<SEC-DOCUMENT>0001140361-21-001184.txt : 20210114
<SEC-HEADER>0001140361-21-001184.hdr.sgml : 20210114
<ACCEPTANCE-DATETIME>20210114141513
ACCESSION NUMBER:		0001140361-21-001184
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20210114
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20210114
DATE AS OF CHANGE:		20210114

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BROADWAY FINANCIAL CORP \DE\
		CENTRAL INDEX KEY:			0001001171
		STANDARD INDUSTRIAL CLASSIFICATION:	SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035]
		IRS NUMBER:				954547287
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-39043
		FILM NUMBER:		21528378

	BUSINESS ADDRESS:	
		STREET 1:		5055 WILSHIRE BLVD STE 500
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90036
		BUSINESS PHONE:		3236341700

	MAIL ADDRESS:	
		STREET 1:		5055 WILSHIRE BLVD STE 500
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90036
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>brhc10018952_8k.htm
<DESCRIPTION>8-K
<TEXT>
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        <hr align="center" style="border: none; border-bottom: 1px solid black; border-top: 4px solid black; height: 10px; color: #ffffff; background-color: #ffffff; margin-left: auto; margin-right: auto;"><font style="font-size: 14pt;">UNITED STATES</font></div>
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    <div style="text-align: center; font-size: 14pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
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      <div style="text-align: center; font-size: 12pt; font-weight: bold;">WASHINGTON, DC 20549</div>
      <div style="text-align: center; font-size: 12pt; font-weight: bold;"> <br>
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      <div style="text-align: center; font-size: 18pt; font-weight: bold;"> FORM 8-K</div>
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        <hr noshade="noshade" align="center" style="height: 2px; width: 30%; color: #000000; background-color: #000000; margin-left: auto; margin-right: auto; border: none;"> </div>
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      <div style="text-align: center; font-weight: bold;">CURRENT REPORT</div>
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    <div style="text-align: center; font-weight: bold;">Pursuant to Section 13 or 15(d)</div>
    <div>
      <div style="text-align: center; font-weight: bold;">of the Securities Exchange Act of 1934</div>
      <div><br>
      </div>
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    <div style="padding-top: 12pt;">
      <div style="text-align: center; font-weight: bold;">Date of report (Date of earliest event reported): January 14, 2021</div>
      <div style="text-align: center; font-weight: bold;">
        <hr noshade="noshade" align="center" style="height: 2px; width: 30%; color: #000000; background-color: #000000; margin-left: auto; margin-right: auto; border: none;">
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    <div style="text-align: center; font-size: 24pt;">&#160;<font style="font-weight: bold;">BROADWAY FINANCIAL CORPORATION</font></div>
    <div>
      <div style="text-align: center; font-weight: bold;">(Exact name of registrant as specified in its charter)</div>
      <div style="text-align: center; font-weight: bold;">
        <hr noshade="noshade" align="center" style="background-color: #000000; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto; height: 2px; width: 50%; color: #000000;">
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            <div style="text-align: center; font-weight: bold;">Delaware</div>
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          <td style="width: 1.18%; vertical-align: bottom;">&#160;</td>
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            <div style="text-align: center; font-weight: bold;">001-39043</div>
          </td>
          <td style="width: 1.18%; vertical-align: bottom;">&#160;</td>
          <td style="width: 29.44%; vertical-align: top;">
            <div style="text-align: center; font-weight: bold;">95-4547287</div>
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            <div style="text-align: center; font-weight: bold;">(State or other jurisdiction of</div>
            <div style="text-align: center; font-weight: bold;">&#160;incorporation or organization)</div>
          </td>
          <td style="width: 1.18%; vertical-align: bottom;">&#160;</td>
          <td style="width: 25.88%; vertical-align: bottom;">
            <div style="text-align: center; font-weight: bold;">(Commission</div>
            <div style="text-align: center; font-weight: bold;">&#160;File No.)</div>
          </td>
          <td style="width: 1.18%; vertical-align: bottom;">&#160;</td>
          <td style="width: 29.44%; vertical-align: bottom;">
            <div style="text-align: center; font-weight: bold;">(IRS Employer</div>
            <div style="text-align: center; font-weight: bold;">&#160;Identification No.)</div>
          </td>
        </tr>

    </table>
    <div style="padding-top: 12pt;">
      <div style="text-align: center; color: #000000; font-weight: bold;">5055 Wilshire Boulevard Suite 500, Los Angeles, California 90036</div>
    </div>
    <div style="text-align: center; font-weight: bold;">(Address of principal executive offices, including zip code)</div>
    <div><br>
    </div>
    <div style="padding-top: 6pt;">
      <div style="text-align: center; font-weight: bold;">(<font style="color: #000000;">323) 634-1700</font></div>
    </div>
    <div>
      <div style="text-align: center; font-weight: bold;">(Registrant&#8217;s telephone number, including area code)</div>
      <div style="text-align: center; font-weight: bold;">
        <hr noshade="noshade" align="center" style="height: 2px; width: 30%; color: #000000; background-color: #000000; margin-left: auto; margin-right: auto; border: none;">
        <div> <br>
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    <div>Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z3e788ed951d9403aa288b4acaba40328">

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            <div>&#9746;</div>
          </td>
          <td style="width: 94.6%; vertical-align: top;">
            <div>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</div>
          </td>
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          <td style="width: 5.4%; vertical-align: top;">
            <div>&#9744;</div>
          </td>
          <td style="width: 94.6%; vertical-align: top;">
            <div>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</div>
          </td>
        </tr>
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          <td style="width: 5.4%; vertical-align: top;">
            <div>&#9744;</div>
          </td>
          <td style="width: 94.6%; vertical-align: top;">
            <div>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</div>
          </td>
        </tr>
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          <td style="width: 5.4%; vertical-align: top;">
            <div>&#9744;</div>
          </td>
          <td style="width: 94.6%; vertical-align: top;">
            <div>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 140.13e-4(c))</div>
          </td>
        </tr>

    </table>
    <div> <br>
    </div>
    <div>Securities registered pursuant to Section 12(b) of the Act:</div>
    <div> <br>
    </div>
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          <td style="width: 30.9%; vertical-align: top;">
            <div style="text-align: center;"><u>Title of each class</u></div>
          </td>
          <td style="width: 30.91%; vertical-align: top;">
            <div style="text-align: center;"><u>Trading Symbol(s)</u></div>
          </td>
          <td style="width: 38.19%; vertical-align: top;">
            <div style="text-align: center;"><u>Name of each exchange on which registered</u></div>
          </td>
        </tr>
        <tr>
          <td style="width: 30.9%; vertical-align: top;">
            <div style="color: #000000;">Common Stock, par value $0.01 per share (including attached preferred stock purchase rights)</div>
          </td>
          <td style="width: 30.91%; vertical-align: top;">
            <div style="text-align: center; color: #000000;">BYFC</div>
          </td>
          <td style="width: 38.19%; vertical-align: top;">
            <div style="text-align: center; color: #000000;">The Nasdaq Stock Market LLC</div>
          </td>
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    </table>
    <div><br>
    </div>
    <div>Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2).</div>
    <div><br>
    </div>
    <div>Emerging growth company &#9744;</div>
    <div><br>
    </div>
    <div>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. &#9744;</div>
    <div> <br>
    </div>
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    <div style="text-align: justify; font-weight: bold;">Item 1.01 Entry into a Material Definitive Agreement</div>
    <div><br>
    </div>
    <div>
      <div style="text-align: justify; text-indent: 24.5pt; color: #212529;">On January 14, 2021, Broadway Financial Corporation (the &#8220;<u>Company</u>&#8221;) and CFBanc Corporation (&#8220;<u>CFBanc</u>&#8221;) entered into an amendment to their previously reported
        Agreement and Plan of Merger, dated August 25, 2020 (the &#8220;<u>merger agreement</u>&#8221;) for the purpose of modifying in certain respects the form of amended and restated certificate of incorporation for the Company, attached as Exhibit A to the merger
        agreement, that will become effective upon completion of the merger. The modifications include:</div>
      <div><br>
      </div>
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      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4690faf1cad644b2b5a22afac3f06b1e">

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            <td style="width: 18pt; vertical-align: top; align: right; color: #212529;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #212529;">providing for the&#160; increase, from 50,000,000 to 75,000,000, in the number of shares of common stock with full voting rights the Company will be authorized to issue, if such increase is approved by the holders of
                the Company&#8217;s voting common stock prior to the completion of the merger; and</div>
            </td>
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      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6dcec98a26eb417db39d80f2460726c4">

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            </td>
            <td style="width: 18pt; vertical-align: top; align: right; color: #212529;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #212529;">expanding the statement of public benefit corporation purposes for the Company that will become effective upon completion of the merger if conversion to a Delaware public benefit corporation is approved by the
                holders of the Company&#8217;s voting common stock prior to the completion of the merger.</div>
            </td>
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      </table>
      <div><br>
      </div>
    </div>
    <div>
      <div style="text-align: justify; color: #212529; font-weight: bold;">Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangement of Certain Officers</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; color: #212529;">On January 14, 2021, the Company entered into amendments to its respective employment agreements with Brenda J. Battey, the Company&#8217;s Chief Financial Officer, Norman Bellefeuille,
        the Company&#8217;s Chief Lending Officer, and Ruth McCloud, the Company&#8217;s Chief Retail Banking Officer. Pursuant to the existing terms of the employment agreements, each of the executives would be entitled to receive specified severance payments in the
        event of termination of the employment of the executive by the Company without Cause or by the executive for Good Reason (each as defined in the employment agreements).&#160;&#160; Pursuant to the amended terms of the employment agreements, each of the
        executives would be entitled to receive the specified severance payments in the event of termination of his or her employment by the Company or the executive for any reason, other than termination of the employment of the executive by the Company
        for Cause (as defined in the employment agreements).</div>
      <div><br>
      </div>
    </div>
    <div style="text-align: justify;"><font style="font-weight: bold;">Item 9.01</font>&#160; &#160; <font style="font-weight: bold;">Financial Statements and Exhibits</font></div>
    <div style="text-align: justify;"><font style="font-weight: bold;"> <br>
      </font></div>
    <div>
      <div style="text-align: justify;">(d)&#160; &#160; Exhibits. The following exhibits are filed with this report on Form 8-K:</div>
      <div style="text-align: justify;"> <br>
      </div>
    </div>
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            <div style="text-align: center;">Exhibit No.</div>
          </td>
          <td style="width: 0.61%; vertical-align: bottom;">&#160;</td>
          <td style="width: 90.99%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>Description</div>
          </td>
        </tr>
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          <td style="width: 8.4%; vertical-align: top;">
            <div style="text-align: center;"><a href="brhc10018952_ex2-1.htm">2.1</a></div>
          </td>
          <td style="width: 0.61%; vertical-align: bottom;">&#160;</td>
          <td style="width: 90.99%; vertical-align: bottom;">
            <div>Amendment No. 1 to Agreement and Plan of Merger, dated as of January 14, 2021, by and between Broadway Financial Corporation and CFBanc Corporation</div>
          </td>
        </tr>
        <tr>
          <td style="width: 8.4%; vertical-align: top;">
            <div style="text-align: center;"><a href="brhc10018952_ex10-1.htm">10.1</a></div>
          </td>
          <td style="width: 0.61%; vertical-align: bottom;">&#160;</td>
          <td style="width: 90.99%; vertical-align: bottom;">
            <div>Amendment to Employment Agreement for Brenda J. Battey, dated as of January 14, 2021</div>
          </td>
        </tr>
        <tr>
          <td style="width: 8.4%; vertical-align: top;">
            <div style="text-align: center;"><a href="brhc10018952_ex10-2.htm">10.2</a></div>
          </td>
          <td style="width: 0.61%; vertical-align: bottom;">&#160;</td>
          <td style="width: 90.99%; vertical-align: bottom;">
            <div>Amendment to Employment Agreement for Norman Bellefeuille, dated as of January 14, 2021</div>
          </td>
        </tr>
        <tr>
          <td style="width: 8.4%; vertical-align: top;">
            <div style="text-align: center;"><a href="brhc10018952_ex10-3.htm">10.3</a></div>
          </td>
          <td style="width: 0.61%; vertical-align: bottom;">&#160;</td>
          <td style="width: 90.99%; vertical-align: bottom;">
            <div>Amendment to Employment Agreement for Ruth McCloud, dated as of January 14, 2021</div>
          </td>
        </tr>

    </table>
    <div>
      <div><br>
      </div>
    </div>
    <div style="text-align: justify; color: #000000; font-weight: bold;">Additional Information and Where to Find it</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 24.5pt; color: #000000;">This report does not constitute an offer to buy or sell or the solicitation of an offer to buy or sell any securities or a solicitation of any vote or approval. This report relates
      to a proposed business combination (the &#8220;<u>proposed transaction</u>&#8221;) between the Company and CFBanc. In connection with the proposed transaction, the Company intends to file with the SEC a registration statement on Form S-4 (the &#8220;<u>Registration
        Statement</u>&#8221;) that will include a joint proxy statement of the Company and CFBanc and a prospectus of the Company (the &#8220;<u>Joint Proxy/Prospectus</u>&#8221;). The Company also plans to file other relevant documents with the SEC regarding the proposed
      transaction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended, and no offer to sell or solicitation of an offer to buy shall be made in any
      jurisdiction in which such offer, solicitation or sale would be unlawful. Any definitive Joint Proxy/Prospectus (if and when available) will be mailed or otherwise provided to stockholders of the Company and CFBanc. INVESTORS AND SECURITY HOLDERS OF
      THE COMPANY AND CFBANC ARE URGED TO READ THE REGISTRATION STATEMENT, JOINT PROXY/PROSPECTUS AND OTHER DOCUMENTS THAT MAY BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY IF AND WHEN
      THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION.</div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; text-indent: 24.5pt; color: #000000;">Investors and security holders will be able to obtain free copies of these documents (if and when available) and other documents containing important information about the Company
      and CFBanc, once such documents are filed with the SEC through the website maintained by the SEC at http://www.sec.gov. Copies of the documents filed with the SEC by the Company will also be available free of charge on the Company&#8217;s website at
      https://www.broadwayfederalbank.com/financial-highlights.&#160; Copies of the Registration Statement and the Joint Proxy/Prospectus can also be obtained, when it becomes available, free of charge by directing a request to Broadway Financial Corporation,
      5055 Wilshire Boulevard Suite 500, Los Angeles, California 90036, Attention: Investor Relations, Telephone: (323) 556-3264, or by email to investor.relations@broadwayfederalbank.com, or to CFBanc Corporation, 1432 U Street, NW DC 20009, Attention:
      Audrey Phillips, Corporate Secretary, Telephone: (202) 243-7141.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000; font-weight: bold;">Certain Information Concerning Participants</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 24.5pt; color: #000000;">The Company, CFBanc and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies in respect of the proposed
      transaction. Information about the directors and executive officers of the Company is set forth in the Company&#8217;s proxy statement for its 2020 annual meeting of stockholders, which was filed with the SEC on May 20, 2020. Information regarding all of
      the persons who may, under the rules of the SEC, be deemed participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the Joint Proxy/Prospectus and other
      relevant materials to be filed with the SEC when they become available. These documents, when available, can be obtained free of charge from the sources indicated above. Investors should read the Joint Proxy/Prospectus carefully when it becomes
      available before making any voting or investment decisions.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000; font-weight: bold;">Cautionary Statement Regarding Forward-Looking Information</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 24.5pt; color: #000000;">This report includes &#8220;forward-looking statements&#8221; within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Words such
      as &#8220;expect,&#8221; &#8220;estimate,&#8221; &#8220;project,&#8221; &#8220;budget,&#8221; &#8220;forecast,&#8221; &#8220;anticipate,&#8221; &#8220;intend,&#8221; &#8220;plan,&#8221; &#8220;may,&#8221; &#8220;will,&#8221; &#8220;could,&#8221; &#8220;should,&#8221; &#8220;poised,&#8221; &#8220;believes,&#8221; &#8220;predicts,&#8221; &#8220;potential,&#8221; &#8220;continue,&#8221; and similar expressions are intended to identify such
      forward-looking statements; however the absence of these words does not mean the statements are not forward-looking. Forward-looking statements in this report include matters that involve known and unknown risks, uncertainties and other factors that
      may cause actual results, levels of activity, performance or achievements to differ materially from results expressed or implied by this report. Such risk factors include, among others: the uncertainty as to the extent of the duration, scope and
      impacts of the COVID-19 pandemic; political and economic uncertainty, including any decline in global economic conditions or the stability of credit and financial markets; the expected timing and likelihood of completion of the proposed transaction,
      the occurrence of any event, change or other circumstances that could give rise to the termination of the Merger Agreement, the possibility that stockholders of the Company or of CFBanc may not approve the merger agreement, the risk that the parties
      may not be able to satisfy the conditions to the proposed transaction in a timely manner or at all or failure to close the proposed transaction for any other reason, risks related to disruption of management time from ongoing business operations due
      to the proposed transaction, the risk that any announcements relating to the proposed transaction could have adverse effects on the market price of the Company Common Stock, the risk relating to the potential dilutive effect of shares of Company
      Common Stock to be issued in the proposed transaction, the risk of any unexpected costs or expenses resulting from the proposed transaction,&#160; the risk of any litigation relating to the proposed transaction, the risk of possible adverse rulings,
      judgments, settlements and other outcomes of pending litigation,&#160; the risk that the proposed transaction and its announcement could have an adverse effect on the ability of the Company and CFBanc to retain customers and retain and hire key personnel
      and maintain relationships with their customers and on their operating results and businesses generally, the risk the pending proposed transaction could distract management of both entities and that they will incur substantial costs, the risk that
      problems may arise in successfully integrating the businesses of the companies, which may result in the combined company not operating as effectively and efficiently as expected, or that the entities may not be able to successfully integrate the
      businesses, the risk that the combined company may be unable to achieve synergies or other anticipated benefits of the proposed transaction or it may take longer than expected to achieve those synergies or benefits and other important factors that
      could cause actual results to differ materially from those projected. All such factors are difficult to predict and are beyond the Company&#8217;s control. Additional factors that could cause results to differ materially from those described above can be
      found in the Company&#8217;s annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K or other filings, which have been filed with the SEC and are available on the Company&#8217;s website at
      https://www.broadwayfederalbank.com/financial-highlights and on the SEC&#8217;s website at http://www.sec.gov.</div>
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    <div style="text-align: justify; text-indent: 24.5pt; color: #000000;">Actual results may differ materially from those contained in the forward-looking statements in this report. Forward-looking statements speak only as of the date they are made and
      the Company undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after the date of this report. You are cautioned not to place undue reliance on these forward-looking
      statements, which speak only as of the date of this report.</div>
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      <div style="text-align: center;">SIGNATURES</div>
      <div><br>
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    <div style="text-indent: 36pt;">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.</div>
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            <div style="font-weight: bold;">BROADWAY FINANCIAL CORPORATION</div>
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            <div>/s/ Brenda J. Battey</div>
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            <div>Date: January 14, 2021</div>
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            <div>Brenda J. Battey</div>
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<DESCRIPTION>EXHIBIT 2.1
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      <hr noshade="noshade" align="center" style="height: 4px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;">Exhibit 2.1</div>
    <div><br>
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    <div style="text-align: center; text-indent: -4.5pt; margin-left: 4.5pt; font-weight: bold;">AMENDMENT NO. 1 TO</div>
    <div><br>
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    <div style="text-align: center; text-indent: -4.5pt; margin-left: 4.5pt; font-weight: bold;">AGREEMENT AND PLAN OF MERGER</div>
    <div><br>
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    <div style="text-indent: 36pt;">THIS AMENDMENT NO. 1 (&#8220;<u>Amendment</u>&#8221;) to the AGREEMENT AND PLAN OF</div>
    <div><br>
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    <div style="text-align: justify;">MERGER (&#8220;<u>Agreement</u>&#8221;) is made and entered into as of January 14, 2021, by and among <font style="color: #000000;">Broadway Financial Corporation, a Delaware corporation (&#8220;</font><font style="color: #000000;"><u>BYFC</u></font><font style="color: #000000;">&#8221;) and CFBanc Corporation, a District of Columbia corporation (&#8220;</font><font style="color: #000000;"><u>CFB</u></font><font style="color: #000000;">&#8221;)</font>.</div>
    <div><br>
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    <div style="text-align: center; font-weight: bold;">PREAMBLE</div>
    <div><br>
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    <div style="text-indent: 35.95pt;">BYFC and CFB entered into the Agreement on August 25, 2020.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 35.95pt;">Since the execution of the Agreement, the parties have determined that it is in the best interest of all parties to modify the certificate of incorporation of the Surviving Entity in Exhibit A to
      the Agreement as set forth herein.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 35.95pt;">In consideration of their mutual promises and obligations hereunder, and intending to be legally bound hereby, BYFC and CFB agree as follows:</div>
    <div><br>
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    <div style="text-align: center; text-indent: 0.15pt; font-weight: bold;">ARTICLE I AMENDMENTS</div>
    <div><br>
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    <div style="text-indent: 36pt;">Section 1.01&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Exhibit A</u>.</div>
    <div><br>
    </div>
    <div style="text-indent: 71.95pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Exhibit A to the Agreement is hereby deleted in its entirety and replaced with Annex A hereto.</div>
    <div><br>
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    <div style="text-align: center; font-weight: bold;">ARTICLE II MISCELLANEOUS</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 35.95pt;">Section 2.01 <u>Continuation</u>. The Agreement is hereby modified to reflect the terms of this Amendment and shall continue in full force and effect. All other provisions of the Agreement not
      specifically modified herein shall remain in full force and effect.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 35.95pt;">Section 2.02 <u>Incorporation</u>. In any publication of the Agreement, the text of the amendments to Exhibit A to the Agreement may be substituted for, or supplement, as applicable, the original
      text of Exhibit A to the Agreement and incorporated in the Agreement as though they were originally set forth therein without publishing or reproducing the entirety of this Amendment. Each of Section 9.1 (Amendment), Section 9.7 (Counterparts),
      Section 9.8 (Entire Agreement), Section 9.9 (Governing Law; Jurisdiction), Section 9.13 (Severability) and Section 9.15 (Delivery by Facsimile or Electronic Transmission) of the Agreement is hereby incorporated by reference into this Amendment, <font style="font-style: italic;">mutatis mutandis</font>.</div>
    <div><br>
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    <div style="text-align: center; text-indent: 35.95pt;">[<font style="font-style: italic;">Signature page follows</font>]</div>
    <div><br>
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    <div style="text-indent: 35.95pt;">IN WITNESS WHEREOF, Broadway Financial Corporation and CFBanc Corporation have caused this Agreement to be executed by their respective officers thereunto duly authorized as of the date first above written.</div>
    <div><br>
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            <div>BROADWAY FINANCIAL CORPORATION</div>
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          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 4%; vertical-align: top;">&#160;</td>
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            <div>By:</div>
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          <td style="width: 4%; vertical-align: top;">&#160;</td>
          <td style="width: 46%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0);">
            <div>Name: Wayne-Kent A. Bradshaw</div>
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        </tr>
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          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 4%; vertical-align: top;">&#160;</td>
          <td style="width: 46%; vertical-align: top;">
            <div>Title: President and Chief Executive Officer</div>
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            <div>CFBANC CORPORATION</div>
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          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 4%; vertical-align: top;">&#160;</td>
          <td style="width: 46%; vertical-align: top;">&#160;</td>
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            <div>By:</div>
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          <td style="width: 46%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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          <td style="width: 4%; vertical-align: top;">&#160;</td>
          <td style="width: 46%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0);">
            <div>Name: Brian E. Argrett</div>
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        </tr>
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          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 4%; vertical-align: top;">&#160;</td>
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            <div>Title: President and Chief Executive Officer</div>
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    <div style="text-align: center;"><u>Annex A</u></div>
    <div style="text-align: center;"><u>Form of Broadway Financial Corporation Amended Certificate</u></div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">AMENDED AND RESTATED</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">CERTIFICATE OF INCORPORATION</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">OF</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">[BROADWAY FINANCIAL CORPORATION]<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup></div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">a public benefit corporation</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;">FIRST.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The name of this corporation is [&#8220;Broadway Financial Corporation&#8221;].</div>
    <div><br>
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    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;">SECOND.</font>&#160;&#160;&#160;&#160; The name and address of this corporation&#8217;s registered agent and registered office in the State of Delaware are Corporation Service Company, 251
      Little Falls Drive, Wilmington, Delaware&#160; 19808-1674.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;">THIRD.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The purpose of this corporation is to engage in any lawful act or activity for which corporations may be organized under the General Corporation
      Law of the State of Delaware.&#160; Without limitation of the foregoing, this corporation is a public benefit corporation, as provided for in Subchapter XV of the Delaware General Corporation Law, that is intended to promote the following public benefits:
      to, both directly and through its subsidiary bank, create a general and specific public benefit to the District of Columbia, Los Angeles, California and other urban communities served by the corporation or its subsidiaries. In particular, the
      business of the corporation and its subsidiaries will focus on the low- and moderate-income neighborhoods of the District of Columbia, Baltimore and their surrounding suburban communities, the Counties of Los Angeles, Ventura, Riverside, Orange, San
      Diego, San Bernardino and Santa Barbara, California and other urban communities served in ways that are efficient and profitable, that increase access to credit and capital for individuals and institutions located therein, and that improve the
      economic health of the communities located therein. Any disinterested failure of a director to satisfy the requirements of Section 365 of the Delaware General Corporation Law (relating to the duties of directors) shall not constitute an act or
      omission not in good faith, or a breach of the duty of loyalty.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-weight: bold;">FOURTH.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">A.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The total number of shares of all classes of stock which this corporation shall have authority to issue is [ninety-one million (91,000,000)]<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup>, of which: [fifty million
      (50,000,000)]<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3</sup> shall be Class A Common Stock, par value $0.01 per share; fifteen million (15,000,000) shall be Class B Common Stock, par value $0.01 per share; twenty-five million (25,000,0000) shall be Class C Common Stock, par value
      $0.01 per share; and one million (1,000,000) shall be serial preferred stock, par value $0.01 per share.</div>
    <br>
    <hr noshade="noshade" align="left" style="background-color: #000000; border: 0px; height: 1px; width: 2in; margin-left: 0pt; margin-right: auto; color: #000000;">
    <div><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup> Insert name to be decided on by the parties.</div>
    <div><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup> Replace with &#8220;one hundred sixteen million (116,000,000)&#8221; if such change is approved by Broadway stockholders.</div>
    <div><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3</sup> Replace with &#8220;seventy-five million (75,000,000)&#8221; if such change is approved by Broadway stockholders.</div>
    <div> <br>
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    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">A-1</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
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    <div style="text-align: justify; text-indent: 36pt;">B.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Common Stock</u></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Except as set forth in the remainder of this Article FOURTH, Paragraph B., the Class A Common Stock, the Class B Common Stock and the Class C Common Stock shall all have the same rights
      and other attributes, including without limitation the right to share ratably with the shares of each of the other classes of common stock, based on the respective numbers of shares of each such class, any dividends and any distributions on
      liquidation declared and paid on common stock.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The shares of Class A Common Stock shall entitle the holders thereof to one vote per share of Class A Common Stock held of record on all matters. The shares of Class B Common Stock and
      Class C Common Stock constitute non-voting shares of the corporation and the holders thereof are not entitled to vote on any matter other than as required by law.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Class C Common Stock was first authorized by the amendment of the Certificate of Incorporation of this corporation filed with the Delaware Secretary of State on November 27, 2013 and
      was referred to in such amendment as &#8220;non-voting common stock, par value $0.01 per share&#8221;. Each share of Class C Common Stock shall convert, automatically and without any action by any person, into one fully paid and nonassessable share of Class A
      Common Stock having full voting rights upon any transfer of such share to any person other than the Initial Holder or any Affiliate of such Initial Holder pursuant to clause (iii), (iv) or (v) of the following sentence, after which conversion such
      share of Class C Common Stock shall be retired and canceled and may not be reissued. The shares of Class C Common Stock are not convertible into common stock having full voting rights by the Initial Holder or any Affiliate of such Initial Holder and
      may only be transferred by the Initial Holder or such Affiliate (1) to an Affiliate of such Initial Holder, (ii) to the corporation, (iii) in a widespread public distribution, (iv) in a transfer in which no transferee (or group of associated
      transferees) would receive 2% or more of any class of voting securities of the corporation, or (v) to a transferee that would control more than 50% of the voting securities of the corporation without any transfer from the Initial Holder or any
      Affiliate of such Initial Holder. Notwithstanding the foregoing, the corporation may restrict such conversion to the extent it would be inconsistent with, or in violation of, the requirements of any Regulator with respect to the restrictions on the
      transfer of the non-voting common stock that are required in order to preserve the &#8220;non-voting&#8221; classification of the non-voting common stock for regulatory purposes. Any such restriction shall be imposed and deemed effective immediately upon the
      transmittal by the corporation of written notice to such holder specifying in reasonable detail the reason for such restriction; and in the event such notice is transmitted after the event giving rise to such automatic conversion, the restriction
      shall be deemed to have been imposed and effective retroactively to the time of such event, and such conversion shall be deemed not to have occurred, so long as such notice is transmitted within one hundred eighty (180) days after the event giving
      rise to such conversion. Such notice may be dispatched by first class mail, by electronic transmission, or by any other means reasonably designed and in good faith intended to provide prompt delivery to an executive officer (or equivalent) of, or
      legal counsel to, such holder.</div>
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      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">A-2</font></div>
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    <div style="text-align: justify; text-indent: 72pt;">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);">As used herein, (i) the term &#8220;Initial Holder&#8221; shall mean any holder of the non-voting common stock who acquired such stock on original issue by the
        corporation, including, without limitation, in an exchange for common stock of the corporation having full voting rights that has been approved by the board of directors of the corporation; (ii) the term &#8220;Affiliate&#8221; shall mean any person or entity
        that directly or indirectly controls, is controlled by, or is under common control with the person or entity to which the defined term refers; provided, that, for purposes of this definition, the term &#8220;control&#8221; means the ability, directly or
        indirectly, to direct or influence the direction of the management and policies of the person in question, whether such ability arises by virtue of ownership interest, contract right or otherwise and, without limiting the generality of the
        foregoing, a person is an Affiliate of another person if the first person (A) is an executive officer (as such term is defined in Rule 405 of the Securities Act of 1933, as amended) of the second person; (B) is a director of the second person where
        such second person is a corporation; (C) is a manager (or an executive officer, director, general partner or manager of an entity that is a manager) of the second person where such second person is a limited liability company; (D) is a general
        partner (or an executive officer, director, general partner or manager of an entity that is a general partner) of the second person where such second person is a partnership; or (E) directly or indirectly has or shares the power to vote, or direct
        the voting of, or to dispose of, or direct the disposition of, securities representing more than ten percent (10%) of the combined voting power of the securities of the second person; and (iii) the term &#8220;Regulator&#8221; shall mean any of (A) the Board
        of Governors of the Federal Reserve System (whether acting directly or by or through the Federal Reserve Bank of San Francisco in such bank&#8217;s regulatory capacity), (B) the Federal Deposit Insurance Corporation, (C) the Office of the Comptroller of
        the Currency, (D) any successor agency to any of the foregoing, or (E) any other federal regulatory authority, whether in existence as the date hereof or hereafter established, having jurisdiction over this corporation or its banking subsidiary as
        to matters of compliance with the Federal Deposit Insurance Corporation Act, the Bank Holding Company Act, the Federal Reserve Act, the Home Owners&#8217; Loan Act, any successor statute or amendment to any of the foregoing, or any regulation adopted
        pursuant thereto.</font></div>
    <div><br>
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    <div style="text-align: justify; text-indent: 36pt;">C.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Preferred Stock</u></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The shares of preferred stock may be issued from time to time in one or more series. The board of directors of this corporation shall have authority to fix by resolution or resolutions
      the designations and the powers, preferences and relative, participating, optional or other special rights and qualifications, limitations or restrictions thereof; including without limitation the voting rights, the dividend rate, conversion rights,
      redemption price and liquidation preference, of any series of shares of preferred stock, to fix the number of shares constituting any such series and to increase or decrease the number of shares of any such series (but not below the number of shares
      thereof then outstanding). In case the number of shares of any such series shall be so decreased the shares constituting such decrease shall resume the status which they had prior to the adoption of the resolution or resolutions originally fixing the
      number of shares of such series.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Series B Junior Participating Preferred Stock</u>. The board of directors of this corporation, acting by resolution dated September 10, 2019, has classified 35,000 shares of the
      authorized preferred stock of the corporation as shares of Series B Junior Participating Preferred Stock, the preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends and other distributions, qualifications,
      and terms and conditions of redemption of which are as follows:</div>
    <div><br>
    </div>
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    </div>
    <div style="text-align: justify; text-indent: 72pt;">Section 1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Designation and Amount</u>. There shall be a series of preferred shares of the Corporation, $0.01 par value per share, which shall be designated &#8220;Series B Junior Participating
      Preferred Stock&#8221; (the &#8220;Series B Preferred Shares&#8221;), and the number of shares constituting that series shall be 35,000. Such number of shares may be increased or decreased by resolution of the Board of Directors and by the filing of a certificate in
      accordance with the provisions of the General Corporation Law of the State of Delaware stating that such increase or reduction has been so authorized; <u>provided</u>, <u>however</u>, that no decrease shall reduce the number of Series B Preferred
      Shares to a number less than the number of Series B Preferred Shares then outstanding plus the number of Series B Preferred Shares issuable upon exercise of outstanding rights, options or warrants or upon conversion of outstanding securities issued
      by the Corporation.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">Section 2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Dividends and Distributions</u>.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">(A)&#160;&#160;&#160;&#160;&#160;&#160; Subject to the prior and superior rights of the holders of any shares of any class or series of preferred shares of the Corporation ranking prior and superior to the Series B Preferred
      Shares with respect to dividends, the holders of Series B Preferred Shares shall be entitled to receive, when, as and if declared by the Board of Directors out of funds legally available for such purpose, quarterly dividends payable in cash to
      holders of record on the last Business Day of January, April, July and October in each year (each such date being referred to herein as a &#8220;Quarterly Dividend Payment Date&#8221;) (commencing on the first Quarterly Dividend Payment Date after the first
      issuance of a Series B Preferred Share or fraction thereof) in an amount per share (rounded to the nearest cent) equal to the greater of (a) $0.01 or (b) subject to the provision for adjustment hereinafter set forth, 1,000 times the aggregate per
      share amount of all cash dividends, and 1,000 times the aggregate per share amount (payable in kind) of all non-cash dividends or other distributions other than a dividend payable in Common Shares (hereinafter defined) or a subdivision of the
      outstanding Common Shares (by a reclassification or otherwise), authorized on the shares of common stock, par value $0.01 per share, and the shares of non-voting common stock, par value $0.01 per share, of the Corporation (collectively, the &#8220;Common
      Shares&#8221;) since the immediately preceding Quarterly Dividend Payment Date, or, with respect to the first Quarterly Dividend Payment Date, since the first issuance of any Series B Preferred Share or fraction thereof. In the event the Corporation shall
      at any time following September 23, 2019 (i) declare any dividend on Common Shares payable in Common Shares, (ii) subdivide the outstanding Common Shares or (iii) combine the outstanding Common Shares into a smaller number of shares, then in each
      such case the amount to which holders of Series B Preferred Shares were entitled immediately prior to such event under clause (b) of the preceding sentence shall be adjusted by multiplying each such amount by a fraction the numerator of which is the
      number of Common Shares outstanding immediately after such event and the denominator of which is the number of Common Shares that were outstanding immediately prior to such event.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">(B)&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Corporation shall declare a dividend or distribution on the Series B Preferred Shares as provided in paragraph (A) above at the time it declares a dividend or distribution on the
      Common Shares (other than a dividend payable in Common Shares).</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">(C)&#160;&#160;&#160;&#160;&#160;&#160;&#160; No dividend or distribution (other than a dividend or distribution payable in Common Shares) shall be paid or payable to the holders of Common Shares unless, prior thereto, all accrued but
      unpaid dividends to the date of that dividend or distribution shall have been paid to the holders of Series B Preferred Shares.</div>
    <div><br>
    </div>
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    </div>
    <div style="text-align: justify; text-indent: 72pt;">(D)&#160;&#160;&#160;&#160;&#160;&#160; Dividends shall begin to accrue and be cumulative on outstanding Series B Preferred Shares from the Quarterly Dividend Payment Date next preceding the date of issuance of such Series B
      Preferred Shares, unless the date of issuance of such shares is prior to the record date for the first Quarterly Dividend Payment Date, in which case dividends on such shares shall begin to accrue and be cumulative from the date of issuance of such
      shares, or unless the date of issuance is a Quarterly Dividend Payment Date or is a date after the record date for the determination of holders of Series B Preferred Shares entitled to receive a quarterly dividend and before such Quarterly Dividend
      Payment Date, in either of which events such dividends shall begin to accrue and be cumulative from such Quarterly Dividend Payment Date. Accrued but unpaid dividends shall not bear interest. Dividends paid on the Series B Preferred Shares in an
      amount less than the total amount of such dividends at the time accrued and payable on such shares shall be allocated pro rata on a share-by-share basis among all such shares at the time outstanding. The Board of Directors may fix a record date for
      the determination of holders of Series B Preferred Shares entitled to receive payment of a dividend or distribution declared thereon, which record date shall be no more than 30 days prior to the date fixed for the payment thereof.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">Section 3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Voting Rights</u>. The holders of Series B Preferred Shares shall have the following voting rights:</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">(A)&#160;&#160;&#160;&#160;&#160;&#160; Subject to the provision for adjustment hereinafter set forth, each one one-thousandth of a Series B Preferred Share shall entitle the holder thereof to one vote on all matters submitted to
      a vote of the stockholders of the Corporation. In the event the Corporation shall at any time following September 23, 2019 (i) declare any dividend on Common Shares payable in Common Shares, (ii) subdivide the outstanding Common Shares or (iii)
      combine the outstanding Common Shares into a smaller number of shares, then in each such case the number of votes per share to which holders of Series B Preferred Shares were entitled immediately prior to such event shall be adjusted by multiplying
      such number by a fraction the numerator of which is the number of Common Shares outstanding immediately after such event and the denominator of which is the number of Common Shares that were outstanding immediately prior to such event.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">(B)&#160;&#160;&#160;&#160;&#160;&#160; Except as otherwise provided herein or in the Certificate of Incorporation of the Corporation, including any certificate of designation creating any other series of preferred stock, the
      holders of Series B Preferred Shares, the holders of Common Shares and the holders of any other shares of stock of the Corporation having general voting rights shall vote together as one class on all matters submitted to a vote of stockholders of the
      Corporation.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">(C)&#160;&#160;&#160;&#160;&#160;&#160; Except as otherwise provided herein or required by law, holders of Series B Preferred Shares shall have no special voting rights and their consent shall not be required (except to the
      extent they are entitled to vote with holders of Common Shares as provided herein) for taking any corporate action.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">Section 4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Certain Restrictions</u>.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">(A)&#160;&#160;&#160;&#160;&#160;&#160; Whenever any quarterly dividends or other dividends or distributions payable on the Series B Preferred Shares as provided in Section 2 are in arrears, then, thereafter and until all accrued
      and unpaid dividends and distributions, whether or not declared, on Series B Preferred Shares outstanding shall have been paid in full, the Corporation shall not:</div>
    <div><br>
    </div>
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    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160; declare or pay dividends on, make any other distributions on, or redeem or purchase or otherwise acquire for consideration any shares ranking junior (either as to
      dividends or upon liquidation, dissolution or winding up) to the Series B Preferred Shares, other than dividends paid or payable in such junior shares;</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160; declare or pay dividends on or make any other distributions on any shares ranking on a parity (either as to dividends or upon liquidation, dissolution or winding up)
      with the Series B Preferred Shares, except dividends paid ratably on the Series B Preferred Shares and all such parity shares on which dividends are payable or in arrears in proportion to the total amounts to which the holders of all such shares are
      then entitled;</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;">(iii)&#160;&#160;&#160;&#160;&#160; redeem or purchase or otherwise acquire for consideration shares ranking on a parity (either as to dividends or upon liquidation, dissolution or winding up) with the
      Series B Preferred Shares, provided that the Corporation may at any time redeem, purchase or otherwise acquire any such parity shares in exchange for shares of the Corporation ranking junior (either as to dividends or upon dissolution, liquidation or
      winding up) to the Series B Preferred Shares; or</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;">(iv)&#160;&#160;&#160;&#160;&#160; purchase or otherwise acquire for consideration any Series B Preferred Shares, except in accordance with a purchase offer made in writing or by publication (as determined
      by the Board of Directors) to all holders of such shares upon such terms as the Board of Directors, after consideration of the respective annual dividend rates and other relative rights and preferences of the respective series and classes of the
      Corporation&#8217;s shares, shall determine in good faith will result in fair and equitable treatment among such respective series or classes.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">(B)&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Corporation shall not permit any subsidiary of the Corporation to purchase or otherwise acquire for consideration any shares of the Corporation unless the Corporation could, under
      paragraph (A) of this Section, purchase or otherwise acquire such shares at such time and in such manner.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">Section 5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Reacquired Shares</u>. Any Series B Preferred Shares purchased or otherwise acquired by the Corporation in any manner whatsoever shall become authorized but unissued shares and
      may be reissued as part of a new series of preferred shares to be created by resolution or resolutions of the Board of Directors, subject to the conditions and restrictions on issuance set forth herein.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">Section 6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Liquidation, Dissolution or Winding Up</u>.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">(A)&#160;&#160;&#160;&#160;&#160;&#160; Upon any voluntary liquidation, dissolution or winding up of the Corporation, no distribution shall be made to the holders of shares ranking junior (either as to dividends or upon
      liquidation, dissolution or winding up) to the Series B Preferred Shares unless, prior thereto, the holders of Series B Preferred Shares shall have received $1.00 per share, plus an amount equal to accrued and unpaid dividends and distributions
      thereon, whether or not declared, to the date of such payment (the &#8220;Series B Liquidation Preference&#8221;). Following payment of the full amount of the Series B Liquidation Preference, no additional distributions shall be made to the holders of Series B
      Preferred Shares unless, prior thereto, the holders of Common Shares shall have received an amount per share (the &#8220;Common Adjustment&#8221;) equal to the quotient obtained by dividing (i) the Series B Liquidation Preference by (ii) 1,000 (as appropriately
      adjusted as set forth in subparagraph C below to reflect such events as share splits, share dividends and recapitalizations with respect to the Common Shares) (such number in clause (ii) being referred to herein as the &#8220;Adjustment Number&#8221;). Following
      the payment of the full amount of the Series B Liquidation Preference and the Common Adjustment in respect of all outstanding Series B Preferred Shares and Common Shares, respectively, holders of Series B Preferred Shares and holders of Common Shares
      shall receive their ratable and proportionate share of the remaining assets to be distributed in the ratio, on a per share basis, of the Adjustment Number to 1 with respect to such Series B Preferred Shares and Common Shares, respectively.</div>
    <div><br>
    </div>
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    </div>
    <div style="text-align: justify; text-indent: 72pt;">(B)&#160;&#160;&#160;&#160;&#160;&#160; In the event, however, that there are not sufficient assets available to permit payment in full of the Series B Liquidation Preference and the liquidation preferences of all other series of
      preferred shares, if any, which rank on a parity with the Series B Preferred Shares, then such remaining assets shall be distributed ratably to the holders of the Series B Preferred Shares and such parity shares in proportion to their respective
      liquidation preferences.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">(C)&#160;&#160;&#160;&#160;&#160;&#160; In the event the Corporation shall at any time following September 23, 2019 (i) declare any dividend on Common Shares payable in Common Shares, (ii) subdivide the outstanding Common Shares
      or (iii) combine the outstanding Common Shares into a smaller number of shares, then in each such case the Adjustment Number in effect immediately prior to such event shall be adjusted by multiplying such Adjustment Number by a fraction the numerator
      of which is the number of Common Shares outstanding immediately after such event and the denominator of which is the number of Common Shares that were outstanding immediately prior to such event.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">Section 7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Consolidation, Merger, etc.</u> If the Corporation shall enter into any consolidation, merger, combination or other transaction in which the Common Shares are exchanged for or
      changed into other shares or securities, cash and/or any other property, then in any such case, the Series B Preferred Shares shall at the same time be similarly exchanged or changed in an amount per share (subject to the provision for adjustment
      hereinafter set forth) equal to 1,000 times the aggregate amount of shares, securities, cash and/or any other property (payable in kind), as the case may be, into which or for which each Common Share is changed or exchanged. In the event the
      Corporation shall at any time (i) declare any dividend on Common Shares payable in Common Shares, (ii) subdivide the outstanding Common Shares or (iii) combine the outstanding Common Shares into a smaller number of shares, then in each such case the
      amount set forth in the preceding sentence with respect to the exchange or change of Series B Preferred Shares shall be adjusted by multiplying such amount by a fraction the numerator of which is the number of Common Shares outstanding immediately
      after such event and the denominator of which is the number of Common Shares that were outstanding immediately prior to such event.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">Section 8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Redemption</u>. The Series B Preferred Shares shall not be redeemable by the Corporation. The preceding sentence shall not limit the ability of the Corporation to purchase or
      otherwise deal in such shares to the extent permitted by law.</div>
    <div><br>
    </div>
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    </div>
    <div style="text-align: justify; text-indent: 72pt;">Section 9.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Ranking</u>. The Series B Preferred Shares shall rank junior to all other series of the Corporation&#8217;s preferred shares (whether with or without par value) as to the payment of
      dividends and the distribution of assets, unless the terms of any such series shall provide otherwise.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">Section 10.&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Amendment</u>. Neither the Corporation&#8217;s Certificate of Incorporation nor its Certificate of Designation, Preferences and Rights relating to the Series B Preferred Shares shall
      be amended in any manner which would materially and adversely alter or change the preferences, rights or other terms of the Series B Preferred Shares without the affirmative vote of the holders of a majority or more of the outstanding Series B
      Preferred Shares, voting separately as a class.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">Section 11.&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Fractional Shares</u>. Series B Preferred Shares may be issued in fractions of a share that are integral multiples of one-one thousandth of a share, which shall entitle the
      holder, in proportion to such holder&#8217;s fractional shares, to exercise voting rights, receive dividends and participate in distributions and to have the benefit of all other rights of holders of Series B Preferred Shares.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Cumulative Redeemable Perpetual Preferred Stock, Series A</u>. 3,000 shares of the authorized preferred stock of this corporation are hereby classified as shares of Cumulative
      Redeemable Perpetual Preferred Stock, Series A, the preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends and other distributions, qualifications, and terms and conditions of redemption of which are as
      follows:</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">Section 1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Designation and Number of Shares</u>. There shall be a series of preferred shares of the Corporation, $0.01 par value per share, which shall be designated &#8220;Fixed Rate
      Cumulative Redeemable Perpetual Preferred Stock, Series A&#8221; (the &#8220;<u>Series A Preferred Stock</u>&#8221;), and the number of shares constituting that series shall be 3,000.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">Section 2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>General Matters</u>. Each share of Series A Preferred Stock shall be identical in all respects to every other share of Series A Preferred Stock. The Series A Preferred Stock
      shall be perpetual. The Series A Preferred Stock shall rank equally with Parity Stock and shall rank senior to Junior Stock with respect to the payment of dividends and the distribution of assets in the event of any dissolution, liquidation or
      winding up of the Corporation.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">Section 3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Definitions</u>. The following terms are used in these resolutions (including the Standard Provisions in Schedule A hereto) as defined below:</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;">&#8220;<u>Affiliate</u>&#8221; means, with respect to any person, any person directly or indirectly controlling, controlled by or under common control with, such other person, For purposes of this definition, &#8220;<u>control</u>&#8221;
      (including, with correlative meanings, the terms &#8220;<u>controlled by</u>&#8221; and &#8220;<u>under common control with</u>&#8221;) when used with respect to any person, means the possession, directly or indirectly, of the power to cause the direction of management
      and/or policies of such person, whether through the ownership of voting securities by contract or otherwise.</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;">&#8220;<u>Appropriate Federal Banking Agency</u>&#8221; means the &#8220;appropriate Federal banking agency&#8221; with respect to the Corporation as defined in Section 3(q) of the Federal Deposit Insurance Act (12 U.S.C.
      Section 1813(q)), or any successor provision.</div>
    <div><br>
    </div>
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      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">A-8</font></div>
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    </div>
    <div style="text-align: justify; margin-left: 36pt;">&#8220;<u>Business Combination</u>&#8221; means a merger, consolidation, statutory share exchange or similar transaction that requires the approval of the Corporation&#8217;s stockholders.</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;">&#8220;<u>Business Day</u>&#8221; means any day except Saturday, Sunday and any day on which banking institutions in the State of New York or the District of Columbia generally are authorized or required by law
      or other governmental actions to close.</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;">&#8220;<u>Bylaws</u>&#8221; means the Amended and Restated Bylaws of the Corporation, as the same may be amended from time to time.</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;">&#8220;<u>Charter</u>&#8221; means the Corporation&#8217;s Amended and Restated Certificate of Incorporation, as the same may be amended from time to time.</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;">&#8220;<u>Common Stock</u>&#8221; means the common stock, par value $0.01 per share, of the Corporation.</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;">&#8220;<u>Dividend Payment Date</u>&#8221; means February 15, May 15, August 15 and November 15 of each year.</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;">&#8220;<u>Dividend Period</u>&#8221; has the meaning set forth in Section 5(a).</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;">&#8220;<u>Dividend Record Date</u>&#8221; has the meaning set forth in Section 5(a).</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;">&#8220;<u>GAAP</u>&#8221; means the generally accepted accounting principles in the United States.</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;">&#8220;<u>Subsidiary</u>&#8221; means any subsidiary of the Corporation.</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;">&#8220;<u>Junior Stock</u>&#8221; means the Common Stock and any other class or series of stock of the Corporation the terms of which expressly provide that it ranks junior to Series A Preferred Stock as to
      dividend rights and/or as to rights on liquidation, dissolution or winding up of the Corporation.</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;">&#8220;<u>Liquidation Amount</u>&#8221; means $1,000 per share of Series A Preferred Stock.</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;">&#8220;<u>Liquidation Preference</u>&#8221; has the meaning set forth in Section 6(a).</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8220;</sup><u>Original Issue Date</u>&#8221; means the date on which shares of Series A Preferred Stock are first issued.</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;">&#8220;<u>Parity Stock</u>&#8221; means any class or series of stock of the Corporation (other than Series A Preferred Stock) the terms of which do not expressly provide that such class or series will rank
      junior or senior to Series A Preferred Stock as to dividend rights and/or as to rights on liquidation, dissolution or winding up of the Corporation.</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;">&#8220;<u>Preferred Stock</u>&#8221; means any and all series of preferred stock of the Corporation, including the Series A Preferred Stock.</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;">&#8220;<u>Signing Date</u>&#8221; means the date the Preferred Stock Purchase Agreement relating to the issuance of shares of Series A Preferred Stock by and between the Corporation and E*TRADE Community
      Development Corporation (&#8220;<u>Buyer</u>&#8221;) is executed and delivered by Buyer.</div>
    <div><br>
    </div>
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      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">A-9</font></div>
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    </div>
    <div style="text-align: justify; text-indent: 72pt;">Section 4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Certain Voting Matters</u>. Holders of shares of Series A Preferred Stock will be entitled to one vote for each such share on any matter on which holders of Series A Preferred
      Stock are entitled to vote, including any action by written consent.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">Section 5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Dividends</u>.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Rate</u>. Holders of Series A Preferred Stock shall be entitled to receive, on each share of Series A Preferred Stock if, as and when declared by the Board of Directors or any duly
      authorized committee of the Board of Directors, but only out of assets legally available therefor, cumulative cash dividends with respect to each Dividend Period (as defined below) at a rate per annum equal to four percent on (i) the Liquidation
      Amount per share of Series A Preferred Stock and (ii) the amount of accrued and unpaid dividends for any prior Dividend Period on such share of Series A Preferred Stock, if any. Such dividends shall begin to accrue and be cumulative from the Original
      Issue Date, shall compound on each subsequent Dividend Payment Date and shall be payable quarterly in arrears on each Dividend Payment Date, commencing with the first such Dividend Payment Date to occur at least 20 calendar days after the Original
      Issue Date. In the event that any Dividend Payment Date would otherwise fall on a day that is not a Business Day, the dividend payment due on that date will be postponed to the next day that is a Business Day and no additional dividends will accrue
      as a result of that postponement. The period from and including any Dividend Payment Date to, but excluding, the next Dividend Payment Date is a &#8220;<u>Dividend Period</u>&#8221;<u>,</u> provided, that the initial Dividend Period shall be the period from and
      including the Original Issue Date to, but excluding, the next Dividend Payment Date.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">Dividends that are payable on Series A Preferred Stock in respect of any Dividend Period shall be computed on the basis of a 360-day year consisting of 12 30-day months. The amount of dividends
      payable on Series A Preferred Stock on any date prior to the end of a Dividend Period, and for the initial Dividend Period, shall be computed on the basis of a 360-day year consisting of 12 30-day months, and actual days elapsed over a 30-day month.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">Dividends that are payable on Series A Preferred Stock on any Dividend Payment Date will be payable to holders of record of Series A Preferred Stock as they appear on the stock register of the
      Corporation on the applicable record date, which shall be the 15th calendar day immediately preceding such Dividend Payment Date or such other record date fixed by the Board of Directors or any duly authorized committee of the Board of Directors that
      is not more than 60 nor less than 10 days prior to such Dividend Payment Date (each, a &#8220;<u>Dividend Record Date</u>&#8221;). Any such day that is a Dividend Record Date shall be a Dividend Record Date whether or not such day is a Business Day.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">Holders of Series A Preferred Stock shall not be entitled to any dividends, whether payable in cash, securities or other property, other than dividends (if any) declared and payable on Series A
      Preferred Stock as specified in this Section 5 (subject to the other provisions of this Certificate of Designation).</div>
    <div><br>
    </div>
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      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">A-10</font></div>
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    </div>
    <div style="text-align: justify; text-indent: 72pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Priority of Dividends</u>. So long as any share of Series A Preferred Stock remains outstanding, no dividend or distribution shall be declared or paid on the Common Stock or any other
      shares of Junior Stock (other than dividends payable solely in shares of Common Stock) or Parity Stock, subject to Section 5(c) below and the immediately following paragraph in the case of Parity Stock, and no Common Stock, Junior Stock or Parity
      Stock shall be, directly or indirectly, purchased, redeemed or otherwise acquired for consideration by the Corporation or any of its subsidiaries unless all accrued and unpaid dividends for all past Dividend Periods, including the latest completed
      Dividend Period (including, if applicable as provided in Section 5(a) above, dividends on such amount), on all outstanding shares of Series A Preferred Stock have been or are contemporaneously declared and paid in full (or have been declared and a
      sum sufficient for the payment thereof has been set aside for the benefit of the holders of shares of Series A Preferred Stock on the applicable record date), subject to Section 10 below.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">When dividends are not paid (or declared and a sum sufficient for payment thereof set aside for the benefit of the holders thereof on the applicable record date) on any Dividend Payment Date (or, in
      the case of Parity Stock having dividend payment dates different from the Dividend Payment Dates, on a dividend payment date falling within a Dividend Period related to such Dividend Payment Date) in full upon Series A Preferred Stock and any shares
      of Parity Stock, all dividends declared on Series A Preferred Stock and all such Parity Stock and payable on such Dividend Payment Date (or, in the case of Parity Stock having dividend payment dates different from the Dividend Payment Dates, on a
      dividend payment date falling within the Dividend Period related to such Dividend Payment Date) shall be declared pro rata so that the respective amounts of such dividends declared shall bear the same ratio to each other as all accrued and unpaid
      dividends per share on the shares of Series A Preferred Stock (including, if applicable as provided in Section 5(a) above, dividends on such amount) and all Parity Stock payable on such Dividend Payment Date (or, in the case of Parity Stock having
      dividend payment dates different from the Dividend Payment Dates, on a dividend payment date falling within the Dividend Period related to such Dividend Payment Date) (subject to their having been declared by the Board of Directors or a duly
      authorized committee of the Board of Directors out of legally available funds and including, in the case of Parity Stock that bears cumulative dividends, all accrued but unpaid dividends) bear to each other. If the Board of Directors or a duly
      authorized committee of the Board of Directors determines not to pay any dividend or a full dividend on a Dividend Payment Date, the Corporation will provide written notice to the holders of Series A Preferred Stock prior to such Dividend Payment
      Date.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">Subject to the foregoing and Section 5(c) below, and not otherwise, such dividends (payable in cash, securities or other property) as may be determined by the Board of Directors or any duly
      authorized committee of the Board of Directors may be declared and paid on any securities, including Common Stock and other Junior Stock, from time to time out of any funds legally available for such payment, and holders of Series A Preferred Stock
      shall not be entitled to participate in any such dividends.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Restriction on Dividends</u>. So long as any share of Series A Preferred Stock remains outstanding, neither the Corporation nor any Subsidiary shall declare or pay any dividend or make
      any distribution on Common Stock, Junior Stock, Parity Stock or other capital stock or other equity securities of any kind of the Corporation or any Subsidiary (other than (i) dividends payable solely in shares of Common Stock, (ii) regular dividends
      on shares of preferred stock in accordance with the terms thereof and which are permitted under the terms of this Section 5, (iii) dividends or distributions by any wholly owned Subsidiary, (iv) dividends or distributions by any Subsidiary required
      pursuant to binding contractual agreements entered into prior to June 28, 2017) or (v) in the case of Parity Stock, dividends payable on a pro rata basis with Series A Preferred Stock), unless all accrued and unpaid dividends for all past Dividend
      Periods, including the latest completed Dividend Period (including, if applicable as provided in Section 5(a) above, dividends on such amount), on all outstanding shares of Series A Preferred Stock have been or are contemporaneously declared and paid
      in full (or have been declared and a sum sufficient for the payment thereof has been set aside for the benefit of the holders of shares of Series A Preferred Stock on the applicable record date), in which case dividends on Common Stock, Junior Stock
      and Parity Stock may be declared and paid.</div>
    <div><br>
    </div>
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      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">A-11</font></div>
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    </div>
    <div style="text-align: justify; text-indent: 72pt;">Section 6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Liquidation Rights</u>.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Voluntary or Involuntary Liquidation</u>. In the event of any liquidation, dissolution or winding up of the affairs of the Corporation, whether voluntary or involuntary, holders of
      Series A Preferred Stock shall be entitled to receive for each share of Series A Preferred Stock, out of the assets of the Corporation or proceeds thereof (whether capital or surplus) available for distribution to stockholders of the Corporation,
      subject to the rights of any creditors of the Corporation, before any distribution of such assets or proceeds is made to or set aside for the holders of Common Stock and any other stock of the Corporation ranking junior to Series A Preferred Stock as
      to such distribution, payment in full in an amount equal to the sum of (i) the Liquidation Amount per share and (ii) the amount of any accrued and unpaid dividends (including, if applicable as provided in Section 5(a) above, dividends on such
      amount), whether or not declared, to the date of payment (such amounts collectively, the &#8220;<u>Liquidation Preference</u>&#8221;).</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Partial Payment</u>. If in any distribution described in Section 6(a) above the assets of the Corporation or proceeds thereof are not sufficient to pay in full the amounts payable with
      respect to all outstanding shares of Series A Preferred Stock and the corresponding amounts payable with respect of any other stock of the Corporation ranking equally with Series A Preferred Stock as to such distribution, holders of Series A
      Preferred Stock and the holders of such other stock shall share ratably in any such distribution in proportion to the full respective distributions to which they are entitled.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Residual Distributions</u>. If the Liquidation Preference has been paid in full to all holders of Series A Preferred Stock and the corresponding amounts payable with respect of any
      other stock of the Corporation ranking equally with Series A Preferred Stock as to such distribution has been paid in full, the holders of other stock of the Corporation shall be entitled to receive all remaining assets of the Corporation (or
      proceeds thereof) according to their respective rights and preferences.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Merger, Consolidation and Sale of Assets Not Liquidation</u>. For purposes of this Section 6, the merger or consolidation of the Corporation with any other corporation or other entity,
      including a merger or consolidation in which the holders of Series A Preferred Stock receive cash, securities or other property for their shares, or the sale, lease or exchange (for cash, securities or other property) of all or substantially all of
      the assets of the Corporation, shall not constitute a liquidation, dissolution or winding up of the Corporation.</div>
    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">A-12</font></div>
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    </div>
    <div style="text-align: justify; text-indent: 72pt;">Section 7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Redemption.</u></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Optional Redemption</u>. The Corporation, at its option, subject to the approval of the Appropriate Federal Banking Agency, may redeem, in whole or in part, at any time and from time
      to time, out of funds legally available therefor, the shares of Series A Preferred Stock at the time outstanding, upon notice given as provided in Section 7(c) below, at a redemption price equal to the sum of (i) the Liquidation Amount per share and
      (ii) any accrued and unpaid dividends (including, if applicable as provided in Section 5(a) above, dividends on such amount) (regardless of whether any dividends are actually declared) to, but excluding, the date fixed for redemption.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">The redemption price for any shares of Series A Preferred Stock shall be payable on the redemption date to the holder of such shares against surrender of the certificate(s) evidencing such shares to
      the Corporation or its agent. Any declared but unpaid dividends payable on a redemption date that occurs subsequent to the Dividend Record Date for a Dividend Period shall not be paid to the holder entitled to receive the redemption price on the
      redemption date, but rather shall be paid to the holder of record of the redeemed shares on such Dividend Record Date relating to the Dividend Payment Date as provided in Section 5 above.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>No Sinking Fund</u>. The Series A Preferred Stock will not be subject to any mandatory redemption, sinking fund or other similar provisions. Holders of Series A Preferred Stock will
      have no right to require redemption or repurchase of any shares of Series A Preferred Stock.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Notice of Redemption</u>. Notice of every redemption of shares of Series A Preferred Stock shall be given by first class mail, postage prepaid, addressed to the holders of record of
      the shares to be redeemed at their respective last addresses appearing on the books of the Corporation. Such mailing shall be at least 30 days and not more than 60 days before the date fixed for redemption. Any notice mailed as provided in this
      Subsection shall be conclusively presumed to have been duly given, whether or not the holder receives such notice, but failure duly to give such notice by mail, or any defect in such notice or in the mailing thereof, to any holder of shares of Series
      A Preferred Stock designated for redemption shall not affect the validity of the proceedings for the redemption of any other shares of Series A Preferred Stock. Notwithstanding the foregoing, if shares of Series A Preferred Stock are issued in
      book-entry form through The Depository Trust Company or any other similar facility, notice of redemption may be given to the holders of Series A Preferred Stock at such time and in any manner permitted by such facility. Each notice of redemption
      given to a holder shall state: (1) the redemption date; (2) the number of shares of Series A Preferred Stock to be redeemed and, if less than all the shares held by such holder are to be redeemed, the number of such shares to be redeemed from such
      holder; (3) the redemption price; and (4) the place or places where certificates for such shares are to be surrendered for payment of the redemption price.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Partial Redemption</u>. In case of any redemption of part of the shares of Series A Preferred Stock at the time outstanding, the shares to be redeemed shall be selected either pro rata
      or in such other manner as the Board of Directors or a duly authorized committee thereof may determine to be fair and equitable. Subject to the provisions hereof, the Board of Directors or a duly authorized committee thereof shall have full power and
      authority to prescribe the terms and conditions upon which shares of Series A Preferred Stock shall be redeemed from time to time. If fewer than all the shares represented by any certificate are redeemed, a new certificate shall be issued
      representing the unredeemed shares without charge to the holder thereof.</div>
    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">A-13</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
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    </div>
    <div style="text-align: justify; text-indent: 72pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Effectiveness of Redemption</u>. If notice of redemption has been duly given and if on or before the redemption date specified in the notice all funds necessary for the redemption have
      been deposited by the Corporation, in trust for the <font style="font-style: italic;">pro rata </font>benefit of the holders of the shares called for redemption, with a bank or trust company doing business in the Borough of Manhattan, The City of
      New York, and having a capital and surplus of at least $500 million and selected by the Board of Directors, so as to be and continue to be available solely therefor, then, notwithstanding that any certificate for any share so called for redemption
      has not been surrendered for cancellation, on and after the redemption date dividends shall cease to accrue on all shares so called for redemption, all shares so called for redemption shall no longer be deemed outstanding and all rights with respect
      to such shares shall forthwith on such redemption date cease and terminate, except only the right of the holders thereof to receive the amount payable on such redemption from such bank or trust company, without interest. Any funds unclaimed at the
      end of three years from the redemption date shall, to the extent permitted by law, be released to the Corporation, after which time the holders of the shares so called for redemption shall look only to the Corporation for payment of the redemption
      price of such shares.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Status of Redeemed Shares</u>. Shares of Series A Preferred Stock that are redeemed, repurchased or otherwise acquired by the Corporation shall revert to authorized but unissued
      shares of Preferred Stock (provided, that any such cancelled shares of Series A Preferred Stock may be reissued only as shares of any series of Preferred Stock other than Series A Preferred Stock).</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">Section 8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Conversion</u>. Holders of Series A Preferred Stock shares shall have no right to exchange or convert such shares into any other securities.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">Section 9.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Voting Rights</u>.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>General</u>. The holders of Series A Preferred Stock shall not have any voting rights except as set forth below or as otherwise from time to time required by law. If any vote of the
      holders of Common Stock is required in connection with a cash tender offer made to the Company or the holders of Common Stock, the holders of Series A Preferred Stock shall vote as a single class with the holders of Common Stock.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Class Voting Rights as to Particular Matters</u>. So long as any shares of Series A Preferred Stock are outstanding, in addition to any other vote or consent of stockholders required
      by law or by the Charter, the vote or consent of the holders of at least a majority of the shares of Series A Preferred Stock at the time outstanding, voting as a separate class, given in person or by proxy, either in writing without a meeting or by
      vote at any meeting called for the purpose, shall be necessary for effecting or validating:</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Authorization of Senior Stock</u>. Any amendment or alteration of the provisions of the Charter relating to the Series A Preferred Stock or to authorize or create or increase the
      authorized amount of, or any issuance of, any shares of, or any securities convertible into or exchangeable or exercisable for shares of, any class or series of capital stock of the Corporation ranking senior to Series A Preferred Stock with respect
      to either or both the payment of dividends and/or the distribution of assets on any liquidation, dissolution or winding up of the Corporation;</div>
    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">A-14</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
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    </div>
    <div style="text-align: justify; text-indent: 72pt;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Amendment of Series A Preferred Stock</u>. Any amendment, alteration or repeal of any provision of this Certificate of Designation for the Series A Preferred Stock or the Charter
      (including, unless no vote on such merger or consolidation is required by Section 9(b)3 below, any amendment, alteration or repeal by means of a merger, consolidation or otherwise) so as to adversely affect the rights, preferences, privileges or
      voting powers of the Series A Preferred Stock; or</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Share Exchanges, Reclassifications, Mergers and Consolidations</u>. Any consummation of a binding share exchange or reclassification involving the Series A Preferred Stock, or of a
      merger or consolidation of the Corporation with another corporation or other entity, unless in each case (x) the shares of Series A Preferred Stock remain outstanding or, in the case of any such merger or consolidation with respect to which the
      Corporation is not the surviving or resulting entity, are converted into or exchanged for preference securities of the surviving or resulting entity or its ultimate parent, and (y) such shares remaining outstanding or such preference securities, as
      the case may be, have such rights, preferences, privileges and voting powers, and limitations and restrictions thereof, taken as a whole, as are not materially less favorable to the holders thereof than the rights, preferences, privileges and voting
      powers, and limitations and restrictions thereof, of Series A Preferred Stock immediately prior to such consummation, taken as a whole;</div>
    <div><br>
    </div>
    <div style="text-align: justify;">provided, that for all purposes of this Section 9(b), any increase in the amount of the authorized Preferred Stock, including any increase in the authorized amount of Series A Preferred Stock necessary to satisfy
      preemptive or similar rights granted by the Corporation to other persons prior to the Signing Date, or the creation and issuance, or an increase in the authorized or issued amount, whether pursuant to preemptive or similar rights or otherwise, of any
      other series of Preferred Stock, or any securities convertible into or exchangeable or exercisable for any other series of Preferred Stock, ranking equally with and/or junior to Series A Preferred Stock with respect to the payment of dividends
      (whether such dividends are cumulative or non-cumulative) and the distribution of assets upon liquidation, dissolution or winding up of the Corporation will not be deemed to adversely affect the rights, preferences, privileges or voting powers, and
      shall not require the affirmative vote or consent of, the holders of outstanding shares of the Series A Preferred Stock.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Changes after Provision for Redemption</u>. No vote or consent of the holders of Series A Preferred Stock shall be required pursuant to Section 9(b) above if, at or prior to the time
      when any such vote or consent would otherwise be required pursuant to such Section, there are no outstanding shares of the Series A Preferred Stock.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Procedures for Voting and Consents</u>. The rules and procedures for calling and conducting any meeting of the holders of Series A Preferred Stock (including, without limitation, the
      fixing of a record date in connection therewith), the solicitation and use of proxies at such a meeting, the obtaining of written consents and any other aspect or matter with regard to such a meeting or such consents shall be governed by any rules of
      the Board of Directors or any duly authorized committee of the Board of Directors, in its discretion, may adopt from time to time, which rules and procedures shall conform to the requirements of the Charter, the Bylaws, and applicable law and the
      rules of any national securities exchange or other trading facility on which Series A Preferred Stock is listed or traded at the time.</div>
    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">A-15</font></div>
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    </div>
    <div style="text-align: justify; text-indent: 72pt;">Section 10.&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Restriction on Repurchases</u>. So long as any share of Series A Preferred Stock remains outstanding, neither the Corporation nor any Subsidiary shall, redeem, purchase or
      acquire any shares of Common Stock, Junior Stock, Parity Stock or other capital stock or other equity securities of any kind of the Corporation or any Subsidiary, or any trust preferred securities issued by the Corporation or any Affiliate of the
      Corporation (other than (i) redemptions, purchases, repurchases or other acquisitions of the Series A Preferred Stock, (ii) repurchases of Junior Stock or Common Stock in connection with the administration of any employee benefit plan in the ordinary
      course of business, (iii) the acquisition by the Corporation or any of the Corporation Subsidiaries of record ownership in Junior Stock or Parity Stock for the beneficial ownership of any other persons (other than the Corporation or any other
      Subsidiary), including as trustees or custodians, (iv) the exchange or conversion of Junior Stock for or into other Junior Stock or of Parity Stock or trust preferred securities for or into other Parity Stock (with the same or lesser aggregate
      liquidation amount) or Junior Stock, in each case as set forth in this clause (iv), (v) redemptions of securities held by the Corporation or any wholly-owned Subsidiary or (vi) redemptions, purchases or other acquisitions of capital stock or other
      equity securities of any kind of any Subsidiary), unless all accrued and unpaid dividends for all past Dividend Periods, including the latest completed Dividend Period (including, if applicable as provided in Section 3(a) above, dividends on such
      amount), on all outstanding shares of Series A Preferred Stock have been or are contemporaneously declared and paid in full (or have been declared and a sum sufficient for the payment thereof has been set aside for the benefit of the holders of
      shares of Series A Preferred Stock on the applicable record date), in which case redemptions, purchases or acquisitions of shares of Common Stock, Junior Stock or Parity Stock may be made by the Corporation or any Subsidiary.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">Section 11.&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Record Holders</u>. To the fullest extent permitted by applicable law, the Corporation and the transfer agent for Series A Preferred Stock may deem and treat the record holder
      of any share of Series A Preferred Stock as the true and lawful owner thereof for all purposes, and neither the Corporation nor such transfer agent shall be affected by any notice to the contrary.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">Section 12.&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Notices</u>. All notices or communications in respect of Series A Preferred Stock shall be sufficiently given if given in writing and delivered in person or by first class
      mail, postage prepaid, or if given in such other manner as may be permitted in this Certificate of Designation, in the Charter or Bylaws or by applicable law.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">Section 13.&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>No Preemptive Rights</u>. No share of Series A Preferred Stock shall have any rights of preemption whatsoever as to any securities of the Corporation, or any warrants, rights
      or options issued or granted with respect thereto, regardless of how such securities, or such warrants, rights or options, may be designated, issued or granted.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">Section 14.&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Replacement Certificates</u>. The Corporation shall replace any mutilated certificate at the holder&#8217;s expense upon surrender of that certificate to the Corporation. The
      Corporation shall replace certificates that become destroyed, stolen or lost at the holder&#8217;s expense upon delivery to the Corporation of reasonably satisfactory evidence that the certificate has been destroyed, stolen or lost, together with any
      indemnity that may be reasonably required by the Corporation.</div>
    <div><br>
    </div>
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      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">A-16</font></div>
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    </div>
    <div style="text-align: justify; text-indent: 72pt;">Section 15.&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Other Rights</u>. The shares of Series A Preferred Stock shall not have any rights, preferences, privileges or voting powers or relative, participating, optional or other
      special rights, or qualifications, limitations or restrictions thereof, other than as set forth herein or in the Charter or as provided by applicable law.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;">FIFTH.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The business and affairs of this corporation shall be under the direction of a board of directors. The exact number of directors shall be fixed
      from time to time by the board of directors pursuant to a resolution adopted by the affirmative vote of a majority of the full board of directors.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">A.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Election of Directors</u>. The directors of this corporation shall be divided into three classes: the first class, the second class and the third class. Each director shall serve for a
      term ending on the third annual meeting following the annual meeting at which such director was elected. At each annual election commencing at the first annual meeting of stockholders, the successors to the class of directors whose term expires at
      that time shall be elected by the stockholders to hold office for a term of three years to succeed those directors whose term expires, so that the term of one class of directors shall expire each year.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">In the event of any change in the authorized number of directors, each director then continuing to serve as such shall continue as a director of the class of which he or she is a member until the expiration of his or
      her current term, or his or her prior resignation, disqualification, disability or removal. There shall be no cumulative voting in the election of directors. Election of directors need not be made by written ballot.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">B.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Newly Created Directorships and Vacancies</u>. Any vacancies on the board of directors resulting from death, resignation, retirement, disqualification, removal from office or other
      cause may be filled only by the affirmative vote of a majority of directors then in office, although less than a quorum, or by the sole remaining director, or, in the event of the failure of the directors or the sole remaining director so to act, by
      the stockholders at the next annual meeting which occurs after the expiration of a 90-day period commencing on the day the vacancy is created. Directors so chosen shall hold office for a term expiring at the annual meeting of stockholders at which
      the term of the class to which they have been elected expires. A director elected to fill a vacancy by reason of an increase in the number of directorships may be elected by a majority vote of the directors then in office, although less than a quorum
      of the board of directors, to serve until the next election of the class for which such director shall have been chosen. If the number of directors is changed, any increase or decrease may be allocated to any such class the board of directors selects
      in its discretion. No decrease in the number of directors constituting the board of directors shall shorten the term of any incumbent director.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">C.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Removal</u>. A director may be removed only for cause as determined by the affirmative vote of the holders of at least a majority of the shares then entitled to vote in an election of
      directors, which vote may only be taken at an annual meeting or a special meeting of stockholders called expressly for that purpose. Cause for removal shall be deemed to exist only if the director whose removal is proposed has been convicted of a
      felony by a court of competent jurisdiction or has been adjudged by a court of competent jurisdiction to be liable for gross negligence or misconduct in the performance of such director&#8217;s duty to the corporation and such adjudication is no longer
      subject to direct appeal.</div>
    <div><br>
    </div>
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      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">A-17</font></div>
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    </div>
    <div style="text-align: justify; text-indent: 36pt; font-weight: bold;">SIXTH.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">A.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Higher Vote for Certain Business Combinations</u>. In addition to any affirmative vote of holders of a class or series of capital stock of this corporation required by law or the
      provisions of this Certificate of Incorporation and except as otherwise expressly provided in <u>Paragraph B</u> of this <u>Article SIXTH</u>, a Business Combination (as hereinafter defined) with or upon a proposal by an Interested Stockholder (as
      hereinafter defined) shall require the affirmative vote of the holders of at least two-thirds of the Voting Stock (as hereinafter defined) of this corporation voting together as a single class. Such affirmative vote shall be required notwithstanding
      the fact that no vote, or a lesser percentage vote, may be required or may be specified, by law or regulation.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">B.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>When Higher Vote is Not Required</u>. The provisions of <u>Paragraph A</u> of this <u>Article SIXTH</u> shall not be applicable to any particular Business Combination if all of the
      conditions specified in any one of the following <u>Subparagraphs (i)</u>, <u>(ii)</u> or <u>(iii)</u> are met:</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Approval by Disinterested Directors</u>. The proposed Business Combination has been approved by a vote of a majority of all the Disinterested Directors (as hereinafter defined); or</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Combination with Subsidiary</u>. The proposed Business Combination is solely between this corporation and a subsidiary of this corporation, and such Business Combination does not have
      the direct or indirect effect set forth in <u>Subparagraph C(ii)(e)</u> of this <u>Article SIXTH</u>; or</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160; <u>Price and Procedural Conditions</u>. The proposed Business Combination will be consummated within three years after the date (the &#8220;<u>Determination Date</u>&#8221;) that the Interested
      Stockholder became an Interested Stockholder and all of the following conditions have been met:</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160; The aggregate amount of cash and fair market value (as of the date of the consummation of the Business Combination) of consideration other than cash, to be received per
      share of common stock in such Business Combination by the holders thereof shall be at least equal to the higher of the following: (x) the highest per share price, including any brokerage commissions, transfer taxes and soliciting dealers&#8217; fees (with
      appropriate adjustments for recapitalizations, reclassifications, stock splits, reverse stock splits and stock dividends) paid by the Interested Stockholder for any shares of common stock acquired by it, including those shares acquired by the
      Interested Stockholder before the Determination Date, or (y) the fair market value of the common stock of the corporation (as determined by the Disinterested Directors) on the date the Business Combination is first proposed (the &#8220;<u>Announcement Date</u>&#8221;).</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160; The aggregate amount of cash and fair market value (as of the date of the consummation of the Business Combination) of consideration other than cash, to be received per
      share of any class or series of preferred stock in such Business Combination by the holders thereof shall be at least equal to the highest of the following: (x) the highest per share price, including any brokerage commissions, transfer taxes and
      soliciting dealers&#8217; fees (with appropriate adjustments for recapitalizations, reclassifications, stock splits, reverse stock splits and stock dividends) paid by the Interested Stockholder for any shares of such class or series of preferred stock
      acquired by it, including those shares acquired by the Interested Stockholder before the Determination Date; (y) the fair market value of such class or series of preferred stock of the corporation (as determined by the Disinterested Directors) on the
      Announcement Date; and (z) the highest preferential amount per share of such class or series of preferred stock to which the holders thereof would be entitled in the event of voluntary or involuntary liquidation, dissolution or winding up of the
      affairs of the corporation (regardless of whether the Business Combination to be consummated constitutes such an event).</div>
    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">A-18</font></div>
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    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160; The consideration to be received by holders of a particular class or series of outstanding common or preferred stock shall be in cash or in the same form as the
      Interested Stockholder has previously paid for shares of such class or series of stock. If the Interested Stockholder has paid for shares of any class or series of stock with varying forms of consideration, the form of consideration given for such
      class or series of stock in the Business Combination shall be cash or the form used by the Interested Stockholder to acquire the largest number of shares of such class or series of stock previously acquired by it.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160; No Extraordinary Event (as hereinafter defined) occurs after the Interested Stockholder has become an Interested Stockholder and prior to the consummation of the
      Business Combination.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160; A proxy or information statement describing the proposed Business Combination and complying with the requirements of the Securities Exchange Act of 1934, as amended (the
      &#8220;<u>Act</u>&#8221;), and the rules and regulations thereunder (or any subsequent provisions replacing such Act, rules and regulations) is mailed to public stockholders of the corporation at least 30 days prior to the consummation of such Business
      Combination, whether or not such proxy or information statement is required pursuant to such Act or subsequent provisions (although such proxy or information statement need only be filed with the Securities and Exchange Commission if a filing is
      required by such Act or subsequent provisions), and shall contain at the front thereof in a prominent place the recommendation, if any, of the Disinterested Directors as to the advisability or inadvisability of the Business Combination and the
      recommendation, opinion or evaluation of any Investment banking firm selected by a majority of the Disinterested Directors as to the fairness of the Business Combination from the point of view of the stockholders of the corporation other than the
      Interested Stockholder.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">C.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Certain Definitions</u>. For purposes of this <u>Article SIXTH</u>:</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; A &#8220;<u>person</u>&#8221; shall mean any individual, corporation, partnership, bank, association, joint stock company, trust, unincorporated organization or similar company, or a group of
      &#8220;persons&#8221; acting or agreeing to act together in the manner set forth in Rule 13d-5 under the Act as in effect on June 1, 2020.</div>
    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">A-19</font></div>
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    </div>
    <div style="text-align: justify; text-indent: 72pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#8220;<u>Business Combination</u>&#8221; shall mean any of the following transactions, if entered into by this corporation or a subsidiary of this corporation with, or upon a proposal by, an
      Interested Stockholder:</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160; the merger or consolidation of this corporation or any subsidiary of this corporation; or</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160; the sale, lease, exchange, mortgage, pledge, transfer or other disposition (in one or a series of transactions) of any assets of this corporation or any subsidiary of
      this corporation having an aggregate fair market value of $10 million or more; or</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160; the issuance or transfer by this corporation or any subsidiary of this corporation (in one or a series of transactions) of securities of this corporation or subsidiary
      of this corporation having an aggregate fair market value of $10 million or more; or</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160; the adoption of a plan or proposal for the liquidation or dissolution of any subsidiary of this corporation; or</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160; the reclassification of securities (including a reverse stock split), recapitalization, consolidation or any other transaction (whether or not involving an Interested
      Stockholder) which has the direct or indirect effect of increasing the voting power, whether or not then exercisable, of an Interested Stockholder in any class or series of capital stock of this corporation or subsidiary of this corporation; or</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160; &#160; any agreement, contract or other arrangement providing directly or indirectly for any of the foregoing.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160; &#8220;<u>Interested Stockholder</u>&#8221; shall mean any person (other than this corporation, a subsidiary of this corporation, an employee stock ownership or other employee
      benefit plan of this corporation or subsidiary of this corporation or any trustee or fiduciary with respect to any such plan acting in such capacity) that is the direct or indirect beneficial owner (as defined in Rule 13d-3 and Rule 13d-5 under the
      Act as in effect on June 1, 2020) of more than 10% of the outstanding voting stock of the corporation, and any Affiliate or Associate of any such person.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(iv)&#160;&#160;&#160;&#160;&#160;&#160; &#8220;<u>Disinterested Director</u>&#8221; shall mean any member of the board of directors of this corporation who is not affiliated with an Interested Stockholder and who was a
      member of the board of directors of this corporation immediately prior to the time that any Interested Stockholder became an Interested Stockholder, and any, successor to a Disinterested Director who is not affiliated with an Interested Stockholder
      and is recommended to succeed a Disinterested Director by a majority of the Disinterested Directors who are then members of the board of directors of this corporation.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(v)&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#8220;<u>Affiliate</u>&#8221; and &#8220;<u>Associate</u>&#8221; shall have the respective meanings ascribed to such terms in Rule 12b-2 under the Act as in effect on June 1, 2020.</div>
    <div><br>
    </div>
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      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">A-20</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
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    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(vi)&#160;&#160;&#160;&#160;&#160;&#160; &#8220;<u>Extraordinary Event</u>&#8221; shall mean, as to any Business Combination and Interested Stockholder, any of the following events that is not approved by a majority of all
      Disinterested Directors:</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160; any failure to declare and pay at the regular date therefor any full quarterly dividend (whether or not cumulative) on outstanding preferred stock; or</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160; any reduction in the annual rate of dividends paid on the common stock (except as necessary to reflect any subdivision of the common stock); or</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160; any failure to increase the annual rate of dividends paid on the common stock as necessary to reflect any reclassification (including any reverse stock split),
      recapitalization, reorganization or any similar transaction that has the effect of reducing the number of outstanding shares of the common stock; or</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160; the receipt by the Interested Stockholder, after the Determination Date, of a direct or indirect benefit (except proportionately as a stockholder) from any loans,
      advances, guarantees, pledges or other financial assistance or any tax credits or other tax advantages provided by this corporation or any subsidiary of this corporation, whether in anticipation of, or in connection with, the Business Combination or
      otherwise.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">(vii)&#160;&#160;&#160;&#160;&#160; &#8220;<u>Voting Stock</u>&#8221; shall mean all outstanding shares of the common or preferred stock of this corporation entitled to vote generally in the election of directors, and each reference to
      a proportion of Voting Stock shall refer to shares having such proportion of the number of shares entitled to be cast, excluding all shares beneficially owned or controlled by the Interested Stockholder.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">(viii)&#160;&#160;&#160;&#160; In the event of any Business Combination in which this corporation survives, the phrase consideration other than cash&#8221; as used in <u>Subparagraphs B(iii)(a)</u> and B<u>(iii)(b)</u> of
      this <u>Article SIXTH</u> shall include the shares of common stock and the shares of any other class or series of preferred stock retained by the holders of such shares.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">D.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Determinations</u>. A majority of all Disinterested Directors shall have the power to make any determinations with respect to this <u>Article SIXTH</u>, including, without limitation,
      the transactions that are Business Combinations, the persons who are Interested Stockholders, the time at which an Interested Stockholder became an Interested Stockholder and the fair market value of any assets, securities (including any stock or
      other securities issued by this corporation) or other property; and any such determinations of such Disinterested Directors shall be conclusive and binding.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">E.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>No Effect on Fiduciary Obligations of Interested Stockholders</u>. Nothing contained in this <u>Article SIXTH</u> shall be construed to relieve any Interested Stockholder from any
      fiduciary obligation imposed by law.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">F.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Amendment, Repeal</u>. In addition to the vote required by <u>Article NINTH</u> of this Certificate of Incorporation, the affirmative vote of the holders of at least two-thirds of the
      Voting Stock of this corporation, voting together as a single class, shall be required to amend, repeal or adopt any provisions inconsistent with this <u>Article SIXTH</u>.</div>
    <div><br>
    </div>
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      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">A-21</font></div>
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    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;">SEVENTH.</font>&#160;&#160;&#160;&#160;&#160;&#160; This corporation reserves the right to amend, alter, change or repeal any provision contained in this Certificate of Incorporation in the manner
      now or hereafter prescribed by statute. Notwithstanding the foregoing, the affirmative vote of the holders of at least two-thirds (or such greater proportion as may otherwise be required pursuant to any specific provision of this Certificate of
      Incorporation) of the total votes eligible to be cast at a legal meeting of stockholders shall be required to amend, repeal or adopt any provisions inconsistent with <u>Articles FIFTH</u>, <u>SIXTH</u>, this <u>Article SEVENTH</u> and <u>Articles
        EIGHTH</u>, <u>NINTH</u>, <u>TENTH</u>, and <u>ELEVENTH</u> of this Certificate of Incorporation.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;">EIGHTH.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Bylaws may be adopted, amended or repealed by the affirmative vote of the holders of at least two-thirds of the total votes eligible to be
      cast at a legal meeting of stockholders or by a resolution adopted by a majority of the directors then in office.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;">NINTH.</font>&#160;&#160;&#160; &#160; &#160; &#160;&#160;&#160;&#160; All action required to be taken or which may be taken at any annual or special meeting of the stockholders of this corporation may only be
      taken by written consent without a meeting if a consent in writing, setting forth the action so taken, shall be signed by all of the stockholders of this corporation entitled to vote thereon.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;">TENTH.</font>&#160;&#160; &#160;&#160; &#160;&#160;&#160;&#160;&#160; A director of this corporation shall not be personally liable to the corporation or its stockholders for monetary damages for breach of
      fiduciary duty as director, except: (i) for any breach of the director&#8217;s duty of loyalty to the corporation or its stockholders, (ii) for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law, (iii)
      under Section 174 of the Delaware General Corporation Law, or (iv) for any transaction from which the director derives any improper personal benefit. Any repeal or modification of the foregoing paragraph by the stockholders of the corporation shall
      not adversely affect any right or protection of a director of the corporation existing at the time of such repeal or modification.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-weight: bold;">ELEVENTH.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">A.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Actions, Suits or Proceedings Other Than by or in the Right of the Corporation</u>. The corporation shall indemnify any person who was or is a party or is threatened to be made a party
      to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by or in the right of the corporation) by reason of the fact that he or she is or was or has agreed to
      become a director or officer of the corporation, or is or was serving or has agreed to serve at the request of the corporation as a director or officer of the corporation, or is or was serving or has agreed to serve at the request of the corporation
      as a director or officer of another corporation, partnership, joint venture, trust or other enterprise, or by reason of any action alleged to have been taken or omitted in such capacity, against costs, charges, expenses (including attorneys&#8217; fees),
      judgments, fines and amounts paid in settlement actually and reasonably incurred by him or her or on his or her behalf in connection with such action, suit or proceeding and any appeal therefrom, if he or she acted in good faith and in a manner he or
      she reasonably believed to be in, or not opposed to, the best interests of the corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his or her conduct was unlawful. The termination of any action,
      suit or proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere or its equivalent, shall not, of itself, create a presumption that the person did not act in good faith and in a manner which he or she reasonably
      believed to be in, or not opposed to, the best interests of the corporation, and, with respect to any criminal action or proceeding, had reasonable cause to believe that his or her conduct was unlawful.</div>
    <div><br>
    </div>
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    <div style="text-align: justify; text-indent: 36pt;">B.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Actions or Suits by or in the Right of the Corporation</u>. The corporation shall indemnify any person who was or is a party or is threatened to be made a party to any threatened,
      pending or completed action or suit by or in the right of the corporation to procure a judgment in its favor by reason of the fact that he or she is or was or has agreed to become a director or officer of the corporation or is or was serving or has
      agreed to serve at the request of the corporation as a director or officer of another corporation, partnership, joint venture, trust or other enterprise, or by reason of any action, alleged to have been taken or omitted in such capacity, against
      costs, charges and expenses (including attorneys&#8217; fees) actually and reasonably incurred by him or her or on his or her behalf in connection with the defense or settlement of such action or suit and any appeal therefrom, if he or she acted in good
      faith and in a manner he or she reasonably believed to be in, or not opposed to, the best interests of the corporation, except that no indemnification shall be made in respect of any claim, issue or matter as to which such person shall have been
      adjudged to be liable to the corporation unless and only to the extent that the Court of Chancery of Delaware or the court in which such action or suit was brought shall determine upon application that, despite the adjudication of such liability but
      in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such costs, charges and expenses which the Court of Chancery or such other court shall deem proper.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">C.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Indemnification for Costs, Charges and Expenses of Successful Party</u>. Notwithstanding the other provisions of this <u>Article ELEVENTH</u>, to the extent that a director or officer
      has been successful, on the merits or otherwise, including, without limitation, to the extent permitted by applicable law, the dismissal of an action without prejudice, in defense on any action, suit or proceeding referred to in <u>Paragraphs A</u>
      and <u>B</u> of this <u>Article ELEVENTH</u>, or in defense of any claim, issue or matter therein, he or she shall be indemnified against all costs, charges and expenses (including attorneys&#8217; fees) actually and reasonably incurred by him or her or
      on his or her behalf in connection therewith.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">D.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Determination of Right to Indemnification</u>. Any indemnification under <u>Paragraphs A</u> and <u>B</u> of this <u>Article ELEVENTH</u> (unless ordered by a court) shall be paid
      by the corporation, if a determination is made that indemnification of the director or officer is proper in the circumstances because he or she has met the applicable standard of conduct set forth in <u>Paragraphs A</u> and <u>B</u> of this <u>Article

        ELEVENTH</u>. Such determination shall be made (i) by the board of directors by a majority vote of the directors who were not parties to such action, suit or proceeding, or (ii) if such majority of disinterested directors so directs, by independent
      legal counsel in a written opinion, or (iii) by the stockholders.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">E.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Advance of Costs</u>. Charges and Expenses. Costs, charges and expenses (including attorneys&#8217; fees) incurred by a person referred to in <u>Paragraphs A</u> and <u>B</u> of this <u>Article

        ELEVENTH</u> in defending a civil or criminal action, suit or proceeding shall be paid by the corporation in advance of the final disposition of such action or proceeding; <font style="font-style: italic;">provided</font>, <font style="font-style: italic;">however</font>, that the payment of such costs, charges and expenses incurred by a director or officer in his or her capacity as a director or officer (and not in any other capacity in which service was or is rendered by
      such person while a director or officer) in advance of the final disposition of such action, suit or proceeding shall be made only upon receipt of an undertaking by or on behalf of such director or officer to repay all amounts so advanced in the
      event that it shall ultimately be determined that such director or officer is not entitled to be indemnified by the corporation as authorized in this <u>Article ELEVENTH</u>. Such costs, charges and expenses incurred by other employees and agents
      may be so paid upon such terms and conditions, if any, as the majority of the directors deems appropriate. The majority of the directors may, in the manner set forth above, and upon approval of such director or officer of the corporation, authorize
      the corporation&#8217;s counsel to represent such person, in any action, suit or proceeding, whether or not the corporation is a party to such action, suit or proceeding.</div>
    <div><br>
    </div>
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      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">A-23</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
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    </div>
    <div style="text-align: justify; text-indent: 36pt;">F.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Procedure for Indemnification</u>. Any indemnification under <u>Paragraphs A</u>, <u>B</u> and <u>C</u>, or advance of costs, charges and expenses under Paragraph E of this <u>Article

        ELEVENTH</u> shall be made promptly, and in any event within 60 days, upon the written request of the director or officer. The right to indemnification or advances as granted by this <u>Article ELEVENTH</u> shall be enforceable by the director or
      officer in any court of competent jurisdiction, if the corporation denies such request, in whole or in part, or if no disposition thereof is made within 60 days. Such person&#8217;s costs and expenses incurred in connection with successfully establishing
      his or her right to indemnification, in whole or in part, in any such action shall also be indemnified by the corporation. It shall be a defense to any such action (other than an action brought to enforce a claim for the advance of costs, charges and
      expenses under <u>Paragraph E</u> of this <u>Article ELEVENTH)</u> where the required undertaking, if any, has been received by the corporation that the claimant has not met the standard of conduct set forth in <u>Paragraphs A</u> and <u>B</u>,
      of this <u>Article ELEVENTH</u>, but the burden of proving such defense shall be on the corporation. Neither the failure of the corporation (including its board of directors, its independent legal counsel and its stockholders) to have made a
      determination prior to the commencement of such action that indemnification of the claimant is proper in the circumstances because he or she has met the applicable standard of conduct set forth in <u>Paragraphs A</u> and <u>B</u> of this <u>Article

        ELEVENTH</u>, nor the fact that there has been an actual determination by the corporation (including its board of directors, its independent legal counsel and its stockholders) that the claimant has not met such applicable standard of conduct,
      shall be a defense to the action or create a presumption that the claimant has not met the applicable standard of conduct.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">G.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Settlement</u>. The corporation shall not be obligated to reimburse the costs of any settlement to which it has not agreed. If in any action, suit or proceeding, including any appeal
      within the scope of <u>Paragraphs A</u> and <u>B</u> of this <u>Article ELEVENTH</u>, the person to be indemnified shall have unreasonably failed to enter into a settlement thereof offered or assented to by the opposing party or parties in such
      action, suit or proceeding, then, notwithstanding any other provision hereof the indemnification obligation of the corporation to such person in connection with such action, suit or proceeding shall not exceed the total of the amount at which
      settlement could have been made and the expenses incurred by such person prior to the time such settlement could reasonably have been effected.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">H.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Subsequent Amendment</u>. No amendment, termination or repeal of this <u>Article ELEVENTH</u> or of relevant provisions of the Delaware General Corporation Law or any other applicable
      law shall affect or diminish in any way the rights of any director or officer of the corporation to indemnification under the provisions hereof with respect to any action, suit or proceeding arising out of or relating to, any actions, transactions or
      facts occurring prior to the final adoption of such amendment termination or repeal.</div>
    <div><br>
    </div>
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      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">A-24</font></div>
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    </div>
    <div style="text-align: justify; text-indent: 36pt;">I.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Other Rights; Continuation of Right to Indemnification</u>. The indemnification provided by this <u>Article ELEVENTH</u> shall not be deemed exclusive of any other rights to which a
      director, officer, employee or agent seeking indemnification may be entitled under any law (common or statutory), agreement, vote of stockholders or disinterested directors or otherwise, both as to action in his or her official capacity and as to
      action in any other capacity while holding office or while employed by or acting as agent for the corporation, and shall continue as to a person who has ceased to be a director, officer, employee or agent, and shall inure to the benefit of the
      estate, heirs, executors and administrators of such person. Nothing contained in this <u>Article ELEVENTH</u> shall be deemed to prohibit and the corporation is specifically authorized to enter into agreements with officers and directors providing
      indemnification rights and procedures different from those set forth herein. All rights to indemnification under this <u>Article ELEVENTH</u> shall be deemed to be a contract between the corporation and each director or officer of the corporation
      who serves or served in such capacity at any time while this <u>Article ELEVENTH</u> is in effect. The corporation shall not consent to any acquisition, merger, consolidation or other similar transaction unless the successor corporation assumes by
      operation of law or by agreement the obligations set forth in this <u>Article ELEVENTH</u>.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">J.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Savings Clause</u>. If this <u>Article ELEVENTH</u> or any portion hereof shall be invalidated on any ground by any court of competent jurisdiction, then the corporation shall
      nevertheless indemnify each director or officer of the corporation as to any costs, charges, expenses (including attorney&#8217;s fees), judgments, fines and amounts paid in settlement with respect to any action, suit or proceeding, whether civil,
      criminal, administrative or investigative, including an action by or in the right of the corporation, to the full extent permitted by any applicable portion of this <u>Article ELEVENTH</u> that shall not have been invalidated and to the full extent
      permitted by applicable law.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">K.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Subsequent Legislation</u>. If the Delaware General Corporation Law is amended after the date hereof to further expand the indemnification permitted to directors and officers of the
      corporation, then the corporation shall indemnify such person to the fullest extent permitted by the Delaware General Corporation Law, as so amended.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;">TWELFTH.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Stockholder nominations of persons for election as directors of this corporation and stockholder proposals with respect to business to be
      conducted at an annual meeting of stockholders must, in order to be voted upon, be made in writing and delivered to the secretary of this corporation on or before 30 days (or such other period as may be established in the bylaws) in advance of the
      date (month and day) of the previous year&#8217;s annual meeting.</div>
    <div><br>
    </div>
    <div><br>
    </div>
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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>3
<FILENAME>brhc10018952_ex10-1.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
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    <title></title>
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      <hr noshade="noshade" align="center" style="height: 4px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;">Exhibit 10.1<br>
    </div>
    <div style="text-align: center; font-weight: bold;"> <br>
    </div>
    <div style="text-align: center; font-weight: bold;">BROADWAY FINANCIAL CORPORATION</div>
    <div style="text-align: center; font-weight: bold;">5055 Wilshire Boulevard, Suite 500</div>
    <div style="text-align: center; font-weight: bold;">Los Angeles, California 90036</div>
    <div><br>
    </div>
    <div style="text-align: center;">January 14, 2020</div>
    <div><br>
    </div>
    <div>Brenda J. Battey</div>
    <div>5055 Wilshire Boulevard, Suite 500</div>
    <div>Los Angeles, California 90036</div>
    <div><br>
    </div>
    <div>Re: Employment Agreement</div>
    <div><br>
    </div>
    <div>Dear Brenda:</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Broadway Financial Corporation&#160; (&#8220;Broadway&#8221;) has entered into an Agreement and Plan of Merger with CFBanc Corporation (&#8220;CFB&#8221;), dated as of August 25, 2020 (such agreement as amended or supplemented from time to time
      being referred to in this letter agreement as the &#8220;Merger Agreement&#8221;), pursuant to which CFB will merge with and into Broadway and Broadway Federal Bank, f.s.b. (&#8220;Broadway Bank&#8221;) will merge with and into CFB&#8217;s wholly-owned banking subsidiary, City
      First Bank of DC, National Association (&#8220;CF Bank&#8221;).&#160; After consultation with legal counsel, Broadway has determined that the transactions provided for in the Merger Agreement will constitute a Change in Control as that term is defined in your
      existing Employment Agreement with Broadway and Broadway Bank, dated as of May 1, 2017 and amended by Amendment No 1 thereto, dated as of July 1, 2019 (such agreement as amended or supplemented from time to time being referred to in this letter
      agreement as &#8220;your Employment Agreement&#8221;).&#160; Terms used in this letter have the meanings given to them in your Employment Agreement.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">In connection with the negotiation of the terms of the Merger Agreement by the parties thereto, you, Broadway, Broadway Bank, CFB and CF Bank have agreed that (i) you will continue your service as the Chief Financial
      Officer of Broadway after the merger of Broadway and CFB is completed, and (ii) for purposes of your Employment Agreement, the termination of your employment for any reason following the merger, whether by the Company or you, other than if your
      employment is terminated by the Company for &#8220;Cause&#8221;, will constitute a termination of the Service Period without Cause. Accordingly, upon such a termination (or, if later, your eventual &#8220;separation from service&#8221; within the meaning of Section 409A of
      the Code following such a termination), you will be entitled to receive the Accrued Obligations and, subject to your timely execution of, and not revoking, the Irrevocable Release, you will be entitled to receive the Severance Payments, either as set
      forth in Section 6(a) of your Employment Agreement or, if your termination of employment occurs within two years following the consummation of the merger, as set forth in Section 6(d) of your Employment Agreement. The Severance Payments will be
      payable in accordance with the terms of Section 6(a) or 6(d), as applicable, subject to any delay required due to your status as a &#8220;specified employee&#8221; under Section 409A.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">If this letter accurately states our agreement, please sign a copy of this letter in the space indicated for your signature below, whereupon each of the corporate entities on whose behalf this letter agreement is
      signed and you will be legally bound as provided herein.</div>
    <div><br>
    </div>
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        <tr>
          <td colspan="2" style="vertical-align: top;">
            <div>/s/ Wayne-Kent A. Bradshaw</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div>Name:</div>
          </td>
          <td style="width: 95%; vertical-align: top;">
            <div>Wayne-Kent A. Bradshaw</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div>Title:</div>
          </td>
          <td style="width: 95%; vertical-align: top;">
            <div>President and Chief Executive Officer</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 95%; vertical-align: top;">
            <div>Broadway Financial Corporation and</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 95%; vertical-align: top;">
            <div>Broadway Federal Bank, f.s.b.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div>AGREED:</div>
    <div><br>
    </div>
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        <tr>
          <td colspan="2" style="vertical-align: top;">
            <div>/s/ Brian Argrett</div>
          </td>
          <td style="width: 33.23%; vertical-align: top;">
            <div>/s/ Brenda J. Battey</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div>Name:</div>
          </td>
          <td style="width: 62%; vertical-align: top;">
            <div>Brian Argrett</div>
          </td>
          <td style="width: 33.23%; vertical-align: top;">
            <div>Name:&#160; Brenda J. Battey</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div>Title:</div>
          </td>
          <td style="width: 62%; vertical-align: top;">
            <div>President and Chief Executive Officer</div>
          </td>
          <td style="width: 33.23%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 62%; vertical-align: top;">
            <div>CFBanc Corporation and City First</div>
          </td>
          <td style="width: 33.23%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 62%; vertical-align: top;">
            <div>Bank of DC, National Association</div>
          </td>
          <td style="width: 33.23%; vertical-align: top;">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">2</font></div>
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        <tr>
          <td colspan="2" style="vertical-align: top;">
            <div>/s/ Brian Argrett</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div>Name:</div>
          </td>
          <td style="width: 95%; vertical-align: top;">
            <div>Brian Argrett</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div>Title:</div>
          </td>
          <td style="width: 95%; vertical-align: top;">
            <div>Chief Executive Officer</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 95%; vertical-align: top;">
            <div>CFB Corporation and City First</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 95%; vertical-align: top;">
            <div>Bank of DC, National Association</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
  </div>
  <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">3</font>
    <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; margin-left: auto; margin-right: auto; border: none;"></div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>4
<FILENAME>brhc10018952_ex10-2.htm
<DESCRIPTION>EXHIBIT 10.2
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Broadridge
         Document created using EDGARfilings PROfile 7.3.2.0
         Copyright 1995 - 2021 Broadridge -->
  </head>
<body bgcolor="#ffffff" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000;">
  <div>
    <div style="text-align: center; font-weight: bold;"></div>
    <div style="text-align: right; font-weight: bold;">
      <hr noshade="noshade" align="center" style="height: 4px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"> Exhibit 10.2<br>
    </div>
    <div style="text-align: center; font-weight: bold;"> <br>
    </div>
    <div style="text-align: center; font-weight: bold;">BROADWAY FINANCIAL CORPORATION</div>
    <div style="text-align: center; font-weight: bold;">5055 Wilshire Boulevard, Suite 500</div>
    <div style="text-align: center; font-weight: bold;">Los Angeles, California 90036</div>
    <div><br>
    </div>
    <div style="text-align: center;">January 14, 2020</div>
    <div><br>
    </div>
    <div>Norman Bellefeuille</div>
    <div>5055 Wilshire Boulevard, Suite 500</div>
    <div>Los Angeles, California 90036</div>
    <div><br>
    </div>
    <div>Re: Employment Agreement</div>
    <div><br>
    </div>
    <div>Dear Norman:</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Broadway Financial Corporation (&#8220;Broadway&#8221;) has entered into an Agreement and Plan of Merger with CFBanc Corporation (&#8220;CFB&#8221;), dated as of August 25, 2020 (such agreement as amended or supplemented from time to time
      being referred to in this letter agreement as the &#8220;Merger Agreement&#8221;), pursuant to which CFB will merge with and into Broadway and Broadway Federal Bank, f.s.b. (&#8220;Broadway Bank&#8221;) will merge with and into CFB&#8217;s wholly-owned banking subsidiary, City
      First Bank of DC, National Association (&#8220;CF Bank&#8221;).&#160; After consultation with legal counsel, Broadway has determined that the transactions provided for in the Merger Agreement will constitute a Change in Control as that term is defined in your
      existing Employment Agreement with Broadway and Broadway Bank, dated as of May 1, 2017 and amended by Amendment No 1 thereto, dated as of July 1, 2019 (such agreement as amended or supplemented from time to time being referred to in this letter
      agreement as &#8220;your Employment Agreement&#8221;).&#160; Terms used in this letter have the meanings given to them in your Employment Agreement.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">In connection with the negotiation of the terms of the Merger Agreement by the parties thereto, you, Broadway, Broadway Bank, CFB and CF Bank have agreed that (i) you will continue your service as the Chief Lending
      Officer of Broadway after the merger of Broadway and CFB is completed, and (ii) for purposes of your Employment Agreement, the termination of your employment for any reason following the merger, whether by the Company or you, other than if your
      employment is terminated by the Company for &#8220;Cause&#8221;, will constitute a termination of the Service Period without Cause. Accordingly, upon such a termination (or, if later, your eventual &#8220;separation from service&#8221; within the meaning of Section 409A of
      the Code following such a termination), you will be entitled to receive the Accrued Obligations and, subject to your timely execution of, and not revoking, the Irrevocable Release, you will be entitled to receive the Severance Payments, either as set
      forth in Section 6(a) of your Employment Agreement or, if your termination of employment occurs within two years following the consummation of the merger, as set forth in Section 6(d) of your Employment Agreement. The Severance Payments will be
      payable in accordance with the terms of Section 6(a) or 6(d), as applicable, subject to any delay required due to your status as a &#8220;specified employee&#8221; under Section 409A.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">If this letter accurately states our agreement, please sign a copy of this letter in the space indicated for your signature below, whereupon each of the corporate entities on whose behalf this letter agreement is
      signed and you will be legally bound as provided herein.</div>
    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageFooter">
        <div style="text-indent: 230.7pt; font-size: 12pt;"></div>
      </div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <!--PROfilePageNumberReset%Num%2%%%-->
    <div>
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

          <tr>
            <td style="vertical-align: top;" colspan="2">
              <div>/s/ Wayne-Kent A. Bradshaw</div>
            </td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top;">
              <div>Name:</div>
            </td>
            <td style="width: 95%; vertical-align: top;">
              <div>Wayne-Kent A. Bradshaw</div>
            </td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top;">
              <div>Title:</div>
            </td>
            <td style="width: 95%; vertical-align: top;">
              <div>President and Chief Executive Officer</div>
            </td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 95%; vertical-align: top;">
              <div>Broadway Financial Corporation and</div>
            </td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 95%; vertical-align: top;">
              <div>Broadway Federal Bank, f.s.b.</div>
            </td>
          </tr>

      </table>
    </div>
    <br>
    <div>AGREED:</div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

          <tr>
            <td style="vertical-align: top;" colspan="2">
              <div>/s/ Brian Argrett</div>
            </td>
            <td style="width: 33.23%; vertical-align: top;">
              <div>/s/ Norman Bellefeuille</div>
            </td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top;">
              <div>Name:</div>
            </td>
            <td style="width: 62%; vertical-align: top;">
              <div>Brian Argrett</div>
            </td>
            <td style="width: 33.23%; vertical-align: top;">
              <div>Name:&#160; Norman Bellefeuille</div>
            </td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top;">
              <div>Title:</div>
            </td>
            <td style="width: 62%; vertical-align: top;">
              <div>President and Chief Executive Officer</div>
            </td>
            <td style="width: 33.23%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 62%; vertical-align: top;">
              <div>CFBanc Corporation and City First</div>
            </td>
            <td style="width: 33.23%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 62%; vertical-align: top;">
              <div>Bank of DC, National Association</div>
            </td>
            <td style="width: 33.23%; vertical-align: top;">&#160;</td>
          </tr>

      </table>
    </div>
    <br>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageFooter">
        <div style="text-indent: 230.7pt; font-size: 12pt;"></div>
      </div>
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">2</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

        <tr>
          <td style="vertical-align: top;" colspan="2">
            <div>/s/ Brian Argrett</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div>Name:</div>
          </td>
          <td style="width: 95%; vertical-align: top;">
            <div>Brian Argrett</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div>Title:</div>
          </td>
          <td style="width: 95%; vertical-align: top;">
            <div>Chief Executive Officer</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 95%; vertical-align: top;">
            <div>CFB Corporation and City First</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 95%; vertical-align: top;">
            <div>Bank of DC, National Association</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <br>
    <div id="DSPFPageFooter">
      <div style="text-indent: 230.7pt; font-size: 12pt;"></div>
    </div>
  </div>
  <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">3</font>
    <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; margin-left: auto; margin-right: auto; border: none;"></div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>5
<FILENAME>brhc10018952_ex10-3.htm
<DESCRIPTION>EXHIBIT 10.3
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Broadridge
         Document created using EDGARfilings PROfile 7.3.2.0
         Copyright 1995 - 2021 Broadridge -->
  </head>
<body bgcolor="#ffffff" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000;">
  <div>
    <div style="text-align: right; font-weight: bold;">
      <hr noshade="noshade" align="center" style="height: 4px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"> Exhibit 10.3<br>
    </div>
    <div style="text-align: center; font-weight: bold;"> <br>
    </div>
    <div style="text-align: center; font-weight: bold;">BROADWAY FINANCIAL CORPORATION</div>
    <div style="text-align: center; font-weight: bold;">5055 Wilshire Boulevard, Suite 500</div>
    <div style="text-align: center; font-weight: bold;">Los Angeles, California 90036</div>
    <div><br>
    </div>
    <div style="text-align: center;">January 14, 2020</div>
    <div><br>
    </div>
    <div>Ruth McCloud</div>
    <div>5055 Wilshire Boulevard, Suite 500</div>
    <div>Los Angeles, California 90036</div>
    <div><br>
    </div>
    <div>Re: Employment Agreement</div>
    <div><br>
    </div>
    <div>Dear Ruth:</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Broadway Financial Corporation (&#8220;Broadway&#8221;) has entered into an Agreement and Plan of Merger&#160; with CFBanc Corporation (&#8220;CFB&#8221;), dated as of August 25, 2020 (such agreement as amended or supplemented from time to time
      being referred to in this letter agreement as the &#8220;Merger Agreement&#8221;), pursuant to which CFB will merge with and into Broadway and Broadway Federal Bank, f.s.b. (&#8220;Broadway Bank&#8221;) will merge with and into CFB&#8217;s wholly-owned banking subsidiary, City
      First Bank of DC, National Association (&#8220;CF Bank&#8221;).&#160; After consultation with legal counsel, Broadway has determined that the transactions provided for in the Merger Agreement will constitute a Change in Control as that term is defined in your
      existing Employment Agreement with Broadway and Broadway Bank, dated as of May 1, 2017 and amended by Amendment No 1 thereto, dated as of July 1, 2019 (such agreement as amended or supplemented from time to time being referred to in this letter
      agreement as &#8220;your Employment Agreement&#8221;).&#160; Terms used in this letter have the meanings given to them in your Employment Agreement.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">In connection with the negotiation of the terms of the Merger Agreement by the parties thereto, you, Broadway, Broadway Bank, CFB and CF Bank have agreed that (i) you will continue your service as the Chief Retail
      Banking Officer of Broadway after the merger of Broadway and CFB is completed, and (ii) for purposes of your Employment Agreement, the termination of your employment for any reason following the merger, whether by the Company or you, other than if
      your employment is terminated by the Company for &#8220;Cause&#8221;, will constitute a termination of the Service Period without Cause. Accordingly, upon such a termination (or, if later, your eventual &#8220;separation from service&#8221; within the meaning of Section
      409A of the Code following such a termination), you will be entitled to receive the Accrued Obligations and, subject to your timely execution of, and not revoking, the Irrevocable Release, you will be entitled to receive the Severance Payments,
      either as set forth in Section 6(a) of your Employment Agreement or, if your termination of employment occurs within two years following the consummation of the merger, as set forth in Section 6(d) of your Employment Agreement. The Severance Payments
      will be payable in accordance with the terms of Section 6(a) or 6(d), as applicable, subject to any delay required due to your status as a &#8220;specified employee&#8221; under Section 409A.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">If this letter accurately states our agreement, please sign a copy of this letter in the space indicated for your signature below, whereupon each of the corporate entities on whose behalf this letter agreement is
      signed and you will be legally bound as provided herein.</div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <!--PROfilePageNumberReset%Num%2%%%-->
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

        <tr>
          <td colspan="2" style="vertical-align: top;">
            <div>/s/ Wayne-Kent A. Bradshaw</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div>Name:</div>
          </td>
          <td style="width: 95%; vertical-align: top;">
            <div>Wayne-Kent A. Bradshaw</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div>Title:</div>
          </td>
          <td style="width: 95%; vertical-align: top;">
            <div>President and Chief Executive Officer</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 95%; vertical-align: top;">
            <div>Broadway Financial Corporation and</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 95%; vertical-align: top;">
            <div>Broadway Federal Bank, f.s.b.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div>AGREED:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

        <tr>
          <td colspan="2" style="vertical-align: top;">
            <div>/s/ Brian Argrett</div>
          </td>
          <td style="width: 33.23%; vertical-align: top;">
            <div>
              <div>/s/ Ruth McCloud</div>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div>Name:</div>
          </td>
          <td style="width: 62%; vertical-align: top;">
            <div>Brian Argrett</div>
          </td>
          <td style="width: 33.23%; vertical-align: top;">
            <div>
              <div>Name:&#160; Ruth McCloud</div>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div>Title:</div>
          </td>
          <td style="width: 62%; vertical-align: top;">
            <div>President and Chief Executive Officer</div>
          </td>
          <td style="width: 33.23%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 62%; vertical-align: top;">
            <div>CFBanc Corporation and City First</div>
          </td>
          <td style="width: 33.23%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 62%; vertical-align: top;">
            <div>Bank of DC, National Association</div>
          </td>
          <td style="width: 33.23%; vertical-align: top;">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">2</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

        <tr>
          <td colspan="2" style="vertical-align: top;">
            <div>/s/ Brian Argrett</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div>Name:</div>
          </td>
          <td style="width: 95%; vertical-align: top;">
            <div>Brian Argrett</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div>Title:</div>
          </td>
          <td style="width: 95%; vertical-align: top;">
            <div>Chief Executive Officer</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 95%; vertical-align: top;">
            <div>CFB Corporation and City First</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 95%; vertical-align: top;">
            <div>Bank of DC, National Association</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
  </div>
  <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">3</font>
    <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; margin-left: auto; margin-right: auto; border: none;"></div>
</body>
</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
