SIXTH AMENDMENT TO EXECUTIVE EMPLOYMENT AGREEMENT
Exhibit 10.7
SIXTH
AMENDMENT TO
THIS SIXTH AMENDMENT TO EXECUTIVE
EMPLOYMENT AGREEMENT (this “Sixth Amendment”) is made effective as of the 1st day
of January 2010, by and between OLD LINE BANK, a Maryland-chartered commercial
bank (the “Bank” or “Employer”) and XXXXXX X. XXXXXXX (the
“Employee”). This Sixth 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, Third Amendment to Employment Agreement
dated as of January 1, 0000, Xxxxxx Xxxxxxxxx to Employment Agreement dated as
of January 1, 2008 and Fifth Amendment to Employment Agreement dated as of
January 1, 2009 (collectively, the “Original Agreement”).
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1.
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Capitalized
Terms. Capitalized terms used herein and not otherwise
defined herein shall have the meanings assigned to them in the Original
Agreement.
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2.
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Amendments. The
Original Agreement is hereby amended by deleting the first sentence of
Section 3(A) in its entirety and replacing said sentence with the
following:
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“The
Employee’s salary under this Agreement shall be $181,000 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 Sixth
Amendment.
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3.
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Counterparts. The
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.
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IN
WITNESS WHEREOF, the parties hereto have duly executed this Sixth Amendment,
under seal, as of January 28, 2010, effective as of January 1,
2010.
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/ Xxxxxx X.
Xxxxxxx (SEAL)
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XXXXXX
X. XXXXXXX
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