Document:

EX-10.5

 EXHIBIT 10.5 

CBM BANCORP, INC. 

EMPLOYMENT AGREEMENT 
 AS
AMENDED AND RESTATED 
 THIS AGREEMENT (the “Agreement”), made as of the
30th day of September, 2020 by and between CBM BANCORP, INC. (the “Company”), the parent holding company of Chesapeake Bank of Maryland, a federal savings bank (the “Bank”),
and Joseph M. Solomon (“Executive”). 
 WHEREAS, Executive serves in the position as the President of the Company (“Officer
Position”), and 
 WHEREAS, the Company wishes to be assured of Executive’s continued services for the term of this Agreement; and

 WHEREAS, Executive is willing to serve in the employ of the Company during the term of this Agreement on the terms and conditions set
forth hereinafter. 
 NOW, THEREFORE, in consideration of the mutual covenants contained in this Agreement, and upon the other terms and
conditions provided for in this Agreement, the parties, intending to be legally bound, hereby agree as follows: 
 1. Employment. The Company will
employ Executive in the Officer Position. Executive will perform all duties and shall have all powers commonly incident to his position, or which, consistent with his position, the Board of Directors of the Company (the “Board”) delegates
to Executive. Executive also agrees to serve, if elected, as an officer and/or director of any subsidiary or affiliate of the Company, including the Bank, a wholly-owned subsidiary of the Company, and to carry out the duties and responsibilities
reasonably appropriate to those offices. 
 2. Location and Facilities. The Company will furnish Executive with the working facilities and staff
customary for executive officers with the titles and duties set forth in Section 1 and as are necessary for him to perform his duties. The location of such facilities and staff shall be at the principal administrative offices of the Company, or
at such other site or sites customary for such offices. 
 3. Term. 
  

	 	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 third anniversary of the Effective Date, plus (ii) any and all extensions of the initial term made pursuant to this Section 3 (collectively, the “Term”).

  

	 	b.	 Commencing on the first anniversary of the Effective Date and continuing on each anniversary of the Effective
Date thereafter, the disinterested members of the Board may extend the Agreement Term for an additional year, so that the remaining Term of the Agreement again becomes thirty-six (36) months, unless

	 	
Executive elects not to extend the Term of this Agreement by giving written notice in accordance with’ Section 18 of this Agreement. The Board will review the Agreement and
Executive’s performance annually for purposes of determining whether to extend the Agreement Term and will include the rationale and results of its review in the minutes of its meeting. The Board will notify Executive within sixty days after
its annual review whether it has determined to extend the Term of the Agreement. 

  

	 	c.	 Nothing in this Agreement shall mandate or prohibit a continuation of Executive’s employment following the
expiration of the Term of this Agreement. 

 4. Base Compensation. 

 

	 	a.	 For his services in the Officer Position, the Company agrees to pay Executive a base salary at the rate of
$150,000 per annum, payable in accordance with customary payroll practices. 

  

	 	b.	 During the Term of this Agreement, the Board will review the level of Executive’s base salary at least
annually, based upon factors deemed relevant, in order to determine Executive’s base salary through the remaining Term of the Agreement. 

5. Bonuses. Executive will participate in discretionary bonuses or other incentive compensation programs that the Company may sponsor or award from
time to time to senior management employees. Nothing paid to Executive under any such plan or arrangement will be deemed to be in lieu of any other compensation to which Executive is entitled under this Agreement. 

6. Benefit Plans. Executive will participate in life insurance, medical, dental, pension, profit sharing, retirement and other programs and
arrangements that the Company may sponsor or maintain for the benefit of its employees, including participation in comparable programs for its executive officers, including but not limited to deferred compensation or supplemental retirement plans,
executive supplemental life insurance coverage, and reimbursement of cell phone expenses. 
 7. Vacations and Leave. 

 

	 	a.	 Executive may take vacations and other leave in accordance with the Company’s policy for senior
executives, or otherwise as approved by the Board. 

  

	 	b.	 In addition to paid vacations and other leave, the Board may grant Executive a leave or leaves of absence, with
or without pay, at such time or times and upon such terms and conditions as the Board, in its discretion, may determine. 

 8. Expense
Payments and Reimbursements. The Company will reimburse Executive for all reasonable out-of-pocket business expenses incurred in connection with his services under
this Agreement upon substantiation of such expenses in accordance with applicable policies of the Company. 

  
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 9. Loyalty and Confidentiality. 

 

	 	a.	 During the Term of this Agreement, Executive will devote all his business time, attention, skill, and efforts
to the faithful performance of his duties under this Agreement; provided, however, that from time to time and following written notice to the Board, Executive may serve on the boards of directors of, and hold any other offices or positions in,
companies or organizations that will not present any conflict of interest with the Company or any of its subsidiaries or affiliates, unfavorably affect the performance of Executive’s duties pursuant to this Agreement, or violate any applicable
statute or regulation. Executive will not engage in any business or activity contrary to the business affairs or interests of the Company or any of its subsidiaries or affiliates. 

 

	 	b.	 Nothing contained in this Agreement will prevent or limit Executive’s right to invest in the capital stock
or other securities or interests of any business dissimilar from that of the Company, or, solely as a passive, minority investor, in any business. 

  

	 	c.	 Executive agrees to maintain the confidentiality of any and all information concerning the operations or
financial status of the Company; the names or addresses of any of its borrowers, depositors and other customers; any information concerning or obtained from such customers; and any other information concerning the Company or its subsidiaries or
affiliates to which he may be exposed during the course of his employment. Executive further agrees that, unless required by law or specifically permitted by the Board in writing, he will not disclose to any person or entity, either during or
subsequent to his employment, any of the above-mentioned information which is not generally known to the public, nor will he use the information in any way other than for the benefit of the Company. 

10. Termination and Termination Pay. Subject to Section 11 of this Agreement, Executive’s employment under this Agreement may be terminated
in the following circumstances: 
  

	 	a.	 Death. Executive’s employment under this Agreement will terminate upon his death during the Term of
this Agreement, in which event Executive’s estate will receive payment of the Executive’s base salary for a period of sixty (60) days following such date of death in addition to payment for any and all compensation accrued for all
periods through the date of death. 

  

	 	b.	 Retirement. This Agreement will terminate upon Executive’s retirement in accordance with the
retirement benefit plan or plans in which he participates pursuant to Section 6 of this Agreement or otherwise. 

  

	 	c.	 Disability. 

  

	 	(i)	 The Board or Executive may terminate Executive’s employment after having determined Executive has a
Disability. For purposes of this Agreement, “Disability” means a physical or mental infirmity that impairs 

  
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Executive’s ability to substantially perform his duties under this Agreement and results in Executive becoming eligible for long-term disability benefits under any long-term disability plans
of the Company (or, if no such plans exist, that impairs Executive’s ability to substantially perform his duties under this Agreement for a period of one hundred eighty (180) consecutive days). The Board will determine whether or not
Executive is and continues to be permanently disabled for purposes of this Agreement in good faith, based upon competent medical advice and other factors that the Board reasonably believes to be relevant. As a condition to any benefits, the Board
may require Executive to submit to physical or mental evaluations and tests as the Board or its medical experts deem reasonably appropriate. 

  

	 	(ii)	 In the event of his Disability, Executive will no longer be obligated to perform services under this Agreement.
The Company will pay Executive, as Disability pay, an amount equal to one hundred percent (100%) of Executive’s rate of base salary in effect as of the date of his termination of employment due to Disability. The Company will make Disability
payments on a monthly basis commencing on the first day of the month following the effective date of Executive’s termination of employment due to Disability and ending on the earlier of: (A) the date he returns to full-time employment at
the Company in the same capacity as he was employed prior to his termination for Disability; (B) his death; or (C) the last date of the Term of this Agreement had Executive’s employment not terminated by reason of Disability;
provided, however, in the event of subparagraph (C), such Disability payments shall not be made for a period of less than twelve (12) months. The Company will reduce Disability payments by the amount of any short- or long-term disability
benefits payable to Executive under any other disability programs sponsored by the Company. In addition, during any period of Disability payments from the Company during Executive’s Disability, the Company will continue to provide Executive and
his dependents, to the greatest extent possible, with continued coverage under all benefit plans (including, without limitation, retirement plans and medical, dental and life insurance plans) in which Executive and/or his dependents participated
prior to his Disability on the same terms as if he had remained actively employed by the Company. 

  

	 	d.	 Termination for Cause. 

 

	 	(i)	 The Board may, by written notice to Executive in the form and manner specified in this paragraph, immediately
terminate his employment at any time for “Cause.” Executive shall have no right to receive compensation or other benefits for any period after termination for Cause, except for already vested benefits. Termination for Cause shall mean
termination because of Executive’s: 

  
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	 	(1)	 Personal dishonesty; 

	 	(2)	 Incompetence; 

	 	(3)	 Willful misconduct; 

	 	(4)	 Breach of fiduciary duty involving personal profit; 

	 	(5)	 Intentional failure to perform stated duties; 

	 	(6)	 Willful violation of any law, rule or regulation (other than traffic violations or similar offenses) or final cease-and-desist order; or 

	 	(7)	 Material breach of any provision of this Agreement. 

 

	 	(ii)	 Notwithstanding the foregoing, Executive’s termination for Cause will not become effective unless the
Company has delivered to Executive a copy of a resolution duly adopted by the affirmative vote of a majority of the entire membership of the Board, at a meeting of the Board called and held for the purpose of finding that (after reasonable notice to
Executive and an opportunity for Executive to be heard before the Board with counsel) Executive was guilty of the conduct described above and specifying the particulars of this conduct. 

 

	 	e.	 Voluntary Termination by Executive. In addition to his other rights to terminate under this Agreement,
Executive may voluntarily terminate employment during the Term of this Agreement upon at least sixty (60) days prior written notice to the Board. Upon Executive’s voluntary termination, he will receive only his compensation and vested
rights and benefits through the date of his termination. Following his voluntary termination of employment under this Section 10(e), Executive will continue to be subject to the restrictions set forth in Section 10(g) of this Agreement.

  

	 	f.	 Without Cause or With Good Reason. 

 

	 	(i)	 In addition to termination pursuant to Sections 10(a) through 10(e), the Board may, by written notice to
Executive, immediately terminate his employment at any time for a reason other than Cause (a termination “Without Cause”). Further, the Executive may, by written notice to the Board given at any time within ninety (90) days following
an event constituting “Good Reason,” as defined below immediately terminate his employment effective following thirty (30) days after such notice is given (a termination “With Good Reason”); provided, however, that the
Company shall have thirty (30) days to cure the “Good Reason” condition, but the Company may waive its right to cure. Notwithstanding the foregoing, if such condition constituting Good Reason is remedied within such thirty
(30) day period, the Company shall not be required to pay the amount due to the Executive as a result of such termination With Good Reason and such termination With Good Reason shall not be effective.

  
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	 	Subject to Section 11 of this Agreement, in the event of termination under this Section 10(f), Executive will receive his base salary in effect as of his termination date for the remaining Term of the
Agreement, with such amount paid in one lump sum within thirty (30) calendar days of his termination date. Executive will also continue to participate in any compensation and benefit plans of the Company that provide medical, dental and life
insurance coverage, and payment equal to the additional cash bonus and retirement benefits that would have been earned by the Executive during the remaining Term of the Agreement (or the date of death, if earlier), under terms and conditions no less
favorable than the most favorable terms and conditions provided to senior executives of the Company during the same period. If the Company cannot provide such coverage or participation because Executive is no longer an employee, the Company will
provide Executive with comparable coverage on an individual policy basis or the cash equivalent. 

  

	 	(ii)	 “Good Reason” exists if, without Executive’s express written consent, the Company materially
breaches any of its obligations under this Agreement. Without limitation, such a material breach will occur upon any of the following: 

  

	 	(1)	 A material reduction in, Executive’s responsibilities or authority in connection with his employment with
the Company, including a requirement that the Executive report to any person other than the Company’s Chairman of the Board or directly to the Board of Directors; 

	 	(2)	 Assignment to Executive of duties of a non-executive nature or duties
for which he is not reasonably equipped by his skills and experience; 

	 	(3)	 Failure of Executive to be nominated or re-nominated to the Board to
the extent Executive is a Board member prior to the Effective Date; 

	 	(4)	 A reduction in salary or benefits contrary to the terms of this Agreement, or, following a Change in Control as
defined in Section 11 of this Agreement, any reduction in salary or material reduction in benefits below the amounts Executive was entitled to receive prior to the Change in Control; 

	 	(5)	 Termination of incentive and benefit plans, programs or arrangements, or reduction of Executive’s
participation, that is not applicable to other similarly situated participants and to such an extent as to materially reduce their aggregate value below their aggregate value as of the Effective Date; 

	 	(6)	 A requirement that Executive relocate his principal business office or his principal place of residence outside
of the area consisting of a thirty-five (35) mile radius from the current main office of the Company or the Bank, or the assignment to Executive of duties that would reasonably require such a relocation; 

	 	(7)	 Liquidation or dissolution of the Company; or 

	 	(8)	 a material breach of this Agreement by the Company. 

  
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	 	(iii)	 Notwithstanding the foregoing, a reduction or elimination of Executive’s benefits under one or more
benefit plans, programs or arrangements maintained by the Company as part of a good faith, overall reduction or elimination of such plans or benefits, applicable to all participants in a manner that does not discriminate against Executive (except as
such discrimination may be necessary to comply with law), will not constitute an event of Good Reason or a material breach of this Agreement, provided that benefits of the same type or to the same general extent as those offered under such plans
prior to the reduction or elimination are not available to other officers of the Company or any affiliate under a plan or plans in or under which Executive is not entitled to participate. 

 

	 	g.	 Post-Employment Covenant Not to Compete or Interfere with Relationships and Confidentiality

 Regardless of anything herein to the contrary, following a termination of employment by the Company or Executive
pursuant to Section 10(e) or 10(f): 
  

	 	i.	 Executive’s obligations under Section 9(c) of this Agreement will continue in effect; and

  

	 	ii.	 During the period ending on the first anniversary of such termination of employment, Executive will not serve
as an officer, director or employee of any bank holding company, bank, savings association, savings and loan holding company, mortgage company, credit union or other financial institution that offers products or services competing with those offered
by the Company or the Bank from any office within thirty-five (35) miles from the main office of the Company or the Bank or any branch of the Bank and, further, Executive will not interfere with the relationship of the Company, its subsidiaries
or affiliates and any of their employees, agents, or representatives; provided, however, the provisions of this subsection 10(g)(ii) shall not apply in the event of such termination of employment following a Change in Control as set forth at
Section 11(b). 

  

	 	h.	 To the extent Executive is a member of the Board on the date of termination of employment with the Company,
Executive will resign from the Board immediately following such termination of employment with the Company. Executive will be obligated to tender this resignation regardless of the method or manner of termination, and such resignation will not be
conditioned upon any event or payment. 

 11. Termination in Connection with a Change in Control. 

 

	 	a.	 For purposes of this Agreement, a “Change in Control” means any of the following events:

  
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	 	(i)	 There occurs a “Change in Control” of the Company, as defined or determined by either the
Company’s primary federal regulator or under regulations promulgated by such regulator; 

  

	 	(ii)	 As a result of, or in connection with, any merger or other business combination, sale of assets or contested
election, the persons who were non-employee directors of the Company before such transaction or event cease to constitute a majority of the Board of Directors of the Company or any successor to the Company;

  

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

  

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

 

	 	(v)	 The Company sells or transfers more than a fifty percent (50%) equity interest in the Company to another person
or entity which is not an affiliate of the Company, excluding a sale or transfer to a person or persons who are employed by the Company. 

  

	 	b.	 Termination. If within the period ending one year after a Change in Control, (i) the Company
terminates Executive’s employment without Cause, or (ii) Executive voluntarily terminates his employment With Good Reason, the Company will, within ten (10) calendar days of the termination of Executive’s employment, make a lump-sum cash payment to him equal to three times Executive’s average taxable compensation (as reported on Form W-2, Box-5,
Medicare Wages) over the five (5) most recently completed calendar years (or years of employment, annualized for partial years of employment, if less than five), ending with the year immediately preceding the effective date of the Change in
Control. The cash payment made under this Section 11(b) shall be made in lieu of any payment also required under Section 10(f) of this Agreement because of Executive’s termination of employment; however, Executive’s rights under
Section 10(f) are not otherwise affected by this Section 11. Following termination of employment, executive will also continue to participate in any benefit plans of the Company that provide medical, dental and life insurance coverage upon
terms no less favorable than the most favorable terms provided to senior executives. If the Company cannot provide such coverage because Executive is no longer an employee, the Company will provide Executive with comparable coverage on an individual
basis or the cash equivalent. The medical, dental and life insurance coverage provided under this Section 11(b) shall cease upon the earlier of: (i) Executive’s death; (ii) Executive’s employment by another employer other
than one of which he is the majority owner; or (iii) thirty-six (36) months after his termination of employment. 

  
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	 	c.	 The provisions of Section 11 and Sections 13 through 25, including the defined terms used in such
sections, shall continue in effect until the later of the expiration of this Agreement or one year following a Change in Control. 

 12.
Indemnification and Liability Insurance. 
  

	 	a.	 Indemnification. The Company agrees to indemnify Executive (and his heirs, executors, and
administrators), and to advance expenses related to this indemnification, to the fullest extent permitted under applicable law and regulations against any and all expenses and liabilities that Executive reasonably incurs in connection with or
arising out of any action, suit, or proceeding in which he may be involved by reason of his service as an officer or director of the Company or any of its subsidiaries or affiliates (whether or not he continues to be an officer or director at the
time of incurring any such expenses or liabilities). Covered expenses and liabilities include, but are not limited to, judgments, court costs, and attorneys’ fees and the costs of reasonable settlements, subject to Board approval, if the action
is brought against Executive in his capacity as an officer or director of the Company or any of its subsidiaries. Indemnification for expenses will not extend to matters related to Executive’s termination for Cause. Notwithstanding anything in
this Section 12(a) to the contrary, the Company will not be required to provide indemnification prohibited by applicable law or regulation. The obligations of this Section 12 will survive the Term of this Agreement by a period of six
(6) years. 

  

	 	b.	 Insurance. During the period for which the Company must indemnify Executive, the Company will provide
Executive (and his heirs, executors, and administrators) with coverage under a directors’ and officers’ liability policy at the Company’s expense, that is at least equivalent to the coverage provided to directors and senior executives
of the Company. 

 13. Reimbursement of Executive’s Expenses to Enforce this Agreement. The Company will reimburse Executive
for all out-of-pocket expenses, including, without limitation, reasonable attorneys’ fees, incurred by Executive in connection with his successful enforcement of
the Company’s obligations under this Agreement. Successful enforcement means the grant of an award of money or the requirement that the Company take some specified action: (i) as a result of court order; or (ii) otherwise following an
initial failure of the Company to pay money or take action promptly following receipt of a written demand from Executive stating the reason that the Company must make payment or take action under this Agreement. 

14. Limitation of Payments or Benefits Under Certain Circumstances. 
  

	 	a.	 Notwithstanding anything else in this Agreement to the contrary, Executive’s employment shall not be
deemed to have been terminated unless and until Executive has a Separation from Service within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (“Code”). For purposes of this Agreement, a “Separation
from Service” shall have occurred if the Company and Executive reasonably anticipate that either no further services will be performed 

  
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by Executive after the date of termination (whether as an employee or as an independent contractor) or the level of further services performed is less than twenty (20) percent of the average
level of bona fide services in the thirty-six (36) months immediately preceding the termination. For all purposes hereunder, the definition of Separation from Service shall be interpreted consistent with
Treasury Regulation Section 1.409A-1(h)(ii). Notwithstanding the foregoing, this Section is not applicable in the event of the Executive’s termination for Cause. 

 

	 	b.	 Notwithstanding the foregoing, if Executive is a “specified employee” (i.e., a “key
employee” of a publicly traded company within the meaning of Section 409A of the Code and the final regulations issued thereunder) and any payment under this Agreement is triggered due to Executive’s Separation from Service (other
than due to Disability or death), then solely to the extent necessary to avoid penalties under Section 409A of the Code, no payment shall be made during the first six (6) months following Executive’s Separation from Service. Rather,
any payment which would otherwise be paid to Executive during such period shall be accumulated and paid to Executive in a lump sum on the first day of the seventh month following such Separation from Service. All subsequent payments shall be paid in
the manner specified in this Agreement. 

 15. Injunctive Relief. Upon a breach or threatened breach of Section 10(g) of this
Agreement or the prohibitions upon disclosure contained in Section 9(c) of this Agreement, the parties agree that there is no adequate remedy at law for such breach, and the Company shall be entitled to injunctive relief restraining Executive
from such breach or threatened breach, but such relief shall not be the exclusive remedy for a breach of this Agreement. The parties further agree that Executive, without limitation, may seek injunctive relief to enforce the obligations of the
Company under this Agreement. 
 16. Successors and Assigns. 
  

	 	a.	 This Agreement shall inure to the benefit of and be binding upon any corporate or other successor of the
Company which shall acquire, directly or indirectly, by merger, consolidation, purchase or otherwise, all or substantially all of the assets or stock of the Company. 

 

	 	b.	 Since the Company is contracting for the unique and personal skills of Executive, Executive shall not assign or
delegate his rights or duties under this Agreement without first obtaining the written consent of the Company. 

 17. No
Mitigation. Executive shall not be required to mitigate the amount of any payment provided for in this Agreement by seeking other employment or otherwise and no such payment shall be offset or reduced by the amount of any compensation or
benefits provided to Executive in any subsequent employment. 
 18. Notices. All notices, requests, demands and other communications in connection
with this Agreement shall be made in writing and shall be deemed to have been given when delivered by hand or forty-eight (48) hours after mailing at any general or branch United States Post Office, by registered or certified mail, postage
prepaid, addressed to the Company at its principal business office and to Executive at his home address as maintained in the records of the Company. 
  

	19.	 No Plan Created by this Agreement. Executive and the Company expressly declare and agree that this
Agreement was negotiated among them and that no provision or provisions of this Agreement are intended to, or shall be deemed to, create any plan for purposes of the Employee Retirement Income Security Act of 1974 (“ERISA”) or any other
law or regulation, and each party expressly waives any right to assert the contrary. Any assertion in any judicial or administrative filing, hearing, or process that an ERISA plan was created by this Agreement shall be deemed a material breach of
this Agreement by the party making the assertion. 

  
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 20. Amendments. No amendments or additions to this Agreement shall be binding unless made in writing
and signed by all of the parties, except as herein otherwise specifically provided. 
 21. Applicable Law. Except to the extent preempted by federal
law, the laws of the State of Maryland shall govern this Agreement in all respects, whether as to its validity, construction, capacity, performance or otherwise. 

22. Severability. The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any one provision shall not
affect the validity or enforceability of the other provisions of this Agreement. 
 23. Headings. Headings contained in this Agreement are for
convenience of reference only. 
 24. Entire Agreement. This Agreement, together with any modifications subsequently agreed to in writing by the
parties, shall constitute the entire agreement among the parties with respect to the foregoing subject matter, and shall replace any prior employment agreements between the parties, other than written agreements applicable to specific plans,
programs or arrangements described in Sections 5, 6 and 7. 
 25. Required Provisions. In the event any of the foregoing provisions of this Agreement
conflict with the terms of this Section 25, this Section 25 shall prevail. 
  

	 	a.	 The Company’s Board of Directors may terminate Executive’s employment at any time, but any
termination by the Company, other than termination for Cause, shall not prejudice Executive’s right to compensation or other benefits under this Agreement. Executive shall not have the right to receive compensation or other benefits for any
period after termination for Cause as defined in Section 10(d) of this Agreement. 

  

	 	b.	 Any payments made to 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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 26. Other Matters. 

(a) Source of Payments. Notwithstanding any provision in this Agreement to the contrary, to the extent payments and benefits, as
provided for under this Agreement, are paid or received by Executive in accordance with similar provisions under the employment agreement in effect between Executive and the Bank, the payments and benefits paid by the Bank will be subtracted from
any amount or benefit due simultaneously to Executive under similar provisions of this Agreement. Payments will be allocated in proportion to the level of activity and the time expended by Executive on activities related to the Company and the Bank,
respectively, as determined by the Company and the Bank. 
 (b) Notwithstanding anything herein, nothing herein shall preclude the Company
from making payments to the Executive that are non-deductible pursuant to Section 280G of the Code and subject the Executive to the excise tax imposed under Section 4999 of the Code. If Executive
becomes liable, in any taxable year, for the payment of an excise tax under Section 4999 of the Code on account of any payments to Executive pursuant to this Section 26, and the Company chooses not to contest the liability or has exhausted
all administrative and judicial appeals contesting the liability, the Company shall pay Executive (i) an amount equal to the excise tax for which Executive is liable under Section 4999 of the Code, (ii) the federal, state, and local
income taxes, and interest if any, for which Executive is liable on account of the payments pursuant to item (i), and (iii) any additional excise tax under Section 4999 of the Code and any federal, state and local income taxes for which
Executive is liable on account of payments made pursuant to items (i) and (ii). 
 (c) This Section 26(c) applies if the amount of
payments to Executive under Section 26(b) has not been determined with finality by the exhaustion of administrative and judicial appeals. In such circumstances, the Company and Executive shall, as soon as practicable after the event or series
of events has occurred giving rise to the imposition of the excise tax, cooperate in determining the amount of Executive’s excise tax liability for purposes of paying the estimated tax. Executive shall thereafter furnish to the Company or its
successor a copy of each tax return which reflects a liability for an excise tax under Section 4999 of the Code at least 30 days before the date on which such return is required to be filed with the Internal Revenue Service. The liability
reflected on such return shall be dispositive for the purposes hereof, unless, within 15 days after such notice is given, the Company furnishes Executive with a letter of the auditors or tax advisor selected by the Company indicating a different
liability or that the matter is not free from doubt under the applicable laws and regulations and that Executive may, in such auditor’s or advisor’s opinion, cogently take a different position, which shall be set forth in the letter with
respect to the payments in question. Such letter shall be addressed to Executive and state that he or she is entitled to rely thereon. If the Company furnishes such a letter to Executive, the position reflected in such letter shall be dispositive
for purposes of this Agreement, except as provided in Section 26(d) below. 
 (d) Notwithstanding anything in this Agreement to the
contrary, if Executive’s liability for the excise tax under Section 4999 of the Code for a taxable year is subsequently determined to be less than the amount paid by the Company pursuant to Section 26(c), Executive shall repay the
Company at the time that the amount of such excise tax and excise tax payments attributable to the reduction (plus interest on the amount of such repayment at the rate provided 

  
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on Section 1274(b)(2)(B) of the Code, and if Executive’s liability for the excise tax under Section 4999 Code of the Code for a taxable year is subsequently determined to exceed
the amount paid by the Company pursuant to Section 26, the Company shall make an additional payment of income and excise taxes in the amount of such excess, as well as the amount of any penalty and interest assessed with respect thereto at the
time that the amount of such excess and any penalty and interest is finally determined. 
 (e) The obligations of this Section 26 will
survive the expiration of the Term or the termination of this Agreement and the Executive’s termination of employment following a Change in Control in accordance with Section 11(b) herein. 

  
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 IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the date first written above. 

 

							
		 		 	      CBM BANCORP, INC.
		 		 	
				
	 	 		 	 By:
	 	 
	 Date
	 		 		 	 William J. Bocek, Jr.

		 		 		 	 Chairman of the Board

  

							
		 		 	      EXECUTIVE
		 		 	
				
	 	 		 	       
	 	 
	 Date
	 		 		 	 Joseph M. Solomon

  
 14EX-10.6

 EXHIBIT 10.6 

CHESAPEAKE BANK OF MARYLAND 

EMPLOYMENT AGREEMENT 
 AS
AMENDED AND RESTATED 
 THIS AGREEMENT (the “Agreement”), made the 30th day of September, 2020 by and between CHESAPEAKE BANK
OF MARYLAND, a federal savings bank (the “Bank”), and Jodi L. Beal (“Executive”). 
 WHEREAS, Executive serves in as
Executive Vice President, Chief Financial Officer and Treasurer of the Bank (“Officer Positions”), and 
 WHEREAS, the Bank wishes
to be assured of Executive’s continued services for the term of this Agreement; and 
 WHEREAS, Executive is willing to serve in the
employ of the Bank during the term of this Agreement on the terms and conditions set forth hereinafter. 
 NOW, THEREFORE, in consideration
of the mutual covenants contained in this Agreement, and upon the other terms and conditions provided for in this Agreement, the parties, intending to be legally bound, hereby agree as follows: 

1. Employment. The Bank will employ Executive in the Officer Positions. Executive will perform all duties and shall have all powers commonly incident to
her position, or which, consistent with his position, the Board of Directors of the Bank (the “Board”) delegates to Executive. Executive also agrees to serve, if elected, as an officer and/or director of any subsidiary or affiliate of the
Bank, including CBM Bancorp, Inc., the parent holding company of the Bank (“CBM”), and to carry out the duties and responsibilities reasonably appropriate to those offices. 

2. Location and Facilities. The Bank will furnish Executive with the working facilities and staff customary for executive officers with the titles and
duties set forth in Section 1 and as are necessary for her to perform her duties. The location of such facilities and staff shall be at the principal administrative offices of the Bank, or at such other site or sites customary for such offices.

 3. Term.  
  

	 	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 year anniversary of the Effective Date, plus (ii) any and all extensions of the initial term made pursuant to this Section 3 (collectively, the
“Term”). 

  

	 	b.	 Commencing on the first anniversary of the Effective Date and continuing on each anniversary of the Effective
Date thereafter, the disinterested members of the Board may extend the Agreement Term for an additional year, so that the remaining Term of the Agreement again becomes twenty-four (24) months, unless Executive elects not to extend the Term of
this Agreement by giving written 

	 	
notice in accordance with’ Section 18 of this Agreement. The Board will review the Agreement and Executive’s performance annually for purposes of determining whether to extend the
Agreement Term and will include the rationale and results of its review in the minutes of its meeting. The Board will notify Executive within sixty days after its annual review whether it has determined to extend the Term of the Agreement.

  

	 	c.	 Nothing in this Agreement shall mandate or prohibit a continuation of Executive’s employment following the
expiration of the Term of this Agreement. 

 4. Base Compensation. 

 

	 	a.	 For her services in the Officer Positions, the Bank agrees to pay Executive a base salary at the rate of
$125,000 per annum, payable in accordance with customary payroll practices. 

  

	 	b.	 During the Term of this Agreement, the Board will review the level of Executive’s base salary at least
annually, based upon factors deemed relevant, in order to determine Executive’s base salary through the remaining Term of the Agreement. 

5. Bonuses. Executive will participate in discretionary bonuses or other incentive compensation programs that the Bank may sponsor or award from time to
time to senior management employees. Nothing paid to Executive under any such plan or arrangement will be deemed to be in lieu of any other compensation to which Executive is entitled under this Agreement. 

6. Benefit Plans. Executive will participate in life insurance, medical, dental, pension, profit sharing, retirement and other programs and arrangements
that the Bank may sponsor or maintain for the benefit of its employees, including participation in comparable programs for its executive officers, including but not limited to deferred compensation or supplemental retirement plans, executive
supplemental life insurance coverage, and reimbursement of cell phone expenses. 
 7. Vacations and Leave. 

 

	 	a.	 Executive may take vacations and other leave in accordance with the Bank’s policy for senior executives,
or otherwise as approved by the Board. 

  

	 	b.	 In addition to paid vacations and other leave, the Board may grant Executive a leave or leaves of absence, with
or without pay, at such time or times and upon such terms and conditions as the Board, in its discretion, may determine. 

 8. Expense
Payments and Reimbursements. The Bank will reimburse Executive for all reasonable out-of-pocket business expenses incurred in connection with her services under this
Agreement upon substantiation of such expenses in accordance with applicable policies of the Bank. 

  
 2 

 9. Loyalty and Confidentiality. 

 

	 	a.	 During the Term of this Agreement, Executive will devote all her business time, attention, skill, and efforts
to the faithful performance of her duties under this Agreement; provided, however, that from time to time and following written notice to the Board, Executive may serve on the boards of directors of, and hold any other offices or positions in,
companies or organizations that will not present any conflict of interest with the Bank or any of its subsidiaries or affiliates, unfavorably affect the performance of Executive’s duties pursuant to this Agreement, or violate any applicable
statute or regulation. Executive will not engage in any business or activity contrary to the business affairs or interests of the Bank or any of its subsidiaries or affiliates. 

 

	 	b.	 Nothing contained in this Agreement will prevent or limit Executive’s right to invest in the capital stock
or other securities or interests of any business dissimilar from that of the Bank, or, solely as a passive, minority investor, in any business. 

  

	 	c.	 Executive agrees to maintain the confidentiality of any and all information concerning the operations or
financial status of the Bank; the names or addresses of any of its borrowers, depositors and other customers; any information concerning or obtained from such customers; and any other information concerning the Bank or its subsidiaries or affiliates
to which she may be exposed during the course of her employment. Executive further agrees that, unless required by law or specifically permitted by the Board in writing, she will not disclose to any person or entity, either during or subsequent to
her employment, any of the above-mentioned information which is not generally known to the public, nor will she use the information in any way other than for the benefit of the Bank. 

10. Termination and Termination Pay. Subject to Section 11 of this Agreement, Executive’s employment under this Agreement may be terminated in
the following circumstances: 
  

	 	a.	 Death. Executive’s employment under this Agreement will terminate upon her death during the Term of this
Agreement, in which event Executive’s estate will receive payment of Executive’s base salary for a period of sixty (60) days following such date of death in addition to payment for any and all compensation accrued for all periods
through the date of death. 

  

	 	b.	 Retirement. This Agreement will terminate upon Executive’s retirement in accordance with the retirement
benefit plan or plans in which she participates pursuant to Section 6 of this Agreement or otherwise. 

  

	 	c.	 Disability. 

  

	 	(i)	 The Board or Executive may terminate Executive’s employment after having determined Executive has a
Disability. For purposes of this Agreement, “Disability” means a physical or mental infirmity that impairs Executive’s ability to substantially perform her duties under this

  
 3 

	 	
Agreement and results in Executive becoming eligible for long-term disability benefits under any long-term disability plans of the Bank (or, if no such plans exist, that impairs Executive’s
ability to substantially perform her duties under this Agreement for a period of one hundred eighty (180) consecutive days). The Board will determine whether or not Executive is and continues to be permanently disabled for purposes of this
Agreement in good faith, based upon competent medical advice and other factors that the Board reasonably believes to be relevant. As a condition to any benefits, the Board may require Executive to submit to physical or mental evaluations and tests
as the Board or its medical experts deem reasonably appropriate. 

  

	 	(ii)	 In the event of her Disability, Executive will no longer be obligated to perform services under this Agreement.
The Bank will pay Executive, as Disability pay, an amount equal to one hundred percent (100%) of Executive’s rate of base salary in effect as of the date of her termination of employment due to Disability. The Bank will make Disability payments
on a monthly basis commencing on the first day of the month following the effective date of Executive’s termination of employment due to Disability and ending on the earlier of: (A) the date she returns to full-time employment at the Bank
in the same capacity as she was employed prior to her termination for Disability; (B) her death; or (C) the last date of the Term of this Agreement had Executive’s employment not terminated by reason of Disability; provided, however,
in the event of subparagraph (C), such Disability payments shall not be made for a period of less than twelve (12) months. The Bank will reduce Disability payments by the amount of any short- or long-term disability benefits payable to
Executive under any other disability programs sponsored by the Bank. In addition, during any period of Disability payments from the Bank during Executive’s Disability, the Bank will continue to provide Executive and her dependents, to the
greatest extent possible, with continued coverage under all benefit plans (including, without limitation, retirement plans and medical, dental and life insurance plans) in which Executive and/or her dependents participated prior to her Disability on
the same terms as if she had remained actively employed by the Bank. 

  

	 	d.	 Termination for Cause. 

 

	 	(i)	 The Board may, by written notice to Executive in the form and manner specified in this paragraph, immediately
terminate her employment at any time for “Cause.” Executive shall have no right to receive compensation or other benefits for any period after termination for Cause, except for already vested benefits. Termination for Cause shall mean
termination because of Executive’s: 

  
 4 

	 	(1)	 Personal dishonesty; 

	 	(2)	 Incompetence; 

	 	(3)	 Willful misconduct; 

	 	(4)	 Breach of fiduciary duty involving personal profit; 

	 	(5)	 Intentional failure to perform stated duties; 

	 	(6)	 Willful violation of any law, rule or regulation (other than traffic violations or similar offenses) or final cease-and-desist order; or 

	 	(7)	 Material breach of any provision of this Agreement. 

 

	 	(ii)	 Notwithstanding the foregoing, Executive’s termination for Cause will not become effective unless the Bank
has delivered to Executive a copy of a resolution duly adopted by the affirmative vote of a majority of the entire membership of the Board, at a meeting of the Board called and held for the purpose of finding that (after reasonable notice to
Executive and an opportunity for Executive to be heard before the Board with counsel) Executive was guilty of the conduct described above and specifying the particulars of this conduct. 

 

	 	e.	 Voluntary Termination by Executive. In addition to her other rights to terminate under this Agreement,
Executive may voluntarily terminate employment during the Term of this Agreement upon at least sixty (60) days prior written notice to the Board. Upon Executive’s voluntary termination, she will receive only her compensation and vested
rights and benefits through the date of her termination. Following her voluntary termination of employment under this Section 10(e), Executive will continue to be subject to the restrictions set forth in Section 10(g) of this Agreement.

  

	 	f.	 Without Cause or With Good Reason. 

 

	 	(i)	 In addition to termination pursuant to Sections 10(a) through 10(e), the Board may, by written notice to
Executive, immediately terminate her employment at any time for a reason other than Cause (a termination “Without Cause”). Further, Executive may, by written notice to the Board given at any time within ninety (90) days following an
event constituting “Good Reason,” as defined below immediately terminate her employment effective following thirty (30) days after such notice is given (a termination “With Good Reason”); provided, however, that the Bank
shall have thirty (30) days to cure the “Good Reason” condition, but the Bank may waive its right to cure. Notwithstanding the foregoing, if such condition constituting Good Reason is remedied within such thirty (30) day period,
the Bank shall not be required to pay the amount due to Executive as a result of such termination With Good Reason and such termination With Good Reason shall not be effective. 

Subject to Section 11 of this Agreement, in the event of termination under this Section 10(f), Executive will receive her base
salary in effect as of her termination date for a period of the remaining Term of the Agreement, but in no event for less than twelve (12) months, (“Severance Period”) with such amount paid in one lump sum within thirty
(30) calendar days of her 

  
 5 

	 	
termination date. Executive will also continue to participate in any compensation and benefit plans of the Bank that provide medical, dental and life insurance coverage, and payment equal to the
additional cash bonus and retirement benefits that would have been earned by Executive during the Severance Period (or the date of death, if earlier), under terms and conditions no less favorable than the most favorable terms and conditions provided
to senior executives of the Bank during the same period. If the Bank cannot provide such coverage or participation because Executive is no longer an employee, the Bank will provide Executive with comparable coverage on an individual policy basis or
the cash equivalent. 

  

	 	(ii)	 “Good Reason” exists if, without Executive’s express written consent, the Bank materially
breaches any of its obligations under this Agreement. Without limitation, such a material breach will occur upon any of the following: 

  

	 	(1)	 A material reduction in, Executive’s responsibilities or authority in connection with her employment with
the Bank, including a requirement that Executive report to any person other than the Bank’s President, Chief Executive Officer or directly to the Board of Directors; 

	 	(2)	 Assignment to Executive of duties of a non-executive nature or duties
for which she is not reasonably equipped by her skills and experience; 

	 	(3)	 A reduction in salary or benefits contrary to the terms of this Agreement, or, following a Change in Control as
defined in Section 11 of this Agreement, any reduction in salary or material reduction in benefits below the amounts Executive was entitled to receive prior to the Change in Control; 

	 	(4)	 Termination of incentive and benefit plans, programs or arrangements, or reduction of Executive’s
participation, that is not applicable to other similarly situated participants and to such an extent as to materially reduce their aggregate value below their aggregate value as of the Effective Date; 

	 	(5)	 A requirement that Executive relocate her principal business office or her principal place of residence outside
of the area consisting of a thirty-five (35) mile radius from the current main office of the Bank, or the assignment to Executive of duties that would reasonably require such a relocation; 

	 	(6)	 Liquidation or dissolution of the Bank; or 

	 	(7)	 A material breach of this Agreement by the Bank. 

 

	 	(iii)	 Notwithstanding the foregoing, a reduction or elimination of Executive’s benefits under one or more
benefit plans, programs or arrangements maintained by the Bank as part of a good faith, overall reduction or elimination of such plans or benefits, applicable to all participants in a

  
 6 

	 	
manner that does not discriminate against Executive (except as such discrimination may be necessary to comply with law), will not constitute an event of Good Reason or a material breach of this
Agreement, provided that benefits of the same type or to the same general extent as those offered under such plans prior to the reduction or elimination are not available to other officers of the Bank or any affiliate under a plan or plans in or
under which Executive is not entitled to participate. 

  

	 	g.	 Post-Employment Covenant Not to Compete or Interfere with Relationships and Confidentiality.

 Regardless of anything herein to the contrary, following a termination of employment by the Bank or Executive pursuant
to Section 10(e) or 10(f): 
  

	 	i.	 Executive’s obligations under Section 9(c) of this Agreement will continue in effect; and

  

	 	ii.	 During the period ending six (6) months following such termination of employment, Executive will not serve
as an officer, director or employee of any bank holding company, bank, savings association, savings and loan holding company, mortgage company, credit union or other financial institution that offers products or services competing with those offered
by the Bank from any office within thirty-five (35) miles from the main office or any branch of the Bank and, further, Executive will not interfere with the relationship of the Bank, its subsidiaries or affiliates and any of their employees,
agents, or representatives; provided, however, the provisions of this subsection 10(g)(ii) shall not apply in the event of such termination of employment following a Change in Control as set forth at Section 11(b). 

11. Termination in Connection with a Change in Control. 
  

	 	a.	 For purposes of this Agreement, a “Change in Control” means any of the following events:

  

	 	(i)	 There occurs a “Change in Control” of the Bank, as defined or determined by either the Bank’s
primary federal regulator or under regulations promulgated by such regulator; 

  

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

  

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

  
 7 

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

 

	 	(v)	 The Bank sells or transfers more than a fifty percent (50%) equity interest in the Bank to another person or
entity which is not an affiliate of the Bank, excluding a sale or transfer to a person or persons who are employed by the Bank. 

  

	 	b.	 Termination. If within the period ending one year after a Change in Control, (i) the Bank
terminates Executive’s employment without Cause, or (ii) Executive voluntarily terminates her employment With Good Reason, the Bank will, within ten (10) calendar days of the termination of Executive’s employment, make a lump-sum cash payment equal to 200% of Executive’s highest annual taxable compensation as reported in Box-5 (Medicare Wages) of IRS Form
W-2 for the most recently completed three calendar years ended as of or immediately prior to the effective date of such Change in Control. The cash payment made under this Section 11(b) shall be made in
lieu of any payment also required under Section 10(f) of this Agreement because of Executive’s termination of employment; however, Executive’s rights under Section 10(f) are not otherwise affected by this Section 11.

  

	 	c.	 In addition to the payments to be made in accordance with Section 11(b) herein, for a period of
twenty-four (24) months following the effective date of such Termination of Employment following a Change in Control, whether resulting from without Cause termination initiated by the Bank or With Good Reason initiated by Executive, the Bank
shall continue to provide Executive and her family with participation under and reimbursement for the insurance premiums for participation in the group medical and dental insurances as were provided and paid for at the time of the termination of her
employment with the Bank; provided that, if at any time during such twenty-four (24) month period, Executive becomes employed by another employer which provides one or more such benefits, the Bank shall, immediately and from the date when such
benefits are made available to Executive by the successor employer, be relieved of its obligation to provide such benefits to the extent such benefits are duplicative of what is provided to Executive by Executive’s new employer. If the Bank
cannot provide the benefits set forth in this Section 11(c) because Executive is no longer an employee and applicable rules and regulations prohibit the continuation of such benefits in the manner contemplated, or it would subject the Bank to
penalties, then the Bank shall pay Executive a cash lump sum payment reasonably estimated to be equal to the value of such benefits or the value of the remaining benefits at the time of such determination. The cash payment shall be made in a lump
sum within thirty (30) days after the later of Executive’s date of termination of employment or the effective date of the rules or regulations prohibiting the benefits or subjecting the Bank to penalties. 

  
 8 

	 	d.	 The provisions of Section 11 and Sections 13 through 25, including the defined terms used in such
sections, shall continue in effect until the later of the expiration of this Agreement or one (1) year following a Change in Control. 

12. Indemnification and Liability Insurance. 
  

	 	a.	 Indemnification. The Bank agrees to indemnify Executive (and her heirs, executors, and administrators),
and to advance expenses related to this indemnification, to the fullest extent permitted under applicable law and regulations against any and all expenses and liabilities that Executive reasonably incurs in connection with or arising out of any
action, suit, or proceeding in which she may be involved by reason of her service as an officer or director of the Bank or any of its subsidiaries or affiliates (whether or not she continues to be an officer or director at the time of incurring any
such expenses or liabilities). Covered expenses and liabilities include, but are not limited to, judgments, court costs, and attorneys’ fees and the costs of reasonable settlements, subject to Board approval, if the action is brought against
Executive in her capacity as an officer or director of the Bank or any of its subsidiaries. Indemnification for expenses will not extend to matters related to Executive’s termination for Cause. Notwithstanding anything in this
Section 12(a) to the contrary, the Bank will not be required to provide indemnification prohibited by applicable law or regulation. The obligations of this Section 12 will survive the Term of this Agreement by a period of six
(6) years. 

  

	 	b.	 Insurance. During the period for which the Bank must indemnify Executive, the Bank will provide
Executive (and her heirs, executors, and administrators) with coverage under a directors’ and officers’ liability policy at the Bank’s expense, that is at least equivalent to the coverage provided to directors and senior executives of
the Bank. 

 13. Reimbursement of Executive’s Expenses to Enforce this Agreement. The Bank will reimburse Executive for all out-of-pocket expenses, including, without limitation, reasonable attorneys’ fees, incurred by Executive in connection with her successful enforcement of the Bank’s
obligations under this Agreement. Successful enforcement means the grant of an award of money or the requirement that the Bank take some specified action: (i) as a result of court order; or (ii) otherwise following an initial failure of
the Bank to pay money or take action promptly following receipt of a written demand from Executive stating the reason that the Bank must make payment or take action under this Agreement. 

  
 9 

 14. Limitation of Payments or Benefits Under Certain Circumstances. 

 

	 	a.	 If the payments and benefits pursuant to Section 11 of this Agreement, either alone or together with other
payments and benefits Executive has the right to receive from the Bank, would constitute a “parachute payment” under Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”), the payments and benefits
pursuant to Section 11 shall be reduced or revised, in the manner determined by Executive, by the amount, if any, which is the minimum necessary to result in no portion of the payments and benefits under Section 11 being non-deductible to the Bank pursuant to Section 280G of the Code and subject Executive to the excise tax imposed under Section 4999 of the Code. The Bank’s independent public accountants will determine
any reduction in the payments and benefits to be made pursuant to Section 11; the Bank will pay for the accountant’s opinion. If the Bank and/or Executive do not agree with the accountant’s opinion, the Bank will pay to Executive the
maximum amount of payments and benefits pursuant to Section 11, as selected by Executive, that the opinion indicates have a high probability of not causing any of the payments and benefits to be
non-deductible to the Bank and subject to the excise tax imposed under Section 4999 of the Code. The Bank may also request, and Executive has the right to demand that the Bank request, a ruling from the
IRS as to whether the disputed payments and benefits pursuant to Section 11 have such tax consequences. The Bank will promptly prepare and file the request for a ruling from the IRS, but in no event will the Bank make this filing later than
thirty (30) days from the date of the accountant’s opinion referred to above. The request will be subject to Executive’s approval prior to filing; Executive shall not unreasonably withhold her approval. The Bank and Executive agree to
be bound by any ruling received from the IRS and to make appropriate payments to each other to reflect any IRS rulings, together with interest at the applicable federal rate provided for in Section 7872(f)(2) of the Code. Nothing contained in
this Agreement shall result in a reduction of any payments or benefits to which Executive may be entitled upon termination of employment other than pursuant to Section 11 hereof, or a reduction in the payments and benefits specified in
Section 11, below zero. Notwithstanding the foregoing, nothing herein shall preclude the CBM from making payments to Executive that are non-deductible pursuant to Section 280G of the Code and subject
Executive to the excise tax imposed under Section 4999 of the Code. 

  

	 	b.	 Notwithstanding anything else in this Agreement to the contrary, Executive’s employment shall not be
deemed to have been terminated unless and until Executive has a Separation from Service within the meaning of Section 409A of the Code. For purposes of this Agreement, a “Separation from Service” shall have occurred if the Bank and
Executive reasonably anticipate that either no further services will be performed by Executive after the date of termination (whether as an employee or as an independent contractor) or the level of further services performed is less than twenty
(20) percent of the average level of bona fide services in the thirty-six (36) months immediately preceding the termination. For all purposes hereunder, the definition of Separation from Service
shall be interpreted consistent with Treasury Regulation Section 1.409A-1(h)(ii). Notwithstanding the foregoing, this Section is not applicable in the event of Executive’s termination for Cause.

  
 10 

	 	c.	 Notwithstanding the foregoing, if Executive is a “specified employee” (i.e., a “key
employee” of a publicly traded company within the meaning of Section 409A of the Code and the final regulations issued thereunder) and any payment under this Agreement is triggered due to Executive’s Separation from Service (other
than due to Disability or death), then solely to the extent necessary to avoid penalties under Section 409A of the Code, no payment shall be made during the first six (6) months following Executive’s Separation from Service. Rather,
any payment which would otherwise be paid to Executive during such period shall be accumulated and paid to Executive in a lump sum on the first day of the seventh month following such Separation from Service. All subsequent payments shall be paid in
the manner specified in this Agreement. 

 15. Injunctive Relief. Upon a breach or threatened breach of Section 10(g) of this
Agreement or the prohibitions upon disclosure contained in Section 9(c) of this Agreement, the parties agree that there is no adequate remedy at law for such breach, and the Bank shall be entitled to injunctive relief restraining Executive from
such breach or threatened breach, but such relief shall not be the exclusive remedy for a breach of this Agreement. The parties further agree that Executive, without limitation, may seek injunctive relief to enforce the obligations of the Bank under
this Agreement. 
 16. Successors and Assigns. 
  

	 	a.	 This Agreement shall inure to the benefit of and be binding upon any corporate or other successor of the Bank
which shall acquire, directly or indirectly, by merger, consolidation, purchase or otherwise, all or substantially all of the assets or stock of the Bank. 

  

	 	b.	 Since the Bank is contracting for the unique and personal skills of Executive, Executive shall not assign or
delegate her rights or duties under this Agreement without first obtaining the written consent of the Bank. 

 17. No Mitigation.
Executive shall not be required to mitigate the amount of any payment provided for in this Agreement by seeking other employment or otherwise and no such payment shall be offset or reduced by the amount of any compensation or benefits provided to
Executive in any subsequent employment. 
 18. Notices. All notices, requests, demands and other communications in connection with this Agreement
shall be made in writing and shall be deemed to have been given when delivered by hand or forty-eight (48) hours after mailing at any general or branch United States Post Office, by registered or certified mail, postage prepaid, addressed to
the Bank at its principal business office and to Executive at her home address as maintained in the records of the Bank. 
 19. No Plan Created by this
Agreement. Executive and the Bank expressly declare and agree that this Agreement was negotiated among them and that no provision or provisions of this 

  
 11 

 
Agreement are intended to, or shall be deemed to, create any plan for purposes of the Employee Retirement Income Security Act of 1974 (“ERISA”) or any other law or regulation, and each
party expressly waives any right to assert the contrary. Any assertion in any judicial or administrative filing, hearing, or process that an ERISA plan was created by this Agreement shall be deemed a material breach of this Agreement by the party
making the assertion. 
 20. Amendments. No amendments or additions to this Agreement shall be binding unless made in writing and signed by all of the
parties, except as herein otherwise specifically provided. 
 21. Applicable Law. Except to the extent preempted by federal law, the laws of the State
of Maryland shall govern this Agreement in all respects, whether as to its validity, construction, capacity, performance or otherwise. 
 22.
Severability. The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any one provision shall not affect the validity or enforceability of the other provisions of this Agreement. 

23. Headings. Headings contained in this Agreement are for convenience of reference only. 

24. Entire Agreement. This Agreement, together with any modifications subsequently agreed to in writing by the parties, shall constitute the entire
agreement among the parties with respect to the foregoing subject matter, shall replace all prior employment agreements between the parties, other than written agreements applicable to specific plans, programs or arrangements described in Sections
5, 6 and 7. 
 25. Required Provisions. In the event any of the foregoing provisions of this Agreement conflict with the terms of this
Section 25, this Section 25 shall prevail. 
  

	 	a.	 The Bank’s Board of Directors may terminate Executive’s employment at any time, but any termination
by the Bank, other than termination for Cause, shall not prejudice Executive’s right to compensation or other benefits under this Agreement. Executive shall not have the right to receive compensation or other benefits for any period after
termination for Cause as defined in Section 10(d) of this Agreement. 

  

	 	b.	 If 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 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. 

  

	 	c.	 If 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. 

  
 12 

	 	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 institution: (i) by the Comptroller of the Office of the Comptroller of the Currency (OCC), or his or her designee, 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(e) of the Federal Deposit Insurance Act, 12 U.S.C. Section 1823(c), or (ii) by the Comptroller of the OCC (or his or her
designee) at the time the Comptroller (or his or her designee) 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 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. 

  
 13 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the date first written above. 

 

							
		 		 	      CHESAPEAKE BANK OF MARYLAND
		 		 	
				
	 	 		 	 By:
	 	 
	 Date
	 		 		 	Joseph M. Solomon
		 		 		 	President

  

							
		 		 	      EXECUTIVE
		 		 	
				
	 	 		 	       
	 	 
	 Date
	 		 		 	 Jodi L. Beal

		 		 		 	

  
 14

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