Bank of the James finalizes Sorenson Salary Continuation Agreement: $60,000/yr for 15 years upon retirement at 65

BANK OF THE JAMES FINANCIAL GROUP INC

Executive EVP-General Counsel Sorenson eligible for $60,000 annual retirement benefit for 15 years upon retirement at age 65 or older.
Lesser benefits provided for voluntary termination before 65, disability, or change in control; death benefit paid to beneficiary.
Benefit vested per schedule; Employer may cease accrual if Executive no longer qualifies as highly compensated under ERISA.
Agreement effective January 1, 2023; payments expected to be funded by bank-owned life insurance on Sorenson.
Amendment filed to disclose previously unfinalized contract terms from the August 1, 2022 appointment.

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