FOURTH AMENDMENT TO EXECUTIVE EMPLOYMENT AGREEMENT
Exhibit 10.2
FOURTH
AMENDMENT TO
THIS
FOURTH AMENDMENT TO EXECUTIVE
EMPLOYMENT AGREEMENT (this “Fourth Amendment”) is made effective as of the 1st
day of January, 2008, by and between OLD LINE BANK, a Maryland-chartered
commercial bank (the “Bank” or “Employer”) and XXXXX X. XXXXXXXXX (the
“Employee”). This Fourth 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, Second Amendment to Employment
Agreement dated as of December 30, 2005, and Third Amendment to Employment
Agreement dated as of January 1, 2007 (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, 2008, the Board extended the Term for one additional year such that,
as of such date, the Term was to expire as of March 30, 2013.”
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 $237,600per
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 Fourth
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 Fourth Amendment,
under seal, as of January 31, 2007, effective as of January 1,
2008.
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.
(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/
Xxxxx X.
Xxxxxxxxx
(SEAL)
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XXXXX
X. XXXXXXXXX
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