November 3, 2003Merger Agreement • January 22nd, 2004 • Provident Bankshares Corp • State commercial banks • Maryland
The parties hereto agree and acknowledge that paragraphs 1(a), 1(b), 2 and 3 of this Agreement shall become immediately effective upon the execution of this Agreement; all other provisions of this Agreement shall become effective only as of the Effective Time (as defined in the Merger Agreement). In the event that the Effective Time does not occur for any reason, this Agreement shall be deemed null and void ab initio and of no force and effect, and the Employment Agreement by and among you and Southern Financial dated as of January 1, 2000 and amended February 4, 2003 (the “Prior Agreement”) shall be reinstated effective immediately.
