Exhibit (10) U
Letter agreement dated December 29, 1997 between
Mercantile Bankshares Corporation and
Xxx X. Xxxxxx.
Exhibit (10) U
Mercantile Bankshares Corporation
December 29, 1997
Xx. Xxx X. Xxxxxx
Executive Vice President
Mercantile-Safe Deposit and
Trust Company
0 Xxxxxxx Xxxxx
Xxxxxxxxx, Xxxxxxxx 00000
Dear Xxx:
This letter is written pursuant to the December meeting of the
Compensation Committee, in view of your resignation effective December 31, 1997,
concerning the modification to your Option Agreement dated August 18, 1995,
which we have previously discussed.
Accordingly, Section 3.3 of the Option Agreement is hereby amended by
adding the following subparagraph (c) at the end thereof:
"(c) In the event that Grantee ceases to be an employee of MBC or an
Affiliate for any reason on or after December 31, 1997 and prior to
March 15, 1998, the determination of the percentage of the Anniversary
Date Option Amount that shall become exercisable, if at all, on the
March 14, 1998 Anniversary Date shall be determined as though Grantee's
employment with MBC or an Affiliate ceased on March 15, 1998."
Section 4.1 of the Option Agreement is hereby amended by adding the
following language after the initial sentence of Section 4.1.
"If, however, Grantee ceases to be an employee of MBC or an Affiliate
for any reason on or after December 31, 1997 and prior to Xxxxx 00,
0000, (x) any portion of the Option which shall have become exercisable
prior to or on the March 14, 1998 Anniversary Date may be exercised in
whole or in part at any time on or after March 14, 1998, but not later
than the stated term of the Option or as otherwise provided by Section
4.2 of the Agreement, and (b) any portion of the Option which shall not
have become exercisable prior to or on March 14, 1998 shall terminate
on March 14, 1998.
Letter to Xx. Xxx X. Xxxxxx
December 29, 1997
Page Two
Please sign one copy of this letter agreement below and return it to
me.
Mercantile Bankshares Corporation
By /s/ Xxxx X. Xxxxxx
__________________
Xxxx X. Xxxxxx
General Counsel and Secretary
Agreed:
/s/ Xxx X. Xxxxxx
_______________________
Xxx X. Xxxxxx
