SEC Contract Filing

Filing Date: 2017-04-14

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>exh_101.htm
<DESCRIPTION>EXHIBIT 10.1
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<P STYLE="margin: 0; text-align: right"><B>Exhibit 10.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">THIS EMPLOYMENT AGREEMENT
(this &ldquo;<I>Agreement</I>&rdquo;) is made and entered into as of April 14, 2017 (the &ldquo;<I>Effective Date</I>&rdquo;) by
and among Joseph J. Thomas, a resident of the Commonwealth of Virginia (&ldquo;<I>Employee</I>&rdquo;), Bay Bank, FSB, a federally
chartered savings bank (the &ldquo;<I>Bank</I>&rdquo;), and Bay Bancorp, Inc., a Maryland corporation and the parent company of
Employer (&ldquo;<I>Parent</I>&rdquo; and, collectively with the Bank, the &ldquo;<I>Employer</I>&rdquo;). Employee and Employer
are each sometimes referred to herein as a &ldquo;Party&rdquo; and are collectively sometimes referred to herein as the &ldquo;Parties&rdquo;.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, effective
December 5, 2014, Employee was appointed to serve as the President and Chief Executive Officer of Employer (the &ldquo;<I>CEO</I>&rdquo;)
of both Bank and Parent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, by entering
into this Agreement, the Parties desire to memorialize the terms and conditions upon which Employee will continue to serve as the
President and CEO of the Employer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">NOW, THEREFORE, in
consideration of the continued employment of Employee by Employer and of the Parties&rsquo; promises and covenants contained herein,
and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties, intending
to be legally bound, agree as follows:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>A G R E E M E N T</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">1.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Employment and Duties</U><I>. </I><FONT STYLE="color: windowtext">Bank and Parent hereby employ Employee to serve
as their respective Presidents and CEOs. In such capacities, during the Term (as defined in <I>Section 2</I> hereof), Employee
shall report directly to the boards of directors of Bank and Parent and shall (a) </FONT>render administrative and management services
to Employer such as are customarily performed by persons situated in similar executive capacities, (b) promote, by entertainment
or otherwise, as and to the extent permitted by law, the business of Employer, and (c) perform such other duties as the boards
of directors of Bank and Parent may from time to time reasonably direct, including normal duties of an officer of Employer (all
of the foregoing are collectively referred to herein as the &ldquo;<I>Duties</I>&rdquo;). <FONT STYLE="color: windowtext">During
the Term, Employee (x) will devote his full time and efforts to performing the Duties, primarily from Employer&rsquo;s office located
at 7151 Columbia Gateway Drive, Suite A, Columbia, Maryland 21046 or at such other location as Employer may from time to time establish
as its headquarters office (the &ldquo;</FONT><I>Employment Location</I>&rdquo;)<FONT STYLE="color: windowtext">, and (y) will
not be engaged in any other activity, whether for compensation or otherwise, that interferes with the performance of the Duties;
<I>provided, however</I>, that Employee may engage in any activity disclosed to Employer in his most recent annual reporting form
submitted pursuant to Bank&rsquo;s Policy for Transactions with Affiliates and Regulation W, a copy of which is attached hereto
as <U>Exhibit A</U>, without breaching this <I>Section</I>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">2.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Term</U>. <FONT STYLE="color: windowtext">The initial term of Employee&rsquo;s employment under this Agreement
shall commence on the Effective Date and, subject to <I>Section 10</I> hereof, shall expire on the first anniversary of the Effective
Date (the &ld