<SEC-DOCUMENT>0001144204-17-055556.txt : 20171101
<SEC-HEADER>0001144204-17-055556.hdr.sgml : 20171101
<ACCEPTANCE-DATETIME>20171101173026
ACCESSION NUMBER:		0001144204-17-055556
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20171031
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20171101
DATE AS OF CHANGE:		20171101

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SHORE BANCSHARES INC
		CENTRAL INDEX KEY:			0001035092
		STANDARD INDUSTRIAL CLASSIFICATION:	NATIONAL COMMERCIAL BANKS [6021]
		IRS NUMBER:				521974638
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-22345
		FILM NUMBER:		171170045

	BUSINESS ADDRESS:	
		STREET 1:		18 EAST DOVER STREET
		CITY:			EASTON
		STATE:			MD
		ZIP:			21601-3013
		BUSINESS PHONE:		4108221400

	MAIL ADDRESS:	
		STREET 1:		18 EAST DOVER STREET
		CITY:			EASTON
		STATE:			MD
		ZIP:			21601-3013
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>tv478297_8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

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

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<P STYLE="margin: 0"></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>UNITED STATES</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></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: center"><B>FORM 8-K</B></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: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PURSUANT TO SECTION 13 OR 15(d) OF THE
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES EXCHANGE ACT OF 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></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: center">Date of Report (Date of earliest event reported):
November 1, 2017 (October 31, 2017)</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></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: center"><FONT STYLE="font-size: 14pt"><B><U>SHORE
BANCSHARES, INC.</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified in
its charter)</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><U>Maryland</U></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><U>0-22345</U></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><U>52-1974638</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(State or other jurisdiction of</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(Commission file number)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(IRS Employer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">incorporation or organization)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Identification No.)</TD></TR>
</TABLE>
<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: center"><U>28969 Information Lane, Easton, Maryland
21601</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of principal executive offices)
(Zip Code)</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-top: 0pt; margin-bottom: 0pt; text-align: center">Registrant&rsquo;s telephone number, including
area code: <U>(410) 763-7800</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: center"><U>N/A</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Former Name or Former Address, if Changed
Since Last Report)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligations of the registrant under any of the following provisions:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD><TD>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD><TD>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD><TD>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD><TD>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant is an emerging
growth company as defined in Rule 405 of the Securities Act of 1933 (&sect;230.405 of this chapter) or Rule 12b-2 of the Securities
Exchange Act of 1934 (&sect;240.12b-2 of this chapter).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4in; text-align: right; text-indent: 0.5in">Emerging growth
company&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
provided pursuant to Section 13(a) of the Exchange Act. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item 5.02. Departure of Directors or
Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On October 31, 2017, Shore Bancshares,
Inc. (the &ldquo;Company&rdquo;) entered into an amended and restated employment agreement (the &ldquo;Employment Agreement&rdquo;)
with Lloyd L. Beatty, Jr., President and Chief Executive Officer of the Company. &nbsp;The new Employment Agreement modified the
change in control provision of his prior employment agreement, entered into on February 16, 2017, to permit Mr. Beatty to terminate
his employment with the Company for &ldquo;Good Reason&rdquo; in connection with a &ldquo;Change in Control&rdquo; of the Company.
Under the new provision, the Employment Agreement provides for the payment of a Change in Control benefit in the event Mr. Beatty
is terminated (i) by the Company without Cause, or (ii) by Mr. Beatty for Good Reason within 12 months of a Change in Control of
the Company (the terms &ldquo;Cause,&rdquo; &ldquo;Change in Control&rdquo; and &ldquo;Good Reason&rdquo; are defined in the Employment
Agreement). There were no other changes from Mr. Beatty&rsquo;s prior employment agreement. The description of this Employment
Agreement contained herein is not complete and is qualified in its entirety by reference to the full text of the Employment Agreement,
a copy of which is filed as Exhibit 10.1 to this Form 8-K and is incorporated into this Item&nbsp;5.02 by reference.</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">On October 31, 2017, the Company or its
wholly-owned subsidiary, Shore United Bank (the &ldquo;Bank&rdquo;), as the case may be, entered into employment agreements with
Mrs. Donna J. Stevens, Chief Operating Officer of the Company, and Mr. Patrick M. Bilbrough, Chief Executive Officer of the Bank.
Pursuant to the respective employment agreement, Mrs. Stevens will receive an annual base salary of $225,000 and Mr. Bilbrough
will receive an annual base salary of $310,000, each subject to periodic review and adjustment. In addition, Mrs. Stevens and Mr.
Bilbrough are entitled to: (i) participate in the Company&rsquo;s bonus plans; (ii) receive employee benefits of the type offered
by the Company and its affiliates to similarly-situated officers, including vacation, sick leave and disability leave; (iii) receive
fringe benefits of the type customarily made available by the Company to its officers; and (iv) be reimbursed for employment-related
expenses.</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 employment agreements have a twelve-month
term, which will automatically renew for successive twelve-month terms unless a party notifies the other party at least 60 days
prior to the end of the then-current term of its, his or her decision not to renew the employment agreement. At least 120 days
prior to the commencement of a new term, the board or a committee thereof of the Company or the Bank, as the case may be, will
conduct a comprehensive performance evaluation and review of the executive to determine whether to give notice of non-renewal.
The term of the executive&rsquo;s employment under the employment agreements may be terminated at any time and for any reason by
either the Company or the Bank, as the case may be, or the executive (upon 30 days&rsquo; prior written notice), and it will automatically
terminate upon the executive&rsquo;s death.</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">Upon the termination of employment, the
executive is entitled to receive all unpaid base salary that has accrued through the date of termination, all bonus awards (prorated
through the last day of the month in which termination occurs) that the executive would have received had he or she remained employed
when bonuses are next declared or paid, and reimbursement of all unreimbursed expenses, all of which must be paid no later than
the last day of the calendar quarter of the quarter in which the termination occurs. In addition, all unexercised or unvested equity
awards, or portions thereof, held by the executive as of the date of termination shall vest or terminate and be exercisable in
accordance with their terms.</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">If the executive&rsquo;s employment is
terminated without &ldquo;Cause&rdquo; (as defined in the employment agreement) prior to the expiration of the term of the employment
agreement, then, except in the case of termination following a &ldquo;Change in Control&rdquo; of the Company or the Bank, as the
case may be, the executive will additionally be entitled to receive severance (&ldquo;Severance&rdquo;) in the form of continued
base salary (at the then-current level) for a period of 24 months following the date of termination (the &ldquo;Severance Period&rdquo;).
The employment agreements provide that the first Severance payment will be made on the first regular payroll date that occurs on
or after the 60<SUP>th</SUP>&nbsp;day following the termination of employment, provided that the executive has executed and delivered
a release of claims and the statutory period during which he or she may revoke that release has expired on or before that 60<SUP>th</SUP>&nbsp;day.</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"></P>

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<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">In lieu of Severance, each employment agreement
provides for the payment of a Change in Control benefit (the &ldquo;CiC Benefit&rdquo;) in the event the executive is terminated
(i) by the Company or the Bank, as the case may be, without Cause, or (ii) by the executive for Good Reason within 12 months of
a Change in Control of the Company or the Bank, as the case may be (the terms &ldquo;Change in Control&rdquo; and &ldquo;Good Reason&rdquo;
are defined in the employment agreements). In this case, the executive will be entitled to receive an amount equal to the difference
between (i) the product of 2.0 times the officer&rsquo;s &ldquo;base amount&rdquo; as defined in Section 280G(b)(2) of the Internal
Revenue Code of 1986, as amended (the &ldquo;Code&rdquo;) and (ii) the sum of any other parachute payments as defined under Section
280G(b)(2) of the Code that the officer receives on account of the Change in Control, provided that in no event shall the aggregate
amounts payable under the employment agreement exceed 2.0 times the executive&rsquo;s &ldquo;base amount.&rdquo; The CiC Benefit
will be paid in one lump sum on the 60<SUP>th</SUP>&nbsp;day following termination of employment, provided that the executive has
executed and delivered a release of claims and the statutory period during which he or she may revoke that release has expired
on or before that 60<SUP>th</SUP>&nbsp;day.</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 employment agreements of Mrs. Stevens
and Mr. Bilbrough are attached as&nbsp;Exhibits 10.2 and&nbsp;10.3, respectively, to this Current Report on Form 8-K, which are
incorporated by reference into this summary.</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">On October 31, 2017, the Bank or The Avon-Dixon
Agency, LLC, the Company&rsquo;s wholly-owned insurance producer subsidiary (&ldquo;Avon-Dixon&rdquo;), as the case may be, entered
into Change in Control Agreements with Mr. Edward C. Allen, Chief Financial Officer of the Company and the Bank, and Mr. Richard
C. Trippe, President and Chief Executive Officer of Avon-Dixon. Pursuant to the Change in Control Agreement, in the event the executive
is terminated (i) by the Company, the Bank or Avon-Dixon, as the case may be, without Cause, or (ii) by the executive for Good
Reason within 12 months of a Change in Control of the Company, the Bank or Avon-Dixon, as the case may be, the executive will be
entitled to receive an amount equal to the difference between (i) the product of 1.5 times the executive&rsquo;s &ldquo;base amount&rdquo;
as defined in Section 280G(b)(2) of the Code and (ii) the sum of any other parachute payments as defined under Section 280G(b)(2)
of the Code that the officer receives on account of the Change in Control (the terms &ldquo;Cause,&rdquo; &ldquo;Change in Control&rdquo;
and &ldquo;Good Reason&rdquo; are defined in the Change in Control Agreement). The CiC Benefit will be paid in one lump sum on
the 60<SUP>th</SUP>&nbsp;day following termination of employment, provided that the executive has executed and delivered a release
of claims and the statutory period during which he or she may revoke that release has expired on or before that 60<SUP>th</SUP>&nbsp;day.</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 foregoing description of the Change
in Control Agreements is a summary and is qualified in its entirety by reference to the Change in Control Agreements for Messrs.
Allen and Trippe, which are attached as&nbsp;Exhibits 10.4 and&nbsp;10.5, respectively, to this Current Report on Form 8-K and
are incorporated into this Item 5.02 by reference.</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 8.01. Other Events.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On November 1, 2017, the Company announced
that its Board of Directors declared a cash dividend of $0.07 per share, payable on November 30, 2017 to holders of record of shares
of common stock as of November 15, 2017. A copy of the press release is attached as Exhibit 99.1 hereto and incorporated herein
by reference.</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 information furnished under Item 8.01
and Item 9.01 of this Current Report on Form 8-K, including the exhibit, shall not be deemed &ldquo;filed&rdquo; for purposes of
Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to liabilities under that Section, nor shall
it be deemed incorporated by reference in any registration statement or other filings of the Company under the Securities Act of
1933, as amended, except as shall be set forth by specific reference in such filing.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 9.01 Financial Statements and Exhibits.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d) Exhibits.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The exhibits that are filed or furnished with this report are
listed in the Exhibit Index that immediately follows the signatures hereto, which list is incorporated herein by reference.</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>SIGNATURES</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">SHORE BANCSHARES, INC.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Dated: November 1, 2017</TD>
    <TD>By:&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Lloyd L. Beatty, Jr.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Lloyd L. Beatty, Jr.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">President and Chief Executive Officer</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%"><B>Exhibit</B></TD>
    <TD STYLE="width: 2%"><B>&nbsp;</B></TD>
    <TD STYLE="width: 88%"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><B>Number</B></TD>
    <TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><B>Description</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
    <TD><A HREF="tv478297_ex10-1.htm" STYLE="-sec-extract: exhibit">10.1</A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="tv478297_ex10-1.htm" STYLE="-sec-extract: exhibit">Amended and Restated Employment Agreement, dated October 31, 2017, between Shore Bancshares, Inc. and Lloyd L. Beatty, Jr.</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="tv478297_ex10-2.htm" STYLE="-sec-extract: exhibit">10.2</A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="tv478297_ex10-2.htm" STYLE="-sec-extract: exhibit">Employment Agreement, dated October 31, 2017, between Shore Bancshares, Inc. and Donna J. Stevens</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="tv478297_ex10-3.htm" STYLE="-sec-extract: exhibit">10.3</A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="tv478297_ex10-3.htm" STYLE="-sec-extract: exhibit">Employment Agreement, dated October 31, 2017, between Shore United Bank and Patrick M. Bilbrough</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="tv478297_ex10-4.htm" STYLE="-sec-extract: exhibit">10.4</A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="tv478297_ex10-4.htm" STYLE="-sec-extract: exhibit">Change-In-Control Agreement, dated October 31, 2017 between Shore United Bank and Edward C. Allen</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="tv478297_ex10-5.htm" STYLE="-sec-extract: exhibit">10.5</A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="tv478297_ex10-5.htm" STYLE="-sec-extract: exhibit">Change-In-Control Agreement, dated October 31, 2017 between
    The Avon-Dixon Agency, LLC and Richard C. Trippe</A></TD></TR>
    <TR STYLE="vertical-align: top">
    <TD><A HREF="tv478297_ex99-1.htm" STYLE="-sec-extract: exhibit">99.1</A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="tv478297_ex99-1.htm" STYLE="-sec-extract: exhibit">Press Release, dated November 1, 2017</A></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>tv478297_ex10-1.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="margin: 0; text-align: right"><B>Exhibit 10.1</B></P>

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

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

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

<P STYLE="font: bold 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"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>THIS AMENDED
AND RESTATED EMPLOYMENT AGREEMENT</B> (this &ldquo;<I>Agreement</I>&rdquo;), dated October 31, 2017 (the
&ldquo;<I>Effective Date</I>&rdquo;), is entered into by and between <B>Shore Bancshares, Inc.</B><I>, </I>a corporation
organized under the laws of Maryland (the &ldquo;<I>Employer</I>&rdquo;), and Lloyd L. Beatty, Jr. (the <I>&ldquo;Employee&rdquo;</I>).</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"><B>WHEREAS</B>, the
Employee is employed by the Employer as President and Chief Executive Officer; and</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"><B>WHEREAS</B>, the
Employee and the Employer have previously entered into an employment agreement dated June 16, 2011, as amended on September 21,
2015 and February 16, 2017, and the Employer and Employee desire to amend and restate such agreement;</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"><B>NOW THEREFORE</B>,
in consideration of the mutual covenants and agreements of the parties contained herein, and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Employee and the Employer agree as follows:</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; text-indent: 0.5in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Employment
and Duties</U>. The Employee is employed by the Employer as President and Chief Executive Officer. The Employee shall render administrative
and management services to the Employer such as are customarily performed by persons situated in a similar executive capacity.
The Employee shall also promote, by entertainment or otherwise, and to the extent permitted by law, the business of the Employer.
The Employee&rsquo;s other duties shall be such as the Board of Directors of the Employer (the &ldquo;Board&rdquo;) may from time
to time reasonably direct, including normal duties of an officer of the Employer. The Employee shall devote his full time and best
efforts to the performance of his duties under this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Compensation;
Employee Benefits</U>.</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; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Base
Salary</U>. The Employer agrees to pay the Employee during the term of this Agreement a base salary at the rate of Four hundred
fourteen thousand Dollars ($414,000) per annum, which shall be paid in cash in accordance with the Employer&rsquo;s normal payroll
practices for its salaried employees from time to time in effect. Such rate of salary may be periodically increased by, and at
the sole discretion of, the Board or its Compensation Committee.</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; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Bonus
Plans.</U> The Employee shall be entitled to participate in such bonus programs and plans as the Employer makes available from
time to time to similarly situated executive officers of the Employer to the extent the provisions, rules, and regulations of such
plans make the Employee eligible for participation therein.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Employee
Benefits</U>. The Employee shall be entitled to employee benefits comparable to those provided from time to time by the Employer
and/or its Affiliates (collectively, the &ldquo;<I>Employer Group</I>&rdquo;) to similarly situated executive officers of the Employer
to the extent the provisions, rules, and regulations of such plans make the Employee eligible for participation therein, including,
without limitation, any plan of the Employer Group relating to pension, profit sharing, or other retirement benefits and medical
coverage or reimbursement plans that the Employer Group may adopt for the benefit of the employees of the Employer. The Employer
may also, at its discretion, enter into other agreements with the Employee to provide supplemental retirement benefits, additional
death benefits, or the like. For purposes of this Agreement, the term &ldquo;<I>Affiliate</I>&rdquo; means any &ldquo;parent corporation&rdquo;
and any &ldquo;subsidiary corporation&rdquo; of the Employer, as such terms are defined in Section 424 of the Internal Revenue
Code, as amended (the &ldquo;<I>Code</I>&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; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Fringe
Benefits</U>. During the term of this Agreement, the Employee shall be eligible to participate in any fringe benefits which may
be or become applicable to the Employer&rsquo;s executive officers, including, without limitation, participation in any equity
compensation plans and similar incentive plans adopted by the Board or its Compensation Committee, and any other benefits which
are commensurate with the responsibilities and functions to be performed by the Employee under this Agreement to the extent the
provisions, rules, and regulations of such plans or arrangements make the Employee eligible for participation therein or for receipt
of such benefits.</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; text-indent: 1in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Reimbursement
of Expenses</U>. The Employer shall reimburse the Employee for all out of pocket expenses which the Employee shall incur in connection
with his services for the Employer in accordance with the Employer&rsquo;s reimbursement policies. With respect to any reimbursement
of expenses of, or any provision of in-kind benefits to, the Employee, as specified under this Agreement, such reimbursement of
expenses or provision of in-kind benefits shall be subject to the following conditions: (i) the expenses eligible for reimbursement
or the amount of in-kind benefits provided in one taxable year shall not affect the expenses eligible for reimbursement or the
amount of in-kind benefits provided in any other taxable year, except for any medical reimbursement arrangement providing for the
reimbursement of expenses referred to in Section 105(b) of the Code; (ii) the reimbursement of an eligible expense shall be made
no later than the end of the year in which such expense was incurred; and (iii) the right to reimbursement or in-kind benefits
shall not be subject to liquidation or exchange for another benefit.</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; text-indent: 1in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Vacation
and Leave</U>.</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; text-indent: 1.5in"><FONT STYLE="font-weight: normal">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
such reasonable times as the Employer&rsquo;s Board shall in its discretion permit, the Employee shall be entitled, without loss
of pay, to absent himself voluntarily from the performance of his employment under this Agreement, all such voluntary absences
to count as vacation time; <I>provided</I> that:</FONT></P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in"><FONT STYLE="font-weight: normal">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Employee shall be entitled to an annual vacation in accordance with the policies as periodically established by the Board for executive
officers of the Employer, which shall in no event be less than 6 weeks per year. The Employee shall not be entitled to receive
any additional compensation from the Employer on account of his failure to take a vacation, nor shall he be entitled to accumulate
unused vacation from one year to the next except to the extent authorized by the Board for executive officers of the Employer.</FONT></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; text-indent: 2in"><FONT STYLE="font-weight: normal">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition to the aforesaid paid vacations, the Employee shall be entitled without loss of pay, to absent himself voluntarily from
the performance of his employment with the Employer for such additional periods of time and for such valid and legitimate reasons
as the Board in its discretion may determine.</FONT></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; text-indent: 2in"><FONT STYLE="font-weight: normal">C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Employee shall be entitled to an annual sick leave as established by the Board for executive officers of the Employer. In the event
any sick leave shall not have been used during any year, such leave shall not accrue to subsequent years unless authorized by the
Board. Upon termination of his employment hereunder, the Employee shall not be entitled to receive any additional compensation
from the Employer for unused sick leave.</FONT></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; text-indent: 0.5in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Term</U>.
The initial term of employment under this Agreement shall be for 12 months commencing on the Effective Date (the &ldquo;<I>Initial
Term</I>&rdquo;). Upon the expiration of the Initial Term, this Agreement shall automatically renew for successive terms of 12
months each (each such renewal term, together with the Initial Term, a &ldquo;<I>Term</I>&rdquo;) without further action by the
parties, unless either party shall have served written notice on the other party at least 60 days prior to the commencement of
a new Term of such party&rsquo;s decision not to renew this Agreement. At least 120 days prior to the commencement of a new Term,
the Board or a committee thereof will conduct a comprehensive performance evaluation and review of Employee to determine whether
to give notice of non-renewal as provided herein. The evaluation and review shall be documented in the minutes of the Board or
the committee thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>General</U>.
The Employee&rsquo;s employment under this Agreement may be terminated prior to the expiration of the then-current Term upon the
occurrence of any of the following events:</FONT></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; text-indent: 1.5in"><FONT STYLE="font-weight: normal">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;death
of the Employee;</FONT></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; text-indent: 1.5in"><FONT STYLE="font-weight: normal">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;written
notice by the Employer to the Employee of the termination of his employment for &ldquo;Cause&rdquo; (as hereinafter defined), specifying
in reasonable detail the reason constituting such Cause;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-weight: normal">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;written
notice by the Employer to the Employee of its termination of the Employee&rsquo;s employment without Cause;</FONT></P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-weight: normal">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;written
notice by the Employee to the Employer of the termination of his employment for &ldquo;Good Reason&rdquo; (as hereinafter defined),
specifying in reasonable detail the basis for such Good Reason termination;</FONT></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; text-indent: 1.5in"><FONT STYLE="font-weight: normal">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30
days after the date the Employee delivers written notice to the Employer of his intention to terminate his employment, provided
that the Employer shall have the option to pay the Employee 30 days&rsquo; salary in lieu of his working during the notice period.</FONT></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; text-indent: 1in"><FONT STYLE="font-weight: normal">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Cause</U>.
For purposes of this Agreement, the term &ldquo;<I>Cause</I>&rdquo; means: (i) the Employee&rsquo;s &ldquo;Disability&rdquo; (as
hereinafter defined); (ii) an action or failure to act by the Employee constituting fraud, misappropriation or damage to the property
or business of the Employer; (iii) conduct by Employee that amounts to fraud, personal dishonesty or breach of fiduciary duty;
(iv) Employee&rsquo;s conviction (from which no appeal may be, or is, timely taken) of a felony or willful violation of any law,
rule or regulation (other than traffic violations or similar offenses); (v) the Employee&rsquo;s breach of any of his obligations
hereunder; (vi) the unauthorized use, misappropriation or disclosure by the Employee of any Confidential Information of the Employer
or of any confidential information of any other party to whom the Employee owes an obligation of nondisclosure as a result of his
relationship with the Employer; (vii) the willful violation of any final cease and desist or consent order; (viii) a knowing violation
by Employee of federal and state banking laws or regulations which is likely to have a material adverse effect on Employer, as
determined by the Board; (ix) the determination by the Board, in the exercise of its reasonable judgment and in good faith, that
Employee&rsquo;s job performance is substantially unsatisfactory and that he has failed to cure such performance within a reasonable
period (but in no event more than thirty (30) days) after written notice specifying in reasonable detail the nature of the unsatisfactory
performance; (x) Employee&rsquo;s material breach of any of Employer&rsquo;s written policies; or (xi) the issuance of any order
by the Maryland Commissioner of Financial Regulation, the Federal Deposit Insurance Corporation, the Board of Governors of the
Federal Reserve System, or any other supervisory agency with jurisdiction over the Employer permanently prohibiting the continued
service of the Employee with the Employer. No act or failure to act on the part of the Employee shall be considered &ldquo;willful&rdquo;
unless it is done, or omitted to be done, by the Employee in bad faith or without reasonable belief that the Employee&rsquo;s action
or omission was in the best interests of the Employer. Any act or failure to act that is based upon authority given pursuant to
a resolution duly adopted by the Board, or upon the advice of legal counsel for the Employer, shall be conclusively presumed to
be done, or omitted to be done, by the Employee in good faith and in the best interest of the Employer.</FONT></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; text-indent: 1in"><FONT STYLE="font-weight: normal">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Disability</U>.
For purposes of this Agreement, the term &ldquo;<I>Disability</I>&rdquo; shall have the meaning given to such term in the long-term
disability policy available to employees of the Employer, as amended or replaced from time to time. </FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Good
Reason</U>. For purposes of this Agreement, the term &ldquo;Good <I>Reason</I>&rdquo; shall mean termination by the Employee within
12 months following a Change in Control based on:</FONT></P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-weight: normal">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Without
the Employee&rsquo;s express written consent, a material adverse change made by the Employer which would reduce the Employee&rsquo;s
functions, duties or responsibilities as President and Chief Executive Officer of the Employer.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-weight: normal">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Without
the Employee&rsquo;s express written consent, a 5% or greater reduction by the Employer in the Employee&rsquo;s Base Salary as
the same may be increased from time to time; or</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-weight: normal">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Without
the Employee&rsquo;s express written consent, the Employer requires the Employee to be based at a location more than 50 miles from
Easton, Maryland (which requirement shall be deemed to be a material change in the geographic location at which the Employee must
perform services for the Employer), except for required travel on business of the Employer to an extent substantially consistent
with the Employee&rsquo;s present business travel obligations.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Good Reason shall, for all purposes under
this Agreement, be construed and administered in manner consistent with the definition of &ldquo;good reason&rdquo; under Treasury
Regulation &sect;1.409A-1(n).</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; text-indent: 0.5in">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Payments
Upon Termination. </U></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; text-indent: 1in"><FONT STYLE="font-weight: normal">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Payment
of Unpaid Salary and Bonus</U>. If the Employee&rsquo;s employment is terminated hereunder for any reason, the Employee shall be
entitled to receive (i) all base salary that has accrued through, but remains unpaid as of, the date of termination, (ii) all bonus
awards (pro rated through the last day of the calendar month in which termination occurs) that the Employee would have been eligible
to receive had he remained employed when bonuses are next declared or paid on a pro rata basis provided any applicable performance
goals are satisfied, and (iii) reimbursement of all unreimbursed expenses, all as provided in Section 2. All such amounts shall
be paid as soon as reasonably practicable following the date of the Employee&rsquo;s termination, but in no event later than the
last day of the calendar quarter of the quarter in which the Employee&rsquo;s employment was terminated. In addition, all unexercised
or unvested equity awards, or portions thereof, held by the Employee as of the date of termination shall vest or terminate and
be exercisable in accordance with their terms. The termination of the Employee&rsquo;s employment hereunder shall not impair any
rights of the Employee under any employee benefit or fringe benefit plans that have vested as of the date of termination, which
rights shall be administered after the termination of employment in accordance with the terms of such plans.</FONT></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; text-indent: 1in"><FONT STYLE="font-weight: normal">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Payment
of Severance</U>. Except when Section 5(c) applies, in addition to the amounts and benefits to be paid or provided under Section
5(a), if the Employee&rsquo;s employment is terminated without Cause pursuant to Section 4(a)(iii), then the Employer will continue
to make salary payments to the Employee at his then-current base salary level for 24 months following the date of termination (the
&ldquo;Severance Period&rdquo;). Subject to Section 5(g), payments under this Section 5(b) will be made pursuant to the Employer&rsquo;s
normal payroll schedule with the first payment to be made on the first, regular payroll date on or after the 60<SUP>th</SUP> day
following the date of termination, provided that the Employee has executed and submitted a release of claims and the statutory
period during which the Employee is entitled to revoke such release has expired on or before that 60<SUP>th</SUP> day. </FONT></P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Payments
Following a Change in Control</U>. If the Employee&rsquo;s employment is terminated (i) by the Employer without Cause pursuant
to Section 4(a)(iii) or (ii) by Employee for Good Reason pursuant to Section 4(a)(iv), in both cases in connection with or within
12 months after any &ldquo;Change in Control&rdquo; (as hereinafter defined) of the Employer, then, in addition to the to the amounts
and benefits to be paid or provided under Section 5(a), the Employee shall be paid an amount equal to the difference between (i)
the product of 2.99 times the Employee&rsquo;s &ldquo;base amount&rdquo; as defined in Section 280G(b)(3) of the Code and regulations
promulgated thereunder, and (ii) the sum of any other parachute payments (as defined under Section 280G(b)(2) of the Code) that
the Employee receives on account of the Change in Control. Subject to Section 5(g), said sum shall be paid to the Employee in one
lump sum on the 60<SUP>th</SUP> day following the Employee&rsquo;s termination, provided that the Employee has executed and submitted
a release of claims and the statutory period during which Employee is entitled to revoke the release of claims has expired on or
before that 60<SUP>th</SUP> day.</FONT></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; text-indent: 1in"><FONT STYLE="font-weight: normal">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Change
in Control</U>. For purposes of this Agreement, a &ldquo;<I>Change in Control</I>&rdquo; shall be deemed to have occurred if the
conditions set forth in any one of the following paragraphs shall have been satisfied:</FONT></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; text-indent: 1.5in"><FONT STYLE="font-weight: normal">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
one person, or more than one person acting as a group, acquires ownership of securities of the Employer or of its ultimate parent
company (the &ldquo;<I>Parent</I>&rdquo;) that, together with securities held by such person or group, constitutes more than 50
percent (50%) of the total fair market value or total voting power of the securities of the Employer or of the Parent, as the case
may be;</FONT></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; text-indent: 1.5in"><FONT STYLE="font-weight: normal">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;either
(A) any one person, or more than one person acting as a group, acquires (or has acquired during the 12-month period ending on the
date of the most recent acquisition by such person or persons) ownership of securities of the Employer or of the Parent possessing
35 percent (35%) or more of the total voting power of the securities of the Employer or of the Parent, as the case may be; or (B)
a majority of members of the Board of Directors of the Employer or of the Parent is replaced during any 12-month period by directors
whose appointment or election is not endorsed by a majority of the members of the Board of the Employer or of the Board of Directors
of the Parent, as the case may be, prior to the date of the appointment or election; or</FONT></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; text-indent: 1.5in"><FONT STYLE="font-weight: normal">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
one person, or more than one person acting as a group, acquires (or has acquired during the 12-month period ending on the date
of the most recent acquisition by such person or persons) assets from the Employer or from the Parent that have a total gross fair
market value equal to or more than 40 percent (40%) of the total gross fair market value of all of the assets of the Employer or
of the Parent, as the case may be, immediately prior to such acquisition or acquisitions. For this purpose, gross fair market value
means the value of the assets of the Employer or of its parent company, as the case may be, or the value of the assets being disposed
of, determined without regard to any liabilities associated with such assets.</FONT></P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;Notwithstanding
the foregoing, the acquisition of ownership or control of voting stock of the Employer or of the Parent, individually or collectively,
by the Employer or one of its Affiliates or any benefit plan sponsored by the Employer or any of its Affiliates shall not constitute
a Change in Control.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Full
Compensation</U>. The payments made pursuant to this Section 5 shall be considered full compensation in payment for all claims
under this Agreement, and the Employee shall not be entitled to any other compensation. </FONT></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; text-indent: 1in"><FONT STYLE="font-weight: normal">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Deduction
for Amounts Due Employer</U>. Upon termination of the Employee&rsquo;s employment with the Employer, subject to any restrictions
imposed by applicable law, the Employer shall have the right to deduct from the amount due the Employee any amounts which the Employee
owes the Employer. Such right shall apply only to debts that were incurred in the ordinary course of the employment relationship
and in no event shall the Employer have the right to deduct an amount in excess of $5,000 in any year from any payment that would
be considered deferred compensation under Section 409A of the Code. In no event shall the Employer have the discretion to deduct
any amount pursuant to this Section to the extent such deduction would be considered a prohibited acceleration under Section 409A
of the Code. Any offset under this Section 5(f) shall comply with Section 1.409A &ndash; 3(j)(4)(xiii) of the Treasury Regulations.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Compliance
with Section 409A of the Code</U>. This Agreement is intended to comply with Section 409A of the Code and its corresponding regulations,
or an exemption, and payments may only be made in a manner permitted by Section 409A of the Code, to the extent applicable. Severance
benefits under the Agreement are intended to be exempt from Section 409A to the maximum extent possible under the &quot;separation
pay exception, the &ldquo;short-term deferral exception,&rdquo; or another exception under Section 409A of the Code. For purposes
of Section 409A of the Code, the right to a series of installment payments under this Agreement shall be treated as a right to
a series of separate payments. In no event may the Employee, directly or indirectly, designate the calendar year of a payment.
If a payment obligation under this Agreement arises on account of the termination of Employee&rsquo;s employment hereunder while
the Employee is a &ldquo;specified employee&rdquo; (as defined under Section 409A of the Code, and determined in good faith by
the Employer), any payment of &ldquo;deferred compensation&rdquo; (as defined in Treasury Regulation Section 1.409A-1(b)(1), after
giving effect to the exemptions in Treasury Regulation Sections 1.409A-1(b)(3) through (b)(12)) that is scheduled to be paid within
six (6) months after such termination of employment shall be paid, with interest, in a lump sum, within 15 days after the end of
the six-month period beginning on the date of such termination or, if earlier, within 15 days after the appointment of the personal
representative or executor of the Employee&rsquo;s estate following his death. </FONT></P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Non-Competition
and Non-Solicitation</U>.</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; text-indent: 1in"><FONT STYLE="font-weight: normal">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Restrictive
Covenants</U>. During the Employee&rsquo;s employment with the Employer and thereafter for the longer of but in no case to exceed
24 months, (i) the Severance Period (if severance is payable pursuant to Section 5(b)) or (ii) 12 months after the Employee ceases,
for any reason, to be an employee of the Employer, the Employee shall not, directly or indirectly, as owner, partner, director,
officer, employee, agent, consultant, advisor, contractor or otherwise, whether for consideration or without consideration, for
the benefit of any individual, group corporation, partnership, trust, association, joint venture, pool, syndicate, sole proprietorship,
unincorporated organization of any other form of entity not specifically listed herein (a &ldquo;<I>Person</I>&rdquo;) other than
for a member of the Employer Group, take any of the following actions: </FONT></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; text-indent: 1.5in"><FONT STYLE="font-weight: normal">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;compete
with or otherwise engage in the sale of any products or the performance of any services which are comparable to, or which are intended
to substitute for, the products or services offered by the Employer and/or any of its Affiliates (the &ldquo;<I>Non-Compete Group</I>&rdquo;)
in any county of any jurisdiction in which any member of the Non-Compete Group maintains a branch or other office, or in any county
of any jurisdiction that is contiguous to such county; </FONT></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; text-indent: 1.5in"><FONT STYLE="font-weight: normal">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;solicit
any Business Relation (as hereinafter defined) to purchase, or sell or otherwise provide to any Business Relation, any products
or services which are comparable to, or which are intended to substitute for, products or services offered by any member of the
Non-Compete Group during the Employee&rsquo;s employment with the Employer; </FONT></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; text-indent: 1.5in"><FONT STYLE="font-weight: normal">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;accept
employment with or provide services as an independent contractor to any Business Relation if the employment or services involve
the Employee rendering services which are the same as or substantially similar to, or which are intended to substitute for, services
provided by any member of the Non-Compete Group during the Employee&rsquo;s employment with the Employer; </FONT></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; text-indent: 1.5in"><FONT STYLE="font-weight: normal">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;employ,
engage or solicit for employment or for engagement as an independent contractor or consultant, any person who was employed by or
any Person who was engaged as an independent contractor by any member of the Non-Compete Group during the preceding 24 months;</FONT></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; text-indent: 1.5in"><FONT STYLE="font-weight: normal">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;employ,
engage or solicit for employment any employee of the Employer, whether or not such employee is a full-time employee or a temporary
employee of the Employer and whether or not such employment is pursuant to written agreement and whether or not such employment
is for a determined period or is at will; or</FONT></P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-weight: normal">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;encourage
any Person to reduce its business with any member of the Non-Compete Group or to reduce its employment with or provision of services
to any member of the Non-Compete Group.</FONT></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; text-indent: 1in"><I>Provided, however</I>,
that nothing in this Section 6(a) shall be deemed to prevent or limit the right of the Employee to own up to a five percent (5%)
interest in the securities of a Person that are registered under Section 12 of the Securities Exchange Act of 1934, 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; text-indent: 1in"><FONT STYLE="font-weight: normal">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Business
Relation Defined</U>. For purposes of this Agreement, the term &ldquo;<I>Business Relation</I>&rdquo; means any Person who, at
any time during the Employee&rsquo;s employment with the Employer, was a Person (i) that is or was a customer of any member of
the Non-Compete Group, (ii) that had entered into any contract or other arrangement with any member of the Non-Compete Group for
the provision of services or the sale of products, (iii) to whom any member of the Non-Compete Group furnished or planned to furnish
a proposal for the performance of services or the sale of products, or (iv) with whom any member of the Non-Compete Group entered
or agreed to enter into any other business relationship such as a joint venture, collaborative agreement, joint development agreement,
teaming arrangement or agreement, or similar arrangement or understanding for the provision of services or sale of products. </FONT></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; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Acknowledgement</U>.
The Employee hereby acknowledges and agrees that the restrictions contained in this Section 6 regarding geographical scope, length
of term and types of activities restricted, are reasonable and will not create a hardship to or burden for him and that the Employee
has no intention of competing with the Non-Compete Group within such limitations.</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; text-indent: 0.5in">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Confidential
Information</U>.</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; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Covenant</U>.
The Employee acknowledges that his relationship with the Employer shall of necessity provide him with specialized knowledge concerning
the Employer Group, which, if used for the benefit of others or disclosed to others, could cause serious harm to the Employer Group.
Accordingly, the Employee covenants that he shall not at any time, directly or indirectly, use, appropriate or disclose to others,
or permit the use of or appropriation by or disclosure to others of, any Confidential Information (as hereinafter defined) except
as expressly provided herein.</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; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Permitted
Use</U>. While employed with the Employer, the Employee may use Confidential Information only for the purpose that is necessary
to the carrying out of the Employee&rsquo;s duties as set forth herein or assigned to him by the Employer, and the Employee may
not make use of any Confidential Information after he is no longer an employee of the Employer.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Confidential
Information Defined</U>. For purposes of this Agreement, the term &ldquo;Confidential Information&rdquo; means all information
of any member of the Employer Group, whether oral, written, computerized, digitized or otherwise, regarding the business of the
Employer Group, including, without limitation, information regarding the Employer Group&rsquo;s customers, referral sources, insurance
carriers, sales and marketing information, costs, prices, earnings, business plans, financial information and forecasts, contracts,
business arrangements, methods of operation, business strategies, prospects, and Intellectual Property (as hereinafter defined),
whether or not such information is deemed &ldquo;trade secrets&rdquo; under applicable law. Confidential Information does not include
information that (i) becomes generally available to the public other than as a result of disclosure by the Employee in violation
of this Agreement, (ii) was available to the public on a non-confidential basis from a source other than the Employer Group, (iii)
is made available to a third party on a non-confidential basis by the Employer Group, (iv) was already known to the Employee at
the time of disclosure by the Employer Group, or (v) is required to be disclosed by legal process or applicable law.</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; text-indent: 0.5in">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Intellectual
Property</U>. The Employee agrees that any and all information, reports, other documents and other works (whether in an electronic
format or otherwise) created by the Employee for or on behalf of the Employer during the Employee&rsquo;s service with the Employer,
whether or not developed on the Employer&rsquo;s premises or equipment or during the Employer&rsquo;s normal business hours (the
&ldquo;<I>Intellectual Property</I>&rdquo;), are and shall remain works made for hire and the sole and exclusive property of the
Employer. To the extent that such Intellectual Property is not considered work made for hire, the Employee hereby assigns to the
Employer (or its nominee) any and all interest that the Employee may now or in the future have in the Intellectual Property. Upon
request by the Employer, the Employee shall execute and deliver to the Employer any document or instrument that may be necessary
to secure or perfect the Employer&rsquo;s title to or interest in any Intellectual Property so assigned.</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; text-indent: 0.5in">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Return
of Property</U>. The Employee agrees that upon termination of his employment with the Employer, he will:</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; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;promptly
return to the Employer all Confidential Information, all Intellectual Property, and all other property of the Employer, including
but not limited to all correspondence, manuals, notebooks, lists of customers and suppliers, computer programs, disks and any documents,
materials or property, whether written or stored on computerized medium, and all copies in his possession or control;</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; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;not
take any action to preserve or regain access to such information through any means, including but not limited to access to the
Employer&rsquo;s facilities or through a computer or other digital or electronic means; and</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; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;promptly
pay all amounts due, owing or otherwise payable by him to the Employer.</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; text-indent: 1in">The Employee expressly
authorizes the Employer to withhold any amounts payable to him, including for compensation, reimbursement and otherwise, until
he has complied with this Section 9, subject to the terms of Section 5(f).</P>

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


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<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">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Disparaging Statements</U>. During the Employee&rsquo;s employment with the Employer and for 12 months after the Employee ceases
to be an employee of the Employer, the Employee will not make any statements or comments of a disparaging nature to third parties
regarding any member of the Employer Group or its officers, directors, personnel or products.</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; text-indent: 0.5in">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Employee&rsquo;s
Representations and Warranties</U>.</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; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Prior Agreements</U>. The Employee represents and warrants that he is not a party to or otherwise subject to or bound by the terms
of any contract, agreement or understanding which in any manner would limit or otherwise affect his ability to perform her obligations
hereunder, including without limitation any contract, agreement or understanding containing terms and provisions similar in any
manner to those contained in Sections 6, 7, 8 or 10 of this Agreement.</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; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Confidential
Information of Others</U>. The Employee represents, warrants and covenants that he will not disclose to the Employer, or otherwise
use in the course of his service with the Employer, any confidential information which he is restricted from disclosing or using
pursuant to any other agreement or duty to any other person.</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; text-indent: 0.5in">12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Remedies</U>.</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: 1in"><FONT STYLE="font-weight: normal">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Arbitration
of Disputes</U>. If a dispute arises with respect to the enforcement or interpretation of any provision of this Agreement (other
than a dispute to be resolved under Section 12(b)), then the parties hereto agree to submit the dispute to non-appealable binding
arbitration. Such arbitration shall be conducted before a board of three arbitrators, with one member selected by the Employee,
one member selected by the Employer, and the third member selected by the first two arbitrators. The party responsible for the
payment of the costs of such arbitration (including any legal fees and expenses incurred by the Employee) shall be determined by
the board of arbitrators. The board of arbitrators shall be bound by the rules of the American Arbitration Association in making
its determination. The parties hereto agree that they and their heirs, personal representatives, successors, and assigns shall
be bound by the decision of such board of arbitrators with respect to any controversy properly submitted to it for determination.</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: 1in"><FONT STYLE="font-weight: normal">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Disputes
Arising Under Sections 6 Through 10</U>. The Employee recognizes that a violation by him of any provision of Sections 6 through
10, inclusive, of this Agreement may cause irreparable injury to the Employer, and that there may be no adequate remedy at law
for such violation. Therefore, the Employee agrees that, in addition to any other remedies for its violation hereof available to
the Employer, which shall include the recovery of all damages incurred, as well as reasonable attorney&rsquo;s fees and other costs,
the Employer shall have the right, in the event of the breach or threatened breach of any provision hereof by the Employee to obtain
an injunction and/or temporary restraining order against such breach or threatened breach or specifically enforce this Agreement.
The Employer&rsquo;s rights and remedies specified in this Section 12(b) are in addition to and not in lieu of any rights available
under applicable law and regulations, including, without limitation, those laws and regulations governing trade secrets and other
proprietary information.</FONT></P>

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


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<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">13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Miscellaneous</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Withholding
of Taxes</U>. All compensation and benefits payable pursuant to this Agreement shall be subject to all applicable tax withholding
requirements.</FONT></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; text-indent: 1in"><FONT STYLE="font-weight: normal">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Compliance
with Employment Laws</U>. Any payments made to the Employee pursuant to this Agreement, or otherwise, are subject to, and conditioned
upon their compliance with 12 U.S.C. Section 1828(k) and any regulations promulgated thereunder.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Suspension
of Employment by Regulators</U>. In the event the Employee is temporarily prohibited from participating in the conduct of the affairs
of the Employer pursuant to notice served by a regulatory agency having jurisdiction over the Employer, unless stayed by appropriate
proceedings, then Employer&rsquo;s obligations under this Agreement shall be suspended and the Employee shall have no right to
any payment of compensation, as of the date such notice is served on Employer. If the charges specified in any such notice shall
be dismissed, then the Employer shall (i) pay the Employee any compensation withheld from the Employee pursuant to the suspension
of the Employer&rsquo; obligations as required by this Section 13(c) as soon as practicable following the completion of continued
employment for 30 days following such dismissal and (ii) reinstate the obligations so suspended.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Entire
Agreement; Amendment</U>. This Agreement supersedes all prior agreements, written and oral, between the parties with respect to
its subject matter, is intended as a complete and exclusive statement of the terms of the agreement between the parties with respect
thereto, and may be amended only by a writing signed by both parties hereto. The Employer and the Employee agree to execute any
and all amendments to this Agreement permitted under applicable law that the Employer&rsquo;s legal counsel determines to be necessary
to ensure compliance with the distribution provisions of Section 409A of the Code or to otherwise ensure that this Agreement complies
with Section 409A of the Code.</FONT></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; text-indent: 1in"><FONT STYLE="font-weight: normal">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Nonwaiver</U>.
The failure of either party to insist upon strict adherence to any term of this Agreement on any occasion will not operate as a
waiver or deprive that party of the right thereafter to insist upon strict adherence to that term or any other term of this Agreement.
Any waiver must be in a writing signed by the party to be charged therewith.</FONT></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; text-indent: 1in"><FONT STYLE="font-weight: normal">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Assignment</U>.
The Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their successors and assigns and their
representatives. This Agreement may not be assigned by either party without the consent of the other party, except that the Employer
may assign all of its rights and delegate performance of all of its obligations hereunder in connection with a Change in Control.
</FONT></P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Counterparts</U>.
This Agreement may be executed in two or more counterparts, each of which will be an original, but all of which together will constitute
the same instrument.</FONT></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; text-indent: 1in"><FONT STYLE="font-weight: normal">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Headings</U>.
The headings in this Agreement are for convenience of reference only and should not be given any effect in the interpretation of
this Agreement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Governing
Law</U>. This Agreement shall be governed in all respects whether as to validity, construction, capacity, performance or otherwise,
by the laws of the State of Maryland, without regard to any provision that would result in the application of the laws of any other
state or jurisdiction, except to the extent that Federal law shall be deemed to apply. </FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Interpretation</U>.
This Agreement is intended to comply with, or otherwise be exempt from, Section 409A of the Code and any regulations and Treasury
guidance promulgated thereunder. If the Company determines in good faith that any provision of this Agreement would cause the Employee
to incur an additional tax, penalty, or interest under Section 409A of the Code, then the Company and the Employee shall use reasonable
efforts to reform such provision, if possible, in a mutually agreeable fashion to maintain to the maximum extent practicable the
original intent of the applicable provision without violating the provisions of Section 409A of the Code or causing the imposition
of such additional tax, penalty, or interest under Section 409A of the Code. As used in this Agreement, the terms &ldquo;termination
of employment&rdquo;, &ldquo;resignation&rdquo; and words of similar import mean, for purposes of any payments under this Agreement
that are payments of deferred compensation subject to Section 409A of the Code, the Employee&rsquo;s &ldquo;separation from service&rdquo;
as defined in Section 409A of the Code.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Severability</U>.
The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any provision shall not affect
the validity and enforceability of the other provisions hereof.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Employer
Policies, Plans and Programs</U>. Except as expressly provided otherwise in this Agreement, whenever any rights under this Agreement
depend on the terms of a policy, plan, or program established or maintained by the Employer Group, any determination of such rights
will be made on the basis of the policy, plan, or program in effect at the time as of which such determination is made. No reference
in this Agreement to any policy, plan, or program established or maintained by the Employer Group precludes any member of the Employer
Group from prospectively or retroactively changing or amending or terminating that policy, plan, or program or adopting a new policy,
plan, or program in lieu of the then existing policy, plan, or program.</FONT></P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Survival
of Terms</U>. The provisions of Sections 5 through 10, inclusive, and Sections 12 and 13 of this Agreement shall survive the termination
of the Employee&rsquo;s employment hereunder.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>IN WITNESS WHEREOF</B>,
the parties have executed this Agreement as of the date written above.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0in"><B>ATTEST:</B></TD>
    <TD STYLE="text-align: justify; text-indent: 0.9pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0in"><B>EMPLOYER:</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0.9pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0.9pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0in"><B>Shore Bancshares, Inc.</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0.9pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%; text-align: left; text-indent: 0in; border-bottom: Black 1pt solid">/s/ W. David Morse</TD>
    <TD STYLE="width: 2%; text-align: left; text-indent: 0.9pt">&nbsp;</TD>
    <TD STYLE="width: 3%; text-align: left; text-indent: 0in">By:</TD>
    <TD STYLE="width: 46%; text-align: left; text-indent: 0in; border-bottom: Black 1pt solid">/s/  Frank E. Mason, III</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in">W. David Morse, Secretary</TD>
    <TD STYLE="text-align: left; text-indent: 0.9pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0in">Name: Frank E. Mason, III</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0.9pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0in">Title:&nbsp;&nbsp;&nbsp;Chairman of the Board</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0.9pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in"><B>WITNESS:</B></TD>
    <TD STYLE="text-align: left; text-indent: 0.9pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0in"><B>EMPLOYEE:</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0.9pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in; border-bottom: Black 1pt solid">/s/ W. David Morse</TD>
    <TD STYLE="text-align: left; text-indent: 0.9pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0in; border-bottom: Black 1pt solid">/s/ Lloyd L. Beatty, Jr.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in">W. David Morse, Secretary</TD>
    <TD STYLE="text-align: left; text-indent: 0.9pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0in">Lloyd L. Beatty, Jr.</TD></TR>
</TABLE>
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<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>tv478297_ex10-2.htm
<DESCRIPTION>EXHIBIT 10.2
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0; text-align: right"><B>Exhibit 10.2</B></P>

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

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

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

<P STYLE="font: bold 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"><B>THIS EMPLOYMENT
AGREEMENT</B> (this &ldquo;<I>Agreement</I>&rdquo;), dated October 31, 2017, (the &ldquo;<I>Effective Date</I>&rdquo;), is entered
into by and between <B>Shore Bancshares, Inc.</B><I>, </I>a corporation organized under the laws of Maryland (the &ldquo;<I>Employer</I>&rdquo;),
and Donna Stevens (the <I>&ldquo;Employee&rdquo;</I>).</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"><B>WHEREAS</B>, the
Employee is employed by the Employer as Chief Operating Officer; and</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"><B>WHEREAS</B>, the
parties hereto desire to set forth in writing the continued employment relationship of the Employer and the Employee;</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"><B>NOW THEREFORE</B>,
in consideration of the mutual covenants and agreements of the parties contained herein, and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Employee and the Employer agree as follows:</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; text-indent: 0.5in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Employment
and Duties</U>. The Employee is employed by the Employer as Chief Operating Officer. The Employee shall render administrative and
management services to the Employer such as are customarily performed by persons situated in a similar executive capacity. The
Employee shall also promote, by entertainment or otherwise, and to the extent permitted by law, the business of the Employer. The
Employee&rsquo;s other duties shall be such as the Board of Directors of the Employer (the &ldquo;Board&rdquo;) may from time to
time reasonably direct, including normal duties of an officer of the Employer. The Employee shall devote her full time and best
efforts to the performance of her duties under this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Compensation;
Employee Benefits</U>.</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; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Base
Salary</U>. The Employer agrees to pay the Employee during the term of this Agreement a base salary at the rate of Two hundred
twenty-five thousand Dollars ($225,000) per annum, which shall be paid in cash in accordance with the Employer&rsquo;s normal payroll
practices for its salaried employees from time to time in effect. Such rate of salary may be periodically increased by, and at
the sole discretion of, the Board or its Compensation Committee.</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; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Bonus
Plans.</U> The Employee shall be entitled to participate in such bonus programs and plans as the Employer makes available from
time to time to similarly situated executive officers of the Employer to the extent the provisions, rules, and regulations of such
plans make the Employee eligible for participation therein.</P>

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


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<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; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Employee
Benefits</U>. The Employee shall be entitled to employee benefits comparable to those provided from time to time by the Employer
and/or its Affiliates (collectively, the &ldquo;<I>Employer Group</I>&rdquo;) to similarly situated executive officers of the Employer
to the extent the provisions, rules, and regulations of such plans make the Employee eligible for participation therein, including,
without limitation, any plan of the Employer Group relating to pension, profit sharing, or other retirement benefits and medical
coverage or reimbursement plans that the Employer Group may adopt for the benefit of the employees of the Employer. The Employer
may also, at its discretion, enter into other agreements with the Employee to provide supplemental retirement benefits, additional
death benefits, or the like. For purposes of this Agreement, the term &ldquo;<I>Affiliate</I>&rdquo; means any &ldquo;parent corporation&rdquo;
and any &ldquo;subsidiary corporation&rdquo; of the Employer, as such terms are defined in Section 424 of the Internal Revenue
Code, as amended (the &ldquo;<I>Code</I>&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; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Fringe
Benefits</U>. During the term of this Agreement, the Employee shall be eligible to participate in any fringe benefits which may
be or become applicable to the Employer&rsquo;s executive officers, including, without limitation, participation in any equity
compensation plans and similar incentive plans adopted by the Board or its Compensation Committee, and any other benefits which
are commensurate with the responsibilities and functions to be performed by the Employee under this Agreement to the extent the
provisions, rules, and regulations of such plans or arrangements make the Employee eligible for participation therein or for receipt
of such benefits.</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; text-indent: 1in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Reimbursement
of Expenses</U>. The Employer shall reimburse the Employee for all out of pocket expenses which the Employee shall incur in connection
with her services for the Employer in accordance with the Employer&rsquo;s reimbursement policies. With respect to any reimbursement
of expenses of, or any provision of in-kind benefits to, the Employee, as specified under this Agreement, such reimbursement of
expenses or provision of in-kind benefits shall be subject to the following conditions: (i) the expenses eligible for reimbursement
or the amount of in-kind benefits provided in one taxable year shall not affect the expenses eligible for reimbursement or the
amount of in-kind benefits provided in any other taxable year, except for any medical reimbursement arrangement providing for the
reimbursement of expenses referred to in Section 105(b) of the Code; (ii) the reimbursement of an eligible expense shall be made
no later than the end of the year in which such expense was incurred; and (iii) the right to reimbursement or in-kind benefits
shall not be subject to liquidation or exchange for another benefit.</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; text-indent: 1in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Vacation
and Leave</U>.</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; text-indent: 1.5in"><FONT STYLE="font-weight: normal">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
such reasonable times as the Employer&rsquo;s Board shall in its discretion permit, the Employee shall be entitled, without loss
of pay, to absent himself voluntarily from the performance of her employment under this Agreement, all such voluntary absences
to count as vacation time; <I>provided</I> that:</FONT></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; text-indent: 2in"><FONT STYLE="font-weight: normal">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Employee shall be entitled to an annual vacation in accordance with the policies as periodically established by the Board for executive
officers of the Employer, which shall in no event be less than 6 weeks per year. The Employee shall not be entitled to receive
any additional compensation from the Employer on account of her failure to take a vacation, nor shall she be entitled to accumulate
unused vacation from one year to the next except to the extent authorized by the Board for executive officers of the Employer.</FONT></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in"><FONT STYLE="font-weight: normal">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition to the aforesaid paid vacations, the Employee shall be entitled without loss of pay, to absent himself voluntarily from
the performance of her employment with the Employer for such additional periods of time and for such valid and legitimate reasons
as the Board in its discretion may determine.</FONT></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; text-indent: 2in"><FONT STYLE="font-weight: normal">C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Employee shall be entitled to an annual sick leave as established by the Board for executive officers of the Employer. In the event
any sick leave shall not have been used during any year, such leave shall not accrue to subsequent years unless authorized by the
Board. Upon termination of her employment hereunder, the Employee shall not be entitled to receive any additional compensation
from the Employer for unused sick leave.</FONT></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; text-indent: 0.5in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Term</U>.
The initial term of employment under this Agreement shall be for 12 months commencing on the Effective Date (the &ldquo;<I>Initial
Term</I>&rdquo;). Upon the expiration of the Initial Term, this Agreement shall automatically renew for successive terms of 12
months each (each such renewal term, together with the Initial Term, a &ldquo;<I>Term</I>&rdquo;) without further action by the
parties, unless either party shall have served written notice on the other party at least 60 days prior to the commencement of
a new Term of such party&rsquo;s decision not to renew this Agreement. At least 120 days prior to the commencement of a new Term,
the Board or a committee thereof will conduct a comprehensive performance evaluation and review of Employee to determine whether
to give notice of non-renewal as provided herein. The evaluation and review shall be documented in the minutes of the Board or
the committee thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>General</U>.
The Employee&rsquo;s employment under this Agreement may be terminated prior to the expiration of the then-current Term upon the
occurrence of any of the following events:</FONT></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; text-indent: 1.5in"><FONT STYLE="font-weight: normal">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;death
of the Employee;</FONT></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; text-indent: 1.5in"><FONT STYLE="font-weight: normal">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;written
notice by the Employer to the Employee of the termination of her employment for &ldquo;Cause&rdquo; (as hereinafter defined), specifying
in reasonable detail the reason constituting such Cause;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-weight: normal">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;written
notice by the Employer to the Employee of its termination of the Employee&rsquo;s employment without Cause;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-weight: normal">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;written
notice by the Employee to the Employer of the termination of her employment for &ldquo;Good Reason&rdquo; (as hereinafter defined),
specifying in reasonable detail the basis for such Good Reason termination;</FONT></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; text-indent: 1.5in"><FONT STYLE="font-weight: normal">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30
days after the date the Employee delivers written notice to the Employer of her intention to terminate her employment, provided
that the Employer shall have the option to pay the Employee 30 days&rsquo; salary in lieu of her working during the notice period.</FONT></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Cause</U>.
For purposes of this Agreement, the term &ldquo;<I>Cause</I>&rdquo; means: (i) the Employee&rsquo;s &ldquo;Disability&rdquo; (as
hereinafter defined); (ii) an action or failure to act by the Employee constituting fraud, misappropriation or damage to the property
or business of the Employer; (iii) conduct by Employee that amounts to fraud, personal dishonesty or breach of fiduciary duty;
(iv) Employee&rsquo;s conviction (from which no appeal may be, or is, timely taken) of a felony or willful violation of any law,
rule or regulation (other than traffic violations or similar offenses); (v) the Employee&rsquo;s breach of any of her obligations
hereunder; (vi) the unauthorized use, misappropriation or disclosure by the Employee of any Confidential Information of the Employer
or of any confidential information of any other party to whom the Employee owes an obligation of nondisclosure as a result of her
relationship with the Employer; (vii) the willful violation of any final cease and desist or consent order; (viii) a knowing violation
by Employee of federal and state banking laws or regulations which is likely to have a material adverse effect on Employer, as
determined by the Board; (ix) the determination by the Board, in the exercise of its reasonable judgment and in good faith, that
Employee&rsquo;s job performance is substantially unsatisfactory and that she has failed to cure such performance within a reasonable
period (but in no event more than thirty (30) days) after written notice specifying in reasonable detail the nature of the unsatisfactory
performance; (x) Employee&rsquo;s material breach of any of Employer&rsquo;s written policies; or (xi) the issuance of any order
by the Maryland Commissioner of Financial Regulation, the Federal Deposit Insurance Corporation, the Board of Governors of the
Federal Reserve System, or any other supervisory agency with jurisdiction over the Employer permanently prohibiting the continued
service of the Employee with the Employer. No act or failure to act on the part of the Employee shall be considered &ldquo;willful&rdquo;
unless it is done, or omitted to be done, by the Employee in bad faith or without reasonable belief that the Employee&rsquo;s action
or omission was in the best interests of the Employer. Any act or failure to act that is based upon authority given pursuant to
a resolution duly adopted by the Board, or upon the advice of legal counsel for the Employer, shall be conclusively presumed to
be done, or omitted to be done, by the Employee in good faith and in the best interest of the Employer.</FONT></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; text-indent: 1in"><FONT STYLE="font-weight: normal">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Disability</U>.
For purposes of this Agreement, the term &ldquo;<I>Disability</I>&rdquo; shall have the meaning given to such term in the long-term
disability policy available to employees of the Employer, as amended or replaced from time to time. </FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Good
Reason</U>. For purposes of this Agreement, the term &ldquo;Good <I>Reason</I>&rdquo; shall mean termination by the Employee within
12 months following a Change in Control based on:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-weight: normal">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Without
the Employee&rsquo;s express written consent, a material adverse change made by the Employer which would reduce the Employee&rsquo;s
functions, duties or responsibilities as Chief Operating Officer of the Employer.</FONT></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-weight: normal">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Without
the Employee&rsquo;s express written consent, a 5% or greater reduction by the Employer in the Employee&rsquo;s Base Salary as
the same may be increased from time to time; or</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-weight: normal">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Without
the Employee&rsquo;s express written consent, the Employer requires the Employee to be based at a location more than 50 miles from
Easton, Maryland (which requirement shall be deemed to be a material change in the geographic location at which the Employee must
perform services for the Employer), except for required travel on business of the Employer to an extent substantially consistent
with the Employee&rsquo;s present business travel obligations.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Good Reason shall, for all purposes under
this Agreement, be construed and administered in manner consistent with the definition of &ldquo;good reason&rdquo; under Treasury
Regulation &sect;1.409A-1(n).</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; text-indent: 0.5in">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Payments
Upon Termination. </U></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; text-indent: 1in"><FONT STYLE="font-weight: normal">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Payment
of Unpaid Salary and Bonus</U>. If the Employee&rsquo;s employment is terminated hereunder for any reason, the Employee shall be
entitled to receive (i) all base salary that has accrued through, but remains unpaid as of, the date of termination, (ii) all bonus
awards (pro rated through the last day of the calendar month in which termination occurs) that the Employee would have been eligible
to receive had she remained employed when bonuses are next declared or paid on a pro rata basis provided any applicable performance
goals are satisfied, and (iii) reimbursement of all unreimbursed expenses, all as provided in Section 2. All such amounts shall
be paid as soon as reasonably practicable following the date of the Employee&rsquo;s termination, but in no event later than the
last day of the calendar quarter of the quarter in which the Employee&rsquo;s employment was terminated. In addition, all unexercised
or unvested equity awards, or portions thereof, held by the Employee as of the date of termination shall vest or terminate and
be exercisable in accordance with their terms. The termination of the Employee&rsquo;s employment hereunder shall not impair any
rights of the Employee under any employee benefit or fringe benefit plans that have vested as of the date of termination, which
rights shall be administered after the termination of employment in accordance with the terms of such plans.</FONT></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; text-indent: 1in"><FONT STYLE="font-weight: normal">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Payment
of Severance</U>. Except when Section 5(c) applies, in addition to the amounts and benefits to be paid or provided under Section
5(a), if the Employee&rsquo;s employment is terminated without Cause pursuant to Section 4(a)(iii), then the Employer will continue
to make salary payments to the Employee at her then-current base salary level for 24 months following the date of termination (the
&ldquo;Severance Period&rdquo;). Subject to Section 5(g), payments under this Section 5(b) will be made pursuant to the Employer&rsquo;s
normal payroll schedule with the first payment to be made on the first, regular payroll date on or after the 60<SUP>th</SUP> day
following the date of termination, provided that the Employee has executed and submitted a release of claims and the statutory
period during which the Employee is entitled to revoke such release has expired on or before that 60<SUP>th</SUP> day. </FONT></P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Payments
Following a Change in Control</U>. If the Employee&rsquo;s employment is terminated (i) by the Employer without Cause pursuant
to Section 4(a)(iii) or (ii) by Employee for Good Reason pursuant to Section 4(a)(iv), in both cases in connection with or within
12 months after any &ldquo;Change in Control&rdquo; (as hereinafter defined) of the Employer, then, in addition to the to the amounts
and benefits to be paid or provided under Section 5(a), the Employee shall be paid an amount equal to the difference between (i)
the product of 2.0 times the Employee&rsquo;s &ldquo;base amount&rdquo; as defined in Section 280G(b)(3) of the Code and regulations
promulgated thereunder, and (ii) the sum of any other parachute payments (as defined under Section 280G(b)(2) of the Code) that
the Employee receives on account of the Change in Control. Subject to Section 5(g), said sum shall be paid to the Employee in one
lump sum on the 60<SUP>th</SUP> day following the Employee&rsquo;s termination, provided that the Employee has executed and submitted
a release of claims and the statutory period during which Employee is entitled to revoke the release of claims has expired on or
before that 60<SUP>th</SUP> day.</FONT></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; text-indent: 1in"><FONT STYLE="font-weight: normal">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Change
in Control</U>. For purposes of this Agreement, a &ldquo;<I>Change in Control</I>&rdquo; shall be deemed to have occurred if the
conditions set forth in any one of the following paragraphs shall have been satisfied:</FONT></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; text-indent: 1.5in"><FONT STYLE="font-weight: normal">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
one person, or more than one person acting as a group, acquires ownership of securities of the Employer or of its ultimate parent
company (the &ldquo;<I>Parent</I>&rdquo;) that, together with securities held by such person or group, constitutes more than 50
percent (50%) of the total fair market value or total voting power of the securities of the Employer or of the Parent, as the case
may be;</FONT></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; text-indent: 1.5in"><FONT STYLE="font-weight: normal">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;either
(A) any one person, or more than one person acting as a group, acquires (or has acquired during the 12-month period ending on the
date of the most recent acquisition by such person or persons) ownership of securities of the Employer or of the Parent possessing
35 percent (35%) or more of the total voting power of the securities of the Employer or of the Parent, as the case may be; or (B)
a majority of members of the Board of Directors of the Employer or of the Parent is replaced during any 12-month period by directors
whose appointment or election is not endorsed by a majority of the members of the Board of the Employer or of the Board of Directors
of the Parent, as the case may be, prior to the date of the appointment or election; or</FONT></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; text-indent: 1.5in"><FONT STYLE="font-weight: normal">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
one person, or more than one person acting as a group, acquires (or has acquired during the 12-month period ending on the date
of the most recent acquisition by such person or persons) assets from the Employer or from the Parent that have a total gross fair
market value equal to or more than 40 percent (40%) of the total gross fair market value of all of the assets of the Employer or
of the Parent, as the case may be, immediately prior to such acquisition or acquisitions. For this purpose, gross fair market value
means the value of the assets of the Employer or of its parent company, as the case may be, or the value of the assets being disposed
of, determined without regard to any liabilities associated with such assets.</FONT></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Notwithstanding
the foregoing, the acquisition of ownership or control of voting stock of the Employer or of the Parent, individually or collectively,
by the Employer or one of its Affiliates or any benefit plan sponsored by the Employer or any of its Affiliates shall not constitute
a Change in Control.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Full
Compensation</U>. The payments made pursuant to this Section 5 shall be considered full compensation in payment for all claims
under this Agreement, and the Employee shall not be entitled to any other compensation. </FONT></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; text-indent: 1in"><FONT STYLE="font-weight: normal">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Deduction
for Amounts Due Employer</U>. Upon termination of the Employee&rsquo;s employment with the Employer, subject to any restrictions
imposed by applicable law, the Employer shall have the right to deduct from the amount due the Employee any amounts which the Employee
owes the Employer. Such right shall apply only to debts that were incurred in the ordinary course of the employment relationship
and in no event shall the Employer have the right to deduct an amount in excess of $5,000 in any year from any payment that would
be considered deferred compensation under Section 409A of the Code. In no event shall the Employer have the discretion to deduct
any amount pursuant to this Section to the extent such deduction would be considered a prohibited acceleration under Section 409A
of the Code. Any offset under this Section 5(f) shall comply with Section 1.409A &ndash; 3(j)(4)(xiii) of the Treasury Regulations.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Compliance
with Section 409A of the Code</U>. This Agreement is intended to comply with Section 409A of the Code and its corresponding regulations,
or an exemption, and payments may only be made in a manner permitted by Section 409A of the Code, to the extent applicable. Severance
benefits under the Agreement are intended to be exempt from Section 409A to the maximum extent possible under the &quot;separation
pay exception, the &ldquo;short-term deferral exception,&rdquo; or another exception under Section 409A of the Code. For purposes
of Section 409A of the Code, the right to a series of installment payments under this Agreement shall be treated as a right to
a series of separate payments. In no event may the Employee, directly or indirectly, designate the calendar year of a payment.
If a payment obligation under this Agreement arises on account of the termination of Employee&rsquo;s employment hereunder while
the Employee is a &ldquo;specified employee&rdquo; (as defined under Section 409A of the Code, and determined in good faith by
the Employer), any payment of &ldquo;deferred compensation&rdquo; (as defined in Treasury Regulation Section 1.409A-1(b)(1), after
giving effect to the exemptions in Treasury Regulation Sections 1.409A-1(b)(3) through (b)(12)) that is scheduled to be paid within
six (6) months after such termination of employment shall be paid, with interest, in a lump sum, within 15 days after the end of
the six-month period beginning on the date of such termination or, if earlier, within 15 days after the appointment of the personal
representative or executor of the Employee&rsquo;s estate following her death. </FONT></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Non-Competition
and Non-Solicitation</U>.</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; text-indent: 1in"><FONT STYLE="font-weight: normal">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Restrictive
Covenants</U>. During the Employee&rsquo;s employment with the Employer and thereafter for the longer of but in no case to exceed
24 months, (i) the Severance Period (if severance is payable pursuant to Section 5(b)) or (ii) 12 months after the Employee ceases,
for any reason, to be an employee of the Employer, the Employee shall not, directly or indirectly, as owner, partner, director,
officer, employee, agent, consultant, advisor, contractor or otherwise, whether for consideration or without consideration, for
the benefit of any individual, group corporation, partnership, trust, association, joint venture, pool, syndicate, sole proprietorship,
unincorporated organization of any other form of entity not specifically listed herein (a &ldquo;<I>Person</I>&rdquo;) other than
for a member of the Employer Group, take any of the following actions: </FONT></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; text-indent: 1.5in"><FONT STYLE="font-weight: normal">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;compete
with or otherwise engage in the sale of any products or the performance of any services which are comparable to, or which are intended
to substitute for, the products or services offered by the Employer and/or any of its Affiliates (the &ldquo;<I>Non-Compete Group</I>&rdquo;)
in any county of any jurisdiction in which any member of the Non-Compete Group maintains a branch or other office, or in any county
of any jurisdiction that is contiguous to such county; </FONT></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; text-indent: 1.5in"><FONT STYLE="font-weight: normal">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;solicit
any Business Relation (as hereinafter defined) to purchase, or sell or otherwise provide to any Business Relation, any products
or services which are comparable to, or which are intended to substitute for, products or services offered by any member of the
Non-Compete Group during the Employee&rsquo;s employment with the Employer; </FONT></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; text-indent: 1.5in"><FONT STYLE="font-weight: normal">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;accept
employment with or provide services as an independent contractor to any Business Relation if the employment or services involve
the Employee rendering services which are the same as or substantially similar to, or which are intended to substitute for, services
provided by any member of the Non-Compete Group during the Employee&rsquo;s employment with the Employer; </FONT></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; text-indent: 1.5in"><FONT STYLE="font-weight: normal">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;employ,
engage or solicit for employment or for engagement as an independent contractor or consultant, any person who was employed by or
any Person who was engaged as an independent contractor by any member of the Non-Compete Group during the preceding 24 months;</FONT></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; text-indent: 1.5in"><FONT STYLE="font-weight: normal">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;employ,
engage or solicit for employment any employee of the Employer, whether or not such employee is a full-time employee or a temporary
employee of the Employer and whether or not such employment is pursuant to written agreement and whether or not such employment
is for a determined period or is at will; or</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-weight: normal">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;encourage
any Person to reduce its business with any member of the Non-Compete Group or to reduce its employment with or provision of services
to any member of the Non-Compete Group.</FONT></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><I>Provided, however</I>,
that nothing in this Section 6(a) shall be deemed to prevent or limit the right of the Employee to own up to a five percent (5%)
interest in the securities of a Person that are registered under Section 12 of the Securities Exchange Act of 1934, 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; text-indent: 1in"><FONT STYLE="font-weight: normal">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Business
Relation Defined</U>. For purposes of this Agreement, the term &ldquo;<I>Business Relation</I>&rdquo; means any Person who, at
any time during the Employee&rsquo;s employment with the Employer, was a Person (i) that is or was a customer of any member of
the Non-Compete Group, (ii) that had entered into any contract or other arrangement with any member of the Non-Compete Group for
the provision of services or the sale of products, (iii) to whom any member of the Non-Compete Group furnished or planned to furnish
a proposal for the performance of services or the sale of products, or (iv) with whom any member of the Non-Compete Group entered
or agreed to enter into any other business relationship such as a joint venture, collaborative agreement, joint development agreement,
teaming arrangement or agreement, or similar arrangement or understanding for the provision of services or sale of products. </FONT></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; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Acknowledgement</U>.
The Employee hereby acknowledges and agrees that the restrictions contained in this Section 6 regarding geographical scope, length
of term and types of activities restricted, are reasonable and will not create a hardship to or burden for him and that the Employee
has no intention of competing with the Non-Compete Group within such limitations.</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; text-indent: 0.5in">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Confidential
Information</U>.</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; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Covenant</U>.
The Employee acknowledges that her relationship with the Employer shall of necessity provide him with specialized knowledge concerning
the Employer Group, which, if used for the benefit of others or disclosed to others, could cause serious harm to the Employer Group.
Accordingly, the Employee covenants that she shall not at any time, directly or indirectly, use, appropriate or disclose to others,
or permit the use of or appropriation by or disclosure to others of, any Confidential Information (as hereinafter defined) except
as expressly provided herein.</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; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Permitted
Use</U>. While employed with the Employer, the Employee may use Confidential Information only for the purpose that is necessary
to the carrying out of the Employee&rsquo;s duties as set forth herein or assigned to him by the Employer, and the Employee may
not make use of any Confidential Information after she is no longer an employee of the Employer.</P>

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


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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Confidential
Information Defined</U>. For purposes of this Agreement, the term &ldquo;Confidential Information&rdquo; means all information
of any member of the Employer Group, whether oral, written, computerized, digitized or otherwise, regarding the business of the
Employer Group, including, without limitation, information regarding the Employer Group&rsquo;s customers, referral sources, insurance
carriers, sales and marketing information, costs, prices, earnings, business plans, financial information and forecasts, contracts,
business arrangements, methods of operation, business strategies, prospects, and Intellectual Property (as hereinafter defined),
whether or not such information is deemed &ldquo;trade secrets&rdquo; under applicable law. Confidential Information does not include
information that (i) becomes generally available to the public other than as a result of disclosure by the Employee in violation
of this Agreement, (ii) was available to the public on a non-confidential basis from a source other than the Employer Group, (iii)
is made available to a third party on a non-confidential basis by the Employer Group, (iv) was already known to the Employee at
the time of disclosure by the Employer Group, or (v) is required to be disclosed by legal process or applicable law.</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; text-indent: 0.5in">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Intellectual
Property</U>. The Employee agrees that any and all information, reports, other documents and other works (whether in an electronic
format or otherwise) created by the Employee for or on behalf of the Employer during the Employee&rsquo;s service with the Employer,
whether or not developed on the Employer&rsquo;s premises or equipment or during the Employer&rsquo;s normal business hours (the
&ldquo;<I>Intellectual Property</I>&rdquo;), are and shall remain works made for hire and the sole and exclusive property of the
Employer. To the extent that such Intellectual Property is not considered work made for hire, the Employee hereby assigns to the
Employer (or its nominee) any and all interest that the Employee may now or in the future have in the Intellectual Property. Upon
request by the Employer, the Employee shall execute and deliver to the Employer any document or instrument that may be necessary
to secure or perfect the Employer&rsquo;s title to or interest in any Intellectual Property so assigned.</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; text-indent: 0.5in">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Return
of Property</U>. The Employee agrees that upon termination of her employment with the Employer, she will:</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; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;promptly
return to the Employer all Confidential Information, all Intellectual Property, and all other property of the Employer, including
but not limited to all correspondence, manuals, notebooks, lists of customers and suppliers, computer programs, disks and any documents,
materials or property, whether written or stored on computerized medium, and all copies in her possession or control;</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; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;not
take any action to preserve or regain access to such information through any means, including but not limited to access to the
Employer&rsquo;s facilities or through a computer or other digital or electronic means; and</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; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;promptly
pay all amounts due, owing or otherwise payable by him to the Employer.</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; text-indent: 1in">The Employee expressly
authorizes the Employer to withhold any amounts payable to him, including for compensation, reimbursement and otherwise, until
she has complied with this Section 9, subject to the terms of Section 5(f).</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; text-indent: 0.5in">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Disparaging Statements</U>. During the Employee&rsquo;s employment with the Employer and for 12 months after the Employee ceases
to be an employee of the Employer, the Employee will not make any statements or comments of a disparaging nature to third parties
regarding any member of the Employer Group or its officers, directors, personnel or products.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Employee&rsquo;s
Representations and Warranties</U>.</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; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Prior Agreements</U>. The Employee represents and warrants that she is not a party to or otherwise subject to or bound by the terms
of any contract, agreement or understanding which in any manner would limit or otherwise affect her ability to perform her obligations
hereunder, including without limitation any contract, agreement or understanding containing terms and provisions similar in any
manner to those contained in Sections 6, 7, 8 or 10 of this Agreement.</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; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Confidential
Information of Others</U>. The Employee represents, warrants and covenants that she will not disclose to the Employer, or otherwise
use in the course of her service with the Employer, any confidential information which she is restricted from disclosing or using
pursuant to any other agreement or duty to any other person.</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; text-indent: 0.5in">12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Remedies</U>.</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: 1in"><FONT STYLE="font-weight: normal">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Arbitration
of Disputes</U>. If a dispute arises with respect to the enforcement or interpretation of any provision of this Agreement (other
than a dispute to be resolved under Section 12(b)), then the parties hereto agree to submit the dispute to non-appealable binding
arbitration. Such arbitration shall be conducted before a board of three arbitrators, with one member selected by the Employee,
one member selected by the Employer, and the third member selected by the first two arbitrators. The party responsible for the
payment of the costs of such arbitration (including any legal fees and expenses incurred by the Employee) shall be determined by
the board of arbitrators. The board of arbitrators shall be bound by the rules of the American Arbitration Association in making
its determination. The parties hereto agree that they and their heirs, personal representatives, successors, and assigns shall
be bound by the decision of such board of arbitrators with respect to any controversy properly submitted to it for determination.</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: 1in"><FONT STYLE="font-weight: normal">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Disputes
Arising Under Sections 6 Through 10</U>. The Employee recognizes that a violation by him of any provision of Sections 6 through
10, inclusive, of this Agreement may cause irreparable injury to the Employer, and that there may be no adequate remedy at law
for such violation. Therefore, the Employee agrees that, in addition to any other remedies for its violation hereof available to
the Employer, which shall include the recovery of all damages incurred, as well as reasonable attorney&rsquo;s fees and other costs,
the Employer shall have the right, in the event of the breach or threatened breach of any provision hereof by the Employee to obtain
an injunction and/or temporary restraining order against such breach or threatened breach or specifically enforce this Agreement.
The Employer&rsquo;s rights and remedies specified in this Section 12(b) are in addition to and not in lieu of any rights available
under applicable law and regulations, including, without limitation, those laws and regulations governing trade secrets and other
proprietary information.</FONT></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Miscellaneous</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Withholding
of Taxes</U>. All compensation and benefits payable pursuant to this Agreement shall be subject to all applicable tax withholding
requirements.</FONT></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; text-indent: 1in"><FONT STYLE="font-weight: normal">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Compliance
with Employment Laws</U>. Any payments made to the Employee pursuant to this Agreement, or otherwise, are subject to, and conditioned
upon their compliance with 12 U.S.C. Section 1828(k) and any regulations promulgated thereunder.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Suspension
of Employment by Regulators</U>. In the event the Employee is temporarily prohibited from participating in the conduct of the affairs
of the Employer pursuant to notice served by a regulatory agency having jurisdiction over the Employer, unless stayed by appropriate
proceedings, then Employer&rsquo;s obligations under this Agreement shall be suspended and the Employee shall have no right to
any payment of compensation, as of the date such notice is served on Employer. If the charges specified in any such notice shall
be dismissed, then the Employer shall (i) pay the Employee any compensation withheld from the Employee pursuant to the suspension
of the Employer&rsquo; obligations as required by this Section 13(c) as soon as practicable following the completion of continued
employment for 30 days following such dismissal and (ii) reinstate the obligations so suspended.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Entire
Agreement; Amendment</U>. This Agreement supersedes all prior agreements, written and oral, between the parties with respect to
its subject matter, is intended as a complete and exclusive statement of the terms of the agreement between the parties with respect
thereto, and may be amended only by a writing signed by both parties hereto. The Employer and the Employee agree to execute any
and all amendments to this Agreement permitted under applicable law that the Employer&rsquo;s legal counsel determines to be necessary
to ensure compliance with the distribution provisions of Section 409A of the Code or to otherwise ensure that this Agreement complies
with Section 409A of the Code.</FONT></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; text-indent: 1in"><FONT STYLE="font-weight: normal">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Nonwaiver</U>.
The failure of either party to insist upon strict adherence to any term of this Agreement on any occasion will not operate as a
waiver or deprive that party of the right thereafter to insist upon strict adherence to that term or any other term of this Agreement.
Any waiver must be in a writing signed by the party to be charged therewith.</FONT></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; text-indent: 1in"><FONT STYLE="font-weight: normal">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Assignment</U>.
The Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their successors and assigns and their
representatives. This Agreement may not be assigned by either party without the consent of the other party, except that the Employer
may assign all of its rights and delegate performance of all of its obligations hereunder in connection with a Change in Control.
</FONT></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Counterparts</U>.
This Agreement may be executed in two or more counterparts, each of which will be an original, but all of which together will constitute
the same instrument.</FONT></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; text-indent: 1in"><FONT STYLE="font-weight: normal">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Headings</U>.
The headings in this Agreement are for convenience of reference only and should not be given any effect in the interpretation of
this Agreement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Governing
Law</U>. This Agreement shall be governed in all respects whether as to validity, construction, capacity, performance or otherwise,
by the laws of the State of Maryland, without regard to any provision that would result in the application of the laws of any other
state or jurisdiction, except to the extent that Federal law shall be deemed to apply. </FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Interpretation</U>.
This Agreement is intended to comply with, or otherwise be exempt from, Section 409A of the Code and any regulations and Treasury
guidance promulgated thereunder. If the Company determines in good faith that any provision of this Agreement would cause the Employee
to incur an additional tax, penalty, or interest under Section 409A of the Code, then the Company and the Employee shall use reasonable
efforts to reform such provision, if possible, in a mutually agreeable fashion to maintain to the maximum extent practicable the
original intent of the applicable provision without violating the provisions of Section 409A of the Code or causing the imposition
of such additional tax, penalty, or interest under Section 409A of the Code. As used in this Agreement, the terms &ldquo;termination
of employment&rdquo;, &ldquo;resignation&rdquo; and words of similar import mean, for purposes of any payments under this Agreement
that are payments of deferred compensation subject to Section 409A of the Code, the Employee&rsquo;s &ldquo;separation from service&rdquo;
as defined in Section 409A of the Code.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Severability</U>.
The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any provision shall not affect
the validity and enforceability of the other provisions hereof.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Employer
Policies, Plans and Programs</U>. Except as expressly provided otherwise in this Agreement, whenever any rights under this Agreement
depend on the terms of a policy, plan, or program established or maintained by the Employer Group, any determination of such rights
will be made on the basis of the policy, plan, or program in effect at the time as of which such determination is made. No reference
in this Agreement to any policy, plan, or program established or maintained by the Employer Group precludes any member of the Employer
Group from prospectively or retroactively changing or amending or terminating that policy, plan, or program or adopting a new policy,
plan, or program in lieu of the then existing policy, plan, or program.</FONT></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; text-indent: 1in"><FONT STYLE="font-weight: normal">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Survival
of Terms</U>. The provisions of Sections 5 through 10, inclusive, and Sections 12 and 13 of this Agreement shall survive the termination
of the Employee&rsquo;s employment hereunder.</FONT></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>IN WITNESS WHEREOF</B>,
the parties have executed this Agreement as of the date written above.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48%; text-align: justify; text-indent: 0in"><B>ATTEST:</B></TD>
    <TD STYLE="width: 4%; text-align: justify; text-indent: 0.9pt">&nbsp;</TD>
    <TD STYLE="width: 48%; text-align: left; text-indent: 0in"><B>EMPLOYER:</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0.9pt">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0.9pt">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in"><B>Shore Bancshares, Inc.</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify; text-indent: 0in; width: 48%">/s/ W. David Morse</TD>
    <TD STYLE="width: 4%; text-align: justify; text-indent: 0.9pt">&nbsp;</TD>
    <TD STYLE="width: 3%; text-align: left; text-indent: 0in">By:</TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid; text-align: left; text-indent: 0in">/s/  Frank E. Mason, III</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0in">W. David Morse, Secretary</TD>
    <TD STYLE="text-align: justify; text-indent: 0.9pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0in">Name:  Frank E. Mason, III</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0.9pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0in">Title: Chairman of the Board</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0.9pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0in"><B>WITNESS:</B></TD>
    <TD STYLE="text-align: justify; text-indent: 0.9pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0in"><B>EMPLOYEE:</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0.9pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify; text-indent: 0in">/s/ W. David Morse</TD>
    <TD STYLE="text-align: justify; text-indent: 0.9pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: justify; text-indent: 0in">/s/ Donna Stevens</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0in">W. David Morse, Secretary</TD>
    <TD STYLE="text-align: left; text-indent: 0.9pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0in">Donna Stevens</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>



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

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<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>tv478297_ex10-3.htm
<DESCRIPTION>EXHIBIT 10.3
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Exhibit 10.3</P>

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

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

<P STYLE="font: bold 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"><B>THIS
EMPLOYMENT AGREEMENT</B> (this &ldquo;<I>Agreement</I>&rdquo;), October  31, 2017 (the &ldquo;<I>Effective
Date</I>&rdquo;), is entered into by and between <B>Shore United Bank</B><I>, </I>a commercial bank organized under the laws
of Maryland (the &ldquo;<I>Employer</I>&rdquo;), and Patrick M. Bilbrough (the <I>&ldquo;Employee&rdquo;</I>).</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"><B>WHEREAS</B>, the
Employee is employed by the Employer as President &amp; Chief Executive Officer; and</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"><B>WHEREAS</B>, the
parties hereto desire to set forth in writing the continued employment relationship of the Employer and the Employee;</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"><B>NOW THEREFORE</B>,
in consideration of the mutual covenants and agreements of the parties contained herein, and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Employee and the Employer agree as follows:</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; text-indent: 0.5in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Employment
and Duties</U>. The Employee is employed by the Employer as President &amp; Chief Executive Officer. The Employee shall render
administrative and management services to the Employer such as are customarily performed by persons situated in a similar executive
capacity. The Employee shall also promote, by entertainment or otherwise, and to the extent permitted by law, the business of the
Employer. The Employee&rsquo;s other duties shall be such as the Board of Directors of the Employer (the &ldquo;Board&rdquo;) may
from time to time reasonably direct, including normal duties of an officer of the Employer. The Employee shall devote his full
time and best efforts to the performance of his duties under this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Compensation;
Employee Benefits</U>.</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; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Base
Salary</U>. The Employer agrees to pay the Employee during the term of this Agreement a base salary at the rate of Three hundred
ten thousand Dollars ($310,000) per annum, which shall be paid in cash in accordance with the Employer&rsquo;s normal payroll practices
for its salaried employees from time to time in effect. Such rate of salary may be periodically increased by, and at the sole discretion
of, the Board or its Compensation Committee.</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; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Bonus
Plans.</U> The Employee shall be entitled to participate in such bonus programs and plans as the Employer makes available from
time to time to similarly situated executive officers of the Employer to the extent the provisions, rules, and regulations of such
plans make the Employee eligible for participation therein.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Employee
Benefits</U>. The Employee shall be entitled to employee benefits comparable to those provided from time to time by the Employer
and/or its Affiliates (collectively, the &ldquo;<I>Employer Group</I>&rdquo;) to similarly situated executive officers of the Employer
to the extent the provisions, rules, and regulations of such plans make the Employee eligible for participation therein, including,
without limitation, any plan of the Employer Group relating to pension, profit sharing, or other retirement benefits and medical
coverage or reimbursement plans that the Employer Group may adopt for the benefit of the employees of the Employer. The Employer
may also, at its discretion, enter into other agreements with the Employee to provide supplemental retirement benefits, additional
death benefits, or the like. For purposes of this Agreement, the term &ldquo;<I>Affiliate</I>&rdquo; means any &ldquo;parent corporation&rdquo;
and any &ldquo;subsidiary corporation&rdquo; of the Employer, as such terms are defined in Section 424 of the Internal Revenue
Code, as amended (the &ldquo;<I>Code</I>&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; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Fringe
Benefits</U>. During the term of this Agreement, the Employee shall be eligible to participate in any fringe benefits which may
be or become applicable to the Employer&rsquo;s executive officers, including, without limitation, participation in any equity
compensation plans and similar incentive plans adopted by the Board or its Compensation Committee, and any other benefits which
are commensurate with the responsibilities and functions to be performed by the Employee under this Agreement to the extent the
provisions, rules, and regulations of such plans or arrangements make the Employee eligible for participation therein or for receipt
of such benefits.</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; text-indent: 1in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Reimbursement
of Expenses</U>. The Employer shall reimburse the Employee for all out of pocket expenses which the Employee shall incur in connection
with his services for the Employer in accordance with the Employer&rsquo;s reimbursement policies. With respect to any reimbursement
of expenses of, or any provision of in-kind benefits to, the Employee, as specified under this Agreement, such reimbursement of
expenses or provision of in-kind benefits shall be subject to the following conditions: (i) the expenses eligible for reimbursement
or the amount of in-kind benefits provided in one taxable year shall not affect the expenses eligible for reimbursement or the
amount of in-kind benefits provided in any other taxable year, except for any medical reimbursement arrangement providing for the
reimbursement of expenses referred to in Section 105(b) of the Code; (ii) the reimbursement of an eligible expense shall be made
no later than the end of the year in which such expense was incurred; and (iii) the right to reimbursement or in-kind benefits
shall not be subject to liquidation or exchange for another benefit.</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; text-indent: 1in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Vacation
and Leave</U>.</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; text-indent: 1.5in"><FONT STYLE="font-weight: normal">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
such reasonable times as the Employer&rsquo;s Board shall in its discretion permit, the Employee shall be entitled, without loss
of pay, to absent himself voluntarily from the performance of his employment under this Agreement, all such voluntary absences
to count as vacation time; <I>provided</I> that:</FONT></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; text-indent: 2in"><FONT STYLE="font-weight: normal">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Employee shall be entitled to an annual vacation in accordance with the policies as periodically established by the Board for executive
officers of the Employer, which shall in no event be less than 5 weeks per year. The Employee shall not be entitled to receive
any additional compensation from the Employer on account of his failure to take a vacation, nor shall he be entitled to accumulate
unused vacation from one year to the next except to the extent authorized by the Board for executive officers of the Employer.</FONT></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in"><FONT STYLE="font-weight: normal">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition to the aforesaid paid vacations, the Employee shall be entitled without loss of pay, to absent himself voluntarily from
the performance of his employment with the Employer for such additional periods of time and for such valid and legitimate reasons
as the Board in its discretion may determine.</FONT></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; text-indent: 2in"><FONT STYLE="font-weight: normal">C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Employee shall be entitled to an annual sick leave as established by the Board for executive officers of the Employer. In the event
any sick leave shall not have been used during any year, such leave shall not accrue to subsequent years unless authorized by the
Board. Upon termination of his employment hereunder, the Employee shall not be entitled to receive any additional compensation
from the Employer for unused sick leave.</FONT></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; text-indent: 0.5in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Term</U>.
The initial term of employment under this Agreement shall be for 12 months commencing on the Effective Date (the &ldquo;<I>Initial
Term</I>&rdquo;). Upon the expiration of the Initial Term, this Agreement shall automatically renew for successive terms of 12
months each (each such renewal term, together with the Initial Term, a &ldquo;<I>Term</I>&rdquo;) without further action by the
parties, unless either party shall have served written notice on the other party at least 60 days prior to the commencement of
a new Term of such party&rsquo;s decision not to renew this Agreement. At least 120 days prior to the commencement of a new Term,
the Board or a committee thereof will conduct a comprehensive performance evaluation and review of Employee to determine whether
to give notice of non-renewal as provided herein. The evaluation and review shall be documented in the minutes of the Board or
the committee thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>General</U>.
The Employee&rsquo;s employment under this Agreement may be terminated prior to the expiration of the then-current Term upon the
occurrence of any of the following events:</FONT></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; text-indent: 1.5in"><FONT STYLE="font-weight: normal">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;death
of the Employee;</FONT></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; text-indent: 1.5in"><FONT STYLE="font-weight: normal">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;written
notice by the Employer to the Employee of the termination of his employment for &ldquo;Cause&rdquo; (as hereinafter defined), specifying
in reasonable detail the reason constituting such Cause;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-weight: normal">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;written
notice by the Employer to the Employee of its termination of the Employee&rsquo;s employment without Cause;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-weight: normal">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;written
notice by the Employee to the Employer of the termination of his employment for &ldquo;Good Reason&rdquo; (as hereinafter defined),
specifying in reasonable detail the basis for such Good Reason termination;</FONT></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-weight: normal">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30
days after the date the Employee delivers written notice to the Employer of his intention to terminate his employment, provided
that the Employer shall have the option to pay the Employee 30 days&rsquo; salary in lieu of his working during the notice period.</FONT></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; text-indent: 1in"><FONT STYLE="font-weight: normal">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Cause</U>.
For purposes of this Agreement, the term &ldquo;<I>Cause</I>&rdquo; means: (i) the Employee&rsquo;s &ldquo;Disability&rdquo; (as
hereinafter defined); (ii) an action or failure to act by the Employee constituting fraud, misappropriation or damage to the property
or business of the Employer; (iii) conduct by Employee that amounts to fraud, personal dishonesty or breach of fiduciary duty;
(iv) Employee&rsquo;s conviction (from which no appeal may be, or is, timely taken) of a felony or willful violation of any law,
rule or regulation (other than traffic violations or similar offenses); (v) the Employee&rsquo;s breach of any of his obligations
hereunder; (vi) the unauthorized use, misappropriation or disclosure by the Employee of any Confidential Information of the Employer
or of any confidential information of any other party to whom the Employee owes an obligation of nondisclosure as a result of his
relationship with the Employer; (vii) the willful violation of any final cease and desist or consent order; (viii) a knowing violation
by Employee of federal and state banking laws or regulations which is likely to have a material adverse effect on Employer, as
determined by the Board; (ix) the determination by the Board, in the exercise of its reasonable judgment and in good faith, that
Employee&rsquo;s job performance is substantially unsatisfactory and that he has failed to cure such performance within a reasonable
period (but in no event more than thirty (30) days) after written notice specifying in reasonable detail the nature of the unsatisfactory
performance; (x) Employee&rsquo;s material breach of any of Employer&rsquo;s written policies; or (xi) the issuance of any order
by the Maryland Commissioner of Financial Regulation, the Federal Deposit Insurance Corporation, the Board of Governors of the
Federal Reserve System, or any other supervisory agency with jurisdiction over the Employer permanently prohibiting the continued
service of the Employee with the Employer. No act or failure to act on the part of the Employee shall be considered &ldquo;willful&rdquo;
unless it is done, or omitted to be done, by the Employee in bad faith or without reasonable belief that the Employee&rsquo;s action
or omission was in the best interests of the Employer. Any act or failure to act that is based upon authority given pursuant to
a resolution duly adopted by the Board, or upon the advice of legal counsel for the Employer, shall be conclusively presumed to
be done, or omitted to be done, by the Employee in good faith and in the best interest of the Employer.</FONT></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; text-indent: 1in"><FONT STYLE="font-weight: normal">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Disability</U>.
For purposes of this Agreement, the term &ldquo;<I>Disability</I>&rdquo; shall have the meaning given to such term in the long-term
disability policy available to employees of the Employer, as amended or replaced from time to time. </FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Good
Reason</U>. For purposes of this Agreement, the term &ldquo;Good <I>Reason</I>&rdquo; shall mean termination by the Employee within
12 months following a Change in Control based on:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-weight: normal">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Without
the Employee&rsquo;s express written consent, a material adverse change made by the Employer which would reduce the Employee&rsquo;s
functions, duties or responsibilities as President &amp; Chief Executive Officer of the Employer.</FONT></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-weight: normal">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Without
the Employee&rsquo;s express written consent, a 5% or greater reduction by the Employer in the Employee&rsquo;s Base Salary as
the same may be increased from time to time; or</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-weight: normal">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Without
the Employee&rsquo;s express written consent, the Employer requires the Employee to be based at a location more than 50 miles from
Easton, Maryland (which requirement shall be deemed to be a material change in the geographic location at which the Employee must
perform services for the Employer), except for required travel on business of the Employer to an extent substantially consistent
with the Employee&rsquo;s present business travel obligations.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Good Reason shall, for all purposes under
this Agreement, be construed and administered in manner consistent with the definition of &ldquo;good reason&rdquo; under Treasury
Regulation &sect;1.409A-1(n).</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; text-indent: 0.5in">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Payments
Upon Termination. </U></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; text-indent: 1in"><FONT STYLE="font-weight: normal">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Payment
of Unpaid Salary and Bonus</U>. If the Employee&rsquo;s employment is terminated hereunder for any reason, the Employee shall be
entitled to receive (i) all base salary that has accrued through, but remains unpaid as of, the date of termination, (ii) all bonus
awards (pro rated through the last day of the calendar month in which termination occurs) that the Employee would have been eligible
to receive had he remained employed when bonuses are next declared or paid on a pro rata basis provided any applicable performance
goals are satisfied, and (iii) reimbursement of all unreimbursed expenses, all as provided in Section 2. All such amounts shall
be paid as soon as reasonably practicable following the date of the Employee&rsquo;s termination, but in no event later than the
last day of the calendar quarter of the quarter in which the Employee&rsquo;s employment was terminated. In addition, all unexercised
or unvested equity awards, or portions thereof, held by the Employee as of the date of termination shall vest or terminate and
be exercisable in accordance with their terms. The termination of the Employee&rsquo;s employment hereunder shall not impair any
rights of the Employee under any employee benefit or fringe benefit plans that have vested as of the date of termination, which
rights shall be administered after the termination of employment in accordance with the terms of such plans.</FONT></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; text-indent: 1in"><FONT STYLE="font-weight: normal">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Payment
of Severance</U>. Except when Section 5(c) applies, in addition to the amounts and benefits to be paid or provided under Section
5(a), if the Employee&rsquo;s employment is terminated without Cause pursuant to Section 4(a)(iii), then the Employer will continue
to make salary payments to the Employee at his then-current base salary level for 24 months following the date of termination (the
&ldquo;Severance Period&rdquo;). Subject to Section 5(g), payments under this Section 5(b) will be made pursuant to the Employer&rsquo;s
normal payroll schedule with the first payment to be made on the first, regular payroll date on or after the 60<SUP>th</SUP> day
following the date of termination, provided that the Employee has executed and submitted a release of claims and the statutory
period during which the Employee is entitled to revoke such release has expired on or before that 60<SUP>th</SUP> day. </FONT></P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Payments
Following a Change in Control</U>. If the Employee&rsquo;s employment is terminated (i) by the Employer without Cause pursuant
to Section 4(a)(iii) or (ii) by Employee for Good Reason pursuant to Section 4(a)(iv), in both cases in connection with or within
12 months after any &ldquo;Change in Control&rdquo; (as hereinafter defined) of the Employer, then, in addition to the to the amounts
and benefits to be paid or provided under Section 5(a), the Employee shall be paid an amount equal to the difference between (i)
the product of 2.0 times the Employee&rsquo;s &ldquo;base amount&rdquo; as defined in Section 280G(b)(3) of the Code and regulations
promulgated thereunder, and (ii) the sum of any other parachute payments (as defined under Section 280G(b)(2) of the Code) that
the Employee receives on account of the Change in Control. Subject to Section 5(g), said sum shall be paid to the Employee in one
lump sum on the 60<SUP>th</SUP> day following the Employee&rsquo;s termination, provided that the Employee has executed and submitted
a release of claims and the statutory period during which Employee is entitled to revoke the release of claims has expired on or
before that 60<SUP>th</SUP> day.</FONT></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; text-indent: 1in"><FONT STYLE="font-weight: normal">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Change
in Control</U>. For purposes of this Agreement, a &ldquo;<I>Change in Control</I>&rdquo; shall be deemed to have occurred if the
conditions set forth in any one of the following paragraphs shall have been satisfied:</FONT></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; text-indent: 1.5in"><FONT STYLE="font-weight: normal">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
one person, or more than one person acting as a group, acquires ownership of securities of the Employer or of its ultimate parent
company (the &ldquo;<I>Parent</I>&rdquo;) that, together with securities held by such person or group, constitutes more than 50
percent (50%) of the total fair market value or total voting power of the securities of the Employer or of the Parent, as the case
may be;</FONT></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; text-indent: 1.5in"><FONT STYLE="font-weight: normal">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;either
(A) any one person, or more than one person acting as a group, acquires (or has acquired during the 12-month period ending on the
date of the most recent acquisition by such person or persons) ownership of securities of the Employer or of the Parent possessing
35 percent (35%) or more of the total voting power of the securities of the Employer or of the Parent, as the case may be; or (B)
a majority of members of the Board of Directors of the Employer or of the Parent is replaced during any 12-month period by directors
whose appointment or election is not endorsed by a majority of the members of the Board of the Employer or of the Board of Directors
of the Parent, as the case may be, prior to the date of the appointment or election; or</FONT></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; text-indent: 1.5in"><FONT STYLE="font-weight: normal">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
one person, or more than one person acting as a group, acquires (or has acquired during the 12-month period ending on the date
of the most recent acquisition by such person or persons) assets from the Employer or from the Parent that have a total gross fair
market value equal to or more than 40 percent (40%) of the total gross fair market value of all of the assets of the Employer or
of the Parent, as the case may be, immediately prior to such acquisition or acquisitions. For this purpose, gross fair market value
means the value of the assets of the Employer or of its parent company, as the case may be, or the value of the assets being disposed
of, determined without regard to any liabilities associated with such assets.</FONT></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Notwithstanding the foregoing,
the acquisition of ownership or control of voting stock of the Employer or of the Parent, individually or collectively, by the
Employer or one of its Affiliates or any benefit plan sponsored by the Employer or any of its Affiliates shall not constitute a
Change in Control.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Full
Compensation</U>. The payments made pursuant to this Section 5 shall be considered full compensation in payment for all claims
under this Agreement, and the Employee shall not be entitled to any other compensation. </FONT></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; text-indent: 1in"><FONT STYLE="font-weight: normal">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Deduction
for Amounts Due Employer</U>. Upon termination of the Employee&rsquo;s employment with the Employer, subject to any restrictions
imposed by applicable law, the Employer shall have the right to deduct from the amount due the Employee any amounts which the Employee
owes the Employer. Such right shall apply only to debts that were incurred in the ordinary course of the employment relationship
and in no event shall the Employer have the right to deduct an amount in excess of $5,000 in any year from any payment that would
be considered deferred compensation under Section 409A of the Code. In no event shall the Employer have the discretion to deduct
any amount pursuant to this Section to the extent such deduction would be considered a prohibited acceleration under Section 409A
of the Code. Any offset under this Section 5(f) shall comply with Section 1.409A &ndash; 3(j)(4)(xiii) of the Treasury Regulations.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Compliance
with Section 409A of the Code</U>. This Agreement is intended to comply with Section 409A of the Code and its corresponding regulations,
or an exemption, and payments may only be made in a manner permitted by Section 409A of the Code, to the extent applicable. Severance
benefits under the Agreement are intended to be exempt from Section 409A to the maximum extent possible under the &quot;separation
pay exception, the &ldquo;short-term deferral exception,&rdquo; or another exception under Section 409A of the Code. For purposes
of Section 409A of the Code, the right to a series of installment payments under this Agreement shall be treated as a right to
a series of separate payments. In no event may the Employee, directly or indirectly, designate the calendar year of a payment.
If a payment obligation under this Agreement arises on account of the termination of Employee&rsquo;s employment hereunder while
the Employee is a &ldquo;specified employee&rdquo; (as defined under Section 409A of the Code, and determined in good faith by
the Employer), any payment of &ldquo;deferred compensation&rdquo; (as defined in Treasury Regulation Section 1.409A-1(b)(1), after
giving effect to the exemptions in Treasury Regulation Sections 1.409A-1(b)(3) through (b)(12)) that is scheduled to be paid within
six (6) months after such termination of employment shall be paid, with interest, in a lump sum, within 15 days after the end of
the six-month period beginning on the date of such termination or, if earlier, within 15 days after the appointment of the personal
representative or executor of the Employee&rsquo;s estate following his death. </FONT></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Non-Competition
and Non-Solicitation</U>.</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; text-indent: 1in"><FONT STYLE="font-weight: normal">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Restrictive
Covenants</U>. During the Employee&rsquo;s employment with the Employer and thereafter for the longer of but in no case to exceed
24 months, (i) the Severance Period (if severance is payable pursuant to Section 5(b)) or (ii) 12 months after the Employee ceases,
for any reason, to be an employee of the Employer, the Employee shall not, directly or indirectly, as owner, partner, director,
officer, employee, agent, consultant, advisor, contractor or otherwise, whether for consideration or without consideration, for
the benefit of any individual, group corporation, partnership, trust, association, joint venture, pool, syndicate, sole proprietorship,
unincorporated organization of any other form of entity not specifically listed herein (a &ldquo;<I>Person</I>&rdquo;) other than
for a member of the Employer Group, take any of the following actions: </FONT></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; text-indent: 1.5in"><FONT STYLE="font-weight: normal">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;compete
with or otherwise engage in the sale of any products or the performance of any services which are comparable to, or which are intended
to substitute for, the products or services offered by the Employer and/or any of its Affiliates (the &ldquo;<I>Non-Compete Group</I>&rdquo;)
in any county of any jurisdiction in which any member of the Non-Compete Group maintains a branch or other office, or in any county
of any jurisdiction that is contiguous to such county; </FONT></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; text-indent: 1.5in"><FONT STYLE="font-weight: normal">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;solicit
any Business Relation (as hereinafter defined) to purchase, or sell or otherwise provide to any Business Relation, any products
or services which are comparable to, or which are intended to substitute for, products or services offered by any member of the
Non-Compete Group during the Employee&rsquo;s employment with the Employer; </FONT></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; text-indent: 1.5in"><FONT STYLE="font-weight: normal">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;accept
employment with or provide services as an independent contractor to any Business Relation if the employment or services involve
the Employee rendering services which are the same as or substantially similar to, or which are intended to substitute for, services
provided by any member of the Non-Compete Group during the Employee&rsquo;s employment with the Employer; </FONT></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; text-indent: 1.5in"><FONT STYLE="font-weight: normal">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;employ,
engage or solicit for employment or for engagement as an independent contractor or consultant, any person who was employed by or
any Person who was engaged as an independent contractor by any member of the Non-Compete Group during the preceding 24 months;</FONT></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; text-indent: 1.5in"><FONT STYLE="font-weight: normal">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;employ,
engage or solicit for employment any employee of the Employer, whether or not such employee is a full-time employee or a temporary
employee of the Employer and whether or not such employment is pursuant to written agreement and whether or not such employment
is for a determined period or is at will; or</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-weight: normal">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;encourage
any Person to reduce its business with any member of the Non-Compete Group or to reduce its employment with or provision of services
to any member of the Non-Compete Group.</FONT></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><I>Provided, however</I>,
that nothing in this Section 6(a) shall be deemed to prevent or limit the right of the Employee to own up to a five percent (5%)
interest in the securities of a Person that are registered under Section 12 of the Securities Exchange Act of 1934, 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; text-indent: 1in"><FONT STYLE="font-weight: normal">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Business
Relation Defined</U>. For purposes of this Agreement, the term &ldquo;<I>Business Relation</I>&rdquo; means any Person who, at
any time during the Employee&rsquo;s employment with the Employer, was a Person (i) that is or was a customer of any member of
the Non-Compete Group, (ii) that had entered into any contract or other arrangement with any member of the Non-Compete Group for
the provision of services or the sale of products, (iii) to whom any member of the Non-Compete Group furnished or planned to furnish
a proposal for the performance of services or the sale of products, or (iv) with whom any member of the Non-Compete Group entered
or agreed to enter into any other business relationship such as a joint venture, collaborative agreement, joint development agreement,
teaming arrangement or agreement, or similar arrangement or understanding for the provision of services or sale of products. </FONT></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; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Acknowledgement</U>.
The Employee hereby acknowledges and agrees that the restrictions contained in this Section 6 regarding geographical scope, length
of term and types of activities restricted, are reasonable and will not create a hardship to or burden for him and that the Employee
has no intention of competing with the Non-Compete Group within such limitations.</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; text-indent: 0.5in">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Confidential
Information</U>.</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; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Covenant</U>.
The Employee acknowledges that his relationship with the Employer shall of necessity provide him with specialized knowledge concerning
the Employer Group, which, if used for the benefit of others or disclosed to others, could cause serious harm to the Employer Group.
Accordingly, the Employee covenants that he shall not at any time, directly or indirectly, use, appropriate or disclose to others,
or permit the use of or appropriation by or disclosure to others of, any Confidential Information (as hereinafter defined) except
as expressly provided herein.</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; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Permitted
Use</U>. While employed with the Employer, the Employee may use Confidential Information only for the purpose that is necessary
to the carrying out of the Employee&rsquo;s duties as set forth herein or assigned to him by the Employer, and the Employee may
not make use of any Confidential Information after he is no longer an employee of the Employer.</P>

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


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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Confidential
Information Defined</U>. For purposes of this Agreement, the term &ldquo;Confidential Information&rdquo; means all information
of any member of the Employer Group, whether oral, written, computerized, digitized or otherwise, regarding the business of the
Employer Group, including, without limitation, information regarding the Employer Group&rsquo;s customers, referral sources, insurance
carriers, sales and marketing information, costs, prices, earnings, business plans, financial information and forecasts, contracts,
business arrangements, methods of operation, business strategies, prospects, and Intellectual Property (as hereinafter defined),
whether or not such information is deemed &ldquo;trade secrets&rdquo; under applicable law. Confidential Information does not include
information that (i) becomes generally available to the public other than as a result of disclosure by the Employee in violation
of this Agreement, (ii) was available to the public on a non-confidential basis from a source other than the Employer Group, (iii)
is made available to a third party on a non-confidential basis by the Employer Group, (iv) was already known to the Employee at
the time of disclosure by the Employer Group, or (v) is required to be disclosed by legal process or applicable law.</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; text-indent: 0.5in">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Intellectual
Property</U>. The Employee agrees that any and all information, reports, other documents and other works (whether in an electronic
format or otherwise) created by the Employee for or on behalf of the Employer during the Employee&rsquo;s service with the Employer,
whether or not developed on the Employer&rsquo;s premises or equipment or during the Employer&rsquo;s normal business hours (the
&ldquo;<I>Intellectual Property</I>&rdquo;), are and shall remain works made for hire and the sole and exclusive property of the
Employer. To the extent that such Intellectual Property is not considered work made for hire, the Employee hereby assigns to the
Employer (or its nominee) any and all interest that the Employee may now or in the future have in the Intellectual Property. Upon
request by the Employer, the Employee shall execute and deliver to the Employer any document or instrument that may be necessary
to secure or perfect the Employer&rsquo;s title to or interest in any Intellectual Property so assigned.</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; text-indent: 0.5in">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Return
of Property</U>. The Employee agrees that upon termination of his employment with the Employer, he will:</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; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;promptly
return to the Employer all Confidential Information, all Intellectual Property, and all other property of the Employer, including
but not limited to all correspondence, manuals, notebooks, lists of customers and suppliers, computer programs, disks and any documents,
materials or property, whether written or stored on computerized medium, and all copies in his possession or control;</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; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;not
take any action to preserve or regain access to such information through any means, including but not limited to access to the
Employer&rsquo;s facilities or through a computer or other digital or electronic means; and</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; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;promptly
pay all amounts due, owing or otherwise payable by him to the Employer.</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; text-indent: 1in">The Employee expressly
authorizes the Employer to withhold any amounts payable to him, including for compensation, reimbursement and otherwise, until
he has complied with this Section 9, subject to the terms of Section 5(f).</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; text-indent: 0.5in">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Disparaging Statements</U>. During the Employee&rsquo;s employment with the Employer and for 12 months after the Employee ceases
to be an employee of the Employer, the Employee will not make any statements or comments of a disparaging nature to third parties
regarding any member of the Employer Group or its officers, directors, personnel or products.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Employee&rsquo;s
Representations and Warranties</U>.</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; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Prior Agreements</U>. The Employee represents and warrants that he is not a party to or otherwise subject to or bound by the terms
of any contract, agreement or understanding which in any manner would limit or otherwise affect his ability to perform her obligations
hereunder, including without limitation any contract, agreement or understanding containing terms and provisions similar in any
manner to those contained in Sections 6, 7, 8 or 10 of this Agreement.</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; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Confidential
Information of Others</U>. The Employee represents, warrants and covenants that he will not disclose to the Employer, or otherwise
use in the course of his service with the Employer, any confidential information which he is restricted from disclosing or using
pursuant to any other agreement or duty to any other person.</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; text-indent: 0.5in">12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Remedies</U>.</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: 1in"><FONT STYLE="font-weight: normal">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Arbitration
of Disputes</U>. If a dispute arises with respect to the enforcement or interpretation of any provision of this Agreement (other
than a dispute to be resolved under Section 12(b)), then the parties hereto agree to submit the dispute to non-appealable binding
arbitration. Such arbitration shall be conducted before a board of three arbitrators, with one member selected by the Employee,
one member selected by the Employer, and the third member selected by the first two arbitrators. The party responsible for the
payment of the costs of such arbitration (including any legal fees and expenses incurred by the Employee) shall be determined by
the board of arbitrators. The board of arbitrators shall be bound by the rules of the American Arbitration Association in making
its determination. The parties hereto agree that they and their heirs, personal representatives, successors, and assigns shall
be bound by the decision of such board of arbitrators with respect to any controversy properly submitted to it for determination.</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: 1in"><FONT STYLE="font-weight: normal">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Disputes
Arising Under Sections 6 Through 10</U>. The Employee recognizes that a violation by him of any provision of Sections 6 through
10, inclusive, of this Agreement may cause irreparable injury to the Employer, and that there may be no adequate remedy at law
for such violation. Therefore, the Employee agrees that, in addition to any other remedies for its violation hereof available to
the Employer, which shall include the recovery of all damages incurred, as well as reasonable attorney&rsquo;s fees and other costs,
the Employer shall have the right, in the event of the breach or threatened breach of any provision hereof by the Employee to obtain
an injunction and/or temporary restraining order against such breach or threatened breach or specifically enforce this Agreement.
The Employer&rsquo;s rights and remedies specified in this Section 12(b) are in addition to and not in lieu of any rights available
under applicable law and regulations, including, without limitation, those laws and regulations governing trade secrets and other
proprietary information.</FONT></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Miscellaneous</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Withholding
of Taxes</U>. All compensation and benefits payable pursuant to this Agreement shall be subject to all applicable tax withholding
requirements.</FONT></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; text-indent: 1in"><FONT STYLE="font-weight: normal">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Compliance
with Employment Laws</U>. Any payments made to the Employee pursuant to this Agreement, or otherwise, are subject to, and conditioned
upon their compliance with 12 U.S.C. Section 1828(k) and any regulations promulgated thereunder.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Suspension
of Employment by Regulators</U>. In the event the Employee is temporarily prohibited from participating in the conduct of the affairs
of the Employer pursuant to notice served by a regulatory agency having jurisdiction over the Employer, unless stayed by appropriate
proceedings, then Employer&rsquo;s obligations under this Agreement shall be suspended and the Employee shall have no right to
any payment of compensation, as of the date such notice is served on Employer. If the charges specified in any such notice shall
be dismissed, then the Employer shall (i) pay the Employee any compensation withheld from the Employee pursuant to the suspension
of the Employer&rsquo; obligations as required by this Section 13(c) as soon as practicable following the completion of continued
employment for 30 days following such dismissal and (ii) reinstate the obligations so suspended.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Entire
Agreement; Amendment</U>. This Agreement supersedes all prior agreements, written and oral, between the parties with respect to
its subject matter, is intended as a complete and exclusive statement of the terms of the agreement between the parties with respect
thereto, and may be amended only by a writing signed by both parties hereto. The Employer and the Employee agree to execute any
and all amendments to this Agreement permitted under applicable law that the Employer&rsquo;s legal counsel determines to be necessary
to ensure compliance with the distribution provisions of Section 409A of the Code or to otherwise ensure that this Agreement complies
with Section 409A of the Code.</FONT></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; text-indent: 1in"><FONT STYLE="font-weight: normal">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Nonwaiver</U>.
The failure of either party to insist upon strict adherence to any term of this Agreement on any occasion will not operate as a
waiver or deprive that party of the right thereafter to insist upon strict adherence to that term or any other term of this Agreement.
Any waiver must be in a writing signed by the party to be charged therewith.</FONT></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; text-indent: 1in"><FONT STYLE="font-weight: normal">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Assignment</U>.
The Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their successors and assigns and their
representatives. This Agreement may not be assigned by either party without the consent of the other party, except that the Employer
may assign all of its rights and delegate performance of all of its obligations hereunder in connection with a Change in Control.
</FONT></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Counterparts</U>.
This Agreement may be executed in two or more counterparts, each of which will be an original, but all of which together will constitute
the same instrument.</FONT></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; text-indent: 1in"><FONT STYLE="font-weight: normal">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Headings</U>.
The headings in this Agreement are for convenience of reference only and should not be given any effect in the interpretation of
this Agreement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Governing
Law</U>. This Agreement shall be governed in all respects whether as to validity, construction, capacity, performance or otherwise,
by the laws of the State of Maryland, without regard to any provision that would result in the application of the laws of any other
state or jurisdiction, except to the extent that Federal law shall be deemed to apply. </FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Interpretation</U>.
This Agreement is intended to comply with, or otherwise be exempt from, Section 409A of the Code and any regulations and Treasury
guidance promulgated thereunder. If the Company determines in good faith that any provision of this Agreement would cause the Employee
to incur an additional tax, penalty, or interest under Section 409A of the Code, then the Company and the Employee shall use reasonable
efforts to reform such provision, if possible, in a mutually agreeable fashion to maintain to the maximum extent practicable the
original intent of the applicable provision without violating the provisions of Section 409A of the Code or causing the imposition
of such additional tax, penalty, or interest under Section 409A of the Code. As used in this Agreement, the terms &ldquo;termination
of employment&rdquo;, &ldquo;resignation&rdquo; and words of similar import mean, for purposes of any payments under this Agreement
that are payments of deferred compensation subject to Section 409A of the Code, the Employee&rsquo;s &ldquo;separation from service&rdquo;
as defined in Section 409A of the Code.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Severability</U>.
The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any provision shall not affect
the validity and enforceability of the other provisions hereof.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Employer
Policies, Plans and Programs</U>. Except as expressly provided otherwise in this Agreement, whenever any rights under this Agreement
depend on the terms of a policy, plan, or program established or maintained by the Employer Group, any determination of such rights
will be made on the basis of the policy, plan, or program in effect at the time as of which such determination is made. No reference
in this Agreement to any policy, plan, or program established or maintained by the Employer Group precludes any member of the Employer
Group from prospectively or retroactively changing or amending or terminating that policy, plan, or program or adopting a new policy,
plan, or program in lieu of the then existing policy, plan, or program.</FONT></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; text-indent: 1in"><FONT STYLE="font-weight: normal">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Survival
of Terms</U>. The provisions of Sections 5 through 10, inclusive, and Sections 12 and 13 of this Agreement shall survive the termination
of the Employee&rsquo;s employment hereunder.</FONT></P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>IN WITNESS WHEREOF</B>,
the parties have executed this Agreement as of the date written above.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48%; text-align: justify; text-indent: 0in"><B>ATTEST:</B></TD>
    <TD STYLE="width: 4%; text-align: justify; text-indent: 0.9pt">&nbsp;</TD>
    <TD STYLE="width: 48%; text-align: left; text-indent: 0in"><B>EMPLOYER:</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0.9pt">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0.9pt">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in"><B>Shore United Bank</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify; text-indent: 0in; width: 48%">/s/ W. David Morse</TD>
    <TD STYLE="width: 4%; text-align: justify; text-indent: 0.9pt">&nbsp;</TD>
    <TD STYLE="width: 3%; text-align: left; text-indent: 0in">By:</TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid; text-align: left; text-indent: 0in">/s/  Frank E. Mason, III</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0in">W. David Morse, Secretary</TD>
    <TD STYLE="text-align: justify; text-indent: 0.9pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0in">Name:  Frank E. Mason, III</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0.9pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0in">Title: Chairman of the Board</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48%; text-align: justify; text-indent: 0in"><B>WITNESS:</B></TD>
    <TD STYLE="width: 4%; text-align: justify; text-indent: 0.9pt">&nbsp;</TD>
    <TD STYLE="width: 48%; text-align: left; text-indent: 0in"><B>EMPLOYEE:</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0.9pt">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify; text-indent: 0in">/s/ W. David Morse</TD>
    <TD STYLE="text-align: justify; text-indent: 0.9pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; text-indent: 0in">/s/ Patrick M. Bilbrough</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0in">W. David Morse, Secretary</TD>
    <TD STYLE="text-align: left; text-indent: 0.9pt">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">Patrick M. Bilbrough</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>



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

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<DOCUMENT>
<TYPE>EX-10.4
<SEQUENCE>5
<FILENAME>tv478297_ex10-4.htm
<DESCRIPTION>EXHIBIT 10.4
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<P STYLE="margin: 0">&nbsp;</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Exhibit 10.4</P>

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

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

<P STYLE="font: bold 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"><B>THIS CHANGE IN CONTROL
AGREEMENT</B> (this &ldquo;<I>Agreement</I>&rdquo;), dated October 31, 2017 (the &ldquo;<I>Effective Date</I>&rdquo;), is entered
into by and between Shore United Bank., a commercial bank organized under the laws of Maryland (the &ldquo;<I>Bank</I>&rdquo;),
and Edward Allen (the <I>&ldquo;Executive&rdquo;</I>).</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"><B>WHEREAS</B>, the
Bank is the wholly-owned subsidiary of Shore Bancshares, Inc., a corporation organized under the laws of Maryland (the &ldquo;<I>Corporation</I>&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; text-indent: 0.5in"><B>WHEREAS</B>, the
Executive is employed by the Bank as Chief Financial Officer;</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"><B>WHEREAS</B>, the
Corporation and the Bank desire to be ensured of the Executive&rsquo;s continued active participation in the business of the Bank;
and</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"><B>WHEREAS</B>, in
order to induce the Executive to remain in the employ of the Bank and in consideration of the Executive&rsquo;s agreeing to remain
in the employ of the Bank, the parties desire to specify the change in control payment which shall be due to Executive in the event
that the Executive&rsquo;s employment with the Bank is terminated in the specified circumstances covered by this Agreement;</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"><B>NOW THEREFORE</B>,
in consideration of the mutual covenants and agreements of the parties contained herein, and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Executive and the Bank agree as follows:</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; text-indent: 0.5in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Term</U>.</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; text-indent: 1in"><FONT STYLE="font-weight: normal">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Bank agrees to employ the Executive as an at-will employee, and the Executive agrees to be employed by the Bank as an at-will employee,
subject to the terms and conditions of this Agreement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
initial term of this Agreement shall be for 12 months commencing on the Effective Date (the &ldquo;<I>Initial Term</I>&rdquo;).
Upon the expiration of the Initial Term, this Agreement shall automatically renew for successive terms of 12 months each (each
such renewal term, together with the Initial Term, a &ldquo;<I>Term</I>&rdquo;) without further action by the parties, unless either
party shall have served written notice on the other party at least 60 days prior to the commencement of a new Term of such party&rsquo;s
decision not to renew this Agreement. At least 120 days prior to the commencement of a new Term, the Board of Directors of the
Bank (&ldquo;<I>Board</I>&rdquo;) or a committee thereof will conduct a comprehensive performance evaluation and review of Executive
to determine whether to give notice of non-renewal as provided herein. The evaluation and review shall be documented in the minutes
of the Board or the committee thereof. For purposes of clarity, in the event the Board decides not to renew this Agreement and
provides proper notice as set forth above, the Executive shall remain an at-will employee of the Bank following the termination
of this Agreement unless the Executive&rsquo;s employment is sooner terminated.</FONT></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;While
employed by the Bank, the Executive shall (i) perform such services for the Bank as may be consistent with the Executive&rsquo;s
title and such services which are from time to time assigned to the Executive by the Bank&rsquo;s President and (ii) devote the
Executive&rsquo;s entire business time, attention, skill and energy exclusively to the business of the Bank. While employed by
the Bank, the Executive shall not engage or prepare to engage in any other business activity, whether or not such business activity
is pursued for gain, profit or other economic or financial advantage; provided, however, that the Executive may engage in appropriate
civic, charitable or religious activities and devote a reasonable amount of time to private investments or boards or other activities
provided that such activities do not interfere or conflict with the Executive&rsquo;s responsibilities. </FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Change
in Control Payment</U>.</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; text-indent: 1in"><FONT STYLE="font-weight: normal">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
within 12 months after any Change in Control (as hereinafter defined) of the Corporation or the Bank, the Executive&rsquo;s employment
with the Bank is terminated by the Bank without Cause (as hereinafter defined) or Executive terminates his employment for Good
Reason (as hereinafter defined), the Executive shall be paid an amount equal to 1.50 times the Executive&rsquo;s &ldquo;base amount&rdquo;
as defined in Section 280G(b)(3) of the Internal Revenue Code of 1986, as amended (the &ldquo;<I>Code</I>&rdquo;) and regulations
promulgated thereunder. Subject to Section 2(h), said sum shall be paid to the Executive in one lump sum on the 60<SUP>th</SUP>
day following the Executive&rsquo;s termination, provided that the Executive has executed and submitted a release of claims and
the statutory period during which Executive is entitled to revoke the release of claims has expired on or before that 60<SUP>th</SUP>
day. In addition, all unexercised or unvested equity awards, or portions thereof, held by the Executive as of the date of termination
shall vest or terminate and be exercisable in accordance with their terms. The termination of the Executive&rsquo;s employment
hereunder shall not impair any rights of the Executive under any employee benefit or fringe benefit plans that have vested as of
the date of termination, which said rights shall be administered after termination of employment in accordance with the terms of
such plans.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Cause</U>.
For purposes of this Agreement, the term &ldquo;<I>Cause</I>&rdquo; means: (i) the Executive&rsquo;s &ldquo;Disability&rdquo; (as
hereinafter defined); (ii) an action or failure to act by the Executive constituting fraud, misappropriation or damage to the property
or business of the Corporation or the Bank; (iii) conduct by Executive that amounts to fraud, personal dishonesty or breach of
fiduciary duty; (iv) Executive&rsquo;s conviction (from which no appeal may be, or is, timely taken) of a felony or willful violation
of any law, rule or regulation (other than traffic violations or similar offenses); (v) the Executive&rsquo;s breach of any of
his obligations hereunder; (vi) the unauthorized use, misappropriation or disclosure by the Executive of any Confidential Information
(as hereinafter defined) of the Corporation or the Bank or of any confidential information of any other party to whom the Executive
owes an obligation of nondisclosure as a result of his relationship with the Corporation and the Bank; (vii) the willful violation
of any final cease and desist or consent order; (viii) a knowing violation by Executive of federal and state banking laws or regulations
which is likely to have a material adverse effect on the Corporation or the Bank, as determined by the Board; (ix) the determination
by the Board, in the exercise of its reasonable judgment and in good faith, that Executive&rsquo;s job performance is substantially
unsatisfactory and that he has failed to cure such performance within a reasonable period (but in no event more than thirty (30)
days) after written notice specifying in reasonable detail the nature of the unsatisfactory performance; (x) Executive&rsquo;s
material breach of any of the Corporation&rsquo;s or the Bank&rsquo;s written policies; or (xi) the issuance of any order by the
Maryland Commissioner of Financial Regulation, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal
Reserve System, or any other supervisory agency with jurisdiction over the Corporation or the Bank permanently prohibiting the
continued service of the Executive with the Bank. No act or failure to act on the part of the Executive shall be considered &ldquo;willful&rdquo;
unless it is done, or omitted to be done, by the Executive in bad faith or without reasonable belief that the Executive&rsquo;s
action or omission was in the best interests of the Corporation and the Bank. Any act or failure to act that is based upon authority
given pursuant to a resolution duly adopted by the Board, or upon the advice of legal counsel for the Corporation and the Bank,
shall be conclusively presumed to be done, or omitted to be done, by the Executive in good faith and in the best interest of the
Corporation and the Bank.</FONT></P>

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


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<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; text-indent: 1in"><FONT STYLE="font-weight: normal">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Disability</U>.
For purposes of this Agreement, the term &ldquo;<I>Disability</I>&rdquo; shall have the meaning given to such term in the long-term
disability policy available to Executives of the Corporation and the Bank, as amended or replaced from time to time. </FONT></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; text-indent: 1in"><FONT STYLE="font-weight: normal">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Change
in Control</U>. For purposes of this Agreement, a &ldquo;<I>Change in Control</I>&rdquo; shall be deemed to have occurred if the
conditions set forth in any one of the following paragraphs shall have been satisfied:</FONT></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; text-indent: 1.5in"><FONT STYLE="font-weight: normal">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
one person, or more than one person acting as a group, acquires ownership of securities of the Bank or of the Corporation that,
together with securities held by such person or group, constitutes more than 50 percent (50%) of the total fair market value or
total voting power of the securities of the Bank or of the Corporation, as the case may be;</FONT></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; text-indent: 1.5in"><FONT STYLE="font-weight: normal">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;either
(A) any one person, or more than one person acting as a group, acquires (or has acquired during the 12-month period ending on the
date of the most recent acquisition by such person or persons) ownership of securities of the Bank or of the Corporation possessing
35 percent (35%) or more of the total voting power of the securities of the Bank or of the Corporation, as the case may be; or
(B) a majority of members of the Board of the Bank or of the Board of Directors of the Corporation is replaced during any 12-month
period by directors whose appointment or election is not endorsed by a majority of the members of the Board of the Bank or of the
Board of Directors of the Corporation, as the case may be, prior to the date of the appointment or election; or</FONT></P>

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


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<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; text-indent: 1.5in"><FONT STYLE="font-weight: normal">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
one person, or more than one person acting as a group, acquires (or has acquired during the 12-month period ending on the date
of the most recent acquisition by such person or persons) assets from the Bank or from the Corporation that have a total gross
fair market value equal to or more than 40 percent (40%) of the total gross fair market value of all of the assets of the Bank
or of the Corporation, as the case may be, immediately prior to such acquisition or acquisitions. For this purpose, gross fair
market value means the value of the assets of the Bank or of the Corporation, as the case may be, or the value of the assets being
disposed of, determined without regard to any liabilities associated with such assets.</FONT></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; text-indent: 1in">Notwithstanding the foregoing,
the acquisition of ownership or control of voting stock of the Bank or of the Corporation, individually or collectively, by the
Corporation or one of its affiliates or any benefit plan sponsored by the Corporation or any of its affiliates shall not constitute
a Change in Control.</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: 1in"><FONT STYLE="font-weight: normal">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Good
Reason</U>. For purposes of this Agreement, the term &ldquo;<I>Good Reason</I>&rdquo; shall mean termination by the Executive within
12 months following a Change in Control based on:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-weight: normal">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Without
the Executive&rsquo;s express written consent, a material adverse change made by the Bank which would reduce the Executive&rsquo;s
functions, duties or responsibilities as Chief Financial Officer of the Bank.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-weight: normal">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Without
the Executive&rsquo;s express written consent, a 5% or greater reduction by the Bank in the Executive&rsquo;s Base Salary as the
same may be increased from time to time; or</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-weight: normal">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Without
the Executive&rsquo;s express written consent, the Bank requires the Executive to be based at a location more than 50 miles from
Easton, Maryland (which requirement shall be deemed to be a material change in the geographic location at which the Executive must
perform services for the Bank), except for required travel on business of the Bank to an extent substantially consistent with the
Executive&rsquo;s present business travel obligations.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Good Reason shall, for all purposes under
this Agreement, be construed and administered in manner consistent with the definition of &ldquo;good reason&rdquo; under Treasury
Regulation &sect;1.409A-1(n).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Full
Compensation</U>. The payments made pursuant to this Section 2 shall be considered full compensation in payment for all claims
under this Agreement, and the Executive shall not be entitled to any other compensation. </FONT></P>

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


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<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; text-indent: 1in"><FONT STYLE="font-weight: normal">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Deduction
for Amounts Due Bank</U>. Upon termination of the Executive&rsquo;s employment with the Bank, subject to any restrictions imposed
by applicable law, the Bank shall have the right to deduct from the amount due the Executive any amounts which the Executive owes
the Bank. Such right shall apply only to debts that were incurred in the ordinary course of the employment relationship and in
no event shall the Bank have the right to deduct an amount in excess of $5,000 in any year from any payment that would be considered
deferred compensation under Section 409A of the Code. In no event shall the Bank have the discretion to deduct any amount pursuant
to this Section 2(g) to the extent such deduction would be considered a prohibited acceleration under Section 409A of the Code.
Any offset under this Section 2(g) shall comply with Section 1.409A &ndash; 2(j)(4)(xiii) of the Treasury Regulations.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Compliance
with Section 409A of the Code</U>. This Agreement is intended to comply with Section 409A of the Code and its corresponding regulations,
or an exemption, and payments may only be made in a manner permitted by Section 409A of the Code, to the extent applicable. Severance
benefits under the Agreement are intended to be exempt from Section 409A to the maximum extent possible under the &quot;separation
pay exception, the &ldquo;short-term deferral exception,&rdquo; or another exception under Section 409A of the Code. For purposes
of Section 409A of the Code, the right to a series of installment payments under this Agreement shall be treated as a right to
a series of separate payments. In no event may the Executive, directly or indirectly, designate the calendar year of a payment.
If a payment obligation under this Agreement arises on account of the termination of Executive&rsquo;s employment hereunder while
the Executive is a &ldquo;specified employee&rdquo; (as defined under Section 409A of the Code, and determined in good faith by
the Bank), any payment of &ldquo;deferred compensation&rdquo; (as defined in Treasury Regulation Section 1.409A-1(b)(1), after
giving effect to the exemptions in Treasury Regulation Sections 1.409A-1(b)(3) through (b)(12)) that is scheduled to be paid within
six (6) months after such termination of employment shall be paid, with interest, in a lump sum, within 15 days after the end of
the six-month period beginning on the date of such termination or, if earlier, within 15 days after the appointment of the personal
representative or executor of the Executive&rsquo;s estate following his death. </FONT></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; text-indent: 0.5in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Non-Solicitation</U>.</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; text-indent: 1in"><FONT STYLE="font-weight: normal">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Restrictive
Covenants</U>. During the Executive&rsquo;s employment with the Bank and for 12 months after the Executive ceases, for any reason,
to be an employee of the Bank, the Executive shall not, directly or indirectly, as owner, partner, director, officer, employee,
agent, consultant, advisor, contractor or otherwise, whether for consideration or without consideration, for the benefit of any
individual, group, corporation, partnership, trust, association, joint venture, pool, syndicate, sole proprietorship, unincorporated
organization or any other form of entity not specifically listed herein (a &ldquo;<I>Person</I>&rdquo;) other than for the Corporation
and/or any of its affiliates (the &ldquo;<I>Employer Group</I>&rdquo;), take any of the following actions: </FONT></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; text-indent: 1.5in"><FONT STYLE="font-weight: normal">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;solicit
any Business Relation (as hereinafter defined) to purchase, or sell or otherwise provide to any Business Relation, any products
or services which are comparable to, or which are intended to substitute for, products or services offered by the Corporation and/or
any of its affiliates (the &ldquo;Non-Compete Group&rdquo;) during the Executive&rsquo;s employment with the Bank; </FONT></P>

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


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<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; text-indent: 1.5in"><FONT STYLE="font-weight: normal">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;employ,
engage or solicit for employment or for engagement as an independent contractor or consultant, any Person who was employed by,
or any Person who was engaged as an independent contractor by, any member of the Non-Compete Group during the preceding 24 months;</FONT></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; text-indent: 1.5in"><FONT STYLE="font-weight: normal">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;employ,
engage or solicit for employment any employee of the Corporation or the Bank, whether or not such employee is a full-time employee
or a temporary employee of the Corporation or the Bank and whether or not such employment is pursuant to written agreement and
whether or not such employment is for a determined period or is at will; or</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-weight: normal">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;encourage
any Person to reduce its business with any member of the Non-Compete Group or to reduce its employment with or provision of services
to any member of the Non-Compete Group.</FONT></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; text-indent: 1in">Provided, however,
that nothing in this Section 3(a) shall be deemed to prevent or limit the right of the Executive to own up to a five percent (5%)
interest in the securities of a Person that are registered under Section 12 of the Securities Exchange Act of 1934, 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; text-indent: 1in"><FONT STYLE="font-weight: normal">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Business
Relation Defined</U>. For purposes of this Agreement, the term &ldquo;<I>Business Relation</I>&rdquo; means any Person who, at
any time during the Executive&rsquo;s employment with the Bank, was a Person (i) that is or was a customer of any member of the
Non-Compete Group, (ii) that had entered into any contract or other arrangement with any member of the Non-Compete Group for the
provision of services or the sale of products, (iii) to whom any member of the Non-Compete Group furnished or planned to furnish
a proposal for the performance of services or the sale of products, or (iv) with whom any member of the Non-Compete Group entered
or agreed to enter into any other business relationship such as a joint venture, collaborative agreement, joint development agreement,
teaming arrangement or agreement, or similar arrangement or understanding for the provision of services or sale of products. </FONT></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; text-indent: 0.5in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Confidential
Information</U>.</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; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Covenant</U>.
The Executive acknowledges that his relationship with the Corporation and the Bank shall of necessity provide him with specialized
knowledge concerning the Employer Group, which, if used for the benefit of others or disclosed to others, could cause serious harm
to the Employer Group. Accordingly, the Executive covenants that he shall not at any time, directly or indirectly, use, appropriate
or disclose to others, or permit the use of or appropriation by or disclosure to others of, any Confidential Information (as hereinafter
defined) except as expressly provided herein.</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; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Permitted
Use</U>. While employed with the Bank, the Executive may use Confidential Information only for the purpose that is necessary to
the carrying out of the Executive&rsquo;s duties as set forth herein or assigned to him by the Bank, and the Executive may not
make use of any Confidential Information after he is no longer an employee of the Bank.</P>

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


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<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; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Confidential
Information Defined</U>. For purposes of this Agreement, the term &ldquo;<I>Confidential Information</I>&rdquo; means all information
of any member of the Employer Group, whether oral, written, computerized, digitized or otherwise, regarding the business of the
Employer Group, including, without limitation, information regarding the Employer Group&rsquo;s customers, referral sources, insurance
carriers, sales and marketing information, costs, prices, earnings, business plans, financial information and forecasts, contracts,
business arrangements, methods of operation, business strategies, prospects, and Intellectual Property (as hereinafter defined),
whether or not such information is deemed &ldquo;trade secrets&rdquo; under applicable law. Confidential Information does not include
information that (i) becomes generally available to the public other than as a result of disclosure by the Executive in violation
of this Agreement, (ii) was available to the public on a non-confidential basis from a source other than the Employer Group, (iii)
is made available to a third party on a non-confidential basis by the Employer Group, (iv) was already known to the Executive at
the time of disclosure by the Employer Group, or (v) is required to be disclosed by legal process or applicable law.</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; text-indent: 0.5in">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Intellectual
Property</U>. The Executive agrees that any and all information, reports, other documents and other works (whether in an electronic
format or otherwise) created by the Executive for or on behalf of the Corporation and the Bank during the Executive&rsquo;s service
with the Bank, whether or not developed on the Bank&rsquo;s premises or equipment or during the Bank&rsquo;s normal business hours
(the &ldquo;<I>Intellectual Property</I>&rdquo;), are and shall remain works made for hire and the sole and exclusive property
of the Corporation and the Bank. To the extent that such Intellectual Property is not considered work made for hire, the Executive
hereby assigns to the Bank (or its nominee) any and all interest that the Executive may now or in the future have in the Intellectual
Property. Upon request by the Bank, the Executive shall execute and deliver to the Bank any document or instrument that may be
necessary to secure or perfect the Bank&rsquo;s title to or interest in any Intellectual Property so assigned.</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; text-indent: 0.5in">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Return
of Property</U>. The Executive agrees that upon termination of his employment with the Bank, he will:</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; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;promptly
return to the Bank all Confidential Information, all Intellectual Property, and all other property of the Bank, including but not
limited to all correspondence, manuals, notebooks, lists of customers and suppliers, computer programs, disks and any documents,
materials or property, whether written or stored on computerized medium, and all copies in his possession or control;</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; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;not
take any action to preserve or regain access to such information through any means, including but not limited to access to the
Bank&rsquo;s facilities or through a computer or other digital or electronic means; and</P>

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


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<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; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;promptly
pay all amounts due, owing or otherwise payable by him to the Bank.</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; text-indent: 1in">The Executive expressly
authorizes the Bank to withhold any amounts payable to him, including for compensation, reimbursement and otherwise, until he has
complied with this Section 6, subject to the terms of Section 2(g).</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; text-indent: 0.5in">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Disparaging Statements</U>. During the Executive&rsquo;s employment with the Bank and for 12 months after the Executive ceases
to be an employee of the Bank, the Executive will not make any statements or comments of a disparaging nature to third parties
regarding any member of the Employer Group or its officers, directors, personnel or products.</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; text-indent: 0.5in">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Executive&rsquo;s
Representations and Warranties</U>.</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; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Prior Agreements</U>. The Executive represents and warrants that he is not a party to or otherwise subject to or bound by the terms
of any contract, agreement or understanding which in any manner would limit or otherwise affect his ability to perform his obligations
hereunder, including without limitation any contract, agreement or understanding containing terms and provisions similar in any
manner to those contained in Sections 3, 4, 5 or 7 of this Agreement.</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; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Confidential
Information of Others</U>. The Executive represents, warrants and covenants that he will not disclose to the Bank, or otherwise
use in the course of his service with the Bank, any confidential information which he is restricted from disclosing or using pursuant
to any other agreement or duty to any other person.</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; text-indent: 0.5in">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Remedies</U>.</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: 1in"><FONT STYLE="font-weight: normal">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Arbitration
of Disputes</U>. If a dispute arises with respect to the enforcement or interpretation of any provision of this Agreement (other
than a dispute to be resolved under Section 9(b)), then the parties hereto agree to submit the dispute to non-appealable binding
arbitration. Such arbitration shall be conducted before a board of three arbitrators, with one member selected by the Executive,
one member selected by the Employer, and the third member selected by the first two arbitrators. The party responsible for the
payment of the costs of such arbitration (including any legal fees and expenses incurred by the Executive) shall be determined
by the board of arbitrators. The board of arbitrators shall be bound by the rules of the American Arbitration Association in making
its determination. The parties hereto agree that they and their heirs, personal representatives, successors, and assigns shall
be bound by the decision of such board of arbitrators with respect to any controversy properly submitted to it for determination.</FONT></P>

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


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<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: 1in"><FONT STYLE="font-weight: normal">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Disputes
Arising Under Sections 4 Through 8</U>. The Executive recognizes that a violation by him of any provision of Sections 4 through
8, inclusive, of this Agreement may cause irreparable injury to the Corporation and the Bank, and that there may be no adequate
remedy at law for such violation. Therefore, the Executive agrees that, in addition to any other remedies for its violation hereof
available to the Bank, which shall include the recovery of all damages incurred, as well as reasonable attorney&rsquo;s fees and
other costs, the Bank shall have the right, in the event of the breach or threatened breach of any provision hereof by the Executive
to obtain an injunction and/or temporary restraining order against such breach or threatened breach or specifically enforce this
Agreement. The Bank&rsquo;s rights and remedies specified in this Section 9(b) are in addition to and not in lieu of any rights
available under applicable law and regulations, including, without limitation, those laws and regulations governing trade secrets
and other proprietary information.</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">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Miscellaneous</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Withholding
of Taxes</U>. All compensation and benefits payable pursuant to this Agreement shall be subject to all applicable tax withholding
requirements.</FONT></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; text-indent: 1in"><FONT STYLE="font-weight: normal">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Compliance
with Banking Laws</U>. 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 any regulations promulgated thereunder.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Suspension
of Employment by Regulators</U>. In the event the Executive is temporarily prohibited from participating in the conduct of the
affairs of the Corporation or the Bank pursuant to notice served by a regulatory agency having jurisdiction over the Corporation
and the Bank, unless stayed by appropriate proceedings, then the Bank&rsquo;s obligations under this Agreement shall be suspended
and the Executive shall have no right to any payment of compensation, as of the date such notice is served on the Bank. If the
charges specified in any such notice shall be dismissed, then the Bank shall (i) pay the Executive any compensation withheld from
the Executive pursuant to the suspension of the Bank&rsquo;s obligations as required by this Section 10(c) as soon as practicable
following the completion of continued employment for 30 days following such dismissal and (ii) reinstate the obligations so suspended.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Entire
Agreement; Amendment</U>. This Agreement supersedes all prior agreements, written and oral, between the parties with respect to
its subject matter, is intended as a complete and exclusive statement of the terms of the agreement between the parties with respect
thereto, and may be amended only by a writing signed by both parties hereto. The Bank and the Executive agree to execute any and
all amendments to this Agreement permitted under applicable law that the Bank&rsquo;s legal counsel determines to be necessary
to ensure compliance with the distribution provisions of Section 409A of the Code or to otherwise ensure that this Agreement complies
with Section 409A of the Code.</FONT></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; text-indent: 1in"><FONT STYLE="font-weight: normal">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Nonwaiver</U>.
The failure of either party to insist upon strict adherence to any term of this Agreement on any occasion will not operate as a
waiver or deprive that party of the right thereafter to insist upon strict adherence to that term or any other term of this Agreement.
Any waiver must be in a writing signed by the party to be charged therewith.</FONT></P>

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


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<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; text-indent: 1in"><FONT STYLE="font-weight: normal">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Assignment</U>.
The Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their successors and assigns and their
representatives. This Agreement may not be assigned by either party without the consent of the other party, except that the Bank
may assign all of its rights and delegate performance of all of its obligations hereunder in connection with a Change in Control.
</FONT></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; text-indent: 1in"><FONT STYLE="font-weight: normal">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Counterparts</U>.
This Agreement may be executed in two or more counterparts, each of which will be an original, but all of which together will constitute
the same instrument.</FONT></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; text-indent: 1in"><FONT STYLE="font-weight: normal">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Headings</U>.
The headings in this Agreement are for convenience of reference only and should not be given any effect in the interpretation of
this Agreement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Governing
Law</U>. This Agreement shall be governed in all respects whether as to validity, construction, capacity, performance or otherwise,
by the laws of the State of Maryland, without regard to any provision that would result in the application of the laws of any other
state or jurisdiction, except to the extent that Federal law shall be deemed to apply. </FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Interpretation</U>.
This Agreement is intended to comply with, or otherwise be exempt from, Section 409A of the Code and any regulations and Treasury
guidance promulgated thereunder. If the Bank determines in good faith that any provision of this Agreement would cause the Executive
to incur an additional tax, penalty, or interest under Section 409A of the Code, then the Bank and the Executive shall use reasonable
efforts to reform such provision, if possible, in a mutually agreeable fashion to maintain to the maximum extent practicable the
original intent of the applicable provision without violating the provisions of Section 409A of the Code or causing the imposition
of such additional tax, penalty, or interest under Section 409A of the Code. As used in this Agreement, the terms &ldquo;termination
of employment&rdquo;, &ldquo;resignation&rdquo; and words of similar import mean, for purposes of any payments under this Agreement
that are payments of deferred compensation subject to Section 409A of the Code, the Executive&rsquo;s &ldquo;separation from service&rdquo;
as defined in Section 409A of the Code.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Severability</U>.
The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any provision shall not affect
the validity and enforceability of the other provisions hereof.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Employer
Policies, Plans and Programs</U>. Except as expressly provided otherwise in this Agreement, whenever any rights under this Agreement
depend on the terms of a policy, plan, or program established or maintained by the Employer Group, any determination of such rights
will be made on the basis of the policy, plan, or program in effect at the time as of which such determination is made. No reference
in this Agreement to any policy, plan, or program established or maintained by the Employer Group precludes any member of the Employer
Group from prospectively or retroactively changing or amending or terminating that policy, plan, or program or adopting a new policy,
plan, or program in lieu of the then existing policy, plan, or program.</FONT></P>

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


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<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; text-indent: 1in"><FONT STYLE="font-weight: normal">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Survival
of Terms</U>. The provisions of Sections 2 through 7, inclusive, and Sections 9 and 10 of this Agreement shall survive the termination
of the Executive&rsquo;s employment hereunder.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>IN WITNESS WHEREOF</B>,
the parties have executed this Agreement as of the date written above.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48%; text-align: justify; text-indent: 0in"><B>ATTEST:</B></TD>
    <TD STYLE="width: 4%; text-align: justify; text-indent: 0.9pt">&nbsp;</TD>
    <TD STYLE="width: 48%; text-align: left; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0.9pt">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0.9pt">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>Shore UNITED BANK</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify; text-indent: 0in; width: 48%">/s/ W. David Morse</TD>
    <TD STYLE="width: 4%; text-align: left; text-indent: 0.9pt">&nbsp;</TD>
    <TD STYLE="width: 4%; text-align: left; text-indent: 0in">By:</TD>
    <TD STYLE="width: 44%; border-bottom: Black 1pt solid; text-align: left; text-indent: 0in">/s/  Frank E. Mason, III</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0in">W. David Morse, Secretary</TD>
    <TD STYLE="text-align: justify; text-indent: 0.9pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0in">Name:  Frank E. Mason, III</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0.9pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0in">Title: Chairman of the Board</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48%; text-align: justify; text-indent: 0in"><B>WITNESS:</B></TD>
    <TD STYLE="width: 4%; text-align: justify; text-indent: 0.9pt">&nbsp;</TD>
    <TD STYLE="width: 48%; text-align: left; text-indent: 0in"><B>EXECUTIVE:</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0.9pt">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify; text-indent: 0in">/s/ W. David Morse</TD>
    <TD STYLE="text-align: justify; text-indent: 0.9pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; text-indent: 0in">/s/ Edward Allen</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0in">W. David Morse, Secretary</TD>
    <TD STYLE="text-align: left; text-indent: 0.9pt">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">Edward Allen</TD></TR>
</TABLE>
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<TYPE>EX-10.5
<SEQUENCE>6
<FILENAME>tv478297_ex10-5.htm
<DESCRIPTION>EXHIBIT 10.5
<TEXT>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Exhibit 10.5</P>

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

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

<P STYLE="font: bold 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"><B>THIS CHANGE IN CONTROL
AGREEMENT</B> (this &ldquo;<I>Agreement</I>&rdquo;), dated October 31, 2017 (the &ldquo;<I>Effective Date</I>&rdquo;), is entered
into by and between The Avon- Dixon Agency, LLC, an insurance firm organized under the laws of Maryland (the &ldquo;Company&rdquo;),
and Richard C. Trippe (the <I>&ldquo;Executive&rdquo;</I>).</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"><B>WHEREAS</B>, the
Company is the wholly-owned subsidiary of Shore Bancshares, Inc., a corporation organized under the laws of Maryland (the &ldquo;<I>Corporation</I>&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; text-indent: 0.5in"><B>WHEREAS</B>, the
Executive is employed by the Company as President and Chief Executive Officer;</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"><B>WHEREAS</B>, the
Corporation and the Company desire to be ensured of the Executive&rsquo;s continued active participation in the business of the
Company; and</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"><B>WHEREAS</B>, in
order to induce the Executive to remain in the employ of the Company and in consideration of the Executive&rsquo;s agreeing to
remain in the employ of the Company, the parties desire to specify the change in control payment which shall be due to Executive
in the event that the Executive&rsquo;s employment with the Company is terminated in the specified circumstances covered by this
Agreement;</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"><B>NOW THEREFORE</B>,
in consideration of the mutual covenants and agreements of the parties contained herein, and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Executive and the Company agree as follows:</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; text-indent: 0.5in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Term</U>.</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; text-indent: 1in"><FONT STYLE="font-weight: normal">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company agrees to employ the Executive as an at-will employee, and the Executive agrees to be employed by the Company as an at-will
employee, subject to the terms and conditions of this Agreement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
initial term of this Agreement shall be for 12 months commencing on the Effective Date (the &ldquo;<I>Initial Term</I>&rdquo;).
Upon the expiration of the Initial Term, this Agreement shall automatically renew for successive terms of 12 months each (each
such renewal term, together with the Initial Term, a &ldquo;<I>Term</I>&rdquo;) without further action by the parties, unless either
party shall have served written notice on the other party at least 60 days prior to the commencement of a new Term of such party&rsquo;s
decision not to renew this Agreement. At least 120 days prior to the commencement of a new Term, the Board of Directors of the
Company (&ldquo;<I>Board</I>&rdquo;) or a committee thereof will conduct a comprehensive performance evaluation and review of Executive
to determine whether to give notice of non-renewal as provided herein. The evaluation and review shall be documented in the minutes
of the Board or the committee thereof. For purposes of clarity, in the event the Board decides not to renew this Agreement and
provides proper notice as set forth above, the Executive shall remain an at-will employee of the Company following the termination
of this Agreement unless the Executive&rsquo;s employment is sooner terminated.</FONT></P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;While
employed by the Company, the Executive shall (i) perform such services for the Company as may be consistent with the Executive&rsquo;s
title and such services which are from time to time assigned to the Executive by the Corporation&rsquo;s President and (ii) devote
the Executive&rsquo;s entire business time, attention, skill and energy exclusively to the business of the Company. While employed
by the Company, the Executive shall not engage or prepare to engage in any other business activity, whether or not such business
activity is pursued for gain, profit or other economic or financial advantage; provided, however, that the Executive may engage
in appropriate civic, charitable or religious activities and devote a reasonable amount of time to private investments or boards
or other activities provided that such activities do not interfere or conflict with the Executive&rsquo;s responsibilities. </FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Change
in Control Payment</U>.</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; text-indent: 1in"><FONT STYLE="font-weight: normal">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
within 12 months after any Change in Control (as hereinafter defined) of the Corporation or the Company, the Executive&rsquo;s
employment with the Company is terminated by the Company without Cause (as hereinafter defined) or Executive terminates his employment
for Good Reason (as hereinafter defined), the Executive shall be paid an amount equal to 1.5 times the Executive&rsquo;s &ldquo;base
amount&rdquo; as defined in Section 280G(b)(3) of the Internal Revenue Code of 1986, as amended (the &ldquo;<I>Code</I>&rdquo;)
and regulations promulgated thereunder. Subject to Section 2(h), said sum shall be paid to the Executive in one lump sum on the
60<SUP>th</SUP> day following the Executive&rsquo;s termination, provided that the Executive has executed and submitted a release
of claims and the statutory period during which Executive is entitled to revoke the release of claims has expired on or before
that 60<SUP>th</SUP> day. In addition, all unexercised or unvested equity awards, or portions thereof, held by the Executive as
of the date of termination shall vest or terminate and be exercisable in accordance with their terms. The termination of the Executive&rsquo;s
employment hereunder shall not impair any rights of the Executive under any employee benefit or fringe benefit plans that have
vested as of the date of termination, which rights shall be administered after the termination of employment in accordance with
the terms of such plans.</FONT></P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Cause</U>.
For purposes of this Agreement, the term &ldquo;<I>Cause</I>&rdquo; means: (i) the Executive&rsquo;s &ldquo;Disability&rdquo; (as
hereinafter defined); (ii) an action or failure to act by the Executive constituting fraud, misappropriation or damage to the property
or business of the Corporation or the Company; (iii) conduct by Executive that amounts to fraud, personal dishonesty or breach
of fiduciary duty; (iv) Executive&rsquo;s conviction (from which no appeal may be, or is, timely taken) of a felony or willful
violation of any law, rule or regulation (other than traffic violations or similar offenses); (v) the Executive&rsquo;s breach
of any of his obligations hereunder; (vi) the unauthorized use, misappropriation or disclosure by the Executive of any Confidential
Information (as hereinafter defined) of the Corporation or the Company or of any confidential information of any other party to
whom the Executive owes an obligation of nondisclosure as a result of his relationship with the Corporation and the Company; (vii)
the willful violation of any final cease and desist or consent order; (viii) a knowing violation by Executive of federal and state
insurance laws or regulations which is likely to have a material adverse effect on the Corporation or the Company, as determined
by the Board; (ix) the determination by the Board, in the exercise of its reasonable judgment and in good faith, that Executive&rsquo;s
job performance is substantially unsatisfactory and that he has failed to cure such performance within a reasonable period (but
in no event more than thirty (30) days) after written notice specifying in reasonable detail the nature of the unsatisfactory performance;
(x) Executive&rsquo;s material breach of any of the Corporation&rsquo;s or the Company&rsquo;s written policies; or (xi) the issuance
of any order by any supervisory agency with jurisdiction over the Corporation or the Company permanently prohibiting the continued
service of the Executive with the Company. No act or failure to act on the part of the Executive shall be considered &ldquo;willful&rdquo;
unless it is done, or omitted to be done, by the Executive in bad faith or without reasonable belief that the Executive&rsquo;s
action or omission was in the best interests of the Corporation and the Company. Any act or failure to act that is based upon authority
given pursuant to a resolution duly adopted by the Board, or upon the advice of legal counsel for the Corporation and the Company,
shall be conclusively presumed to be done, or omitted to be done, by the Executive in good faith and in the best interest of the
Corporation and the Company.</FONT></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; text-indent: 1in"><FONT STYLE="font-weight: normal">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Disability</U>.
For purposes of this Agreement, the term &ldquo;<I>Disability</I>&rdquo; shall have the meaning given to such term in the long-term
disability policy available to Executives of the Corporation and the Company, as amended or replaced from time to time. </FONT></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; text-indent: 1in"><FONT STYLE="font-weight: normal">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Change
in Control</U>. For purposes of this Agreement, a &ldquo;<I>Change in Control</I>&rdquo; shall be deemed to have occurred if the
conditions set forth in any one of the following paragraphs shall have been satisfied:</FONT></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; text-indent: 1.5in"><FONT STYLE="font-weight: normal">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
one person, or more than one person acting as a group, acquires ownership of securities of the Company or of the Corporation that,
together with securities held by such person or group, constitutes more than 50 percent (50%) of the total fair market value or
total voting power of the securities of the Company or of the Corporation, as the case may be;</FONT></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; text-indent: 1.5in"><FONT STYLE="font-weight: normal">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;either
(A) any one person, or more than one person acting as a group, acquires (or has acquired during the 12-month period ending on the
date of the most recent acquisition by such person or persons) ownership of securities of the Company or of the Corporation possessing
35 percent (35%) or more of the total voting power of the securities of the Company or of the Corporation, as the case may be;
or (B) a majority of members of the Board of the Company or of the Board of Directors of the Corporation is replaced during any
12-month period by directors whose appointment or election is not endorsed by a majority of the members of the Board of the Company
or of the Board of Directors of the Corporation, as the case may be, prior to the date of the appointment or election; or</FONT></P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-weight: normal">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
one person, or more than one person acting as a group, acquires (or has acquired during the 12-month period ending on the date
of the most recent acquisition by such person or persons) assets from the Company or from the Corporation that have a total gross
fair market value equal to or more than 40 percent (40%) of the total gross fair market value of all of the assets of the Company
or of the Corporation, as the case may be, immediately prior to such acquisition or acquisitions. For this purpose, gross fair
market value means the value of the assets of the Company or of the Corporation, as the case may be, or the value of the assets
being disposed of, determined without regard to any liabilities associated with such assets.</FONT></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; text-indent: 1in">Notwithstanding the foregoing,
the acquisition of ownership or control of voting stock of the Company or of the Corporation, individually or collectively, by
the Corporation or one of its affiliates or any benefit plan sponsored by the Corporation or any of its affiliates shall not constitute
a Change in Control.</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: 1in"><FONT STYLE="font-weight: normal">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Good
Reason</U>. For purposes of this Agreement, the term &ldquo;<I>Good Reason</I>&rdquo; shall mean termination by the Executive within
12 months following a Change in Control based on:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-weight: normal">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Without
the Executive&rsquo;s express written consent, a material adverse change made by the Company which would reduce the Executive&rsquo;s
functions, duties or responsibilities as President of the Company.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-weight: normal">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Without
the Executive&rsquo;s express written consent, a 5% or greater reduction by the Company in the Executive&rsquo;s Base Salary as
the same may be increased from time to time; or</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-weight: normal">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Without
the Executive&rsquo;s express written consent, the Company requires the Executive to be based at a location more than 50 miles
from Easton, Maryland (which requirement shall be deemed to be a material change in the geographic location at which the Executive
must perform services for the Company), except for required travel on business of the Company to an extent substantially consistent
with the Executive&rsquo;s present business travel obligations.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Good Reason shall, for all purposes under
this Agreement, be construed and administered in manner consistent with the definition of &ldquo;good reason&rdquo; under Treasury
Regulation &sect;1.409A-1(n).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Full
Compensation</U>. The payments made pursuant to this Section 2 shall be considered full compensation in payment for all claims
under this Agreement, and the Executive shall not be entitled to any other compensation. </FONT></P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Deduction
for Amounts Due Company</U>. Upon termination of the Executive&rsquo;s employment with the Company, subject to any restrictions
imposed by applicable law, the Company shall have the right to deduct from the amount due the Executive any amounts which the Executive
owes the Company. Such right shall apply only to debts that were incurred in the ordinary course of the employment relationship
and in no event shall the Company have the right to deduct an amount in excess of $5,000 in any year from any payment that would
be considered deferred compensation under Section 409A of the Code. In no event shall the Company have the discretion to deduct
any amount pursuant to this Section 2(g) to the extent such deduction would be considered a prohibited acceleration under Section
409A of the Code. Any offset under this Section 2(g) shall comply with Section 1.409A &ndash; 2(j)(4)(xiii) of the Treasury Regulations.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Compliance
with Section 409A of the Code</U>. This Agreement is intended to comply with Section 409A of the Code and its corresponding regulations,
or an exemption, and payments may only be made in a manner permitted by Section 409A of the Code, to the extent applicable. Severance
benefits under the Agreement are intended to be exempt from Section 409A to the maximum extent possible under the &quot;separation
pay exception, the &ldquo;short-term deferral exception,&rdquo; or another exception under Section 409A of the Code. For purposes
of Section 409A of the Code, the right to a series of installment payments under this Agreement shall be treated as a right to
a series of separate payments. In no event may the Executive, directly or indirectly, designate the calendar year of a payment.
If a payment obligation under this Agreement arises on account of the termination of Executive&rsquo;s employment hereunder while
the Executive is a &ldquo;specified employee&rdquo; (as defined under Section 409A of the Code, and determined in good faith by
the Company), any payment of &ldquo;deferred compensation&rdquo; (as defined in Treasury Regulation Section 1.409A-1(b)(1), after
giving effect to the exemptions in Treasury Regulation Sections 1.409A-1(b)(3) through (b)(12)) that is scheduled to be paid within
six (6) months after such termination of employment shall be paid, with interest, in a lump sum, within 15 days after the end of
the six-month period beginning on the date of such termination or, if earlier, within 15 days after the appointment of the personal
representative or executor of the Executive&rsquo;s estate following his death. </FONT></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; text-indent: 0.5in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Non-Solicitation</U>.</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; text-indent: 1in"><FONT STYLE="font-weight: normal">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Restrictive
Covenants</U>. During the Executive&rsquo;s employment with the Company and for 12 months after the Executive ceases, for any reason,
to be an employee of the Company, the Executive shall not, directly or indirectly, as owner, partner, director, officer, employee,
agent, consultant, advisor, contractor or otherwise, whether for consideration or without consideration, for the benefit of any
individual, group, corporation, partnership, trust, association, joint venture, pool, syndicate, sole proprietorship, unincorporated
organization or any other form of entity not specifically listed herein (a &ldquo;<I>Person</I>&rdquo;) other than for the Corporation
and/or any of its affiliates (the &ldquo;<I>Employer Group</I>&rdquo;), take any of the following actions: </FONT></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; text-indent: 1.5in"><FONT STYLE="font-weight: normal">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;solicit
any Business Relation (as hereinafter defined) to purchase, or sell or otherwise provide to any Business Relation, any products
or services which are comparable to, or which are intended to substitute for, products or services offered by the Corporation and/or
any of its affiliates (the &ldquo;Non-Compete Group&rdquo;) during the Executive&rsquo;s employment with the Company; </FONT></P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-weight: normal">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;employ,
engage or solicit for employment or for engagement as an independent contractor or consultant, any Person who was employed by,
or any Person who was engaged as an independent contractor by, any member of the Non-Compete Group during the preceding 24 months;</FONT></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; text-indent: 1.5in"><FONT STYLE="font-weight: normal">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;employ,
engage or solicit for employment any employee of the Corporation or the Company, whether or not such employee is a full-time employee
or a temporary employee of the Corporation or the Company and whether or not such employment is pursuant to written agreement and
whether or not such employment is for a determined period or is at will; or</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-weight: normal">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;encourage
any Person to reduce its business with any member of the Non-Compete Group or to reduce its employment with or provision of services
to any member of the Non-Compete Group.</FONT></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; text-indent: 1in">&#9;Provided, however,
that nothing in this Section 3(a) shall be deemed to prevent or limit the right of the Executive to own up to a five percent (5%)
interest in the securities of a Person that are registered under Section 12 of the Securities Exchange Act of 1934, 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; text-indent: 1in"><FONT STYLE="font-weight: normal">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Business
Relation Defined</U>. For purposes of this Agreement, the term &ldquo;<I>Business Relation</I>&rdquo; means any Person who, at
any time during the Executive&rsquo;s employment with the Company, was a Person (i) that is or was a customer of any member of
the Non-Compete Group, (ii) that had entered into any contract or other arrangement with any member of the Non-Compete Group for
the provision of services or the sale of products, (iii) to whom any member of the Non-Compete Group furnished or planned to furnish
a proposal for the performance of services or the sale of products, or (iv) with whom any member of the Non-Compete Group entered
or agreed to enter into any other business relationship such as a joint venture, collaborative agreement, joint development agreement,
teaming arrangement or agreement, or similar arrangement or understanding for the provision of services or sale of products. </FONT></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; text-indent: 0.5in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Confidential
Information</U>.</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; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Covenant</U>.
The Executive acknowledges that his relationship with the Corporation and the Company shall of necessity provide him with specialized
knowledge concerning the Employer Group, which, if used for the benefit of others or disclosed to others, could cause serious harm
to the Employer Group. Accordingly, the Executive covenants that he shall not at any time, directly or indirectly, use, appropriate
or disclose to others, or permit the use of or appropriation by or disclosure to others of, any Confidential Information (as hereinafter
defined) except as expressly provided herein.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Permitted
Use</U>. While employed with the Company, the Executive may use Confidential Information only for the purpose that is necessary
to the carrying out of the Executive&rsquo;s duties as set forth herein or assigned to him by the Company, and the Executive may
not make use of any Confidential Information after he is no longer an employee of the Company.</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; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Confidential
Information Defined</U>. For purposes of this Agreement, the term &ldquo;<I>Confidential Information</I>&rdquo; means all information
of any member of the Employer Group, whether oral, written, computerized, digitized or otherwise, regarding the business of the
Employer Group, including, without limitation, information regarding the Employer Group&rsquo;s customers, referral sources, insurance
carriers, sales and marketing information, costs, prices, earnings, business plans, financial information and forecasts, contracts,
business arrangements, methods of operation, business strategies, prospects, and Intellectual Property (as hereinafter defined),
whether or not such information is deemed &ldquo;trade secrets&rdquo; under applicable law. Confidential Information does not include
information that (i) becomes generally available to the public other than as a result of disclosure by the Executive in violation
of this Agreement, (ii) was available to the public on a non-confidential basis from a source other than the Employer Group, (iii)
is made available to a third party on a non-confidential basis by the Employer Group, (iv) was already known to the Executive at
the time of disclosure by the Employer Group, or (v) is required to be disclosed by legal process or applicable law.</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; text-indent: 0.5in">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Intellectual
Property</U>. The Executive agrees that any and all information, reports, other documents and other works (whether in an electronic
format or otherwise) created by the Executive for or on behalf of the Corporation and the Company during the Executive&rsquo;s
service with the Company, whether or not developed on the Company&rsquo;s premises or equipment or during the Company&rsquo;s normal
business hours (the &ldquo;<I>Intellectual Property</I>&rdquo;), are and shall remain works made for hire and the sole and exclusive
property of the Corporation and the Company. To the extent that such Intellectual Property is not considered work made for hire,
the Executive hereby assigns to the Company (or its nominee) any and all interest that the Executive may now or in the future have
in the Intellectual Property. Upon request by the Company, the Executive shall execute and deliver to the Company any document
or instrument that may be necessary to secure or perfect the Company&rsquo;s title to or interest in any Intellectual Property
so assigned.</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; text-indent: 0.5in">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Return
of Property</U>. The Executive agrees that upon termination of his employment with the Company, he will:</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; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;promptly
return to the Company all Confidential Information, all Intellectual Property, and all other property of the Company, including
but not limited to all correspondence, manuals, notebooks, lists of customers and suppliers, computer programs, disks and any documents,
materials or property, whether written or stored on computerized medium, and all copies in his possession or control;</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;not
take any action to preserve or regain access to such information through any means, including but not limited to access to the
Company&rsquo;s facilities or through a computer or other digital or electronic means; and</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; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;promptly
pay all amounts due, owing or otherwise payable by him to the Company.</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; text-indent: 1in">The Executive expressly
authorizes the Company to withhold any amounts payable to him, including for compensation, reimbursement and otherwise, until he
has complied with this Section 6, subject to the terms of Section 2(g).</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; text-indent: 0.5in">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Disparaging Statements</U>. During the Executive&rsquo;s employment with the Company and for 12 months after the Executive ceases
to be an employee of the Company, the Executive will not make any statements or comments of a disparaging nature to third parties
regarding any member of the Employer Group or its officers, directors, personnel or products.</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; text-indent: 0.5in">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Executive&rsquo;s
Representations and Warranties</U>.</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; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Prior Agreements</U>. The Executive represents and warrants that he is not a party to or otherwise subject to or bound by the terms
of any contract, agreement or understanding which in any manner would limit or otherwise affect his ability to perform his obligations
hereunder, including without limitation any contract, agreement or understanding containing terms and provisions similar in any
manner to those contained in Sections 3, 4, 5 or 7 of this Agreement.</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; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Confidential
Information of Others</U>. The Executive represents, warrants and covenants that he will not disclose to the Company, or otherwise
use in the course of his service with the Company, any confidential information which he is restricted from disclosing or using
pursuant to any other agreement or duty to any other person.</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; text-indent: 0.5in">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Remedies</U>.</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: 1in"><FONT STYLE="font-weight: normal">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Arbitration
of Disputes</U>. If a dispute arises with respect to the enforcement or interpretation of any provision of this Agreement (other
than a dispute to be resolved under Section 9(b)), then the parties hereto agree to submit the dispute to non-appealable binding
arbitration. Such arbitration shall be conducted before a board of three arbitrators, with one member selected by the Executive,
one member selected by the Employer, and the third member selected by the first two arbitrators. The party responsible for the
payment of the costs of such arbitration (including any legal fees and expenses incurred by the Executive) shall be determined
by the board of arbitrators. The board of arbitrators shall be bound by the rules of the American Arbitration Association in making
its determination. The parties hereto agree that they and their heirs, personal representatives, successors, and assigns shall
be bound by the decision of such board of arbitrators with respect to any controversy properly submitted to it for determination.</FONT></P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Disputes
Arising Under Sections 4 Through 8</U>. The Executive recognizes that a violation by him of any provision of Sections 4 through
8, inclusive, of this Agreement may cause irreparable injury to the Corporation and the Company, and that there may be no adequate
remedy at law for such violation. Therefore, the Executive agrees that, in addition to any other remedies for its violation hereof
available to the Company, which shall include the recovery of all damages incurred, as well as reasonable attorney&rsquo;s fees
and other costs, the Company shall have the right, in the event of the breach or threatened breach of any provision hereof by the
Executive to obtain an injunction and/or temporary restraining order against such breach or threatened breach or specifically enforce
this Agreement. The Company&rsquo;s rights and remedies specified in this Section 9(b) are in addition to and not in lieu of any
rights available under applicable law and regulations, including, without limitation, those laws and regulations governing trade
secrets and other proprietary information.</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">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Miscellaneous</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Withholding
of Taxes</U>. All compensation and benefits payable pursuant to this Agreement shall be subject to all applicable tax withholding
requirements.</FONT></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; text-indent: 1in"><FONT STYLE="font-weight: normal">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Compliance
with Banking Laws</U>. 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 any regulations promulgated thereunder.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Suspension
of Employment by Regulators</U>. In the event the Executive is temporarily prohibited from participating in the conduct of the
affairs of the Corporation or the Company pursuant to notice served by a regulatory agency having jurisdiction over the Corporation
and the Company, unless stayed by appropriate proceedings, then the Company&rsquo;s obligations under this Agreement shall be suspended
and the Executive shall have no right to any payment of compensation, as of the date such notice is served on the Company. If the
charges specified in any such notice shall be dismissed, then the Company shall (i) pay the Executive any compensation withheld
from the Executive pursuant to the suspension of the Company&rsquo;s obligations as required by this Section 10(c) as soon as practicable
following the completion of continued employment for 30 days following such dismissal and (ii) reinstate the obligations so suspended.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Entire
Agreement; Amendment</U>. This Agreement supersedes all prior agreements, written and oral, between the parties with respect to
its subject matter, is intended as a complete and exclusive statement of the terms of the agreement between the parties with respect
thereto, and may be amended only by a writing signed by both parties hereto. The Company and the Executive agree to execute any
and all amendments to this Agreement permitted under applicable law that the Company&rsquo;s legal counsel determines to be necessary
to ensure compliance with the distribution provisions of Section 409A of the Code or to otherwise ensure that this Agreement complies
with Section 409A of the Code.</FONT></P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Nonwaiver</U>.
The failure of either party to insist upon strict adherence to any term of this Agreement on any occasion will not operate as a
waiver or deprive that party of the right thereafter to insist upon strict adherence to that term or any other term of this Agreement.
Any waiver must be in a writing signed by the party to be charged therewith.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Assignment</U>.
The Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their successors and assigns and their
representatives. This Agreement may not be assigned by either party without the consent of the other party, except that the Company
may assign all of its rights and delegate performance of all of its obligations hereunder in connection with a Change in Control.
</FONT></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; text-indent: 1in"><FONT STYLE="font-weight: normal">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Counterparts</U>.
This Agreement may be executed in two or more counterparts, each of which will be an original, but all of which together will constitute
the same instrument.</FONT></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; text-indent: 1in"><FONT STYLE="font-weight: normal">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Headings</U>.
The headings in this Agreement are for convenience of reference only and should not be given any effect in the interpretation of
this Agreement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Governing
Law</U>. This Agreement shall be governed in all respects whether as to validity, construction, capacity, performance or otherwise,
by the laws of the State of Maryland, without regard to any provision that would result in the application of the laws of any other
state or jurisdiction, except to the extent that Federal law shall be deemed to apply. </FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Interpretation</U>.
This Agreement is intended to comply with, or otherwise be exempt from, Section 409A of the Code and any regulations and Treasury
guidance promulgated thereunder. If the Company determines in good faith that any provision of this Agreement would cause the Executive
to incur an additional tax, penalty, or interest under Section 409A of the Code, then the Company and the Executive shall use reasonable
efforts to reform such provision, if possible, in a mutually agreeable fashion to maintain to the maximum extent practicable the
original intent of the applicable provision without violating the provisions of Section 409A of the Code or causing the imposition
of such additional tax, penalty, or interest under Section 409A of the Code. As used in this Agreement, the terms &ldquo;termination
of employment&rdquo;, &ldquo;resignation&rdquo; and words of similar import mean, for purposes of any payments under this Agreement
that are payments of deferred compensation subject to Section 409A of the Code, the Executive&rsquo;s &ldquo;separation from service&rdquo;
as defined in Section 409A of the Code.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Severability</U>.
The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any provision shall not affect
the validity and enforceability of the other provisions hereof.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Employer
Policies, Plans and Programs</U>. Except as expressly provided otherwise in this Agreement, whenever any rights under this Agreement
depend on the terms of a policy, plan, or program established or maintained by the Employer Group, any determination of such rights
will be made on the basis of the policy, plan, or program in effect at the time as of which such determination is made. No reference
in this Agreement to any policy, plan, or program established or maintained by the Employer Group precludes any member of the Employer
Group from prospectively or retroactively changing or amending or terminating that policy, plan, or program or adopting a new policy,
plan, or program in lieu of the then existing policy, plan, or program.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Survival
of Terms</U>. The provisions of Sections 2 through 7, inclusive, and Sections 9 and 10 of this Agreement shall survive the termination
of the Executive&rsquo;s employment hereunder.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>IN WITNESS WHEREOF</B>,
the parties have executed this Agreement as of the date written above.</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0in"><B>ATTEST:</B></TD>
    <TD STYLE="text-align: justify; text-indent: 0.9pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0.9pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0.9pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>The Avon-Dixon Agency, llc</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0.9pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%; text-align: left; text-indent: 0in; border-bottom: Black 1pt solid">/s/ Camille Pecorak</TD>
    <TD STYLE="width: 2%; text-align: left; text-indent: 0.9pt">&nbsp;</TD>
    <TD STYLE="width: 3%; text-align: left; text-indent: 0in">By:</TD>
    <TD STYLE="width: 46%; text-align: left; text-indent: 0in; border-bottom: Black 1pt solid">/s/  Frank E. Mason, III</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in">Camille Pecorak,</TD>
    <TD STYLE="text-align: left; text-indent: 0.9pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0in">Name:  Frank E. Mason, III</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in">Executive Administrator</TD>
    <TD STYLE="text-align: left; text-indent: 0.9pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0in">Title: Chairman of the Board</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0.9pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in"><B>WITNESS:</B></TD>
    <TD STYLE="text-align: left; text-indent: 0.9pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0in"><B>EXECUTIVE:</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0.9pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in; border-bottom: Black 1pt solid">/s/ Camille Pecorak</TD>
    <TD STYLE="text-align: left; text-indent: 0.9pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0in; border-bottom: Black 1pt solid">/s/ Richard C. Trippe</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in">Camille Pecorak,<BR>
Executive Administrator</TD>
    <TD STYLE="text-align: left; text-indent: 0.9pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0in">Richard C. Trippe</TD></TR>
</TABLE>


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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>7
<FILENAME>tv478297_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html><head><META content="text/html; charset=utf-8"></META></head><body style="font-size:10pt;font-family:Arial;color:black;"><div style="width:100%">
<p style="text-align:center"><b>Shore Bancshares, Inc. Reports Quarterly Dividend of $0.07 Per Share</b></p></div><div style="width:100%;"><div style="margin:0;margin-top:16pt;"><p>EASTON, Md., Nov. 1, 2017 /PRNewswire/ -- Shore Bancshares, Inc. (NASDAQ: SHBI) announced that the Board of Directors has declared a quarterly common stock dividend in the amount of $0.07 per share, payable November 30, 2017 to stockholders of record on November 15, 2017.      </p><p>&#34;We are pleased to announce the continuation of our quarterly cash dividend and an increase to $0.07 per share,&#34; said Lloyd L. &#34;Scott&#34; Beatty, Jr., President and Chief Executive Officer. &#34;We reported a strong third quarter which reflected the positive results of expanding our market footprint.  We remain committed to enhancing the customer experience while creating long-term shareholder
value.&#34;   </p><p><b>Shore Bancshares Information
<br /></b>Shore Bancshares, Inc. is a financial holding company headquartered in Easton, Maryland and is the largest independent bank holding company located on Maryland&#39;s Eastern Shore.  It is the parent company of Shore United Bank; one retail insurance producer firm, The Avon-Dixon Agency, LLC (&#34;Avon-Dixon&#34;), with two specialty lines, Elliott Wilson Insurance (Trucking) and Jack Martin Associates (Marine); and an insurance premium finance company, Mubell Finance, LLC (&#34;Mubell&#34;).  Shore Bancshares Inc. engages in trust and wealth management services through Wye Financial &amp; Trust, a division of Shore United Bank.  Additional information is available at www.shorebancshares.com. </p><p>Additional information is available at www.shorebancshares.com. </p><p><b>Forward-Looking Statements</b></p><p>The statements contained herein that are not historical facts are
forward-looking statements (as defined by the Private Securities Litigation Reform Act of 1995) based on management&#39;s current expectations and beliefs concerning future developments and their potential effects on the Company.  Such statements involve inherent risks and uncertainties, many of which are difficult to predict and are generally beyond the control of the Company.  There can be no assurance that future developments affecting the Company will be the same as those anticipated by management.  These statements are evidenced by terms such as &#34;anticipate,&#34; &#34;estimate,&#34; &#34;should,&#34; &#34;expect,&#34; &#34;believe,&#34; &#34;intend,&#34; and similar expressions.  Although these statements reflect management&#39;s good faith beliefs and projections, they are not guarantees of future performance and they may not prove true.  These projections involve risk and
uncertainties that could cause actual results to differ materially from those addressed in the forward-looking statements.  For a discussion of these risks and uncertainties, see the section of the periodic reports filed by Shore Bancshares, Inc. with the Securities and Exchange Commission entitled &#34;Risk Factors&#34;.</p><p>The Company specifically disclaims any obligation to update any factors or to publicly announce the result of revisions to any of the forward-looking statements included herein to reflect future events or developments.</p>
<br /><br /><p>CONTACT:  Edward Allen, Chief Financial Officer, 410-763-7800</p></div></div></body></html>
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