Item 5.02 - Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

Effective January 1, 2023, Mr. Sorenson and the Bank entered into a Salary Continuation Agreement (the "Agreement"). Under the Salary Continuation Agreement, upon Mr. Sorenson's retirement from the Bank's employment at age 65 or older or death while still employed by the Bank, Mr. Sorenson is eligible to receive an annual retirement benefit of $60,000 per year for 15 years.

The Agreement also provides a lesser benefit upon the occurrence of a voluntary termination before reaching age 65 or upon Mr. Sorenson's disability. The amount of the annual benefit in either pre-retirement scenario is based on a vesting and accrual schedule set forth in the Agreement. The Agreement also provides for a lump sum benefit in the event of a change in control followed by the termination of Mr. Sorenson based on the amount set forth on the schedule attached to the Agreement. A fixed pre-retirement death benefit to be paid in a lump sum is provided for Mr. Sorenson. Payments under the Agreement are expected to be funded with bank owned life insurance policies on Mr. Sorenson.

The foregoing summary of the terms of the Agreement by reference to the Agreement, a copy of which is filed herewith as Exhibits 10.1 and incorporated herein by reference.

Item 9.01 - Financial Statements and Exhibits

(a) Financial statements of businesses acquired - not applicable

(b) Pro forma financial information - not applicable

(c) Shell company transactions - not applicable

(d) Exhibits



Exhibit No. Exhibit Description
10.1          Salary Continuation Agreement by and between Bank of the James and
            Eric J. Sorenson, Jr., effective January 1, 2023
104         The cover page from this Current Report on Form 8-K/A, formatted in
            Inline XBRL



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