Exhibit 10.1
EMPLOYMENT AGREEMENT
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AGREEMENT made as of this __ day of December, 1998, between GRAND BANK
(the "Bank"), a corporation organized and existing under the laws of the State
of Maryland, with principal offices at 0000 Xxxxxxxxx Xxxx, Xxxxxxxxx, Xxxxxxxx
00000, and Xxxxxxx X. Xxxxxxxxx ("Xxxxxxxxx"), currently residing at 0000 Xxxxxx
Xxxxxx Xx., Xxxxxxxxxx, XX 00000, also referred to below, collectively, as the
"parties" and, individually, as a "party."
WITNESSETH THAT, in consideration of the mutual covenants and
obligations hereinafter set forth, the parties hereto agree as follows:
1. Period of Employment. The Bank shall continue to employ Xxxxxxxxx as
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its Executive Vice President CFO through December 31, 1999. Xxxxxxxxx agrees to
serve the Bank in such capacity. As the Executive Vice President - CFO,
Xxxxxxxxx'x duties shall be those normally undertaken by such officers of banks
similar to the Bank in nature and size.
2. Commitment of Executive. So long as this Agreement shall continue in
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effect, Xxxxxxxxx shall faithfully and diligently discharge his duties and
responsibilities under this Agreement, shall use his best efforts to implement
the policies established by the Board of Directors of the Bank, and shall devote
all of his business time and attention to the affairs of the Bank, except as
otherwise agreed by the Board of Directors.
3. Compensation.
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A. The Bank shall compensate Xxxxxxxxx at the initial rate of
ninety thousand dollars ($90,000) per year through December 31, 1999.
B. Salary as provided above will be payable less appropriate
deductions as required by law and shall be paid in appropriate installments to
conform with the Bank's regular payroll dates.
X. Xxxxxxxxx shall be entitled to four weeks vacation plus personal
and sick leave in accordance with Bank policy.
X. Xxxxxxxxx shall be entitled to participate in any and all
pension, retirement, profit-sharing, stock purchase, stock option, life
insurance, accident insurance, medical reimbursement, health insurance or
hospitalization plan, deferred compensation plan or any other fringe benefits in
which other employees or executives of the Bank are eligible to participate at a
comparable level.
X. Xxxxxxxxx shall be given a five hundred dollar ($500) per month
car allowance.
X. Xxxxxxxxx shall be reimbursed for reasonable traveling and other
expenses incurred or paid by Xxxxxxxxx in accordance with the Bank's policy and
in connection with the performance of his services under this Agreement, upon
presentation of expense statements or vouchers or such other supporting
information as may from time to time be requested
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X. Xxxxxxxxx will be granted 20,000 stock options in accordance
with the Employee Stock Option Plan now in effect.
5. Confidentiality. Xxxxxxxxx agrees that he will regard and preserve
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as confidential all proprietary information pertaining to the business of the
Bank, its customers, subsidiaries, or affiliates that may be obtained by him
during the course of his employment, and thereafter, to the extent that such
information does not become public knowledge, that he will not, without written
authority from the Bank, directly or indirectly, disclose to others during his
employment or thereafter, any of such proprietary information obtained by him
while employed hereunder. The above shall not be construed as restricting
Xxxxxxxxx from disclosing such information to employees of the Bank who
reasonably require access to such information in order to discharge their
duties.
6. Binding Effect. This Agreement shall be binding upon and shall inure
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to the benefit of the parties, the successors and assigns of the Bank (the term
"Bank" as used herein shall include all such successors and assigns), and the
heirs, executors, administrators, guardians and other personal representatives
of Xxxxxxxxx.
7. Term. This Agreement shall be effective as of the date first above
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written and shall remain in effect through December 31, 1999.
8. Entire Agreement. This instrument contains the entire agreement of
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the parties relating to the subject matter hereof and supersedes and cancels all
prior written and oral agreements and understandings between the parties
relating to the subject matter of this Agreement, which are not set forth
herein. No amendment or modification of this Agreement shall be valid unless
made in writing and signed by the parties hereto. No term or condition of this
Agreement shall be deemed to have been waived except by written instrument of
the party charged with such waiver.
9. Governing Law. This Agreement will be construed in accordance with
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the laws of the State of Maryland.
IN WITNESS WHEREOF, the parties have executed this Employment Agreement
as of the day and year first above written.
ATTEST: GRAND BANK
a Maryland corporation
By:
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Xxxxxx X. Xxxxxxxxx, President/CEO
ATTEST: Xxxxxxx X. Xxxxxxxxx
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