tax
treatment pursuant to IRC Section 401(a) of the Code or any successor section or statute. This Plan is intended to comply with
IRC Section 409A as created under The American Jobs Creation Act of 2004 (the “Jobs Act of 2004”). It is both anticipated
and expected that the terms and provisions of this Plan may need to be amended in the future to assure continued compliance. The
Plan Sponsor and the Participant acknowledge that fact and agree to take any and all steps necessary to operate the Plan in “good
faith” based on their current understanding of the regulations; and

 

    	 	1	 

     

    

 

WHEREAS, the Plan is amended and
restated in its entirety to adjust the amount of the benefit provided herein.

 

NOW THEREFORE ; in consideration
of services performed in the past and to be performed in the future as well as of the mutual promises and covenants herein contained,
it is agreed as follows:

 

ARTICLE 1

DEFINITIONS

 

Certain words and phrases are defined when
first used in later Articles of this Plan. Whenever any words are used herein in the masculine, they shall be construed as though
they were in the feminine in all cases where they would so apply; and whenever any words are used herein in the singular or in
the plural, they shall be construed as though they were used in the plural or the singular, as the case may be, in all cases where
they would so apply. For the purpose of this Plan, unless otherwise clearly apparent from the context, the following phrases or
terms shall have the following indicated meanings:

 

1.1          “Accrued Benefit”
shall mean the sum of (i) $32,094.69 and (ii) the product of $34,278.31 multiplied by a fraction, not to exceed 1.00, the numerator
of which is the calendar months that have elapsed after December 31, 2016, as of the Participant’s Separation from Service,
and the denominator of which is 40 (elapsed time from December 31, 2016 projected to the first of the month in which the Participant
attains age 62).

 

1.2           “Applicable Guidance”
shall mean, as the context requires, Code §409A and the Final Treasury Regulations issued thereunder, or other written Treasury
or IRS guidance regarding or affecting Code §409A.

 

1.3           “Beneficiary” shall
mean the person or persons, natural or otherwise, designated in writing by a Participant in accordance with Article 5 before his
death to receive Plan benefits in the event of the Participant's death.

 

1.4           “Board” shall mean
the board of directors of the Plan Sponsor, unless specifically noted otherwise.

 

1.5           “Cause” shall mean
any of the following acts or circumstances: (i) willful destruction by the Participant of property of the Plan Sponsor having a
material value to the Plan Sponsor; (ii) fraud, embezzlement, theft, or comparable dishonest activity committed by the Participant
(excluding acts involving a de minimis dollar value and not related to the Plan Sponsor); (iii) the Participant's conviction of
or entering a plea of guilty or nolo contendere to any crime constituting a felony or any misdemeanor involving fraud, dishonesty,
or moral turpitude (excluding acts involving a de minimis dollar value and not related to the Plan Sponsor); (iv) the Participant's
breach, neglect, refusal, or failure to

 

    	 	2	 

     

    

 

materially discharge the Participant's duties (other than due
to physical or mental illness) commensurate with the Participant's title and function or the Participant's failure to comply with
the lawful directions of a senior managing officer of the Plan Sponsor in any such case that is not cured within fifteen (15) days
after the Participant has received written notice thereof from such senior managing officer; or (v) any willful misconduct by the
Participant which may cause substantial economic or reputation injury to the Plan Sponsor, including, but not limited to, sexual
harassment.

 

1.6           “Change in Control”
shall mean the occurrence of a Change in Control event, within the meaning of Treasury Regulations §1.409A-3(i)(5) and described
in any of subparagraph (a), (b), or (c), (collectively referred to as “Change in Control Events”), or any combination
of the Change in Control Events. To constitute a Change in Control Event with respect to the Participant or Beneficiary, the Change
in Control Event must relate to: (i) the corporation for whom the Participant is performing services at the time of the Change
in Control Event; (ii) the corporation that is liable for the payment of the deferred compensation (or all corporations liable
for the payment if more than one corporation is liable); or (iii) a corporation that is a majority shareholder of a corporation
identified in clause (i) or (ii) , 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 clause (i) or (ii).

 

(a)        Change
in Ownership. A Change in Ownership occurs if a person, or a group of persons acting together, acquires more than fifty percent
(50%) of the stock of the corporation, measured by voting power or value. Incremental increases in ownership by a person or group
that already owns fifty percent (50%) of the corporation do not result in a Change of Ownership, as defined in Treasury Regulations
§1.409A-3(i)(5)(v).

 

(b)        Change
in Effective Control. A Change in Effective Control occurs if, over a twelve (12) month period: (i) a person or group acquires
stock representing thirty percent (30%) of the voting power of the corporation; or (ii) a majority of the members of the board
of directors of the ultimate parent corporation is replaced by directors during any 12-month period not endorsed by the persons
who were members of the board before the new directors' appointment, as defined in Treasury Regulations §1.409A-3(i)(5)(vi).

 

(c)        Change
in Ownership of a Substantial Portion of Corporate Assets. A Change in Control based on the sale of assets occurs if a person
or group acquires Forty percent (40%) or more of the gross fair market value of the assets of a corporation over a twelve (12)
month period. No change in control results pursuant to this Article (c) if the assets are transferred to certain entities controlled
directly or indirectly by the shareholders of the transferring corporation, as defined in Treasury Regulations §1.409A-3(i)(5)(vii).

 

1.7           “Claimant” shall
mean a person who believes that he or she is being denied a benefit to which he or she is entitled hereunder.

 

    	 	3	 

     

    

 

1.8         “Code” shall mean
the Internal Revenue Code of 1986, as amended.

 

1.9         “Disability” shall
mean a condition of the Participant whereby he or she either: (i) 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 12 months, or (ii) 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 12 months, receiving
income replacement benefits for a period of not less than three months under an accident and health plan covering employees of
the Plan Sponsor. The Administrator will determine whether the Participant has incurred a Disability based on its own good faith
determination and may require the Participant to submit to reasonable physical and mental examinations for this purpose. The Participant
will also be deemed to have incurred a Disability if determined to be totally disabled by the Social Security Administration, Railroad
Retirement Board, or in accordance with a disability insurance program, provided that the definition of disability applied under
such disability insurance program complies with the requirements of Treasury Regulation §1.409A-3(i)(4) and authoritative
guidance.

 

1.10       “Effective
Date” shall mean January 1, 2011.

 

1.11        “ERISA”
shall mean the Employee Retirement Income Security Act of 1974, as it may be amended from time to time.

 

1.12        “Normal
Retirement Age” shall mean the date the Participant attains age 65.

 

1.13        “Normal
Retirement Benefit” shall mean an annual benefit payment in the amount of Sixty-Six Thousand Three Hundred and Seventy-Three
Dollars ($66,373.00) for a period of fifteen (15) years.

 

1.14        “Participant”
shall mean William Pasenelli.

 

1.15        “Plan”
shall mean this Supplemental Executive Retirement Plan Agreement, all Election Forms, the Trust, (if any), and any other written
documents relevant to the Plan. For purposes of applying Code §409A requirements, this Plan is a non-account balance plan
under Treasury Regulation §1.409-1 (c)(2)(i)(A).

 

1.16        “Plan
Administrator” or “Administrator” shall be a committee designated by the Plan Sponsor. If a
Participant is part of a group of persons designated as a committee or Plan Administrator, then the Participant may not
participate in any activity or decision relating solely to his or her individual benefits under this Plan. Matters solely
affecting the applicable Participant will be resolved by the remaining committee members.

 

    	 	4	 

     

    

 

1.17        “Plan
Sponsor” shall mean the person or entity: (i) receiving the services of the Participant; and (ii) all persons with whom
such person or entity would be considered a single employer under the parent-subsidiary rules of Code §414(b) or §414(c).

 

1.18        “Plan
Year” shall mean, for the first Plan Year, the period beginning on the Effective Date of the Plan and ending December
31 of such calendar year, and thereafter, a twelve (12) month period beginning January 1 of each calendar year and continuing through
December 31 of such calendar year.

 

1.19        “Section
409A” shall mean Section 409A of the Code and the Treasury Regulations and other Applicable Guidance issued under that
Section.

 

1.20        “Separation
from Service” shall mean the occurrence of a Participant's death, retirement, or other “termination of employment”
(as defined in Treasury Regulations §1.409A-1(h)(1)(ii)) with the Plan Sponsor (i.e., the “service recipient”
or employer, as defined in Treasury Regulations §1.409A- 1 (h)(3)). However, a Separation from Service shall not occur if
the Participant is on military leave, sick leave, or other bona fide leave of absence if the period of such leave does not exceed
six months, or if longer, so long as the Participant retains a right to reemployment with the Plan Sponsor under an applicable
statute or by contract.

 

1.21        “Specified
Employee” shall mean that the Participant also satisfies the definition of a “key employee” as such term
is defined in Code §416(i) (without regard to Section 416(i)(5)). However, the Participant is not a Specified Employee unless
any stock of the Plan Sponsor is publicly traded on an established securities market or otherwise, as defined in Code §1.897-1
(m). If the Participant is a key employee at any time during the twelve (12) months ending on the identification date (see below),
the Participant is a Specified Employee for the twelve (12) month period commencing on the first day of the fourth month following
the identification date. For purposes of this Article, the identification date is December 31. The determination of the Participant
as a Specified Employee shall be made by the Administrator in accordance with IRC Section 416(i), the “specified employee”
requirements of Section 409A, and Treasury Regulations.

 

1.22        “Taxable
Year” shall mean the twelve (12) consecutive month period ending each December 31.

 

1.23        “Treasury
Regulations” shall mean regulations promulgated by the Internal Revenue Service for the U.S. Department of the Treasury,
as they may be amended from time to time.

 

1.24        “Trust”
shall mean one or more trusts that may be established in accordance with the terms of this Plan.

 

    	 	5	 

     

    

 

1.25        “Change
in Control Benefit” shall have the meaning set forth in Section 3.6 of this Plan.

 

ARTICLE 2

SELECTION, ENROLLMENT, ELIGIBILITY

 

2.1          Selection
by Plan Sponsor. Participation in the Plan shall be limited to William Pasenelli, a member of a select group of management
or highly compensated employees of the Plan Sponsor, as determined by the Plan Sponsor in its sole and absolute discretion.

 

2.2          Re-Employment.
If a Participant who incurs a Separation from Service is subsequently re-employed, he or she may, at the sole and absolute discretion
of the Plan Administrator, become a Participant in accordance with the provisions of the Plan.

 

2.3          Eligibility;
Commencement of Participation. Provided that the Participant has met all enrollment requirements set forth in the Plan and
required by the Plan Administrator, the Participant shall continue participation in the Plan on the date the Plan is executed by
the Plan Sponsor and the Participant.

 

2.4         Termination
of Participation. If the Plan Administrator determines in good faith that a Participant no longer qualifies as a member of
a select group of management or highly compensated employees, as membership in such group is determined in accordance with Section
201(2), 301(a)(3) and 401 (a)(1) of ERISA, the Plan Administrator shall cease further benefit accruals hereunder.

 

ARTICLE 3

BENEFITS

 

3.1          Normal
Retirement Benefit. If the Participant remains in the service of the Plan Sponsor until reaching his Normal Retirement Age,
the Participant shall be entitled to his Normal Retirement Benefit. The annual installments shall commence to be paid on the on
the first day of the second month following the Participant's Separation from Service. Notwithstanding the foregoing, in the event
that the Participant is determined by the Plan Administrator to be a Specified Employee, the first benefit payment shall be paid
on the first day of the seventh month following Separation from Service, but all subsequent annual payments will be paid in accordance
with the original schedule as if the individual was not a Specified Employee.

 

3.2          Death
Prior to Commencement of Benefit Payments. In the event the Participant should die while actively employed by the Plan Sponsor
at any time after the date of this Plan but prior to his Normal Retirement Age, the Plan Sponsor will pay the Accrued Benefit in
fifteen (15) equal annual installments to the Participant's Beneficiary.

 

    	 	6	 

     

    

 

The payments shall commence to be paid on the first day of the
second month following the month in which the Participant dies.

 

3.3         Death
Subsequent to Commencement of Benefit Payments. In the event the Participant dies while receiving payments, but prior to receiving
the fifteen (15) annual installment payments due and owing hereunder, the unpaid balance of the payments shall continue to be paid
to the Participant's Beneficiary for the balance of the fifteen (15) annual installments.

 

3.4         Disability
Benefit. In the event the Participant becomes Disabled prior to the date the Participant dies or experiences a Separation from
Service, and prior to the date of a Change in Control, the Participant shall be entitled to receive his Accrued Benefit, calculated
as of the date of determination of Disability. Such benefit shall commence to be paid on the first day of the month following Normal
Retirement Age or death (whichever occurs first), and shall be paid in fifteen (15) equal annual installments.

 

3.5         Separation
from Service Benefit. If the Participant experiences a Separation from Service prior to Normal Retirement Age, death, Disability,
or as described in the second paragraph of Section 3.6, then the Participant shall be entitled to a benefit equal to the Accrued
Benefit, calculated as of the date of Separation from Service. Such benefit shall commence to be paid on the first day of the second
month following the month in which the Participant achieves Normal Retirement Age or dies (whichever occurs first), and shall be
paid in fifteen (15) equal annual installments. Notwithstanding the foregoing, in the event that the Participant is determined
by the Plan Administrator to be a Specified Employee, the first benefit payment shall be paid on the later of (i) the first day
of the second month following the month in which the Participant achieves Normal Retirement Age or (ii) the first day of the seventh
month following Separation from Service (except in the case of a Separation from Service due to death). In the event that (ii)
applies in the foregoing sentence, all subsequent annual payments will be paid in accordance with the original schedule as if the
individual was not a Specified Employee.

 

3.6         Change
in Control Benefit. In the event there is a Change in Control prior to the Participant's Normal Retirement Age, and prior to
the date the Participant dies, becomes Disabled or experiences a Separation from Service, the Participant’s benefit under
the Plan shall be equal to the Participant’s Accrued Benefit calculated as of any subsequent Separation from Service following
the Change in Control; provided, however, that in calculating the Executive’s Accrued Benefit under Section 1.1, the numerator
in the fraction shall be increased as if the Executive had accrued an additional 36 months of service (“Change in Control
Benefit”). If the Participant does not experience a Separation from Service within 24 months after the Change in Control,
subject to Section 3.2, the Change in Control Benefit shall commence to be paid on the first day of the second month following
the later of (i) Participant’s Separation from Service (or, if the Participant is a Specified Employee, on the first day
of the seventh month following the Participant's Separation from Service); or (ii) Participant attains Normal Retirement Age or
dies.

 

    	 	7	 

     

    

 

Notwithstanding the preceding, if the Participant
experiences a Separation from Service within 24 months following the Change in Control, the following provisions apply. The Participant's
Change in Control Benefit shall commence to be paid on the first day of the second month following the Participant's Separation
from Service (or, if the Participant is a Specified Employee, on the first day of the seventh month following the Participant's
Separation from Service). In lieu of receiving the Change in Control Benefit in fifteen (15) annual installments, the Participant
may elect to receive the Change in Control Benefit pursuant to this Section 3.6 in the form of (i) a lump sum, (ii) equal annual
installments over two (2) years, or (iii) equal annual installments over five (5) years. In the event the Participant elects one
of the alternate forms of benefit noted in this Section 3.6, a 4.0% discount rate will be used to value the actuarial equivalent
benefit amount. Any election by the Participant pursuant to this Section 3.6 must be submitted to the Plan Sponsor by the date
the Participant initially becomes eligible to participate in the Plan.

 

3.7          Termination
for Cause. Notwithstanding anything in this Plan to the contrary, if the Plan Sponsor terminates the Participant's employment
for “Cause”, then the Participant shall not be entitled to any benefits under the terms of this Plan.

 

3.8          Prohibition
on Acceleration of Payments. Notwithstanding anything in this Plan to the contrary, neither the Plan Sponsor nor a Participant
may accelerate the time or schedule of any payment or amount scheduled to be paid under this Plan, except that the Plan Sponsor,
in its discretion, may accelerate payments as permitted by Treasury Regulations §1.409A-3(j)(4). The Plan Sponsor shall deny
any change made to an election if the Plan Sponsor determines that the change violates the requirements of authoritative guidance.

 

3.9          Subsequent
Changes in the Time or Form of Payment. If permitted by the Plan Sponsor, a Participant may elect to change the time or form
of payments (collectively, “payment elections”), provided the following conditions are met:

 

(a)        Such
change will not take effect until at least twelve (12) months after the date on which the new payment election is made and approved
by the Plan Administrator;

 

(b)        If
the change of payment election relates to a payment based on Separation from Service, or if the payment is at a specified time
or pursuant to a fixed schedule, the change of payment election must result in payment being deferred for a period of not less
than five (5) years from the date such payment would otherwise have been paid (or in the case of a life annuity or installment
payments, which are treated as a single payment, five (5) years from the date the first amount was scheduled to be paid);

 

(c)        If
the change of payment election relates to a payment at a specified time or pursuant to a fixed schedule, the Participant or Plan
Sponsor must make the change

 

    	 	8	 

     

    

 

of payment election not less than twelve (12) months before
the date the payment is scheduled to be paid (or in the case of a life annuity or installment payments, which are treated as a
single payment, twelve (12) months before the date the first amount was scheduled to be paid).

 

Notwithstanding the preceding, to the extent
permitted under Section 409A and by the Plan Sponsor, the Participant may elect the timing and manner of distributions during 2008
(except that a Participant cannot in 2008 change payment elections with respect to payments that the Participant would otherwise
receive in 2008, or make an election that causes payments scheduled for subsequent years to be made in 2008), and such election
shall not be treated as a change in the form and timing of payment or an acceleration of payment under Section 409A.

 

3.10        Delay
in Payment by Plan Sponsor.

 

(a)          A
payment may be delayed to a date after the designated payment date under any of the circumstances described below, and the provision
will not fail to meet the requirements of establishing a permissible payment event. The delay in the payment will not constitute
a subsequent deferral election, so long as the Plan Sponsor treats all payments to similarly situated Participants on a reasonably
consistent basis.

 

(i)            Payments
subject to Section 162(m). A payment may be delayed to the extent that the Plan Sponsor reasonably anticipates that if the
payment were made as scheduled, the Plan Sponsor's deduction with respect to such payment would not be permitted due to the application
of Code §162(m). If a payment is delayed, such payment must be made either:

 

(1)        during
the Participant's first Taxable Year in which the Plan Sponsor reasonably anticipates, or should reasonably anticipate, that if
the payment is made during such year, the deduction of such payment will not be barred by application of Code §162(m) or,

 

(2)        during
the period beginning with the date of the Participant's Separation from Service and ending on the later of the last day of the
Taxable Year of the Plan Sponsor in which the Participant separates from service or the 15th day of the third month following the
Participant's Separation from Service. Where any scheduled payment to a specific Participant in the Plan Sponsor's Taxable Year
is delayed in accordance with this Article, the delay in payment will be treated as a subsequent deferral election unless all scheduled
payments to the Participant that could be delayed in accordance with this Article are also delayed. Where the payment is delayed
to a date on or after the Participant's Separation from Service, the payment will be considered a payment upon a Separation from
Service for purposes of the rules under Treasury Regulations §1.409A-3(i)(2) (payments to Specified Employees upon a Separation
from Service) and, the 6 month delay rule will apply for Specified Employees.

 

    	 	9	 

     

    

 

(ii)        Payments
that would violate Federal securities laws or other applicable law. A payment may be delayed where the Plan Sponsor reasonably
anticipates that the making of the payment will violate Federal securities laws or other applicable law provided that the payment
is made at the earliest date at which the Plan Sponsor reasonably anticipates that the making of the payment will not cause such
violation. The making of a payment that would cause inclusion in gross income or the application of any penalty provision or other
provision of the Internal Revenue Code is not treated as a violation of applicable law.

 

(iii)        Other
events and conditions. The Plan Sponsor may delay a payment upon such other events and conditions as the Commissioner of the
IRS may prescribe.

 

(iv)        Notwithstanding
the above, a payment may be delayed where the payment would jeopardize the ability of the Plan Sponsor to continue as a going concern.

 

(b)           Treatment
of Payment as Made on Designated Payment Date. Each payment under this Plan is deemed made on the required payment date even
if the payment is made after such date, provided the payment is made by the latest of: (i) the end of the calendar year in which
the payment is due; (ii) the 15th day of the third calendar month following the payment due date; (iii) in case the Plan Sponsor
cannot calculate the payment amount on account of administrative impracticality which is beyond the Participant's control (or the
control of the Participant's estate), in the first calendar year in which payment is practicable; (iv) in the case where the payment
would jeopardize the ability of the Plan Sponsor to continue as a going concern, in the first calendar year in which the making
of the payment would not have such effect.

 

3.11        Unsecured
General Creditor Status of Participant:

 

(a)          Payment
to the Participant or any Beneficiary hereunder shall be made from assets which shall continue, for all purposes, to be part of
the general, unrestricted assets of the Plan Sponsor and no person shall have any interest in any such asset by virtue of any provision
of this Plan. The Plan Sponsor's obligation hereunder shall be an unfunded and unsecured promise to pay money in the future. To
the extent that any person acquires a right to receive payments from the Plan Sponsor under the provisions hereof, such right shall
be no greater than the right of any unsecured general creditor of the Plan Sponsor and no such person shall have or acquire any
legal or equitable right, interest, or claim in or to any property or assets of the Plan Sponsor.

 

(b)          In
the event that the Plan Sponsor purchases an insurance policy or policies insuring the life of a Participant or employee, to allow
the Plan Sponsor to recover or meet the cost of providing benefits, in whole or in part, hereunder, no Participant or

 

    	 	10	 

     

    

 

Beneficiary shall have any rights whatsoever in said policy
or the proceeds therefrom. The Plan Sponsor or the Trustee of the Trust (if any) shall be the primary owner and beneficiary of
any such insurance policy or property and shall possess and may exercise all incidents of ownership therein. No insurance policy
with regard to any director, “highly compensated employee”, or “highly compensated individual” as defined
in IRS Section 101(j) shall be acquired before satisfying the Section 101(j) “Notice and Consent” requirements.

 

(c)        In
the event that the Plan Sponsor purchases an insurance policy or policies on the life of a Participant as provided for above, then
all of such policies shall be subject to the claims of the creditors of the Plan Sponsor.

 

(d)        If
the Plan Sponsor chooses to obtain insurance on the life of a Participant in connection with its obligations under this Plan, the
Participant hereby agrees to take such physical examinations and to truthfully and completely supply such information as may be
required by the Plan Sponsor or the insurance company designated by the Plan Sponsor.

 

3.12        Facility
of Payment. If a distribution is to be made to a minor, or to a person who is otherwise incompetent, then the Plan Administrator
may make such distribution: (i) to the legal guardian, or if none, to a parent of a minor payee with whom the payee maintains his
or her residence; or (ii) to the conservator or administrator or, if none, to the person having custody of an incompetent payee.
Any such distribution shall fully discharge the Plan Sponsor and the Plan Administrator from further liability on account thereof.

 

3.13        Net
after tax benefit. Notwithstanding any other provision of this Plan to the contrary, if payments made under Section 3.6 of
this Plan or otherwise from the Plan Sponsor or any affiliate of the Plan Sponsor are considered “parachute payments”
under Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”) (such payments hereinafter referred
to as the “Total Payments”), then such payments shall be reduced to the greatest amount that may be paid to the Participant
under Section 280G of the Code without causing any loss of deduction to the Plan Sponsor or its affiliates under such section (hereinafter
referred to as the “Reduced Payments”), however, the payments or benefits shall not be reduced if the net after tax
benefit to the Participant of receiving the Total Payments exceeds the net after tax benefit of receiving the Reduced Payments
by at least $50,000. “Net after tax benefit” for purposes of this Plan shall mean the sum of the present
value of (i) the Total Payments or Reduced Payments (as applicable), less (ii) the amount of federal, state and local income and
payroll taxes payable with respect to the foregoing calculated at the maximum marginal tax rates expected for each year in which
the foregoing shall be paid to the Participant (based upon the rates in effect as set forth in the Code under state and local laws
at the time of the Participant’s termination of employment with the Plan Sponsor), less (iii) the amount of excise taxes
imposed with respect to the payments and benefits described in (i) above by Section 4999 of the Code. The determination as to whether
and to what extent payments are required to be reduced in

 

    	 	11	 

     

    

 

accordance with this Section 3.13 shall be made at the Plan
Sponsor’s expense by an accounting firm, consulting firm or law firm experienced in such matters. Any reduction in payments
required by this Section 3.13 shall occur in the following order: (i) any cash severance, (ii) any other cash amount payable to
the Participant and treated entirely as a “parachute payment”, (iii) any benefit valued entirely as a “parachute
payment,” (iv) the acceleration of vesting of any equity award that is treated entirely as a “parachute payment”,
(v) the acceleration of vesting of any equity awards that are time-vested options, and (vi) the acceleration of vesting of any
other time-vested equity awards. Within any such category of payments and benefits, a reduction shall occur first with respect
to amounts that are not “deferred compensation” within the meaning of Section 409A of the Code and then with respect
to amounts that are. In the event that acceleration of compensation from equity awards is to be reduced, such acceleration of vesting
shall be canceled, subject to the immediately preceding sentence, in the reverse order of the date of grant.

 

ARTICLE 4

VESTING AND TAXES

 

4.1          Vesting.
The Participant shall be vested at all times in his Accrued Benefit. Upon attainment of Normal Retirement Age, the Participant
shall be One Hundred (100%) percent vested in his Normal Retirement Benefit.

 

4.2          FICA,
Withholding and Other Taxes .

 

(a)        When
a Participant becomes vested in a portion of his Normal Retirement Benefit, the Plan Sponsor shall withhold from the Participant's
cash compensation in a manner determined in the sole discretion of the Plan Sponsor, the Participant's share of FICA and other
employment taxes on such vested Normal Retirement Benefit.

 

(b)        The
Plan Sponsor, or trustee of the Trust, shall withhold from any payments made to a Participant or Beneficiary under this Plan all
federal, state and local income, employment and other taxes required to be withheld by the Plan Sponsor in a manner determined
in the sole discretion of the Plan Sponsor or the trustee of the Trust in compliance with applicable tax withholding requirements.

 

ARTICLE 5

BENEFICIARY DESIGNATION

 

5.1          Designation
of Beneficiaries.

 

(a)        The
Participant may designate any person or persons (who may be named contingently or successively) to receive any benefits payable
under the Plan upon the Participant's death, and the designation may be changed from time to time by the

 

    	 	12	 

     

    

 

Participant by filing a new designation. Each designation will
revoke all prior designations by the Participant and shall be in the form prescribed by the Administrator, and shall be effective
only when filed in writing with the Administrator during the Participant's lifetime.

 

(b)          In
the absence of a valid Beneficiary designation, or if, at the time any benefit payment is due to a Beneficiary, there is no living
Beneficiary validly named by the Participant, the Plan Sponsor shall pay the benefit payment to the Participant's spouse, if then
living, and if the spouse is not then living to the Participant's then living descendants, if any, per stirpes, and if there are
no living descendants, to the Participant's estate. In determining the existence or identity of anyone entitled to a benefit payment,
the Plan Sponsor may rely conclusively upon information supplied by the Participant's personal representative, executor, or administrator.

 

(c)           If
a question arises as to the existence or identity of anyone entitled to receive a death benefit payment under the Plan, or if a
dispute arises with respect to any death benefit payment under the Plan, the Plan Sponsor may distribute the payment to the Participant's
estate without liability for any tax or other consequences, or may take any other action which the Plan Sponsor deems to be appropriate.

 

5.2          Information
to be Furnished by Participants and Beneficiaries; Inability to Locate Participants or Beneficiaries. Any communication, statement,
or notice addressed to the Participant or to a Beneficiary at his or her last post office address as shown on the Plan Sponsor's
records shall be binding on the Participant or Beneficiary for all purposes of this Plan. The Plan Sponsor shall not be obligated
to search for any Participant or Beneficiary beyond the sending of a registered letter to the last known address.

 

ARTICLE 6

ADMINISTRATION

 

6.1          Administrator
Duties. The Administrator shall be responsible for the management, operation, and administration of the Plan. The Administrator
shall act at meetings by affirmative vote of a majority of its members. Any action permitted to be taken at a meeting may be taken
without a meeting if, prior to such action, a unanimous written consent to the action is signed by all members and such written
consent is filed with the minutes of the proceedings of the Administrator, provided, however that no member may vote or act upon
any matter which relates to his or her status as a Participant. The chair, or any other member or members of the Administrator
designated by the chair, may execute any certificate or other written direction on behalf of the Administrator. When making a determination
or calculation, the Administrator shall be entitled to rely on information furnished by the Participant or the Plan Sponsor. No
provision of this Plan shall be construed as imposing on the Administrator any fiduciary duty under ERISA or other law, or any
duty similar to any fiduciary duty under ERISA or other law.

 

    	 	13	 

     

    

 

6.2          Administrator
Authority. The Administrator shall enforce this Plan in accordance with its terms, shall be charged with the general administration
of this Plan, and shall have all powers necessary to accomplish its purposes, including, but not by way of limitation, the following:

 

(a)        To
construe and interpret the terms and provisions of this Plan;

 

(b)        To
compute and certify the amount and kind of benefits payable to the Participant and their Beneficiaries; to determine the time and
manner in which such benefits are paid; and to determine the amount of any withholding taxes to be deducted;

 

(c)        To
maintain all records that may be necessary for the administration of this Plan;

 

(d)        To
provide for the disclosure of all information and the filing or provision of all reports and statements to the Participant, Beneficiaries,
and governmental agencies as shall be required by law;

 

(e)        To
make and publish such rules for the regulation of this Plan and procedures for the administration of this Plan as are not inconsistent
with the terms hereof;

 

(f)        To
administer this Plan's claims procedures;

 

(g)        To
approve election forms and procedures for use under this Plan; and

 

(h)        To
appoint a plan record keeper or any other agent, and to delegate to them such powers and duties in connection with the administration
of this Plan as the Administrator may from time to time prescribe.

 

6.3          Binding
Effect of Decision. The decision or action of the Administrator with respect to any question arising out of or in connection
with the administration, interpretation, and application of this Plan and the rules and regulations promulgated hereunder shall
be final and conclusive and binding upon all persons having any interest in this Plan.

 

6.4          Compensation,
Expenses, and Indemnity. The Administrator shall serve without compensation for services rendered hereunder. The Administrator
is authorized at the expense of the Plan Sponsor to employ such legal counsel and/ or Plan record keeper as it may deem advisable
to assist in the performance of its duties hereunder. Expense and fees in connection with the administration of this Plan shall
be paid by the Plan Sponsor.

 

    	 	14	 

     

    

 

6.5          Plan
Sponsor Information. To enable the Administrator to perform its functions, the Plan Sponsor shall supply full and timely information
to the Administrator, on all matters relating to the compensation of the Participant, the date and circumstances of the Disability,
death, or Separation from Service of the Participant, and such other pertinent information as the Administrator may reasonably
require.

 

6.6          Periodic
Statements. Under procedures established by the Administrator, Participant shall be provided a statement of his Accrued Benefit
on an annual basis.

 

ARTICLE 7

CLAIMS PROCEDURE

 

7.1          Claims
Procedures. This Section 7.1 is based on final regulations issued by the Department of Labor and published in the Federal Register
on November 21, 2000 and codified at section 2560.503 -1 of the Department of Labor Regulations. If any provision of this Section
8.4 conflicts with the requirements of those regulations, the requirements of those regulations will prevail.

 

(a)           Initial
Claim. A Participant or Beneficiary who believes he or she is entitled to any Benefit (a “Claimant”) under this
Plan may file a claim with the Administrator. The Administrator will review the claim itself or appoint another individual or entity
to review the claim.

 

(i)        Benefit
Claims that do not Require a Determination of Disability. If the claim is for a benefit other than a disability benefit, the
Claimant will be notified within ninety (90) days after the claim is filed whether the claim is allowed or denied, unless the Claimant
receives written notice from the Administrator or appointee of the Administrator before the end of the ninety (90) day period stating
that special circumstances require an extension of the time for decision, such extension not to extend beyond the day which is
one hundred eighty (180) days after the day the claim is filed.

 

(ii)        Disability
Benefit Claims. In the case of a benefits claim that requires a determination by the Plan Administrator of a
Participant's disability status, the Plan Administrator will notify the Claimant of the Plan's adverse benefit determination
within a reasonable period of time, but not later than forty-five (45) days after receipt of the claim. If, due to matters
beyond the control of the Plan, the Plan Administrator needs additional time to process a claim, the Claimant will be
notified, within forty-five (45) days after the Plan Administrator receives the claim, of those circumstances and of when the
Plan Administrator expects to make its decision but not beyond seventy- five (75) days. If, prior to the end of the extension
period, due to matters beyond the control of the Plan, a decision cannot be rendered within that extension period, the period
for making the determination may be extended for up to one hundred five (105) days, provided that the Plan Administrator
notifies the Claimant of the circumstances requiring the extension and the date as of which the Plan expects to render a
decision. The extension notice will

 

    	 	15	 

     

    

 

specifically explain the standards on which entitlement to a
disability benefit is based, the unresolved issues that prevent a decision on the claim and the additional information needed from
the Claimant to resolve those issues, and the Claimant will be afforded at least forty-five (45) days within which to provide the
specified information.

 

(iii)          Manner
and Content of Denial of Initial Claims. If the Plan Administrator denies a claim, it must provide to the Claimant, in writing
or by electronic communication:

 

(A)        The
specific reasons for the denial;

 

(B)        A
reference to the Plan provision or insurance contract provision upon which the denial is based;

 

(C)        A
description of any additional information or material that the Claimant must provide in order to perfect the claim;

 

(D)        An
explanation of why such additional material or information is necessary;

 

(E)        Notice
that the Claimant has a right to request a review of the claim denial and information on the steps to be taken if the Claimant
wishes to request a review of the claim denial; and

 

(F)        A
statement of the participant's right to bring a civil action under ERISA section 502(a) following a denial on review of the initial
denial.

 

In addition, in the case of a denial of
disability benefits on the basis of the Plan Administrator's independent determination of the Participant's disability status,
the Plan Administrator will provide a copy of any rule, guideline, protocol, or other similar criterion relied upon in making the
adverse determination (or a statement that the same will be provided upon request by the Claimant and without charge).

 

(b)           Review
Procedures.

 

(i)        Benefit
Claims that do not Require a Determination of Disability. Except for claims requiring an independent determination of a Participant's
disability status, a request for review of a denied claim must be made in writing to the Plan Administrator within sixty (60) days
after receiving notice of denial. The decision upon review will be made within sixty (60) days after the Plan Administrator's receipt
of a request for review, unless special circumstances require an extension of time for processing, in which case a decision will
be rendered not later than one hundred twenty (120) days after receipt of a request for review. A notice of such an extension must
be

 

    	 	16	 

     

    

 

provided to the Claimant within the initial sixty (60) day period
and must explain the special circumstances and provide an expected date of decision.

 

The reviewer will afford the Claimant an
opportunity to review and receive, without charge, all relevant documents, information and records and to submit issues and comments
in writing to the Plan Administrator. The reviewer will take into account all comments, documents, records and other information
submitted by the Claimant relating to the claim regardless of whether the information was submitted or considered in the initial
benefit determination.

 

(ii)          Disability
Benefit Claims. In addition to having the right to review documents and submit comments as described in (i) above, a Claimant
whose claim for disability benefits requires an independent determination by the Plan Administrator of the Participant's disability
status has at least one hundred eighty (180) days following receipt of a notification of an adverse benefit determination within
which to request a review of the initial determination. In such cases, the review will meet the following requirements:

 

 

(A)        The
Plan will provide a review that does not afford deference to the initial adverse benefit determination and that is conducted by
an appropriate named fiduciary of the Plan who did not make the initial determination that is the subject of the appeal, nor is
a subordinate of the individual who made the determination.

 

(B)        The
appropriate named fiduciary of the Plan will consult with a health care professional who has appropriate training and experience
in the field of medicine involved in the medical judgment before making a decision on review of any adverse initial determination
based in whole or in part on a medical judgment. The professional engaged for purposes of a consultation in the preceding sentence
will not be an individual who was consulted in connection with the initial determination that is the subject of the appeal or the
subordinate of any such individual.

 

(C)        The
Plan will identify to the Claimant the medical or vocational experts whose advice was obtained on behalf of the Plan in connection
with the review, without regard to whether the advice was relied upon in making the benefit review determination.

 

(D)        The
decision on review will be made within forty-five (45) days after the Plan Administrator's receipt of a request for review, unless
special circumstances require an extension of time for processing, in which case a decision will be rendered not later than ninety
(90) days after receipt of a request for review. A notice of such an extension must be provided to the Claimant within the initial
forty-five

 

    	 	17	 

     

    

 

(45) day period and must explain the special circumstances and
provide an expected date of decision.

 

(iii)          Manner
and Content of Notice of Decision on Review. Upon completion of its review of an adverse initial claim determination, the Plan
Administrator will give the Claimant, in writing or by electronic notification, a notice containing:

 

(A)        its
decision;

 

(B)        the
specific reasons for the decision;

 

(C)        the
relevant Plan provisions or insurance contract provisions on which its decision is based;

 

(D)        a
statement that the Claimant is entitled to receive, upon request and without charge, reasonable access to, and copies of, all documents,
records and other information in the Plan's files which is relevant to the Claimant's claim for benefits;

 

(E)        a
statement describing the Claimant's right to bring an action for judicial review under ERISA section 502(a); and

 

(F)        if
an internal rule, guideline, protocol or other similar criterion was relied upon in making the adverse determination on review,
a statement that a copy of the rule, guideline, protocol or other similar criterion will be provided without charge to the Claimant
upon request.

 

(c)          Calculation
of Time Periods. For purposes of the time periods specified in this Section, the period of time during which a benefit determination
is required to be made begins at the time a claim is filed in accordance with the Plan procedures without regard to whether all
the information necessary to make a decision accompanies the claim. If a period of time is extended due to a Claimant's failure
to submit all information necessary, the period for making the determination shall be tolled from the date the notification is
sent to the Claimant until the date the Claimant responds.

 

(d)          Failure
of Plan to Follow Procedures. If the Plan fails to follow the claims procedures required by this Section 7.1, a Claimant shall
be deemed to have exhausted the administrative remedies available under the Plan and shall be entitled to pursue any available
remedy under ERISA section 502(a) on the basis that the Plan has failed to provide a reasonable claims procedure that would yield
a decision on the merits of the claim.

 

(e)          Failure
of Claimant to Follow Procedures. A Claimant's compliance with the foregoing provisions of this Section 7.1 is a mandatory
prerequisite to

 

    	 	18	 

     

    

 

the Claimant's right to commence any legal action with respect
to any claim for benefits under the Plan.

 

7.2          Arbitration
of Claims. All claims or controversies arising out of or in connection with this Plan shall, subject to the initial review
provided for in the foregoing provisions of this Article, be resolved through arbitration. Except as otherwise mutually agreed
to by the parties, any arbitration shall be administered under and by the Judicial Arbitration & Mediation Services, Inc. (“JAMS”),
in accordance with the JAMS procedures then in effect. The arbitration shall be held in the JAMS office nearest to where the Claimant
is or was last employed by the Plan Sponsor or at a mutually agreeable location.

 

ARTICLE 8

AMENDMENT AND TERMINATION

 

8.1          Amendment.
The Plan Sponsor reserves the right to amend this Plan at any time to comply with Section 409A and other Applicable Guidance or
for any other purpose, provided that such amendment will not cause the Plan to violate the provisions of Section 409A. Except to
the extent necessary to bring this Plan into compliance with Section 409A, no amendment or modification shall be effective to decrease
the value or vested percentage of a Participant's Accrued Benefit in existence at the time an amendment or modification is made
to the Plan.

 

8.2          Plan
Termination. The Plan Sponsor reserves the right to terminate this Plan in accordance with one of the following, subject to
the restrictions imposed by Section

409A and authoritative guidance:

 

(a)          Corporate
Dissolution or Bankruptcy. This Plan may be terminated within twelve (12) months of a corporate dissolution taxed under Code
§ 331, or with the approval of a bankruptcy court pursuant to 11 U.S.C. Section 503(b)(1)(A), and distributions may then be
made to the Participant provided that the amounts payable under this Plan are included in the Participants' gross income in the
latest of:

 

(i)        The
calendar year in which the Plan termination occurs;

 

(ii)        The
first calendar year in which the amount is no longer subject to a substantial risk of forfeiture; or

 

(iii)        The
first calendar year in which the payment is administratively practicable.

 

(b)          Change
in Control. This Plan may be terminated within the thirty (30) days preceding or the twelve (12) months following a Change
in Control. This Plan will then be treated as terminated only if all arrangements that are treated as having been

 

    	 	19	 

     

    

 

deferred under a single plan in accordance with Applicable Guidance
are terminated so that all participants in all those terminated arrangements who experienced the Change in Control event are required
to receive all amounts of compensation deferred under the terminated arrangements within twelve (12) months of the date of termination
of the arrangements.

 

(c)           Discretionary
Termination. The Plan Sponsor may also terminate this Plan, provided that:

 

(i)        All
plans sponsored by the Plan Sponsor that would be aggregated with any terminated arrangements under Treasury Regulations §1.409A-l(c)
are terminated;

 

(ii)        No
payments, other than payments that would be payable under the terms of this Plan if the termination had not occurred, are made
within twelve (12) months of this Plan termination;

 

(iii)        All
payments are made within twenty-four (24) months of this Plan termination;

 

(iv)        Neither
the Plan Sponsor nor any of its affiliates adopts a new plan that would be aggregated with any terminated plan if the same Participant
participated in both arrangements at any time within three (3) years following the date of termination of this Plan; and

 

(v)        The
termination does not occur proximate to a downturn in the financial health of the Plan Sponsor.

 

ARTICLE 9

THE TRUST

 

9.1          Establishment
of Trust. The Plan Sponsor may establish a grantor trust (the “Trust”), of which the Plan Sponsor is the grantor,
within the meaning of subpart E, part I, subchapter J, subtitle A of the Code, to pay benefits under this Plan. If the Plan Sponsor
establishes a Trust, all benefits payable under this Plan to a Participant shall be paid directly by the Plan Sponsor from the
Trust. To the extent such benefits are not paid from the Trust, the benefits shall be paid from the general assets of the Plan
Sponsor. The Trust, (if any), shall be a grantor trust which conforms to the terms of the model trust as described in IRS Revenue
Procedure 92-64, I.R.P. 1992-33, as same may be amended or modified from time to time. If the Plan Sponsor establishes a Trust,
the assets of the Trust will be subject to the claims of the Plan Sponsor's creditors in the event of its insolvency. Except as
may otherwise be provided under the Trust, the Plan Sponsor shall not be obligated to set aside, earmark, or escrow any funds or
other assets to satisfy its obligations under this Plan, and the Participant and/ or his or her designated Beneficiaries shall
not

 

    	 	20	 

     

    

 

have any property interest in any specific assets of the Plan
Sponsor other than the unsecured right to receive payments from the Plan Sponsor, as provided in this Plan.

 

9.2          Interrelationship
of the Plan and the Trust. The provisions of this Plan shall govern the rights of a Participant to receive distributions pursuant
to this Plan. The provisions of the Trust (if established) shall govern the rights of the Participant and the creditors of the
Plan Sponsor to the assets transferred to the Trust. The Plan Sponsor and each Participant shall at all times remain liable to
carry out its obligations under this Plan. The Plan Sponsor's obligations under this Plan may be satisfied with Trust assets distributed
pursuant to the terms of the Trust.

 

9.3          Contribution
to the Trust. Amounts may be contributed by the Plan Sponsor to the Trust at the sole discretion of the Plan Sponsor.

 

ARTICLE 10

MISCELLANEOUS

 

10.1        Validity.
In case any provision of this Plan shall be illegal or invalid for any reason, said illegality or invalidity shall not affect the
remaining parts hereof, but this Plan shall be construed and enforced as if such illegal or invalid provision had never been inserted
herein; except to the extent that Section 409A requires that this Section 10.1 be disregarded because it purports to nullify Plan
terms that are not in compliance with Section 409A.

 

10.2        Nonassignability.
Neither any Participant nor any other person shall have any right to commute, sell, assign, transfer, pledge, anticipate, mortgage,
or otherwise encumber, transfer, hypothecate, alienate, or convey in advance of actual receipt, the amounts, if any, payable hereunder,
or any part hereof, which are, and all rights to which are expressly declared to be, unassignable and non-transferable. No part
of the amounts payable shall, prior to actual payment, be subject to seizure, attachment, garnishment (except to the extent the
Plan Sponsor may be required to garnish amounts from payments due under this Plan pursuant to applicable law), or sequestration
for the payment of any debts, judgments, alimony, or separate maintenance owed by a Participant or any other person, be transferable
by operation of law in the event of a Participant's or any other person's bankruptcy or insolvency, or be transferable to a spouse
as a result of a property settlement or otherwise. If any Participant, Beneficiary, or successor in interest is adjudicated bankrupt
or purports to commute, sell, assign, transfer, pledge, anticipate, mortgage or otherwise encumber transfer, hypothecate, alienate,
or convey in advance of actual receipt, the amount, if any, payable hereunder, or any part thereof, the Plan Administrator, in
its discretion, may cancel such distribution or payment (or any part thereof) to or for the benefit of such Participant, Beneficiary,
or successor in interest in such manner as the Plan Administrator shall direct.

 

    	 	21	 

     

    

 

10.3        Not
a Contract of Employment. The terms and conditions of this Plan shall not be deemed to constitute a contract of employment
between the Plan Sponsor and the Participant. Nothing in this Plan shall be deemed to give a Participant the right to be retained
in the service of the Plan Sponsor as an employee or otherwise or to interfere with the right of the Plan Sponsor to discipline
or discharge the Participant at any time.

 

10.4        Unclaimed
Benefits. In the case that the Plan Administrator is unable to locate the Participant or Beneficiary to whom a benefit is payable,
such Plan benefit shall be forfeited to the Plan Sponsor upon the Plan Administrator's determination. Notwithstanding the foregoing,
payment may be made to a Participant, and that payment will be treated as made upon the date specified under the Plan, if the Participant
provides notice to the Plan Sponsor within ninety (90) days of the latest date upon which the payment could have been timely made
in accordance with the terms of the Plan and Section 409A, and if not paid, if the Participant takes further enforcement measures
within one-hundred eighty (180) days after such latest date.

 

10.5        Governing
Law. Subject to ERISA, the provisions of this Plan shall be construed and interpreted according to the internal laws of the
State of Maryland without regard to its conflicts of laws principles.

 

10.6        Notice.
Any notice, consent or demand required or permitted to be given under the provisions of this Plan shall be in writing and shall
be signed by the party giving or making the same. If such notice, consent, or demand is mailed, it shall be sent by United States
certified mail, postage prepaid, addressed to the addressee's last known address as shown on the records of the Plan Sponsor. The
date of such mailing shall be deemed the date of notice consent or demand. Any person may change the address to which notice is
to be sent by giving notice of the change of address in the manner aforesaid.

 

10.7        Coordination
with Other Benefits. The benefits provided for a Participant and Participant's Beneficiary under this Plan are in addition
to any other benefits available to such Participant under any other plan or program for employees of the Plan Sponsor. This Plan
shall supplement and shall not supersede, modify, or amend any other such plan or program except as may otherwise be expressly
provided herein.

 

10.8        Compliance.
A Participant shall have no right to receive payment with respect to the Participant's Accrued Benefit until all legal and contractual
obligations of the Plan Sponsor relating to establishment of the Plan and the making of such payments shall have been complied
with in full.

 

10.9        Compliance
with Section 409A and Authoritative Guidance. Notwithstanding anything in this Plan to the contrary, all provisions of this
Plan, including but not limited to the definitions of terms, elections to defer, and distributions, shall be made in accordance
with and shall comply with Section 409A and any authoritative guidance. The Plan Sponsor will amend the terms of this Plan retroactively,
if necessary,

 

    	 	22	 

     

    

 

to the extent required to comply with Section 409A and any authoritative
guidance. No election made by a Participant hereunder, and no change made by a Participant to a previous election, shall be accepted
by the Plan Sponsor if the Plan Sponsor determines that acceptance of such election or change could violate any of the requirements
of Section 409A or the authoritative guidance. This Plan and any accompanying forms shall be interpreted in accordance with, and
incorporate the terms and conditions required by, Section 409A and the authoritative guidance, including, without limitation, any
such Treasury Regulations or other guidance that may be issued after the date hereof.

 

10.10      Not
Contrived Against the Drafter. This Plan has been negotiated and prepared by the parties and their respective legal counsel,
and no provision of this Plan shall be construed more strictly against one party as the drafter.

 

    	 	23	 

     

    

 

IN WITNESS WHEREOF, the Plan Sponsor has
signed this amended and restated Plan document as April 30, 2018.

 

	WITNESS:	 	FOR THE PLAN SPONSOR
	 	 	 
	/s/ Christy Lombardi	 	/s/ Michael L. Middleton
	(third party witness)	 	Chairman of the Board of Directors
	 	 	 
	Christy Lombardi	 	Michael L. Middleton
	(print name)	 	(print name)
	 	 	 
	 	 	PARTICIPANT:
	 	 	 
	 	 	/s/ William Pasenelli
	 	 	William Pasenelli

 

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