THIRD AMENDMENT TO EXECUTIVE EMPLOYMENT AGREEMENT
Exhibit 10.1
THIRD AMENDMENT TO
EXECUTIVE EMPLOYMENT AGREEMENT
EXECUTIVE EMPLOYMENT AGREEMENT
THIS THIRD AMENDMENT TO EXECUTIVE EMPLOYMENT AGREEMENT (this “Third Amendment”) is made
effective as of the 1st day of January, 2007, by and between OLD LINE BANK, a Maryland-chartered
commercial bank (the “Bank” or “Employer”) and XXXXX X. XXXXXXXXX (the “Employee”). This Third
Amendment amends in certain respects that certain Executive Employment Agreement dated March 31,
2003, between the Bank and Employee, as amended by that certain First Amendment to Executive
Employment Agreement dated as of December 31, 2004 and Second Amendment to Employment Agreement
dated as of December 30, 2005 (collectively, the “Original Agreement”).
1. Capitalized Terms. Capitalized terms used herein and not otherwise defined herein shall
have the meanings assigned to them in the Original Agreement.
2. Amendments. The Original Agreement is hereby amended as follows:
a. The following sentence is hereby added to the end of Section 3.1 of the Original Agreement:
“As of January 1, 2007, the Board extended the Term for one additional year such that,
as of such date, the Term was to expire as of March 30, 2012.”
b. Section 4.1(a) of the Original Agreement is hereby amended by deleting said section in its
entirety and replacing it with the following:
“(a) Base Salary. During the Term, the Employee will receive a base salary at the rate
of $220,000 per annum, payable in substantially equal installments in accordance with the
Bank’s regular payroll practices (“Base Salary”). The Employee’s Base Salary will be
reviewed by the Board annually, and the Employee will be entitled to receive annually an
increase in such amount, if any, as may be determined by the Board.”
All of the provisions of the Original Agreement are incorporated herein by reference and shall
remain and continue in full force and effect as amended by this Third Amendment.
3. Counterparts. This Amendment may be executed in any number of counterparts, each of
which shall be considered an original for all purposes but all of which shall together constitute
one and the same instrument.
IN WITNESS WHEREOF, the parties hereto have duly executed this Third Amendment, under seal, as of
January ___, 2007, effective as of January 1, 2007.
WITNESS/ATTEST: | OLD LINE BANK. | |||||
/s/Xxxxxxxxx X. Xxxx
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By: | /s/ Xxxxxxx X. Xxxxxx, Xx. | (SEAL) | |||
Name: | Xxxxxxx X. Xxxxxx, Xx. | |||||
Title: | Chairman of Compensation Committee | |||||
WITNESS: |
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/s/Xxxxxxxxx X. Xxxx
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/s/ Xxxxx X. Xxxxxxxxx | (SEAL) | ||||
XXXXX X. XXXXXXXXX |
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