FIFTH AMENDMENT TO EXECUTIVE EMPLOYMENT AGREEMENT
Exhibit
10.7
FIFTH
AMENDMENT TO
THIS FIFTH AMENDMENT TO EXECUTIVE
EMPLOYMENT AGREEMENT (this “Fifth Amendment”) is made effective as of the 1st
day of January, 2009, by and between OLD LINE BANK, a Maryland-chartered
commercial bank (the “Bank” or “Employer”) and XXXXXX XXXXXXX (the
“Employee”). This Fifth 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 December 31, 2004, the Second Amendment to Employment Agreement
dated as of December 30, 2005, the Third Amendment to Employment Agreement dated
as of January 1, 2007, and the Fourth Amendment to Employment Agreement dated as
of January 1, 2008 (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 by deleting the first sentence of Section
3(A) in its entirety and replacing said section with the following:
“The
Employee’s salary under this Agreement shall be $172,300 per annum, payable on a
bi-weekly basis.”
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 Fifth
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 Fifth Amendment, under seal, as of January 31, 2009,
effective as of January 1, 2009.
WITNESS/ATTEST:
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OLD
LINE BANK.
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/s/ Xxxxxxxxx X.
Xxxx
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By: /s/ Xxxxxxx X. Xxxxxx,
Xx.
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(SEAL)
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Name:
Xxxxxxx X. Xxxxxx, Xx.
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Title:
Chairman of Compensation Committee
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WITNESS:
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/s/ Xxxxxxxxx X.
Xxxx
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/s/ Xxxxxx
Xxxxxxx
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(SEAL)
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XXXXXX
XXXXXXX
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