Exhibit 10 KK
February 25, 2003
X. Xxxxxxx Xxxxxxx
Mercantile Bankshares Corporation
Two Xxxxxxx Plaza
Baltimore, MD 21201
Dear Xxxxx,
In consideration of (i) your agreement to step down as Chairman of Mercantile
Bankshares Corporation and as a Director of Mercantile Bankshares Corporation
and Mercantile-Safe Deposit and Trust Company, and (ii) the termination of the
consulting agreement dated February 2, 2001 (the "Agreement"), all to be
effective as of March 1, 2003, the Corporation agrees to the following:
. Payout of the fee for the last year of the Agreement ($500,000), payable
to you at any time on or before February 29, 2004 in such manner
(installment or lump sum) as you shall choose.
. Continuation for the period March 1, 2003 through February 29, 2004 of
the travel allowance and automobile use previously provided under the
Agreement (with the Corporation to make payments to you as necessary to
ensure that the tax impact of your receipt of such benefits during such
period is the same as if they had been provided pursuant to the
Agreement).
. Provision of suitable office facilities, secretarial services and
parking for as long as you shall desire, at such location as you and the
Chief Executive Officer of the Corporation, from time to time, shall
mutually agree upon.
. $150,000 payable to you at any time on or before February 29, 2004 in
such manner (installment or lump sum) as you shall choose.
If you are in agreement, please sign in the space provided below and return the
original to my attention.
Sincerely,
/s/ Xxxxxx X. Xxxxx, III
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Xxxxxx X. Xxxxx, III
President and Chief Executive Officer
ACCEPTED AND AGREED TO:
/s/ X. Xxxxxxx Xxxxxxx February 25, 2003
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X. Xxxxxxx Xxxxxxx Date