Document:

Exhibit 10.6

 

MADISON BANK OF MARYLAND

 

TWO-YEAR CHANGE IN CONTROL AGREEMENT

 

THIS AGREEMENT is
entered into as of January 15, 2015, by and between the Madison Bank of Maryland (the “Bank”),
Robin L. Taylor (the “Executive”) and MB Bancorp, Inc. (the “Company”), a Maryland
corporation and the holding company of the Bank, as guarantor (the “Agreement”).

 

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

 

NOW THEREFORE, in
consideration of these premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto agree as follows.

 

1.          Term
of Agreement.

 

(a)          The
term of this Agreement shall include: (i) the initial term, consisting of the period commencing on the date of this Agreement (the
“Effective Date”) and ending on the second anniversary of the Effective Date, plus (ii) any and all extensions of the
initial term made pursuant to Section 1(b) of this Agreement.

 

(b)          Commencing
on or before the first anniversary date of this Agreement, the Board of Directors of the Bank (“Board”) or designated
committee of the Board shall consult with the Chief Executive Officer of the Bank for purposes of determining whether to extend
the term of the Agreement beyond the expiration date set forth in Section 1(a) of this Agreement or as extended under this Section
1(b) of this Agreement.

 

(c)          Notwithstanding
anything in this Section 1 to the contrary, this Agreement shall terminate if Executive or the Bank terminates Executive’s
employment prior to a Change in Control (as defined in this Agreement).

 

2.          Change
in Control.

 

(a)          Upon
the occurrence of a Change in Control of the Bank or the Company followed at any time during the term of this Agreement by the
termination of Executive’s employment in accordance with the terms of this Agreement, other than for Just Cause, as defined
in Section 2(c) of this Agreement, the provisions of Section 3 of this Agreement shall apply. Upon the occurrence of a Change in
Control, Executive shall have the right to elect to voluntarily terminate her employment at any time during the term of this Agreement
following an event constituting “Good Reason.”

 

“Good Reason” means, unless Executive
has consented in writing thereto, the occurrence following a Change in Control, of any of the following:

 

    	 

    	 

    

 

(i)          a
material diminution of the Executive’s base salary (unless the reduction is part of a Bank-wide or executive-level restructuring
of compensation),

 

(ii)         a
material diminution of the Executive’s authority, duties, or responsibilities, or

 

(iii)        a
change in the geographic location at which the Executive must perform services for the Bank by more than 25 miles from such location
at the Effective Date.

 

(b)          For
purposes of this Agreement, a “Change in Control” means a change in control of the Bank or the Company as defined in
Internal Revenue Section 409A of the Code and rules, regulations, and guidance of general application thereunder issued by the
Department of the Treasury, including a “change in ownership,” “change in effective control” or “change
in ownership of a substantial portion of assets.”

 

(c)          Executive
shall not have the right to receive termination benefits pursuant to Section 3 hereof upon termination for Just Cause. The term
“Just Cause” shall mean termination because of Executive’s personal dishonesty, incompetence, willful misconduct,
any breach of fiduciary duty involving personal profit, intentional failure to perform stated duties, willful violation of any
law, rule, regulation (other than traffic violations or similar offenses), final cease and desist order, or any material breach
of any provision of this Agreement. Notwithstanding the foregoing, Executive shall not be deemed to have been terminated for Just
Cause unless and until there shall have been delivered to him a copy of a resolution duly adopted by the affirmative vote of a
majority of the entire membership of the Board of Directors at a meeting of the Board of Directors called and held for that purpose
(after reasonable notice to Executive and an opportunity for him, together with counsel, to be heard before the Board of Directors),
finding that in the good faith opinion of the Board of Directors, Executive was guilty of conduct justifying termination for Just
Cause and specifying the particulars thereof in detail. Executive shall not have the right to receive compensation or other benefits
for any period after termination for Just Cause.

 

3.          Termination
Benefits.

 

(a)          If
within one (1) year of a Change in Control, Executive’s employment is involuntarily terminated for reasons other than Just
Cause or Executive elects to terminate her employment for “Good Reason” (in accordance with Section 2(a) of this
Agreement) Executive shall receive:

 

		(i)	a lump sum cash payment equal to eighteen (18) months of the Executive’s then current base
salary or her base salary as of the date of the Change in Control, whichever is greater. Such payment shall be made not later than
five (5) days following Executive’s termination of employment. In addition to the cash severance benefit provided for under
this Section 3(a)(i) the Bank shall provide or cause to be provided post-termination insurance coverage described in Section 3(a)(ii)
below, subject to the provisions of Section 3(c) of this Agreement.

 

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		(ii)	Continued health and dental insurance coverage for Executive and her dependents at the Bank’s
expense. The health and dental insurance coverage shall continue until the first to occur: (x) Executive’s attainment of
age 65, (y) Executive’s death or (z) twelve (12) months after Executive’s termination of employment. To the extent
that benefits required under this Section 3(a)(ii) cannot be provided under the terms of any employee benefit plan maintained by
the Bank or a successor to the Bank, the Bank (or its successor) shall pay to the Executive in a single lump sum an amount in cash
equal to the present value of the Bank’s projected cost to maintain that particular insurance benefit (and associated income
tax gross-up benefit, if applicable) had the Executive’s employment not terminated, assuming continued coverage for twelve
(12) months.

 

(b)          Notwithstanding
any other provisions of this Agreement, in the event that the aggregate payments or benefits to be made or afforded to the Executive
under this Agreement or otherwise, which are deemed to be parachute payments as defined in Section 280G of the Code or any successor
thereof (the “Termination Benefits”), would be deemed to include an “excess parachute payment” under Section
280G of the Code, then the Termination Benefits shall be reduced to a value which is one dollar ($1.00) less than an amount equal
to three (3) times the Executive’s “base amount,” as determined in accordance with Section 280G of the Code.
The allocation of the reduction required hereby among the Termination Benefits shall first be made from any cash severance benefit
due under Section 3(a)(i) of this Agreement. Nothing contained in this Agreement shall result in a reduction of any payments or
benefits to which the Executive may be entitled upon termination of employment other than pursuant to Sections 3 hereof or a reduction
in the payments and benefits specified, below zero.

 

(c)          The
parties to this Agreement intend for the payments to satisfy the short-term deferral exception under Section 409A of the Code or,
in the case of health and dental benefits, not constitute deferred compensation (since such amounts are not taxable to Executive).
However, notwithstanding anything to the contrary in this Agreement, to the extent payments do not meet the short-term deferral
exception of Section 409A of the Code and, in the event Executive is a “Specified Employee” (as defined herein) no
payment shall be made to Executive under this Agreement prior to the first day of the seventh month following the Executive’s
termination of employment in excess of the “permitted amount” under Section 409A of the Code. For these purposes the
“permitted amount” shall be an amount that does not exceed two times the lesser of: (A) the sum of Executive’s
annualized compensation based upon the annual rate of pay for services provided to the Bank for the calendar year preceding the
year in which Executive terminates employment, or (B) the maximum amount that may be taken into account under a tax-qualified plan
pursuant to Section 401(a)(17) of the Code for the calendar year in which Executive’s termination of employment occurs. The
payment of the “permitted amount” shall be made within five (5) days of the Executive’s termination of employment.
Any payment in excess of the permitted amount shall be made to Executive on the first day of the seventh month following Executive’s
termination of employment. “Specified Employee” shall be interpreted to comply with Section 409A of the Code and shall
mean a key employee within the meaning of Section 416(i) of the Code (without regard to paragraph 5 thereof), but an individual

 

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shall be a “Specified Employee”
only if the Bank is a publicly-traded institution or the subsidiary of a publicly-traded holding company.

 

4.          Notice
of Termination.

 

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

 

(b)          “Date
of Termination” shall mean the date specified in the Notice of Termination (which, in the case of a termination for Just
Cause, shall not be less than thirty (30) days from the date such Notice of Termination is given).

 

5.          Source
of Payments.

 

All payments provided in
this Agreement shall be timely paid in cash or check from the general funds of the Bank. The Company, however, unconditionally
guarantees payment and provision of all amounts and benefits due hereunder to Executive and, if such amounts and benefits due from
the Bank are not timely paid or provided by the Bank, such amounts and benefits shall be paid or provided by the Company.

 

6.          Effect
on Prior Agreements and Existing Benefit Plans.

 

This Agreement contains
the entire understanding between the parties hereto and supersedes any prior agreement between the Bank and Executive, except that
this Agreement shall not affect or operate to reduce any benefit or compensation inuring to Executive of a kind elsewhere provided.
No provision of this Agreement shall be interpreted to mean that Executive is subject to receiving fewer benefits than those available
to her without reference to this Agreement. Nothing in this Agreement shall confer upon Executive the right to continue in the
employ of the Bank or shall impose on the Bank any obligation to employ or retain Executive in its employ for any period.

 

7.          No
Attachment.

 

(a)          Except
as required by law, no right to receive payments under this Agreement shall be subject to anticipation, commutation, alienation,
sale, assignment, encumbrance, charge, pledge, or hypothecation or to execution, attachment, levy or similar process or assignment
by operation of law, and any attempt, voluntary or involuntary, to affect any such action shall be null, void and of no effect.

 

(b)          This
Agreement shall be binding upon, and inure to the benefit of, Executive, the Bank and their respective successors and assigns.

 

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8.          Modification
and Waiver.

 

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

 

(b)          No
term or condition of this Agreement shall be deemed to have been waived nor shall there be any estoppel against the enforcement
of any provision of this Agreement, except by written instrument of the party charged with such waiver or estoppel. No such written
waiver shall be deemed a continuing waiver unless specifically stated therein, and each such waiver shall operate only as to the
specific term or condition waived and shall not constitute a waiver of such term or condition for the future or as to any act other
than that specifically waived.

 

9.          Severability.

 

If, for any reason, any
provision of this Agreement, or any part of any provision, is held invalid, such invalidity shall not affect any other provision
of this Agreement or any part of such provision not held so invalid, and each such other provision and part thereof shall to the
full extent consistent with law continue in full force and effect.

 

10.         Headings
for Reference Only.

 

The headings of sections
and paragraphs herein are included solely for convenience of reference and shall not control the meaning or interpretation of any
of the provisions of this Agreement. In addition, references herein to the masculine shall apply to both the masculine and the
feminine.

 

11.         Governing
Law.

 

Except to the extent preempted
by federal law, the validity, interpretation, performance, and enforcement of this Agreement shall be governed by the laws of the
State of Maryland, without regard to principles of conflicts of law of that State.

 

12.         Arbitration.

 

Any dispute or controversy
arising under or in connection with this Agreement shall be settled exclusively by arbitration, conducted before a panel of three
arbitrators sitting in a location selected by Executive within fifty (50) miles from the location of the Bank, in accordance with
the rules of the American Arbitration Association then in effect. Judgment may be entered on the arbitrator’s award in any
court having jurisdiction; provided, however, that Executive shall be entitled to seek specific performance of his right to be
paid until the Date of Termination during the pendency of any dispute or controversy arising under or in connection with this Agreement.

 

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13.         Payment
of Legal Fees.

 

All reasonable legal fees
paid or incurred by Executive pursuant to any dispute or question of interpretation relating to this Agreement shall be paid or
reimbursed by the Bank, only if Executive is successful pursuant to a legal judgment, arbitration or settlement.

 

14.         Indemnification.

 

The Company or the Bank
shall provide Executive (including her heirs, executors and administrators) with coverage under a standard directors’ and
officers’ liability insurance policy at its expense and shall indemnify Executive (and his heirs, executors and administrators)
to the fullest extent permitted under applicable law against all expenses and liabilities reasonably incurred by her in connection
with or arising out of any action, suit or proceeding in which she may be involved by reason of her having been a director or officer
of the Company or the Bank (whether or not she continues to be a director or officer at the time of incurring such expenses or
liabilities), such expenses and liabilities to include, but not be limited to, judgments, court costs, attorneys’ fees and
the cost of reasonable settlements.

 

15.         Successors
to the Bank.

 

The Bank shall require
any successor or assignee, whether direct or indirect, by purchase, merger, consolidation or otherwise, to all or substantially
all of the business or assets of the Bank or the Company, expressly and unconditionally to assume and agree to perform the Bank’s
obligations under this Agreement, in the same manner and to the same extent that the Bank would be required to perform if no such
succession or assignment had taken place.

 

16.         Required
Provisions.

 

In the event any of the foregoing provisions
of this Section 16 are in conflict with the terms of this Agreement, this Section 16 shall prevail.

 

(a)          The
Board may terminate the Executive’s employment at any time, but any termination by the Bank, other than termination for Just
Cause, shall not prejudice the Executive’s right to compensation or other benefits under this Agreement. The Executive shall
not have the right to receive compensation or other benefits for any period after termination for Just Cause as defined in this
Agreement.

 

(b)          If
the Executive is suspended from office and/or temporarily prohibited from participating in the conduct of the Bank’s affairs
by a notice served under Section 8(e)(3) or 8(g)(1) of the Federal Deposit Insurance Act, 12 U.S.C. Section 1818(e)(3) or (g)(1),
the Bank’s obligations under this Agreement shall be suspended as of the date of service, unless stayed by appropriate proceedings.
If the charges in the notice are dismissed, the Bank may, in its discretion: (i) pay the Executive all or part of the compensation
withheld while its contract obligations were suspended; and (ii) reinstate (in whole or in part) any of the obligations which were
suspended.

 

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(c)          If
the Executive is removed and/or permanently prohibited from participating in the conduct of the Bank’s affairs by an order
issued under Section 8(e)(4) or 8(g)(1) of the Federal Deposit Insurance Act, 12 U.S.C. Section 1818(e)(4) or (g)(1), all obligations
of the Bank under this Agreement shall terminate as of the effective date of the order, but vested rights of the contracting parties
shall not be affected.

 

(d)          If
the Bank is in default as defined in Section 3(x)(1) of the Federal Deposit Insurance Act, 12 U.S.C. Section 1813(x)(1), all obligations
under this Agreement shall terminate as of the date of default, but this paragraph shall not affect any vested rights of the contracting
parties.

 

(e)          All
obligations under this Agreement shall terminate, except to the extent determined that continuation of the Agreement is necessary
for the continued operation of the Bank: (i) by the Comptroller of the Currency, or his or her designee (the “Comptroller”),
at the time the Federal Deposit Insurance Corporation (FDIC) enters into an agreement to provide assistance to or on behalf of
the Bank under the authority contained in Section 13(c) of the Federal Deposit Insurance Act, 12 U.S.C. Section 1823(c), or (ii)
by the Comptroller at the time the Comptroller approves a supervisory merger to resolve problems related to the operations of the
Bank or when the Bank is determined by the Comptroller to be in an unsafe or unsound condition. Any rights of the parties that
have already vested, however, shall not be affected by such action.

 

(f)          Any
payments made to the Executive pursuant to this Agreement, or otherwise, are subject to, and conditioned upon, their compliance
with 12 U.S.C. Section 1828(k) and FDIC Regulation 12 C.F.R. Part 359, Golden Parachute and Indemnification Payments.

 

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SIGNATURES

 

IN WITNESS WHEREOF, Madison
Bank of Maryland and MB Bancorp, Inc. each caused this Agreement to be executed by their duly authorized officers, and Executive
has signed this Agreement on January 15, 2015.

 

	 	MADISON BANK OF MARYLAND
	 	 	 
	 	By:	/s/ Lawrence W. Williams
	 	 	On behalf of the Board of Directors
	 	 	 
	 	MB BANCORP, INC.
	 	(Guarantor)
	 	 	 
	 	By:	/s/ Lawrence W. Williams
	 	 	On behalf of the Board of Directors
	 	 	 
	 	EXECUTIVE
	 	 	 
	 	/s/ Robin L. Taylor
	 	Robin L. Taylor

 

    	8Exhibit 10.55

 

AMENDMENT NO. 2

TO

LINE LETTER AGREEMENT

 

THIS AMENDMENT NO. 2 TO
LINE LETTER AGREEMENT (this “Amendment”) is entered into as of February, 2015, by and among JR LICENSING, LLC,
a Delaware limited liability company (“Borrower”), XCEL BRANDS, INC., a Delaware corporation (“Guarantor”)
and BANK HAPOALIM B.M. (“Bank”).

 

BACKGROUND

 

Borrower, Guarantor and
Bank are parties to a Line Letter Agreement dated as of April 1, 2014 (as amended, restated, supplemented or otherwise modified
from time to time, the “Letter Agreement”) pursuant to which Bank made a term loan to Borrower.

 

On April 1, 2014 Borrower
executed a Promissory Note in the original principal amount of $9,000,000 in favor of Bank (as amended, modified, supplemented
and restated from time to time, the “Note”) to evidence such term loan.

 

Guarantor has guaranteed
the payment and performance of Borrower’s obligations to Bank under the Note and the Letter Agreement pursuant to a Guaranty
dated as of April 1, 2014 (as amended, modified, supplement and restated from time to time, the “Guaranty”).

 

Borrower and Bank have
agreed to amend the Loan Documents on the terms and conditions set forth herein.

 

NOW, THEREFORE, in consideration
of the financial accommodations to be provided to H Licensing by Bank, and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

 

1.          Definitions.
All capitalized terms not otherwise defined herein shall have the meanings given to them in the Letter Agreement and the Note,
as applicable.

 

2.          Amendment
to Letter Agreement. The Letter Agreement is hereby amended as follows:

 

(a)          Section
4(p) is amended in its entirety to provide as follows:

 

“(p) Cash Flow Recapture.
If for any fiscal year commencing with the fiscal year ending on December 31, 2015, there shall be Excess Cash Flow for such fiscal
year, the Borrower shall pay to Bank an amount equal to fifty percent (50%) of such Excess Cash Flow (the “Cash Flow Recapture
Requirement”), to be applied by Bank to the principal amount of the Term Loan in the reverse order of maturity. The Cash
Flow Recapture Requirement for any such fiscal year shall be received by the Bank no later than the date of delivery of the financial
statements for such fiscal year required pursuant to Section 3(a)(i).”

 

 

    	 

    	 

    

 

3.          Conditions
of Effectiveness. This Amendment shall become effective upon (a) a Lender’s receipt of this Amendment executed by
Borrower and Guarantor in form and substance satisfactory to Bank and (b) the payment to Bank of an amendment fee in the amount
of $10,000.

 

4.          Representations
and Warranties. Each of Borrower and Guarantor hereby represents and warrants as follows:

 

(a)          This
Amendment and the Loan Documents, as amended hereby, constitute legal, valid and binding obligations of Borrower and Guarantor,
to the extent a party thereto and are enforceable against Borrower and Guarantor in accordance with their respective terms, except
to the extent that such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other
similar laws affecting the enforcement of creditors’ rights generally or limiting the right of specific performance.

 

(b)          Upon
the effectiveness of this Amendment, each of Borrower and Guarantor hereby reaffirms all covenants, representations and warranties
made in the Loan Documents to the extent the same are not amended hereby and agree that all such covenants, representations and
warranties shall be deemed to have been remade as of the effective date of this Amendment.

 

(c)          No
Event of Default has occurred and is continuing or would exist after giving effect to this Amendment.

 

(d)          Neither
Borrower nor Guarantor has any defense, counterclaim or offset with respect to the Loan Documents.

 

5.          Effect
on the Loan Documents.

 

(a)          Upon
the effectiveness of this Amendment, each reference to a Loan Document shall mean and be a reference to such Loan Document as amended
hereby.

 

(b)          Except
as specifically amended herein, the Loan Documents, shall remain in full force and effect, and are hereby ratified and confirmed.

 

(c)          The
execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of Lender,
nor constitute a waiver of any provision of any Loan Document.

 

    	 

    	 

    

 

 

6.          Governing
Law. This Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and
assigns and shall be governed by and construed in accordance with the laws of the State of New York.

 

7.          Headings.
Section headings in this Amendment are included herein for convenience of reference only and shall not constitute a part of this
Amendment for any other purpose.

 

8.          Counterparts;
Electronic Transmission. This Amendment may be executed by the parties hereto in one or more counterparts, each of which shall
be deemed an original and all of which when taken together shall constitute one and the same agreement. Any signature delivered
by a party by facsimile transmission shall be deemed to be an original signature hereto.

 

IN WITNESS WHEREOF, this
Amendment has been duly executed as of the day and year first written above.

 

	 	JR LICENSING, LLC
	 	By:  Xcel Brands, Inc., its Manager
	 	 	 
	 	By:	/s/ Seth Burroughs
	 	 	Name: Seth Burroughs
	 	 	Title: Executive Vice President
	 	 
	 	XCEL BRANDS, INC.
	 	 	 
	 	By:	/s/ Seth Burroughs
	 	 	Name: Seth Burroughs
	 	 	Title: Executive Vice President
	 	 
	 	BANK HAPOALIM B.M.
	 	 	 
	 	By:	/s/ Robert Schnitzer
	 	 	Name: Robert Schnitzer
	 	 	Title: SVP
	 	 	 
	 	By:	/s/ Michael Barnett
	 	 	Name: Michael Barnett
	 	 	Title: SVP Middle Market

 

SIGNATURE PAGE TO

AMENDMENT NO. 2 TO

LINE LETTER AGREEMENT

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