CHESAPEAKE BANK OF MARYLAND
AS AMENDED AND RESTATED
THIS AGREEMENT (the Agreement), made the 30th day of September, 2020 by and between CHESAPEAKE BANK OF MARYLAND, a federal savings bank (the Bank), and Jodi L. Beal (Executive).
WHEREAS, Executive serves in as Executive Vice President, Chief Financial Officer and Treasurer of the Bank (Officer Positions), and
WHEREAS, the Bank wishes to be assured of Executives continued services for the term of this Agreement; and
WHEREAS, Executive is willing to serve in the employ of the Bank during the term of this Agreement on the terms and conditions set forth hereinafter.
NOW, THEREFORE, in consideration of the mutual covenants contained in this Agreement, and upon the other terms and conditions provided for in this Agreement, the parties, intending to be legally bound, hereby agree as follows:
1. Employment. The Bank will employ Executive in the Officer Positions. Executive will perform all duties and shall have all powers commonly incident to her position, or which, consistent with his position, the Board of Directors of the Bank (the Board) delegates to Executive. Executive also agrees to serve, if elected, as an officer and/or director of any subsidiary or affiliate of the Bank, including CBM Bancorp, Inc., the parent holding company of the Bank (CBM), and to carry out the duties and responsibilities reasonably appropriate to those offices.
2. Location and Facilities. The Bank will furnish Executive with the working facilities and staff customary for executive officers with the titles and duties set forth in Section 1 and as are necessary for her to perform her duties. The location of such facilities and staff shall be at the principal administrative offices of the Bank, or at such other site or sites customary for such offices.
| ||a. || |
The term of this Agreement shall include: (i) the initial term, consisting of the period commencing on the date of this Agreement (the Effective Date) and ending on the second year anniversary of the Effective Date, plus (ii) any and all extensions of the initial term made pursuant to this Section 3 (collectively, the Term).
| ||b. || |
Commencing on the first anniversary of the Effective Date and continuing on each anniversary of the Effective Date thereafter, the disinterested members of the Board may extend the Agreement Term for an additional year, so that the remaining Term of the Agreement again becomes twenty-four (24) months, unless Executive elects not to extend the Term of this Agreement by giving written