Exhibit (10) C
Fifth Amendment to Executive Employment Agreement
with X. Xxxxxxx Xxxxxxx
Exhibit (10) C
FIFTH AMENDMENT TO
EXECUTIVE EMPLOYMENT AGREEMENT
THIS FIFTH AMENDMENT to EXECUTIVE EMPLOYMENT AGREEMENT is made
this 18th day of January, 2000, by and between MERCANTILE BANKSHARES
CORPORATION and MERCANTILE-SAFE DEPOSIT AND TRUST COMPANY, both
Corporations of the State of Maryland, 0 Xxxxxxx Xxxxx, Xxxxxxxxx, Xxxxxxxx
00000 (collectively, the "Employer"), and X. Xxxxxxx Xxxxxxx, of Baltimore,
Maryland (the "Executive").
WHEREAS, Employer and Executive entered into an Executive Employment
Agreement dated March 24, 1982, which was amended by a First Amendment on March
13, 1984, by a Second Amendment on December 13, 1988, by a Third Amendment on
January 29, 1997, and by a Fourth Amendment on January 28, 1999 (collectively,
the "Agreement"); and
WHEREAS, the Agreement is scheduled to terminate on February 1, 2000; and
WHEREAS, Employer has requested an extension of the Agreement, to which
Executive has agreed.
NOW, THEREFORE, in consideration of the foregoing and for other good and
valuable consideration, receipt of which is hereby acknowledged, and in further
consideration of the mutual covenants contained in the Agreement, the parties do
hereby agree that the Agreement is hereby amended as follows:
Paragraph 2 shall be deleted in its entirety and the following substituted in
lieu thereof:
"2. Term. The current term of Executive's employment, now scheduled to
terminate on February 1, 2000, shall be extended up to February 1, 2001."
In all other respects, the provisions of the Agreement, as heretofore
amended, remain unchanged and in full force and effect.
As was the case with prior extensions of the terms of the Agreement, the
extension provided for herein shall have the effect of continuing the period of
Executive's employment and postponing his retirement (generally and for purposes
of the Executive Severance Agreement among the parties dated December 31, 1989,
as subsequently amended, and the Deferred Compensation Agreement between
Executive and Mercantile-Safe Deposit and Trust Company dated September 30,
1982, as subsequently amended) for the extended term of the Agreement,
unless the Agreement is sooner terminated pursuant to paragraph 8 of the
Agreement or by mutual agreement of the parties.
IN WITNESS WHEREOF, the parties have executed this Fifth Amendment to
Executive Employment Agreement the day and year first written above.
ATTEST: MERCANTILE BANKSHARES CORPORATION
/s/ Xxxx X. Xxxxxx By: /s/ Xxxx X. Xxxxx
-------------------------- ------------------------------
Xxxx X. Xxxxxx, Secretary Xxxx X. Xxxxx, Executive Vice President
MERCANTILE-SAFE DEPOSIT
AND TRUST COMPANY
/s/ Xxxx X. Xxxxxx By: /s/ J. Xxxxxxxx Xxxx
-------------------------- ------------------------------
Xxxx X. Xxxxxx, Secretary J. Xxxxxxxx Xxxx, President
WITNESS:
/s/ Xxxx X. Xxxxxx /s/ X. Xxxxxxx Xxxxxxx
---------------------- ------------------------------
Xxxx X. Xxxxxx X. Xxxxxxx Xxxxxxx
