First Bank : Form 8-K Current Report

Published: 2026-04-24 13:02:05 ET FRBA

Published on 04/24/2026 at 01:02 pm EDT

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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 (see General Instruction A.2. below):

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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. ☐

On April 23, 2026, Christopher Ewing signed an employment agreement (the "Agreement") which was previously approved by First Bank's (the "Bank") Board of Directors. The Agreement continues Mr. Ewing's role as the Bank's Executive Vice President and Chief Operating Officer. Capitalized terms not defined in this Form 8-K shall have the meaning set forth in the Agreement.

The Agreement provides a base salary of $350,000. Mr. Ewing will continue to be eligible for insurance coverages and benefits available to the Bank's senior management pursuant to the terms of such plans. The initial term of the Agreement will be three years from April 23, 2026 (the "Effective Date"). Commencing on the first anniversary of the Effective Date and continuing on each subsequent anniversary of the Effective Date (each anniversary referred to as a "Renewal Date"), the Term will extend automatically for one additional year, so that the Term will be three (3) years from the applicable Renewal Date, unless either the Bank or Mr. Ewing, by written notice to the other prior to the Renewal Date, notifies the other of its intent not to extend the Term.

Upon the termination of Mr. Ewing's employment by the Bank (or any successor) Without Cause or With Good Reason within two years at or after a Change in Control, the Agreement provides that the Bank (or any successor) will pay or provide Mr. Ewing, or Mr. Ewing's estate in the event of the executive's subsequent death, with the following change in control severance:

any Accrued Obligations;

a cash payment, less required tax withholding, equal to the sum of the following amounts: (A) two times Base Salary at the Date of Termination (or Mr. Ewing's Base Salary in effect during any of the prior three years, if higher); and (B) two times the annual cash bonus (at target) in the year of a Change in Control or, if greater, two times the average of the annual cash bonus earned by Mr. Ewing during the three years prior to a Change in Control; payable in a lump sum within thirty (30) days of Mr. Ewing's Date of Termination; and

continued non-taxable medical and dental coverage for twenty-four (24) months substantially comparable to (and on substantially the same terms and conditions) to the coverage maintained by the Bank for Mr. Ewing and his dependents immediately prior to their Date of Termination. Notwithstanding the foregoing, if applicable law (including, but not limited to, laws prohibiting discriminating in favor of highly compensated employees), or, if participation by Mr. Ewing is not permitted under the terms of the applicable health plans, or if providing such benefits would subject the Bank to penalties, then the Bank shall pay Mr. Ewing a cash lump sum payment reasonably estimated to be equal to the value of such non-taxable medical and dental benefits, with such payment to be made by lump sum within ten business days of the Date of Termination, or if later, the date on which the Bank determines that such insurance coverage (or the remainder of such insurance coverage) cannot be provided for the foregoing reasons.

In addition, the Board of Directors may immediately terminate Mr. Ewing's employment at any time Without Cause, and Mr. Ewing may, by written notice to the Board of Directors, terminate his employment at any time With Good Reason and the Bank will pay or provide the executive the following non-change in control severance:

any Accrued Obligations;

a cash payment, less required tax withholding, equal to one and one-half (1.5) times Base Salary, payable in a lump sum within sixty (60) days of Mr. Ewing's Date of Termination; and

continued non-taxable medical and dental coverage for eighteen (18) months substantially comparable to (and on substantially the same terms and conditions) to the coverage maintained by the Bank for Mr. Ewing and his dependents immediately prior to his Date of Termination. Notwithstanding the foregoing, if applicable law (including, but not limited to, laws prohibiting discriminating in favor of highly compensated employees), or, if participation by the executive is not permitted under the terms of the applicable health plans, or if providing such benefits would subject the Bank to penalties, then the Bank shall pay Mr. Ewing a cash lump sum payment reasonably estimated to be equal to the value of such non-taxable medical and dental benefits, with such payment to be made by lump sum within ten business days of the Date of Termination, or if later, the date on which the Bank determines that such insurance coverage (or the remainder of such insurance coverage) cannot be provided for the foregoing reasons.

The Agreement also provides benefits upon death and disability.

The foregoing description of the Agreement is not intended to be complete and is qualified in its entirety by reference to the Agreement attached hereto as Exhibit 10.1 and incorporated by reference into this Item 5.02.

There is no arrangement or understanding between Mr. Ewing and any other person pursuant to which they were selected as Executive Vice President. In addition, there are no familial relationships between Mr. Ewing and any director or executive officer of the Bank, and Mr. Ewing has no direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.

(d) Exhibits.

10.1 Employment Agreement by and between First Bank and Christopher Ewing

SIGNATURES

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.

FIRST BANK

Dated: April 24, 2026

By: /s/ Andrew L. Hibshman

Andrew L. Hibshman Executive Vice President and Chief Financial Officer

‌Exhibit 10.1

This Employment Agreement (the "Agreement") is made and entered into, effective as of the 23rd day of April, 2026 (the "Effective Date"), by and between First Bank, a New Jersey state chartered commercial bank (the "Bank") and Christopher Ewing (the "Executive").

Employment. During the Term (as defined in Section 2(a) of this Agreement), the Executive agrees to serve as Executive Vice President / Chief Operating Officer of the Bank or any successor executive position with the Bank that is consented to, in writing, by the Executive (the "Executive Position"), and will perform the duties of and have all powers associated with the Executive Position as are appropriate for a person in the position of the Executive Position, as well as those as shall be assigned by the Board of Directors of the Bank (the "Board of Directors"). During the period provided for in this Agreement, the Executive also agrees to serve, if elected, as an officer, director or trustee of any subsidiary or affiliate of the Bank and in such capacity to carry out the duties and responsibilities reasonably appropriate to any such position.

Responsibilities. During the Executive's employment hereunder, the Executive will be employed on a full-time basis and devote the Executive's full business time and best efforts, business judgment, skill and knowledge to the performance of the Executive's duties and responsibilities related to the Executive Position. Except as otherwise provided in Section 1(c), or as may be approved by the Board of Directors, the Executive will not engage in any other business activity during the term of this Agreement.

Service on Other Boards and Committees. The Bank encourages participation by the Executive on community boards and committees and in activities generally considered to be in the public interest, but the Board of Directors shall have the right to approve or disapprove, in its sole discretion, the Executive's participation on those boards and committees.

Term and Annual Renewal. The initial term of this Agreement will begin as of the Effective Date and continue for a period of three years (the "Term"). Commencing on the first anniversary of the Effective Date and continuing on each subsequent anniversary of the Effective Date (each anniversary referred to as a "Renewal Date"), the Term will extend automatically for one additional year, so that the Term will be three (3) years from the applicable Renewal Date, unless either the Bank or the Executive, by written notice to the other given at least thirty (30) days

prior to the Renewal Date, notifies the other of its intent not to extend the Term. In the event either party provides notice not to extend the Term, the Term will become fixed and terminate as of the last day of the then current Term. For avoidance of doubt, any extension to the Term will become the new "Term" for purposes of this Agreement.

At least thirty (30) days prior to a Renewal Date, the disinterested members of the Board of Directors will conduct a comprehensive performance evaluation and review of the Executive for purposes of determining whether to take action regarding non-renewal of the Agreement, and the results thereof will be included in the minutes of the meeting of the Board of Directors.

Change in Control. Notwithstanding the foregoing, in the event the Bank has entered into an agreement to effect a transaction that would be considered a Change in Control, as defined in Section 5, the Term of this Agreement will automatically extend so that it expires no less than two (2) years beyond the effective date of the Change in Control, subject to extensions as set forth in Section 2(a).

Continued Employment Following Expiration of Term. Nothing in this Agreement will mandate or prohibit a continuation of the Executive's employment following the expiration of the Term of this Agreement.

Base Salary. In consideration of the Executive's performance of the responsibilities and duties set forth in this Agreement, the Executive will receive an annual base salary of $350,000.00 per year ("Base Salary"). The Bank will pay the Base Salary in accordance with its customary payroll practices. During the term of this Agreement, the Board of Directors (or the Compensation Committee of the Board of Directors (the "Compensation Committee")) may increase, but not decrease, the Executive's Base Salary. Any increase in Base Salary will become the new "Base Salary" for purposes of this Agreement.

Bonus and Incentive Compensation. The Executive (1) is eligible to participate in any bonus plan or arrangement of the Bank in which senior management is eligible to participate, pursuant to which a bonus may be paid to the Executive in accordance with the plan or arrangement; and/or (2) may receive a bonus, if any, on a discretionary basis, as determined by the Board of Directors or the Compensation Committee.

Benefit Plans. The Executive will be entitled to participate in employee benefit plans, arrangements and perquisites offered to senior management of the Bank, on terms and conditions no less favorable than the plans, arrangements and perquisites as are available to other members of senior management of the Bank subject to the terms of such plans, arrangements and perquisites. Without limiting the generality of the foregoing provisions of this Section 3(c), the Executive also will be entitled to participate in employee benefit plans including but not limited to retirement plans, pension plans, profit-sharing plans, health-and-accident plans, or any other employee benefit plan or arrangement made available by the Bank in the future to management employees, subject to the terms of such plans, arrangements and perquisites.

Leave and Paid Time Off. The Executive will be entitled to paid time off each

year during the term of this Agreement measured on a calendar year basis, in accordance with the Bank's customary practices and in accordance with the Bank's policies and procedures for officers. Any unused paid time off during an annual period will be treated in accordance with the Bank's personnel policies as in effect from time to time.

Expense Reimbursements. The Bank will reimburse the Executive for all reasonable travel, entertainment and other expenses incurred by the Executive in performing the Executive's obligations under this Agreement, including, without limitation, fees for memberships in organizations that the Executive and the Board of Directors or the Compensation Committee mutually agree are necessary and appropriate in connection with the performance of the Executive's duties under this Agreement. All reimbursements will be made as soon as practicable upon substantiation of the expenses by the Executive in accordance with the applicable policies and procedures of the Bank and, in any event, not later than March 15 immediately following the calendar year in which the Executive incurred the expense.

Subject to Section 5, which governs the occurrence of a Change in Control, the Executive's employment under this Agreement will terminate under the circumstances set forth in this Section 4.

Definition of Accrued Obligations. For purposes of this Agreement, the term "Accrued Obligations" means the sum of: (i) any Base Salary earned but unpaid through the Executive's Date of Termination, (ii) unpaid expense reimbursements (subject to, and in accordance with, Section 3(e)), (iii) unused paid time off accrued through the Date of Termination (subject to an in accordance with Section 3(d)), (iv) any earned but unpaid short-term and longterm incentive compensation for the year immediately preceding the year of termination and (v) any vested benefits the Executive may have under any employee benefit plan of the Bank through the Date of Termination, which vested benefits will be paid and/or provided in accordance with the terms of the employee benefit plans. Unless otherwise provided by the applicable employee benefit plan, the Accrued Obligations, if any, will be paid to the Executive (or the Executive's estate or beneficiary) within thirty (30) days following the Executive's Date of Termination.

Death. This Agreement and the Executive's employment with the Bank will terminate upon the Executive's death. Upon the Executive's death, the Bank shall pay the Executive's beneficiary an amount equal to the Executive's Base Salary for twelve months, which shall be payable in accordance with the regular payroll practices of the Bank. If the Executive has not elected a beneficiary under this Agreement, the Bank shall make such payments to the Executive's beneficiary as specified under the Bank's 401(k) Plan.

Disability. The Bank shall be entitled to terminate the Executive's employment and this Agreement due to the Executive's Disability. If the Bank terminates the Executive's employment due to the Executive's Disability, the Executive shall be entitled to any Accrued Obligations and to receive benefits under all short-term or long-term disability plans maintained by the Bank for its executives. To the extent such benefits are less than Executive's Base Salary, the Bank shall pay Executive an amount equal to the difference between such disability plan benefits and the amount of Executive's Base Salary for twelve months following the termination

of his employment due to Disability, which shall be payable in accordance with the regular payroll practices of the Bank. For purposes of this Agreement, the term "Disability" means the Executive is deemed disabled for purposes of the Bank's long-term disability plan or policy that covers the Executive or is determined to be disabled by the Social Security Administration. Termination of Executive's employment based on "Disability" shall be construed to comply with Section 409A of the Internal Revenue Code of 1986, as amended ("Code") and shall be deemed to have occurred if: (i) Executive is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death, or last for a continuous period of not less than 12 months; (ii) by reason of any medically determinable physical or mental impairment that can be expected to result in death, or last for a continuous period of not less than 12 months, Executive is receiving income replacement benefits for a period of not less than three months under an accident and health plan covering employees of the Bank or the Company; or (iii) Executive is determined to be totally disabled by the Social Security Administration.

Termination for Cause. The Board of Directors may immediately terminate the Executive's employment and this Agreement at any time for "Cause." In the event the Executive's employment is terminated for Cause, the Bank's sole obligation will be to pay or provide to the Executive any Accrued Obligations. For purposes of this Agreement, the term "Cause" means termination because of, in the good faith determination of the Board of Directors, the Executive's:

documented, repeated and willful failure by the Executive (x) to perform his duties or (y) to abide by the Bank's material employment or other material policies; but only after written demand provided to Executive within thirty (30) days of the Discovery (as such term is defined below) of the event allegedly constituting or contributing to the Bank's claim of "Cause" and only to the extent such failure has not been cured, to the extent capable of cure, within thirty (30) days of such notice;

final conviction of a felony (other than a minor traffic violation) or material violation of any formal written agreement, memorandum or order governing the Bank or the Executive, which is issued by any federal or state bank regulatory authority having jurisdiction over the Bank or the Executive;

the Executive's personal dishonesty or conduct which constitutes moral turpitude;

excessive absenteeism, other than for illnesses or disability, after at least one warning in writing from the Bank;

the unauthorized disclosure or use of any confidential information or proprietary data of the Bank which is directly and materially injurious to the Bank;

the issuance by any regulator of the Bank or any affiliated company of an un-appealable order to the effect that the Executive be permanently discharged; or

a material breach of this Agreement which remains uncured, to the extent capable of cure, within thirty (30) days after Executive is provided written notice of such breach within thirty (30) days of the Discovery of the event allegedly constituting or contributing to the Bank's claim of "Cause". For purposes of this Agreement, the term Discovery shall mean the receipt of information in writing by the Chair of either the Compensation Committee or the Audit Committee of the Board of Directors of Bank that an event or series of events has transpired which would reasonably be deemed to constitute "Cause" hereunder.

Any determination of Cause under this Agreement will be made by resolution adopted by at least three-quarters (3/4) vote of the disinterested members of the Board of Directors at a meeting called and held for that purpose. The Executive will be provided with reasonable notice of the meeting and the Executive will be given an opportunity to be heard before a vote is taken by the disinterested members of the Board of Director regarding the termination of employment.

Resignation by Executive without Good Reason. The Executive may resign from employment during the term of this Agreement without Good Reason upon at least thirty (30) days prior written notice to the Board of Directors, provided, however, that the Bank may accelerate the Date of Termination upon receipt of written notice of the Executive's resignation. In the event the Executive resigns without Good Reason, the Bank's sole obligation under this Agreement will be to pay or provide any Accrued Obligations to the Executive.

Termination Without Cause or With Good Reason.

The Board of Directors may immediately terminate the Executive's employment at any time for a reason other than Cause (a termination "Without Cause"), and the Executive may, by written notice to the Board of Directors, terminate his employment at any time within ninety (90) days following an event constituting "Good Reason" (a termination "With Good Reason"); provided, however, that the Bank will have thirty (30) days to cure the "Good Reason" condition, but the Bank may waive its right to cure. In the event of a termination employment described under this Section 4(f)(i) during the Term and subject to the requirements of Section 4(f)(iii), the Bank will pay or provide the Executive the following:

any Accrued Obligations;

a cash payment equal to one and one-half (1.5) times Base Salary, less required withholding, payable in a lump sum within sixty (60) days of the Executive's Date of Termination; and

to, laws prohibiting discriminating in favor of highly compensated employees), or, if participation by the Executive is not permitted under the terms of the applicable health plans, or if providing such benefits would subject the Bank to penalties, then the Bank shall pay the Executive a cash lump sum payment reasonably estimated to be equal to the value of such non-taxable medical and dental benefits, with such payment to be made by lump sum within ten business days of the Date of Termination, or if later, the date on which the Bank determines that such insurance coverage (or the remainder of such insurance coverage) cannot be provided for the foregoing reasons.

"Good Reason" exists if, without the Executive's express written consent,

any of the following occur:

any material diminution in the Executive's duties, authority, and responsibilities with respect to the Bank from those set forth in Section 1 hereof;

the Executive's Base Salary is reduced from the level of Executive's Base Salary as of the preceding December 31;

a change in the location of the principal work location of the Executive as in effective on the Effective Date to a location more than twenty-five (25) miles from therefrom; or

the Bank materially breaches this Agreement.

Notwithstanding anything to the contrary in Section 4(f)(i), the Executive will not receive any payments or benefits under Sections 4(f)(i)(B) or 4(f)(i)(C) unless and until the Executive executes a release of claims (the "Release") against the Bank and any affiliate, and their officers, directors, successors and assigns, releasing said persons from any and all claims, rights, demands, causes of action, suits, arbitrations or grievances relating to the employment relationship, including claims under the Age Discrimination in Employment Act, but not including claims for benefits under tax-qualified plans or other benefit plans in which the Executive is vested, claims for benefits required by applicable law or claims with respect to obligations set forth in this Agreement that survive the termination of this Agreement. The Release must be executed and become irrevocable by the 60th day following the Date of Termination, provided that if the 60-day period spans two (2) calendar years, then, to the extent necessary to comply with Section 409A of the Code, the payments and benefits described in this Section 4(f) will be paid, or commence, in the second calendar year.

Effect on Status as a Director. In the event of the Executive's termination of employment under this Agreement for any reason, unless otherwise agreed to by the mutual consent of the Executive and the Board of Directors, the termination will also constitute the Executive's resignation as a director of the Bank, as well as a director or trustee of any subsidiary

or affiliate thereof, to the extent the Executive is acting as a director or trustee of any of the aforementioned entities.

Notice; Effective Date of Termination. Any Notice of Termination of employment under this Agreement must be communicated by or to the Executive or the Bank, as applicable, in accordance with Section 17. For purposes of this Agreement, the term "Date of Termination" means the Executive's termination of employment pursuant to this Agreement, which will be effective on the earliest of: (i) immediately after the Bank gives notice to the Executive of the Executive's termination Without Cause, unless the parties agree to a later date, in which case, termination will be effective as of such later date; (ii) immediately upon approval by the Board of Directors of termination of the Executive's employment for Cause; (iii) immediately upon the Executive's death or Disability; (iv) thirty (30) days after the Executive gives written notice to the Bank of the Executive's resignation from employment (including With Good Reason), provided that the Bank may set an earlier termination date at any time prior to the date of termination of employment, in which case the Executive's resignation shall be effective as of that date; or (v) in the event of the Executive's termination With Good Reason due to a material reduction in Base Salary, the date on which the Executive provides Notice of Termination in accordance with Section 4(f)(i).

Change in Control Defined. For purposes of this Agreement, the term "Change in Control" means: (i) a change in the ownership of the Bank; (ii) a change in the effective control of the Bank; or (iii) a change in the ownership of a substantial portion of the assets of the Bank as defined in accordance with Section 409A of the Code.

A change in the ownership of the Bank shall occur on the date that any one person, or more than one person acting as a group (as defined in Treasury Regulation Section 1.409A-3(i)(5)(v)(B), acquires ownership of stock of the corporation that, together with stock held by such person or group, constitutes more than 50% of the total fair market value or total voting power of the stock of such corporation. However, if any one person or more than one person acting as a group, is considered to own more than 50% of the total fair market value or total voting power of the stock of a corporation, the acquisition of additional stock by the same person or person is not considered to cause a change in the ownership of the corporation (or to cause a change in the effective control of the corporation (within the meaning of paragraph (ii) below)). An increase in the percentage of stock owned by any one person, or persons acting as a group, as a result of a transaction in which the corporation acquires its stock in exchange for property will be treated as an acquisition of stock for purposes of this section. This paragraph (i) applies only when there is a transfer of stock of a corporation (or issuance of stock of a corporation) and stock in such corporation remains outstanding after the transaction.

A change in the effective control of the Bank shall occur on the date that either

(a) any one person, or more than one person acting as a group (as defined in

Treasury Regulation Section 1.409A-3(i)(5)(vi)(D)), acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or persons) ownership of stock of the corporation possessing 30% or more of the total voting power of the stock of such corporation; or (b) a majority of members of the corporation's board of directors is replaced during any 12-month period by directors whose appointment or election is not endorsed by a majority of the members of the corporation's board of directors prior to the date of the appointment or election, provided that for purposes of this paragraph (ii)(b), the term corporation refers solely to a corporation for which no other corporation is a majority shareholder. In the absence of an event described in paragraph (a) or (b), a change in the effective control of a corporation will not have occurred. If any one person, or more than one person acting as a group, is considered to effectively control a corporation (within the meaning of this paragraph (ii)), the acquisition of additional control of the corporation by the same person or persons is not considered to cause a change in the effective control of the corporation (or to cause a change in the ownership of the corporation within the meaning of paragraph (i)). Persons will not be considered to be acting as a group solely because they purchase or own stock of the same corporation at the same time, or as a result of the same public offering.

A change in the ownership of a substantial portion of the Bank's assets shall occur on the date that any one person, or more than one person acting as a group (as defined in Treasury Regulation Section 1.409A-3(i)(5)(vii)(C)), acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or persons) assets from the corporation that have a total gross fair market value equal to or more than 40% of the total gross fair market value of all of the assets of the corporation immediately prior to such acquisition or acquisitions. For this purpose, gross fair market value means the value of the assets of the corporation, or the value of the assets being disposed of, determined without regard to any liabilities associated with such assets. There is no Change in Control event under this paragraph (iii) when there is a transfer to an entity that is controlled by the shareholders of the transferring corporation immediately after the transfer.

For all purposes hereunder, the definition of Change in Control shall be construed to be consistent with the requirements of Treasury Regulation 1.409A-3(i)(5), except to the extent that such regulations are superseded by subsequent guidance.

Change in Control Benefits. Upon the termination of the Executive's employment by the Bank (or any successor) Without Cause or by the Executive With Good Reason during the Term on or within two years at or after the effective time of a Change in Control, the Bank (or any successor) will pay or provide the Executive, or the Executive's estate in the event of the Executive's subsequent death, with the following:

any Accrued Obligations;

a cash payment (the "Change in Control Severance") equal to the sum of the following amounts: (A) two times Base Salary at the Date of Termination (or the Executive's Base Salary in effect during any of the prior three years, if higher); and (B) two times the annual cash bonus (at target) in the year of a Change in Control or, if greater, two times the average of the annual cash bonus earned by Executive during the three years prior to a Change in Control; less required withholding, payable in a lump sum within thirty (30) days of the Executive's Date of Termination; and

continued non-taxable medical and dental coverage for twenty-four (24) months substantially comparable to (and on substantially the same terms and conditions) to the coverage maintained by the Bank for the Executive and his dependents immediately prior to his Date of Termination. Notwithstanding the foregoing, if applicable law (including, but not limited to, laws prohibiting discriminating in favor of highly compensated employees), or, if participation by the Executive is not permitted under the terms of the applicable health plans, or if providing such benefits would subject the Bank to penalties, then the Bank shall pay the Executive a cash lump sum payment reasonably estimated to be equal to the value of such non-taxable medical and dental benefits, with such payment to be made by lump sum within ten business days of the Date of Termination, or if later, the date on which the Bank determines that such insurance coverage (or the remainder of such insurance coverage) cannot be provided for the foregoing reasons.

Notwithstanding the foregoing, the payments and benefits provided in this Section 5(b) will be payable to the Executive in lieu of any payments or benefits that are payable under Section 4(f).

Notwithstanding the preceding paragraphs of this Section 5, in the event that the aggregate payments or benefits to be made or afforded to Executive in the event of a Change in Control would be deemed to include an "excess parachute payment" under Section 280G of the Code or any successor thereto, then such payments or benefits shall be reduced to an amount, the value of which is one dollar ($1.00) less than an amount equal to three (3) times Executive's "base amount," as determined in accordance with Section 280G of the Code. In the event a reduction is necessary, then the cash severance payable by the Bank pursuant to Section 5 shall be reduced by the minimum amount necessary to result in no portion of the payments and benefits payable by the Bank under Section 5 being non-deductible to the Bank pursuant to Section 280G of the Code and subject to excise tax imposed under Section 4999 of the Code.

Non-Solicitation/Non-Compete. The Executive hereby covenants and agrees that during the "Restricted Period," the Executive will not, without the written consent of the Bank, either directly or indirectly:

solicit, offer employment to, or take any other action intended (or that a reasonable person acting in like circumstances would expect) to have the effect of causing any officer or employee of the Bank, or any of its respective subsidiaries or affiliates, to terminate his or her employment with the Bank and/or accept employment with another employer; or

become an officer, employee, consultant, director, trustee, independent contractor, agent, joint venturer, partner or trustee of any savings bank, savings and loan association, savings and loan holding company, credit union, bank or bank holding company, insurance company or agency, any mortgage or loan broker or any other entity that competes with the business of the Bank or any of their direct or indirect subsidiaries or affiliates that:

has a headquarters within thirty-five (35) miles of the Bank's headquarters (the "Restricted Territory"), or (B) has one or more offices, but is not headquartered, within the Restricted Territory, but in the latter case, only if the Executive would be employed, conduct business or have other responsibilities or duties within the Restricted Territory; or

solicit, provide any information, advice or recommendation or take any other action intended (or that a reasonable person acting in like circumstances would expect) to have the effect of causing any customer of the Bank to terminate an existing business or commercial relationship with the Bank.

The restrictions contained in this Section 6(a) shall not apply in the event of the Executive's

termination of employment on or after the effective time of a Change in Control.

For purposes of this Section 6(a), the "Restricted Period" will be: (i) at all times during Executive's period of employment with the Bank; and (ii) except as provided above, during the period beginning on Executive's Date of Termination and ending on the one-year anniversary of the Date of Termination.

Confidentiality. The Executive recognizes and acknowledges that the Executive has been and will be the recipient of confidential and proprietary business information concerning the Bank, including without limitation, past, present, planned or considered business activities of the Bank, and the Executive acknowledges and agrees that the Executive will not, during or after the term of the Executive's employment, disclose such confidential and proprietary information for any purposes whatsoever, except as may be expressly permitted in writing signed by the Bank, or as may be required by regulatory inquiry, law or court order.

Information/Cooperation. The Executive will, upon reasonable notice, furnish any information and assistance to the Bank as may be reasonably required by the Bank, in connection with any litigation in which it or any of its subsidiaries or affiliates is, or may become, a party; provided, however, that the Executive shall not be required to provide information or assistance with respect to any litigation between the Executive and the Bank or any other subsidiaries or affiliates.

Reliance. Except as otherwise provided, all payments and benefits to the Executive under this Agreement will be subject to the Executive's compliance with this Section 6, to the extent applicable. The parties hereto, recognizing that irreparable injury will result to the Bank, its business and property in the event of the Executive's breach of this Section 6, agree that, in the event of any such breach by the Executive, the Bank will be entitled, in addition to any other remedies and damages available, to an injunction to restrain the violation hereof by the Executive and all persons acting for or with the Executive. The Executive represents and admits that the Executive's experience and capabilities are such that the Executive can obtain employment in a business engaged in other lines of business than the Bank, and that the enforcement of a remedy by way of injunction will not prevent Executive from earning a livelihood. Nothing herein will be construed as prohibiting the Bank from pursuing any other remedies available to them for such breach or threatened breach, including the recovery of damages from the Executive.

All payments provided in this Agreement shall be timely paid by check or direct deposit from the general funds of the Bank (or any successor of the Bank).

This Agreement contains the entire understanding between the parties hereto and supersedes any prior employment agreement between the Bank or any predecessor of the Bank and the Executive, except that this Agreement shall not affect or operate to reduce any benefit or compensation inuring to the Executive under another plan, program or agreement (other than an employment agreement) between the Bank and the Executive.

Except as required by law, no right to receive payments under this Agreement shall be subject to anticipation, commutation, alienation, sale, assignment, encumbrance, charge, pledge, or hypothecation, or to execution, attachment, levy, or similar process or assignment by operation of law, and any attempt, voluntary or involuntary, to affect any such action shall be null, void, and of no effect.

The Bank shall require any successor or assignee, whether direct or indirect, by purchase, merger, consolidation or otherwise, to all or substantially all the business or assets of the Bank, expressly and unconditionally to assume and agree to perform the Bank's obligations under this Agreement, in the same manner and to the same extent that the Bank would be required to perform if no such succession or assignment had taken place. A successor's failure to assent to this Agreement following a Change in Control shall be deemed to be a material breach of this Agreement under Section 4(f) hereof.

This Agreement may not be modified or amended except by an instrument in writing signed by the parties hereto.

No term or condition of this Agreement shall be deemed to have been waived, nor shall there be any estoppel against the enforcement of any provision of this Agreement, except by written instrument of the party charged with such waiver or estoppel. No such written waiver shall be deemed a continuing waiver unless specifically stated therein, and each waiver shall operate only as to the specific term or condition waived and shall not constitute a waiver of the term or condition for the future as to any act other than that specifically waived.

Notwithstanding anything herein contained to the contrary, the following provisions shall

apply:

The Bank may terminate the Executive's employment at any time, but any

termination by the Bank other than termination for Cause shall not prejudice the Executive's right to compensation or other benefits under this Agreement. The Executive shall have no right to receive compensation or other benefits under this Agreement for any period after the Executive's termination for Cause, other than the Accrued Obligations.

In no event shall the Bank (nor any affiliate) be obligated to make any payment pursuant to this Agreement that is prohibited by Section 18(k) of the Federal Deposit Insurance Act (codified at 12 U.S.C. sec. 1828(k)), 12 C.F.R. Part 359, or any other applicable law.

Notwithstanding anything in this Agreement to the contrary, to the extent that a payment or benefit described in this Agreement constitutes "non-qualified deferred compensation" under Section 409A of the Code, and to the extent that the payment or benefit is payable upon the Executive's termination of employment, then the payments or benefits will be payable only upon the Executive's "Separation from Service." For purposes of this Agreement, a "Separation from Service" will have occurred if the Bank and the Executive reasonably anticipate that either no further services will be performed by the Executive after the Date of Termination (whether as an employee or as an independent contractor) or the level of further services performed is less than fifty (50) percent of the average level of bona fide services in the thirty-six (36) months immediately preceding the termination. For all purposes hereunder, the definition of Separation from Service shall be interpreted consistent with Treasury Regulation Section 1.409A-1(h)(ii).

Notwithstanding the foregoing, if the Executive is a "Specified Employee" (i.e., a "key employee" of a publicly traded company within the meaning of Section 409A of the Code and the regulations issued thereunder) and any payment under this Agreement is triggered due to the Executive's Separation from Service, then solely to the extent necessary to avoid penalties under Section 409A of the Code, no payment will be made during the first six (6) months following the Executive's Separation from Service. Rather, any payment which would otherwise be paid to the Executive during such period shall be accumulated and paid to the Executive in a lump sum on the first day of the seventh month following the Separation from Service. All subsequent payments shall be paid in the manner specified in this Agreement.

To the extent not specifically provided in this Agreement, any compensation or reimbursements payable to Executive shall be paid or provided no later than two and one-half (2.5)

months after the calendar year in which such compensation is no longer subject to a substantial risk of forfeiture within the meaning of Treasury Regulation Section 1.409A-1(d).

Each payment pursuant to this Agreement is intended to constitute a separate payment for purposes Treasury Regulation Section 1.409A-2(b)(2).

Notwithstanding anything in this Agreement to the contrary, the Executive understands that nothing contained in this Agreement limits the Executive's ability to file a charge or complaint with the U.S. Securities and Exchange Commission or any other federal, state or local governmental agency or commission ("Government Agencies") about a possible securities law violation without approval of the Bank (or any affiliate). The Executive further understands that this Agreement does not limit the Executive's ability to communicate with any Government Agency or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency, including providing documents or other information, without notice to the Bank (or any affiliate) related to the possible securities law violation. This Agreement does not limit the Executive's right to receive any resulting monetary award for information provided to any Government Agency. In addition, pursuant to the Defend Trade Secrets Act of 2016, the Executive understands that an individual may not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that (i) is made (A) in confidence to a federal, state or local government official, either directly or indirectly, or to an attorney; and

(B) solely for the purpose of reporting or investigating a suspected violation of law; or (ii) is made in a complaint or other document that is filed under seal in a lawsuit or other proceeding. Further, an individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the employer's trade secrets to the attorney and use the trade secret information in the court proceeding if the individual (y) files any document containing the trade secret under seal; and (z) does not disclose the trade secret, except pursuant to court order.

Notwithstanding anything in this Agreement to the contrary, nothing in this Agreement prohibits Executive from: (1) reporting possible violations of federal law or regulations, including any possible securities laws violations, to any governmental agency or entity, including but not limited to the U.S. Department of Justice, the U.S. Securities and Exchange Commission, the Federal Deposit Insurance Corporation, the U.S. Congress, any agency Inspector General, or any other applicable agency; (2) making any other disclosures that are protected under the whistleblower provisions of federal law or regulations; or (3) otherwise fully participating in any federal whistleblower programs, including but not limited to any such programs manage by the U.S. Securities and Exchange Commission, the Federal Deposit Insurance Corporation and/or the Occupational Safety and Health Administration. Moreover, nothing in this Agreement prohibits or prevents Executive from receiving individual monetary awards or other individual relief by virtue of participating in such federal whistleblowing programs.

If any provision of this Agreement is determined to be void or unenforceable, then the remaining provisions of this Agreement will remain in full force and effect.

This Agreement shall be governed by the laws of the State of New Jersey, but only to the extent not superseded by federal law.

Any dispute or controversy arising under or in connection with this Agreement shall be settled exclusively by arbitration, conducted by a single arbitrator selected by the Bank (or in the case of arbitration following a Change in Control, selected by the Executive) within fifty (50) miles of Hamilton, New Jersey, in accordance with the Commercial Rules of the American Arbitration Association then in effect. Judgment may be entered on the arbitrators' award in any court having jurisdiction. The above notwithstanding, the Bank may seek injunctive relief in a court of competent jurisdiction in New Jersey to restrain any breach or threatened breach of any provision of this Agreement, without prejudice to any other rights or remedies that may otherwise be available to the Bank.

The Bank will provide the Executive (including the Executive's heirs, executors and administrators) with coverage under a standard directors' and officers' liability insurance policy at its expense, and will indemnify the Executive (and the Executive's heirs, executors and administrators) in accordance with the charter and bylaws of the Bank and to the fullest extent permitted under applicable law against all expenses and liabilities reasonably incurred by the Executive in connection with or arising out of any action, suit or proceeding in which the Executive may be involved by reason of having been a trustee, director or officer of the Bank or any subsidiary or affiliate of the Bank.

The Bank may withhold from any amounts payable to the Executive hereunder all federal, state, local or other taxes that the Bank may reasonably determine are required to be withheld pursuant to any applicable law or regulation (it being understood that Executive is responsible for payment of all taxes in respect of the payments and benefits provided herein).

For the purposes of this Agreement, notices and all other communications provided for in this Agreement shall be in writing and shall be deemed to have been duly given when delivered or mailed by certified or registered mail, return receipt requested, postage prepaid, addressed to the respective addresses set forth below or if sent by facsimile or email, on the date it is actually received.

To the Bank: First Bank

2465 Kuser Road

Hamilton, New Jersey 08690 Attention: Corporate Secretary

To Executive: Most recent address on file with the Bank

By: /s/ Patrick L. Ryan

Name: Patrick L. Ryan Title: President & CEO

/s/ Christopher Ewing

Christopher Ewing

Disclaimer

First Bank published this content on April 24, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 24, 2026 at 17:01 UTC.