Document:

kl05017_ex10-1.htm

    
      

    

     

                                                                                                        Exhibit
10.1

    
 

    Genco
      Shipping & Trading Limited

    Director
      Restricted Stock Grant Agreement

     

    THIS
      AGREEMENT, made as of February 8, 2007, between GENCO SHIPPING
      & TRADING LIMITED (the
      “Company”) and ______________ (the “Participant”).

     

    WHEREAS,
      the Company has adopted and maintains the Genco Shipping
      & Trading Limited 2005 Equity Incentive Plan (the “Plan”) to provide certain
      key persons, on whose initiative and efforts the successful conduct of the
      business of the Company depends, with incentives to: (a) enter into and remain
      in the service of the Company, (b) acquire a proprietary interest in the success
      of the Company, (c) maximize their performance and (d) enhance the long-term
      performance of the Company;

     

    WHEREAS,
      the Plan provides that the Board of Directors of the Company (the “Board of
      Directors”) shall administer the Plan and determine the key persons to whom
      awards shall be granted and the amount and type of such awards; and

     

    WHEREAS,
      the Board of Directors has determined that the purposes of the Plan would be
      furthered by granting the Participant an award under the Plan as set forth
      in
      this Agreement;

     

    NOW,
      THEREFORE, in consideration of the premises and the mutual covenants hereinafter
      set forth, the parties hereto hereby agree as follows:

     

    1.  Grant
      of Restricted Stock.  Pursuant to, and subject to, the terms and
      conditions set forth herein and in the Plan, the Board of Directors hereby
      grants to the Participant 1,200 restricted shares (the “Restricted Stock”) of
      common stock of the Company, par value $0.01 per share (“Common
      Stock”).  

     

    2.  Grant
      Date.  The Grant Date of the Restricted Stock is February 8,
      2007.

     

    3.  Incorporation
      of Plan.  All terms, conditions and restrictions of the Plan are
      incorporated herein and made part hereof as if stated herein.  If
      there is any conflict between the terms and conditions of the Plan and this
      Agreement, the terms and conditions of the Plan, as interpreted by the Board
      of
      Directors, shall govern.  Except as otherwise provided herein, all
      capitalized terms used herein shall have the meaning given to such terms in
      the
      Plan.

     

    4.  Vesting.  Subject
      to the further provisions of this Agreement, the Restricted Stock shall vest
      on
      the earliest of (i) February 8, 2008, (ii) the date of the annual shareholders
      meeting of the Company next following the date hereof (the “Annual Meeting
      Date”) and (iii) the occurrence of a Change in Control, as defined in Section
      3.8(a) of the Plan, as in effect on the date of such occurrence (each such
      date,
      the “Vesting Date”).

     

    5.  Restrictions
      on Transferability.  Until a share of Restricted Stock vests, the
      Participant shall not transfer the Participant’s rights to such share of
      Restricted Stock or to any rights related thereto.  Any attempt to
      transfer unvested shares of Restricted Stock or any rights related thereto,
      whether by transfer, pledge, hypothecation or otherwise and whether voluntary
      or

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    involuntary,
      by operation of law or otherwise, shall not vest the transferee with any
      interest or right in or with respect to such shares of Restricted Stock or
      such
      related rights.

     

    6.  Termination
      of Service.

     

    (a)           In
      the event that the Participant’s Service with the Company terminates before the
      Vesting Date for any reason other than the Participant’s death or disability (as
      defined in the Plan), the Restricted Stock, together with any property received
      in respect of such shares, as set forth in Section 9 hereof, shall be forfeited
      as of the date such Service terminates, and the Participant promptly shall
      return to the Company any certificates evidencing the Restricted Stock, together
      with any cash dividends or other property received in respect of such
      shares.  For purposes hereof, “Service” means a continuous time period
      during which the Participant is at least one of the following:  an
      employee or a director of, or a consultant to, the Company.

     

    (b)           In
      the event that the Participant’s Service with the Company terminates before the
      Vesting Date for reason of the Participant’s death or disability (as defined in
      the Plan), a portion of the shares of Restricted Stock shall become vested
      immediately prior to the date such Service terminates, and all other shares
      of
      Restricted Stock, together with any property received in respect of such shares,
      as set forth in Section 9 hereof, shall be forfeited as of the date such Service
      terminates, and the Participant promptly shall return to the Company any
      certificates evidencing such shares, together with any cash dividends or other
      property received in respect of such shares.  The number of shares to
      become vested immediately prior to the date such Service terminates shall be
      the
      number of shares set forth in Section 1 hereof multiplied by a fraction, the
      denominator of which is twelve and the numerator of which is the number of
      completed months between the May 18, 2006 and the date such Service
      terminates.  For the purposes of this paragraph, a month shall be
      deemed completed on the 18th of such month.

     

    7.  Issuance
      of Shares.

     

    (a)           Reasonably
      promptly after the Grant Date, the Company shall issue and deliver to the
      Participant a stock certificate, registered in the name of the Participant,
      evidencing the shares of Restricted Stock or shall instruct its transfer agent
      to issue shares of Restricted Stock which shall be maintained in book entry
      form
      on the books of the transfer agent.  Such certificate may bear the
      following legend:

     

    “THE
      SALE, TRANSFER, ASSIGNMENT, PLEDGE, HYPOTHECATION ENCUMBRANCE OR OTHER DISPOSAL
      OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO THE TERMS
      OF
      THE GENCO SHIPPING
      & TRADING LIMITED 2005
      EQUITY INCENTIVE PLAN AND A RESTRICTED STOCK GRANT AGREEMENT BETWEEN GENCO SHIPPING
      & TRADING LIMITED AND
      THE HOLDER OF RECORD OF THE SECURITIES REPRESENTED BY THIS
      CERTIFICATE.  NO TRANSFER OF THE SECURITIES REPRESENTED BY THIS
      CERTIFICATE IN CONTRAVENTION OF SUCH PLAN AND RESTRICTED STOCK GRANT AGREEMENT
      SHALL BE VALID OR EFFECTIVE.  COPIES OF SUCH AGREEMENT MAY BE OBTAINED
      BY WRITTEN REQUEST MADE BY THE HOLDER OF RECORD OF THE CERTIFICATE TO THE
      SECRETARY OF GENCO SHIPPING
      & TRADING LIMITED.”

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    If
      the
      Restricted Stock is in book entry form, it shall be subject to electronic coding
      or stop order indicating that such shares of Restricted Stock are restricted
      by
      the terms of this Agreement and the Plan.  Such legend, electronic
      coding or stop order shall not be removed until such shares of Restricted Stock
      vest.

     

    (b)           Reasonably
      promptly after any such shares of Restricted Stock vest pursuant to Section
      4
      hereof, (i) in the case of certificated shares, in exchange for the surrender
      to
      the Company of the certificates evidencing the Restricted Stock, delivered
      to
      the Participant under Section 7(a) hereof, and the certificates evidencing
      any
      other securities received in respect of such shares, if any, the Company shall
      issue and deliver to the Participant (or the Participant’s legal representative,
      beneficiary or heir) a certificate evidencing such shares of Restricted Stock
      and such other securities, free of the legend provided in Section 7(a) hereof
      and (ii) in the case of book entry shares, the Company shall cause to be lifted
      and removed any electronic coding or stop order established pursuant to Section
      7(a) hereof.

     

    (c)           The
      Company may require as a condition of the delivery of stock certificates or
      the
      removal of any electronic coding or stop order, pursuant to Section 7(b) hereof,
      that the Participant remit to the Company an amount sufficient in the opinion
      of
      the Company to satisfy any federal, state and other governmental tax withholding
      requirements related to the vesting of the applicable shares.  The
      Board of Directors, in its sole discretion, may permit the Participant to
      satisfy such obligation by delivering shares of Common Stock or by directing
      the
      Company to withhold from delivery shares of Common Stock, in either case valued
      at their Fair Market Value on the Vesting Date with fractional shares being
      settled in cash.

     

    (d)           The
      Participant shall not be deemed for any purpose to be, or have rights as, a
      shareholder of the Company by virtue of the grant of Restricted Stock, except
      to
      the extent a stock certificate is issued therefor or an appropriate book entry
      is made on the books of the transfer agent reflecting the issuance thereof
      pursuant to Section 7(a) hereof, and then only from the date such certificate
      is
      issued or such book entry is made.  Upon the issuance of a stock
      certificate or the making of an appropriate book entry on the books of the
      transfer agent, the Participant shall have the rights of a shareholder with
      respect to the Restricted Stock, including the right to vote the shares, subject
      to the restrictions on transferability and the forfeiture provisions, as set
      forth in this Agreement

     

    8.  Securities
      Matters.  The Company shall be under no obligation to effect the
      registration pursuant to the Securities Act of 1933, as amended (the “1933 Act”)
      of any interests in the Plan or any shares of Common Stock to be issued
      thereunder or to effect similar compliance under any state laws.  The
      Company shall not be obligated to cause to be issued any shares, whether by
      means of stock certificates or appropriate book entries, unless and until the
      Company is advised by its counsel that the issuance of such shares is in
      compliance with all applicable laws, regulations of governmental authority
      and
      the requirements of any securities exchange on which shares of Common Stock
      are
      traded.  The Board of Directors may require, as a condition of the
      issuance of shares of Common Stock pursuant to the terms hereof, that the
      recipient of such shares make such covenants, agreements and representations,
      and that any certificates bear such legends and any book entries be subject
      to
      such electronic coding, as the Board of Directors, in its sole discretion,
      deems
      necessary or desirable.  The Participant specifically understands and
      agrees that the shares of Common Stock, if and when issued, may be “restricted
      securities,” as that term is defined in Rule 144 under the 1933 Act and,
      accordingly, the Participant may be required to hold the shares indefinitely
      unless they are registered under such Act or an exemption from such registration
      is available.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    9.  Dividends,
      etc.  Any cash dividends or other property (but not including
      securities) received by a Participant with respect to a share of Restricted
      Stock shall be returned to the Company in the event such share of Restricted
      Stock is forfeited.  Any securities received by a Participant with
      respect to a share of Restricted Stock as a result of any dividend,
      recapitalization, merger, consolidation, combination, exchange of shares or
      otherwise will not vest until such share of Restricted Stock vests and shall
      be
      forfeited if such share of Restricted Stock is forfeited.  Unless the
      Board of Directors otherwise determines, such securities shall bear the legend
      or be subject to the electronic coding or stop order set forth in Section 7(a)
      hereof.

     

    10.  Delays
      or Omissions.  No delay or omission to exercise any right, power
      or remedy accruing to any party hereto upon any breach or default of any party
      under this Agreement, shall impair any such right, power or remedy of such
      party, nor shall it be construed to be a waiver of any such breach or default,
      or an acquiescence therein, or of or in any similar breach or default thereafter
      occurring, nor shall any waiver of any single breach or default be deemed a
      waiver of any other breach or default theretofore or thereafter
      occurring.  Any waiver, permit, consent or approval of any kind or
      character on the part of any party of any breach or default under this
      Agreement, or any waiver on the part of any party or any provisions or
      conditions of this Agreement, must be in a writing signed by such party and
      shall be effective only to the extent specifically set forth in such
      writing.

     

    11.  Right
      of Discharge Preserved.  Nothing in this Agreement shall confer
      upon the Participant the right to continue as a director of or in other service
      of the Company, or affect any right which the Company may have to terminate
      such
      service.

     

    12.  Integration.  This
      Agreement contains the entire understanding of the parties with respect to
      its
      subject matter.  There are no restrictions, agreements, promises,
      representations, warranties, covenants or undertakings with respect to the
      subject matter hereof other than those expressly set forth
      herein.  This Agreement, including, without limitation, the Plan,
      supersedes all prior agreements and understandings between the parties with
      respect to its subject matter.

     

    13.  Counterparts.  This
      Agreement may be executed in two or more counterparts, each of which shall
      be
      deemed an original, but all of which shall constitute one and the same
      instrument.

     

    14.  Governing
      Law.  This Agreement shall be governed by and construed and
      enforced in accordance with the laws of the State of New York, without regard
      to
      the provisions governing conflict of laws.

     

    15.  Obligation
      to Notify.  If the Participant makes the election permitted under
      Section 83(b) of the Internal Revenue Code of 1986, as amended (that is, an
      election to include in gross income in the year of transfer the amounts
      specified in Section 83(b)), the Participant shall notify the Company of such
      election within 10 days of filing notice of the election with the Internal
      Revenue Service and shall within the same 10-day period remit to the Company
      an
      amount sufficient in the opinion of the Company to satisfy any federal, state
      and other governmental tax withholding requirements related to such inclusion
      in
      Participant’s income. The Participant should consult with his or her tax advisor
      to determine the tax consequences of acquiring the Restricted Stock and
      the

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    advantages
      and disadvantages of filing the Section 83(b) election.  The
      Participant acknowledges that it is his or her sole responsibility, and not
      the
      Company’s, to file a timely election under Section 83(b), even if the
      Participant requests the Company or its representatives to make this filing
      on
      his or her behalf.

     

    16.  Reduction
      in Benefits.  Unless the Participant and the Company agree
      otherwise in writing, in the event that the Participant would incur an Excise
      Tax on any payments or benefits under this Agreement as a result of a Change
      of
      Control (or any other change described in Section 280G(b)(2) of the Code),
      the
      Company shall reduce the payments or benefits to be paid to or granted to
      Participant hereunder to the greater of (i) the maximum amount payable to the
      Participant without the imposition of any Excise Tax with respect to the
      Restricted Stock and (ii) the amount that yields the Participant the greatest
      after-tax amount of benefits under this Agreement after taking into account
      any
      Excise Tax imposed on Participant, whether due to payments and benefits under
      this Agreement or otherwise.  “Excise Tax” means the tax imposed by
      Section 4999 of the Code and any successor tax.  The determination of
      whether the Participants payments and benefits should be reduced and the amount
      of any such reduction shall be made by independent counsel selected by the
      Participant and reasonably acceptable to the Company (“Independent
      Counsel”).  For purposes of such determination, (x) the total amount
      of payments and benefits received by the Participant as a result of such Change
      in Control (or such other change) shall be treated as “parachute payments”
within the meaning of Section 280G(b)(2) of the Code, and all “excess parachute
      payments” within the meaning of Section 280G(b)(1) of the Code shall be treated
      as subject to the Excise Tax, except to the extent that, in the opinion of
      Independent Counsel, a payment or benefit hereunder (in whole or in part) does
      not constitute a “parachute payment” within the meaning of Section 280G(b)(2) of
      the Code and the Treasury Regulations under Section 280G of the Code (the
“Regulations”), or such “excess parachute payments” (in whole or in part) are
      not subject to the Excise Tax; (y) the amount of the payments and benefits
      hereunder that shall be treated as subject to the Excise Tax shall be equal
      to
      the lesser of (A) the total amount of such payments and benefits or (B) the
      amount of “excess parachute payments” within the meaning of Section 280G(b)(1)
      of the Code (after applying clause (x) hereof); and (z) the value of any noncash
      benefits or any deferred payment or benefit shall be determined by Independent
      Counsel in accordance with the principles of Sections 280G(d)(3) and (4) of
      the
      Code.  All fees and expenses of Independent Counsel shall be borne by
      the Company.

     

    17.  Participant
      Acknowledgment.  The Participant hereby acknowledges receipt of a
      copy of the Plan.  The Participant hereby acknowledges that all
      decisions, determinations and interpretations of the Board of Directors in
      respect of the Plan, this Agreement and the Restricted Stock shall be final
      and
      conclusive.

     

    [Signature
      page follows]

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

     

    IN
      WITNESS WHEREOF, the Company has caused this Agreement to be duly executed
      by
      its duly authorized officer, and the Participant has hereunto signed this
      Agreement on his own behalf, thereby representing that he has carefully read
      and
      understands this Agreement and the Plan as of the day and year first written
      above.

    

    

                       
      GENCO SHIPPING
      & TRADING LIMITED

     

    

    
      	
                                                          By:

            	
              ________________________________ 

            
	
                                                          Name:

            	
              Robert
                Gerald Buchanan

            
	
                                                          Title:

            	
              President

            
	 
	
               

            
	                                             ________________________________________Exhibit 10(xxiii)
-----------------

                               SIXTH AMENDMENT OF
                           MONROE BANCORP THRIFT PLAN
       (As Amended and Restated Generally Effective as of January 1, 2001)

WHEREAS, Monroe Bancorp (the "Corporation") maintains the Monroe Bancorp Thrift
Plan (As Amended and Restated Generally Effective as of January 1, 2001) (the
"Plan"); and

WHEREAS, the Internal Revenue Service has published final regulations related to
cash or deferred arrangements under Section 401(k) of the Internal Revenue Code
(the "Code") and matching contributions under Code Section 401(m) which are
effective for plan years beginning on or after January 1, 2006; and

WHEREAS, the amendments made to the Code by the Pension Protection Act of 2006
(the "Act") require a change to the vesting schedule under the Plan effective as
of January 1, 2007 with respect to participants who complete an hour of service
on or after January 1, 2007; and

WHEREAS, the Corporation has determined that the Plan should be amended to (i)
comply with the final regulations in order to maintain the qualified status of
the Plan, and (ii) comply with the vesting provisions of the Code as modified by
the Act effective as of January 1, 2007; and

WHEREAS, pursuant to the authority contained in Section 9.1 of the Plan, the
Corporation has reserved the right to amend the Plan by action of its Board of
Directors;

NOW, THEREFORE, pursuant to the power reserved to the Corporation under Section
9.1 of the Plan and delegated to the undersigned individuals, the Plan is hereby
amended, effective as of January 1, 2006, unless otherwise specified, in the
following particulars:

     1.   By changing the reference to "Section B-3" in the last sentence of
          Section 4.1 to refer to "Section B-2" and adding the phrase "or B-3,
          if applicable" to the end of that sentence.

     2.   By substituting the following for the first sentence of Section 4.2:

     "Subject to the conditions and limitations of this Article IV, Article V
     and Supplement B, as of each December 31st Accounting Date an Employer will
     contribute to the Trustee an amount designated as a `Matching Contribution'
     equal to 100% of the sum of each Participant's Compensation Deferral
     Contributions and Catch-Up Contributions up to 3% of the Participant's
     Total Compensation plus 50% of the sum of each Participant's Compensation
     Deferral Contributions which exceed 3% of the Participant's Total
     Compensation but which do not exceed 5% of the Participant's Total
     Compensation."

     3.   By substituting the following for the second sentence of Section 5.5:

     "The amount to be credited to each such Participant's Matching Contribution
     Account will be 100% of the sum of the Participant's Compensation Deferral
     Contributions and Catch-Up Contributions up to 3% of the Participant's
     Total Compensation plus 50% of the sum of the Participant's Compensation
     Deferral Contributions and Catch-Up Contributions which exceed 3% of the
     Participant's Total Compensation but which do not exceed 5% of the
     Participant's Total Compensation."

     4.   By substituting the following for the first paragraph of Section 6.3,
          effective January 1, 2007:

                                       1
<PAGE>

     "If a Participant's employment with all of the Affiliates terminates prior
     to his satisfying the requirements of Section 6.1 and for a reason other
     than his death, the Participant will be entitled to receive the entire
     amount in his Compensation Deferral Contribution Account, his Matching
     Contribution Account, his ESOP Transfer Account and his Rollover Account
     distributable in accordance with this Article VI. The Participant will also
     be entitled to receive the `Vested Percentage' of his Profit Sharing
     Contribution Account distributable in accordance with this Article VI. The
     Vested Percentage of the Profit Sharing Contribution Account of a
     Participant who does not complete one Hour of Service on or after January
     1, 2007 will be determined in accordance with the following schedule based
     on his Years of Service (as defined below) at his termination date:

                                            Vested           Forfeited
                  Years of Service        Percentage         Percentage
                  ----------------        ----------         ----------
                  Less than 5                 0%                100%
                  5 or more                  100%                0%

     The Vested Percentage of the Profit Sharing Contribution Account of a
     Participant who completes an Hour of Service on or after January 1, 2007
     will be determined in accordance with the following schedule based on his
     Years of Service at his termination date:

                                            Vested           Forfeited
                  Years of Service        Percentage         Percentage
                  ----------------        ----------         ----------
                  Less than 3                 0%                100%
                  3 or more                  100%                0%"

     5.   By substituting the following for subsection 6.3(a)(i):

     "(i) Had no vested right to any amount in his Account (other than his
     Rollover Account or ESOP Transfer Account) prior to the Separation Period;
     and"

     6.   By adding the phrase "for the calendar year in which excess
          Compensation Deferrals were made and for the period beginning on the
          first day of the next Plan Year and ending on the date of the
          distribution of the excess Compensation Deferrals" to the end of the
          parenthetical in the last sentence of subsection B-2(a).

     7.   By adding the phrase "and for the period beginning on the first day of
          the next Plan Year and ending on the date of the distribution of the
          Excess Deferrals" to the end of the parenthetical in the penultimate
          sentence of subsection B-2(b).

     8.   By adding the phrase "and for the period beginning on the first day of
          the next Plan Year and ending on the date of the distribution of
          excess" to the end of the fifth sentence of the last paragraph of
          Section B-3.

     9.   By adding the following paragraph to the end of Section B-3:

     "This Section B-3 will only apply to the Plan Years beginning prior to
     January 1, 2006 in which the provisions of Section B-8 were not applicable
     and in any Plan Year in which there are Participants in the Plan who do not
     meet the age and service conditions of Section 2.1(b) and the Committee
     disaggregates the Plan when calculating the Actual Deferral Percentage for
     Participants who have not satisfied the conditions to be eligible for
     Matching Contributions, provided the disaggregated `plans' meet the
     requirements of Code Section 410(b)."

                                       2
<PAGE>

     10.  By deleting the text of Section B-4 and inserting in lieu thereof the
          word "[RESERVED]."

     11.  By deleting the text of Section B-5 and inserting in lieu thereof the
          word "[RESERVED]."

     12.  By changing the reference to "Supplement A" in the first sentence of
          Section B-6 to refer to "Supplement B."

     13.  By substituting the following for the second sentence of the newly
          redesignated Section B-7:

     "All plans (within the meaning of Treasury Regulation Section 1.410(b)-7(a)
     and (b) after application of the mandatory disaggregation rules and
     permissive aggregation rules of those regulations) maintained by an
     Employer (under which compensation deferrals are made) that are treated as
     one plan for purposes of Code Sections 401(a)(4) and 410(b) and which use
     the safe harbor method to satisfy the nondiscrimination requirements of
     Code Sections 401(k) and 401(m) will be treated as one plan in accordance
     with Treasury Regulation Section 1.401(k)-1(b)(4) or 1.401(m)-1(b)(4) and
     such plans that are treated as one plan for purposes of Code Section
     401(a)(4) or 410(b) and which use the actual deferral percentage test or
     actual contribution percentage test to satisfy the nondiscrimination
     requirements of Code Sections 401(k) and 401(m) will be treated as one plan
     in accordance with Treasury Regulation Section 1.401(k)-1(b)(4) or
     1.401(m)-1(b)(4)."

     14.  By substituting the following for Section B-8.

     "Section B-8 Safe Harbor Provisions. The Plan is treated as satisfying the
     Actual Deferral Percentage test under Code Section 401(k)(3)(A)(ii) and
     Treasury Regulation Section 1.401(k)-2(a) for the Plan Year, if the
     following conditions are met:

     (a) For the entire Plan Year the Employer contributes to the Plan a safe
     harbor Matching Contribution which is allocated and credited to the
     Matching Contribution Accounts of all Participants in the amount provided
     for in Section 5.5;

     (b) Safe harbor Matching Contributions contributed on behalf of
     Participants are nonforfeitable within the meaning of Treasury Regulation
     Section 1.401(k)-1(c);

     (c) Safe harbor Matching Contributions contributed on behalf of
     Participants are subject to the withdrawal restrictions of Code Section
     401(k)(2)(B) and Treasury Regulation Section 1.401(k)-1(d); and

     (d) Each Participant for the Plan Year receives a written notice that
     satisfies the following requirements:

          (i) The notice is sufficiently accurate and comprehensive to inform
          the Participant of the Participant's rights and obligations under the
          Plan;

          (ii) The notice is written in a manner calculated to be understood by
          the average Participant; and

          (iii) At least 30 days (and no more than 90 days) before the beginning
          of each Plan Year (or prior to a Participant's Entry Date, if later),
          the notice is given to Participants for that Plan Year specifically
          stating that the Employer will make a safe harbor Matching
          Contribution for the Plan Year.

                                       3
<PAGE>

     For purposes of subsection (d), the notice is considered sufficiently
     accurate and comprehensive if the notice accurately describes (i) the safe
     harbor Matching Contribution formula including the fully vested nature of
     such contributions, (ii) any other contributions under the Plan and the
     conditions under which such contributions are made, (iii) the type and
     amount of compensation that may be deferred under the Plan, (iv) how to
     elect to make Compensation Deferral Contributions and Catch Up
     Contributions under the Plan, (v) the periods available under the Plan for
     making Compensation Deferral Contributions and Catch Up Contributions, (vi)
     withdrawal and vesting provisions applicable to all contributions under the
     Plan and (vii) contact information for Participants to obtain additional
     information about the Plan. The Plan will satisfy the content requirement
     for the notice without providing the information in (ii) and (iii) above
     provided that the notice cross-references relevant portions of a summary
     plan description previously or currently provided to the Participant.

     The Committee has determined to use the rules of Code Section 410(b)(4)(B)
     to treat the Plan as separate plans for purposes of the coverage
     requirements of Code Section 410(b) and will apply the safe harbor
     requirements of this Section to the `plan' covering Participants who have
     met the age and service requirements of subsection 2.1(b) and will apply
     the rules of Section B-3 to the `plan' covering Participants who have not
     met the age and service requirements of subsection 2.1(b).

     The Plan is treated as satisfying the Contribution Percentage test under
     Code Section 401(m)(2) and Treasury Regulation Section 1.401(m)-2(a) with
     respect to Matching Contributions for the Plan Year if the Employer makes a
     safe harbor Matching Contribution described in Section 4.2 to the Plan for
     that Plan Year and meets the notice requirement of subsection (d) above."

     15.  By inserting the word "directly" immediately preceding "rolled" and by
          deleting the words "or 403(b) plan or a Roth Individual Retirement
          Account" from the first sentence of Section F-7.

     16.  By deleting the words "Roth 403(b) account" from Section F-8.

IN WITNESS WHEREOF, the Corporation has caused this Sixth Amendment to be
executed on its behalf this 22nd day of February, 2007, but effective as of
January 1, 2006 unless otherwise indicated.

                                              MONROE BANCORP

                                              By:  /s/ Mark D. Bradford
                                                   ------------------------

                                              Title: President and CEO
                                                     ----------------------
ATTEST:

By: /s/ R. Scott Walters
    -----------------------

Title: Secretary
       --------------------

                                       4

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