<PAGE>

                                Exhibit (10) G

               Second Amendment to Executive Severance Agreement
                            with H. Furlong Baldwin
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                                                                  Exhibit (10) G

                              SECOND AMENDMENT TO
                         EXECUTIVE SEVERANCE AGREEMENT

THIS SECOND AMENDMENT to EXECUTIVE SEVERANCE AGREEMENT is made

this 18th day of January, 2000, by and between MERCANTILE BANKSHARES

CORPORATION and MERCANTILE-SAFE DEPOSIT & TRUST COMPANY (collectively,

the "Company"), and H. FURLONG BALDWIN (the "Employee").

     WHEREAS, Employee and Company entered into an Executive Severance Agreement
dated December 31, 1989, which was amended by a First Amendment dated January
29, 1997 (collectively the "Agreement"); and

     WHEREAS, the Agreement, as previously extended, is scheduled to terminate
on February 1, 2000; and

     WHEREAS, Company has determined to retain Employee in his current
capacities beyond February 1, 2000, and Employee has agreed to do so; and

     WHEREAS, the parties wish to amend the Agreement to clarify its application
to Employee subsequent to February 1, 2000.

     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:

                                 FIRST CHANGE
                                 ------------

     The last sentence of Section 1(c) (which was added by the First Amendment
to the Agreement) is amended to read in its entirety as follows:

         "From and after February 1, 2000, the Change of Control Period shall
         mean the period commencing on that date and ending on February 1, 2001,
         which date shall be extended to any later date as shall be provided
         for cessation of employment by extension of the stated term of the
         Employee's Executive Employment Agreement with Mercantile Bankshares
         Corporation and Mercantile-Safe Deposit and Trust Company, dated March
         24, 1982, as the same has been and may be from time to time amended
         (the 'Executive Employment Agreement')."

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                                 SECOND CHANGE

     Section 2(d) is deleted in its entirety and the following is substituted in
lieu thereof:

         "(d) Good Reason; Other than for Cause or Disability. If, at any time
         -----------------------------------------------------
         during the period beginning with the Effective Date and ending on the
         earlier to occur of (i) the third anniversary of such date, or (ii)
         February 1, 2001 (which date shall be extended to any later date as
         shall be provided for cessation of employment by extension of the
         stated term of the Executive Employment Agreement), the Company shall
         terminate the Employee's employment other than for Cause, Disability or
         death, or if the Employee shall terminate his employment with the
         Company for Good Reason, the Company shall pay to the Employee in a
         lump sum in cash within 30 days after the Date of Termination a
         severance payment, the value of which is three times the Employee's
         base amount of compensation (as defined in Section 280G(b)(3) of the
         Internal Revenue Code of 1986 (the 'Code')) including, but not limited
         to, such items as salary, bonus, fringe benefits, and deferred
         compensation, less one dollar ($1.00)."

     In all other respects, the provisions of the Agreement remain unchanged and
in full force and effect.

     IN WITNESS WHEREOF, the parties hereto have executed this First Amendment
to the Agreement as of the day and year first above written.

ATTEST:                       MERCANTILE BANKSHARES CORPORATION

/s/ Alan D. Yarbro            By: /s/ Jack E. Steil
--------------------------       ------------------------------
Alan D. Yarbro, Secretary        Jack E. Steil, Executive Vice President


                              MERCANTILE-SAFE DEPOSIT
                              AND TRUST COMPANY

/s/ Alan D. Yarbro            By: /s/ J. Marshall Reid
--------------------------       ------------------------------
Alan D. Yarbro, Secretary        J. Marshall Reid, President


WITNESS:

/s/ Alan D. Yarbro               /s/ H. Furlong Baldwin
----------------------           ------------------------------
Alan D. Yarbro                   H. Furlong Baldwin