SEC Contract Filing

Filing Date: 2018-05-10

Document Content:
<DOCUMENT>
<TYPE>EX-10.11
<SEQUENCE>12
<FILENAME>tv492961_ex10-11.htm
<DESCRIPTION>EXHIBIT 10.11
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 10.11</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>COMMUNITY BANK OF THE CHESAPEAKE<BR>
SALARY CONTINUATION AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(AS AMENDED AND RESTATED)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(2006)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">THIS SALARY CONTINUATION AGREEMENT (the
&ldquo;Agreement&rdquo;) was originally adopted on the 21st day of August, 2006, amended April 13, 2007, further amended on December
30, 2007 and hereby amended and restated in its entirety as of April 30, 2018 by and between COMMUNITY BANK OF THE CHESAPEAKE,
a state-chartered commercial, bank located in Waldorf, Maryland (the &ldquo;Company&rdquo;) and GREGORY C. COCKERHAM (the &ldquo;Executive&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The purpose, of this Agreement is to provide
specified benefits to the Executive, a member of a select group of management or highly compensated employees who contribute materially
to the continued growth, development, and future business success of the Company. This Agreement shall be unfunded for tax purposes
and for purposes of Title I of the Employee Retirement Income Security Act of 1974 (&ldquo;ERISA&rdquo;), as amended from time
to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE 1<BR>
DEFINITIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Whenever used in this Agreement, the following
words and phrases shall have the meanings specified:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.1 <I>&ldquo;Beneficiary&rdquo;</I>
means each designated person, or the estate of the deceased Executive, entitled to benefits, if any, upon the death of the Executive
determined pursuant to Article 4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.2 <I>&ldquo;Beneficiary Designation
Form&rdquo; </I>means the form established from time to time by the Plan Administrator that the Executive completes, signs,
and returns to the Plan Administrator to designate one or more Beneficiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.3 <I>&ldquo;Board&rdquo;</I>
means the Board of Directors of the Company as from time to time constituted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.4 <I>&ldquo;Change in Control&rdquo;</I>
means a change in ownership or effective control of the Bank, or in the ownership of a substantial portion of assets of the Bank,
as such change is defined in Code Section 409A and regulations thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.5 <I>&ldquo;Code&rdquo;</I> means the
Internal Revenue Code of 1986, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.6 <I>&ldquo;Corporation&rdquo;</I>
means The Community Financial Corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.7 <I>&ldquo;Disability&rdquo;</I> means
the Executive&rsquo;s (i) inability to engage in any substantial gainful activity by reason of any medically determinable physical
or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than
12 months; or (ii) receipt of disability benefits for a period of 3 months under an accident and health plan of the employer by
reason of the participant&rsquo;s medically determinable physical or mental impairment which can be expected to result in death
or can be expected to last for a continuous period of not less than 12 months.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.8 <I>&ldquo;Early
Termination&rdquo; </I>means Separation from Service