SBBX SB One Bancorp

In connection with Adriano Duarte’s appointment to serve as Chief Financial Officer of SB One Bancorp (the “Company”), the Company and SB One Bank entered into an Employment Agreement dated March 27, 2019 with Mr. Duarte (the “Employment Agreement”). The Employment Agreement provides for the payment of an annual base salary in the amount of $225,000. The Employment Agreement further provides for participation in the incentive plan for executive officers of SB One Bank and any other employee benefit, incentive or retirement plans offered to employees generally or to senior management of SB One Bank. In the event that Mr. Duarte’s employment is terminated by the Company or SB One Bank without cause before a change in control of the Company, or if Mr. Duarte resigns for “good reason” as defined in the Employment Agreement, the Company or SB One Bank will continue to pay Mr. Duarte his then current base salary, and continue his health and other insurance benefits, for a period of one year. In the event that Mr. Duarte’s employment is terminated by the Company or SB One Bank upon the occurrence of a change in control of the Company or if Mr. Duarte resigns for cause within 18 months following the occurrence of a change in control of the Company, he is entitled to a lump sum payment equal to two times his then-current base salary. In the event of the termination of his employment with SB One Bank, for a period of one year following the date of such termination he will be subject to certain non-competition, non-solicitation, non-hire and cooperation covenants.

The foregoing summary of the terms and conditions of the Employment Agreement is qualified in its entirety by reference to the full text of the Employment Agreement, which is attached hereto as Exhibit 10.1 and incorporated by reference herein.