Document:

EXHIBIT
10.13

 

EMPLOYMENT
AGREEMENT

 

This EMPLOYMENT AGREEMENT  (“Agreement”)
is made and entered into as of March 18, 2004, by and between MERRILL MERCHANTS
BANK, a state-chartered stock bank organized and operating
under the laws of the State of Maine and having an office at 201 Main Street,
Bangor, Maine 04401 (“Bank”) and Edwin N. Clift (“Executive”).

 

W I T N E S S E
T H:

 

WHEREAS, Executive currently serves the Bank
in the capacity of President and Chief Executive Officer;

 

WHEREAS,
the Bank is a wholly-owned subsidiary of Merrill Merchants Bancshares, Inc., a
publicly-held Maine corporation (“Holding Company”);

 

WHEREAS, the Bank desires to assure for itself
the continued availability of the Executive’s services on the terms and
conditions hereinafter set forth; and

 

WHEREAS, the Executive is willing to continue
to serve the Bank on such terms and conditions;

 

NOW THEREFORE, in consideration of the
premises and the mutual covenants and conditions hereinafter set forth, the
Bank and the Executive hereby agree as follows:

 

Section
1.                                          Employment.

 

The Bank agrees to continue to employ the Executive and the Executive
hereby agrees to such continued employment, during the period and upon the
terms and conditions set forth in this Agreement.

 

Section
2.                                          Employment
Period; Remaining Unexpired Employment Period.

 

(a)                                  The
terms and conditions of this Agreement shall be and remain in effect during the
period of employment established under this section 2 (“Employment
Period”).  The Employment Period shall
be for an initial term of two years beginning on the date of this
Agreement.  Upon the first anniversary
of the date of this Agreement (an “Anniversary Date”), and on each Anniversary
Date occurring thereafter, the Board of Directors of the Bank (“Board”) shall
review the terms of this Agreement and the Executive’s performance of services
hereunder and may, in the absence of objection from the Executive, approve an
extension of the Employment Agreement pursuant to a resolution duly adopted by
the members of the Board.

 

(b)                                 For
all purposes of this Agreement, the term “Remaining Unexpired Employment
Period” as of any date shall mean the period beginning on such date and ending
on the Anniversary Date on which the Employment Period (as it may be extended
pursuant to section 2(a) of this Agreement) is then scheduled to expire.

 

(c)                                  Nothing
in this Agreement shall be deemed to prohibit the Bank at any time from
terminating the Executive’s employment during the Employment Period with or
without notice for any reason; provided, however, that the relative rights and
obligations of the Bank and the Executive in the event of any such terminations
shall be determined under this Agreement.

 

 

Section 3.                                          Duties.

 

The Executive shall serve as President and Chief Executive Officer of
the Bank, having such power, authority and responsibility and performing such
duties as are prescribed by or under the By-Laws of the Bank and as are
customarily associated with such position or as assigned by the Board acting in
good faith. The Executive is responsible for all facets of operations of the
Bank and for implementing the directions of the Board limited by regulatory and
prudent business constraints.  The
Executive shall devote his full business time and attention (other than during
holidays, approved vacation periods, and periods of illness or approved leave
of absence) to the business and affairs of the Bank and shall use his best
efforts to advance the interests of the Bank.

 

Section
4.                                          Cash
Compensation.

 

In consideration for the services to be rendered by the Executive
hereunder, the Bank shall pay to him a salary at an initial annual rate of
$190,000, payable in approximately equal installments in accordance with the
Bank’s customary payroll practices for officers.  The Board shall review the Executive’s annual rate of salary at
such times, as it deems appropriate, but not less frequently than once every
twelve months, and may, in its discretion, approve an increase in such annual
rate of salary.  In addition to salary,
the Executive may receive other cash compensation from the Bank for services
hereunder at such times, in such amounts and on such terms and conditions as
the Board may determine from time to time.

 

Section
5.                                          Employee
Benefit Plans And Programs.

 

During the Employment Period, the Executive shall be treated as an
employee of the Bank and shall be eligible to participate in and receive
benefits under any and all qualified or non-qualified retirement, pension,
savings, profit-sharing or stock bonus plans, any and all group life, health
(including hospitalization, medical and major medical), dental, accident and
long-term disability insurance plans, and any other employee benefit and
compensations plans (including, but not limited to, any incentive compensation
plans or programs, stock options and appreciation rights plans and restricted
stock plans) as may from time to time be maintained by, or cover similarly
situated employees of, the Bank, in accordance with the terms and conditions of
such employee benefit plans and programs and compensations plans and programs
and consistent with the Bank’s customary practices.

 

Section
6.                                          Termination
of Employment with Severance Benefits.

 

(a)                                  The
Executive shall be entitled to the severance benefits described in section 6(b)
in the event that:

 

(i)                                     his employment is
terminated by the Bank during the Employment Period for any reason other than
for “cause” as defined in section 7(b);

 

(ii)                                  his employment with
the Bank terminates during the Employment Period as a result of the Executive’s
voluntary resignation within 90 days following:

 

(A)                               the expiration of a
thirty day period following the date on which the Executive gives written
notice to the Bank of its material breach of any term, condition or covenant
contained in this Agreement (including, without limitation, any reduction of
the Executive’s rate of base salary in effect from time to time), unless during
such thirty day period, the Bank cures such failure; or

 

(B)                                a change in the
Executive’s principal place of employment to a location that is more than 40
miles from the Bank’s principal office in Bangor, Maine; or

 

(iii)                               the Executive
voluntarily resigns following a “Change of Control” (as such term is defined in
section 10(a) hereof) in the manner set forth in section 10(b) hereof.

 

 

(b)                                 Upon
the termination of the Executive’s employment at the Bank under the
circumstances described in section 6(a) of this Agreement, the Bank shall have
no further obligations under this Agreement, other than to pay or to provide
the Executive with:

 

(i)                                     the compensation
he has earned, but which is unpaid, as of the date of the termination of his
employment with the Bank, such payment to be made at the time and in the manner
prescribed by law applicable to the payment of wages but in no event later than
sixty (60) days after termination of employment;

 

(ii)                                  the benefits, if any,
to which he is entitled as a former employee under the employee benefit plans
and programs and compensation plans and programs maintained by the Bank for
employees;

 

(iii)                               continued group life,
health (including hospitalization, medical and major medical), dental, accident
and long-term disability coverage plans under the plans and programs maintained
by the Bank for similarly situated employees until the earlier to occur of:

 

(A)                               the date the Executive
first becomes eligible for such benefit coverage plans under plans or programs
maintained by a subsequent employer or

 

(B)                                the date the Remaining
Unexpired Employment Period terminates; and

 

(iv)                              a lump sum payment within
sixty (60) days following his termination of employment with the Bank, in an
amount equal to the salary that the Executive would have earned if he had
continued working for the Bank during the Remaining Unexpired Employment Period
at the highest annual rate of salary achieved during that portion of the
Employment Period which is prior to the Executive’s termination of employment
with the Bank, where such value is to be determined by multiplying the
Remaining Unexpired Employment Period by such highest annual rate of salary.

 

The Bank and the Executive hereby stipulate that the damages which may
be incurred by the Executive following any such termination of employment are
not capable of accurate measurement as of the date above first written and that
the payments and benefits contemplated by this section 6(b) constitute
reasonable damages under the circumstances without regard to the Executive’s
efforts, if any, to mitigate damages. 
The Bank and Executive further agree that the Bank may condition the
payments and benefits (if any) due under sections 6(b)(iii) and 6(b)(iv) on:
(i) the receipt of the Executive’s resignation from any and all positions which
he holds as an officer, director or committee member with respect to the
Company, the Bank or any subsidiary or affiliate of either of them and (ii) the
execution of a release in favor of such entities in such form as the Bank may
determine for any and all claims against such entities.

 

Section
7.                                          Termination
Without Additional Bank Liability.

 

Except as provided below, the Bank (and its affiliates) will have no
liability to Executive in the event that the Executive’s employment with the
Bank shall terminate during the Employment Period on account of:

 

(a)                                  a
voluntary resignation by the Executive, other than a voluntary resignation
described in Section 6(a)(ii) or 6(a)(iii) hereof;

 

(b)                                 a
determination that the Executive is eligible for long-term disability benefits
under the Bank’s long-term disability insurance program or, if there is no such
program, under the federal Social Security Act;

 

(c)                                  the
death of the Executive; or

 

 

(d)                                 the
discharge of the Executive for “cause,” which, for purposes of the Agreement
shall mean personal dishonesty, willful misconduct, breach of fiduciary duty
involving personal profit, intentional failure to perform stated duties,
willful violation of any banking law, rule or regulation, conviction of a
felony or final cease and desist order issued in response to conduct of the
Executive determined to be substantially deleterious to the Bank, or any
material breach of this Agreement, in each case as measured against standards
generally prevailing at the relevant time in the savings and community banking
industry;  then the Bank (and its
affiliates) shall have no further obligations under this Agreement, other than
the payment to the Executive (or, in the event of his death, to his estate) of
his earned but unpaid salary as of the date of the termination of his
employment, and the provision of such other benefits, if any, to which he is
entitled as a former employee under the employee benefit plans and programs and
compensation plans and programs maintained by, or covering employees of, the
Bank.

 

(e)                                  for
purposes of section 7(d), no act or failure to act, on the part of the
Executive, shall be considered “willful” unless it is done, or omitted to be
done, by the Executive in bad faith or without reasonable belief that the
Executive’s action or omission was in the best interests of the Bank and its
affiliates.  Any act, or failure to act,
based upon authority given pursuant to a resolution duly adopted by the Board
or based upon the written advice of counsel for the Bank shall be conclusively
presumed to be done, or omitted to be done, by the Executive in good faith and
in the best interests of the Bank.  The
cessation of employment of the Executive shall not be deemed to be for “cause”
within the meaning of section 7(d) unless and until there shall have been
delivered to the Executive a copy of a resolution duly adopted by the
affirmative vote of two-thirds of the non-employee members of the Board at a
meeting of the Board called and held for such purpose (after reasonable notice
is provided to the Executive and the Executive is given an opportunity,
together with counsel, to be heard before the Board), finding that, in the good
faith opinion of the Board, the Executive is guilty of the conduct described in
section 7(d) above, and specifying the particulars thereof in detail.

 

Section
8.                                          Covenant
Not To Compete.

 

In the event that the Executive’s employment with the Bank terminates
prior to the expiration of the Employment Period, then for a period of one (1)
year following the date of his termination of employment with the Bank (or, if
less, for the Remaining Unexpired Employment Period), the Executive shall not,
without the written consent of the Bank, become an officer, employee,
consultant, director or trustee of any competitor (as herein defined) if in
this capacity he would be working for a competitor in any county where a main
or a branch office of the Bank is located on the date of the Executive’s
termination of employment.  For this
purpose, a “competitor” is any savings bank, cooperative bank, credit union,
savings and loan association, savings and loan holding company, bank or bank
holding company, or any direct or indirect subsidiary or affiliate of any such
entity.  This section 8 shall not apply
if the Executive’s employment is terminated due to death or a voluntary or
involuntary termination following a “Change of Control” as defined in section
10(a) hereof.

 

Section
9.                                          Confidentiality.

 

Unless he obtains the prior written consent of the Bank, the Executive
shall keep confidential and shall refrain from using for the benefit of
herself, or any person or entity other than the Bank or any entity which is a
subsidiary of the Bank or of which the Bank is a subsidiary, any material
document or information obtained from the Bank, or from its parent or
subsidiaries, in the course of his employment with any of them concerning their
properties, operations or business (unless such document or information is
readily ascertainable from public or published information or trade sources or
has otherwise been made available to the public through no fault of his own)
until the same ceases to be material (or becomes so ascertainable or
available); provided, however, that nothing in this section 9 shall prevent the
Executive, with or without the Bank’s consent, from participating in or
disclosing documents or information in connection with any judicial or administrative
investigation, inquiry or proceeding to the extent that such participation or
disclosure is required under applicable law.

 

 

Section 10.                                   Termination
Upon Or Following A Change Of Control.

 

(a)                                  A
Change of Control of the Bank (“Change of Control”) shall be deemed to have
occurred upon the happening of any of the following events:

 

(i)                                     approval by the
stockholders of the Bank of a transaction that would result in the
reorganization, merger or consolidation of the Bank, respectively, with one or
more other persons, other than a transaction following which:

 

(A)                              at least 51% of the
equity ownership interest of the entity resulting from such transaction are
beneficially owned (within the meaning of Rule 13d-3 promulgated under the
Securities Exchange Act of 1934, as amended “Exchange Act”) in substantially
the same relative proportions by persons who, immediately prior to such
transaction, beneficially owned (within the meaning of Rule 13d-3 promulgated
under the Exchange Act) at least 51% of the outstanding equity ownership
interest in the Bank; and

 

(B)                                at least 51% of the
securities entitled to vote generally in the election of directors of the
entity resulting from such transaction are beneficially owned (within the
meaning of Rule 13d-3 promulgated under the Exchange Act) in substantially the
same relative proportions by persons who, immediately prior to such
transaction, beneficially owned (within the meaning of Rule 13d-3 promulgated
under the Exchange Act) at least 51% of the securities entitled to vote
generally in the election of directors of the Bank;

 

(ii)                                  the acquisition of
all or substantially all of the assets of the Bank or approval by the
stockholders of the Bank of any transaction which would result in such an
acquisition;

 

(iii)                               a complete liquidation
or dissolution of the Bank, or approval by the stockholders of the Bank of a
plan for such liquidation or dissolution;

 

(iv)                              the occurrence of any
event if, immediately following such event, at least 50% of the members of the
Board do not belong to any of the following groups:

 

(A)                              individuals who were
members of the Board of the Bank on the date of this Agreement; or

 

(B)                                individuals who first
became members of the Board of the Bank after the date of this Agreement
either:

 

(I)                                    upon election to
serve as a member of the Board of the Bank by affirmative vote of two-thirds of
the members of such Board, of a nominating committee thereof, in office at the
time of such first election; or

 

(II)                                upon election by the
stockholders of the Bank to serve as a member of the Board of the Bank, but
only if nominated for election by affirmative vote of two-thirds of the members
of the Board of the Bank, or of a nominating committee thereof, in office at
the time of such first nomination;

 

provided, however, that such individual’s election or nomination did
not result from an actual or threatened election contest or other actual or
threatened solicitation of proxies or consents other than by or on behalf of
the Board of the Bank; or

 

(v)                                 any event which would
be described in section 10(a)(i), (ii), (iii) or (iv) if the term “Holding
Company” were substituted for the term “Bank” therein.

 

 

In no event, however, shall a Change of Control be deemed to have
occurred as a result of any acquisition of securities or assets of the Bank,
the Holding Company, or a subsidiary of either of them, by the Bank, the
Holding Company, or a subsidiary of either of them, or by any employee benefit
plan maintained by any of them.  For
purposes of this section 10(a), the term “person” shall have the meaning
assigned to it under sections 13(d)(3) or 14(d)(2) of the Exchange Act.

 

(b)                                 In
the event of a Change of Control, the Executive shall be entitled to the
payments and benefits contemplated by section 6(b) in the event his employment
with the Bank terminates due to his voluntary resignation within ninety (90)
days following the effective date of the Change of Control with the Remaining
Unexpired Employment Period deemed in such event to be twenty-four (24) months.  Notwithstanding anything in this Agreement
to the contrary, in no event shall any payments made or benefits provided under
this Agreement, when combined with all other payments and benefits to the
Executive, be allowed to render any such payment or benefit nondeductible under
Section 280G of the Internal Revenue Code (“Code”) or to trigger an excise tax
under Section 4999 of the Code.  In such
event, the payments and/or benefits to be provided under this Agreement shall
be reduced, but not below zero, such that the aggregate benefits to be provided
to the Executive do not exceed 2.99 multiplied by the Executive’s “base amount”
(as such term is defined in Section 280G of the Code).

 

Section
11.                                   Solicitation.

 

The Executive hereby covenants and agrees that, during the first one-year
period after his termination of employment with the Bank, he shall not, without
the written consent of the Bank, either directly or indirectly:

 

(a)                                  Solicit,
offer employment of, or take any other action intended, or that a reasonable
person acting in like circumstances would expect, to have the effect of causing
any officer or employee of the Bank, the Holding Company or any affiliate, as
of the date of this Agreement, of either of them to terminate his or her
employment and accept employment or become affiliated with, or provide services
for compensation in any capacity whatsoever to, any savings bank, cooperative
bank, credit union, savings and loan association, bank, bank holding company,
savings and loan holding company, or other institution engaged in the business
of accepting deposits and making loans;

 

(b)                                 Provide
any information, advice or recommendation with respect to any such officer or
employee of any savings bank, cooperative bank, credit union, holding company,
or other institution engaged in the business of accepting deposits and making
loans, of either of them that is intended, or that a reasonable person acting
in like circumstances would expect, to have the effect of causing any officer
or employee of the Bank, the Holding Company or any affiliate as of the date of
this Agreement, of either of them to terminate his or her employment and accept
employment become affiliated with, or provide services for compensation in any
capacity whatsoever to, any savings bank, cooperative bank, credit union,
savings and loan association, bank, bank holding company, savings and loan
holding company, or other institution engaged in the business of accepting
deposits and making loans; and

 

(c)                                  Solicit,
provide any information, advice or recommendation or take any other action
intended, or that a reasonable person acting in like circumstances would
expect, to have the effect of causing any customer of the Bank to terminate an
existing business or commercial relationship with the Bank.

 

This section 11 shall not apply if the Executive’s employment is
terminated due to death, or a voluntary or involuntary termination following a
“Change of Control” as defined in section 10(a) hereof.

 

Section
12.                                   No
Effect on Employee Benefit Plans or Programs.

 

The termination of the Executive’s employment during the term of this
Agreement or thereafter, whether by the Bank or by the Executive, shall have no
effect on the rights and obligations of the parties hereto under the

 

 

Bank’s qualified or non-qualified retirement, pension, savings, thrift,
profit-sharing or stock bonus plans, group life, health (including
hospitalization, medical and major medical), dental, accident and long-term
disability insurance plans or such other employee benefit plans or programs, or
compensation plans or programs, as may be maintained by, or cover employees of,
the Bank from time to time.

 

Section
13.                                   Successors
And Assigns.

 

This Agreement will inure to the benefit of and be binding upon the
Executive, his legal representatives and testate or intestate distributes, and
the Bank and its successors and assigns, including any successor by merger or
consolidation or any other person or firm or corporation to which all or
substantially all of the assets and business of the Bank may be sold or otherwise
transferred.

 

Section
14.                                   Notices.

 

Any communication required or permitted to be given under this
Agreement, including any notice, direction, designation, consent, instruction,
objection or waiver, shall be in writing and shall be deemed to have been given
at such time as it is delivered personally, or five (5) days after mailing if
mailed, postage prepaid, by registered or certified mail, return receipt
requested, addressed to such party at the address listed below or at such other
address as one such party may be written notice specify to the other party:

 

	
  If to the Executive:

  	
   

  	
   

  
	
   

  	
  Edwin N. Clift

  	
   

  	
   

  
	
   

  	
  194 Hansons Landing Road

  	
   

  	
   

  
	
   

  	
  Ellsworth, Maine 04605

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  If to the Bank:

  	
   

  	
   

  
	
   

  	
  Merrill Merchants Bank

  	
   

  	
   

  
	
   

  	
  201 Main Street

  	
   

  	
   

  
	
   

  	
  Bangor, Maine  04401

  	
   

  	
   

  
	
   

  	
  Attention:  Chairman of the Board

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  with a copy to:

  	
   

  	
   

  
	
   

  	
  Thacher Proffitt & Wood LLP

  	
   

  	
   

  
	
   

  	
  1700 Pennsylvania Avenue, Suite 800

  	
   

  	
   

  
	
   

  	
  Washington, DC  20006

  	
   

  	
   

  
	
   

  	
  Attention:        Richard A.
  Schaberg

  	
   

  	
   

  

 

Section
15.                                   Severability.

 

A determination that any provision of this Agreement is invalid or
unenforceable shall not affect the validity of enforceability of any provision
hereof.

 

Section
16.                                   Waiver.

 

Failure to insist upon strict compliance with any of the terms,
covenants or conditions hereof shall not be deemed a waiver of such term,
covenant, or condition.  A waiver of any
provision of this Agreement must be made in writing, designated as a waiver,
and signed by the party against whom its enforcement is sought.  Any waiver or relinquishment of any right or
power hereunder at any one or more times shall not be deemed a waiver or
relinquishment of such right or power at any other time or times.

 

 

Section 17.                                   Counterparts.

 

This agreement may be executed in two (2) or more counterparts, each of
which shall be deemed an original, and all of which shall constitute one and
the same Agreement.

 

Section
18.                                   Governing
Law.

 

This Agreement shall be governed by and construed and enforced in
accordance with the federal laws of the United Sates and, to the extent that
federal law is inapplicable, in accordance with the laws of the State of Maine
applicable to contracts entered into and to be performed entirely within the
State of Maine.

 

Section
19.                                   Headings
and Construction.

 

The headings of sections in this Agreement are for convenience of
reference only and are not intended to qualify the meaning of any section.  Any reference to a section number shall
refer to a section of this Agreement, unless otherwise stated.

 

Section
20.                                   Entire
Agreement; Modifications.

 

This instrument contains the entire agreement of the parties relating
to the subject matter hereof, and supersedes in its entirety any and all prior
agreements, understandings or representations relating to the subject matter
hereof.  No modifications of the Agreement
shall be valid unless made in writing and signed by the parties hereto.

 

Section
21.                                   Required
Regulatory Provisions.

 

The following provisions are included for the purposes of complying
with various laws, rules and regulations applicable to the Bank:

 

(a)                                  Notwithstanding
anything herein contained to the contrary, any payments to the Executive by the
Bank, whether pursuant to this Agreement or otherwise, are subject to and
conditioned upon their compliance with section 18(k) of the Federal Deposit Insurance
Act (“FDI Act”), 12 U.S.C. §1828(k), and any regulations promulgated there
under.

 

(b)                                 Notwithstanding
anything herein contained to the contrary, if the Executive is suspended from
office and/or temporarily prohibited from participating in the conduct of the
affairs of the Bank pursuant to a notice serviced under section 8(e)(3) or
8(g)(1) of the FDI Act, 12 U.S.C. §1818(e)(3) or1818 (g)(1), the Bank’s
obligations under this Agreement shall be suspended as of the date of service
of such notice, unless stayed by appropriate proceedings.  If the charges in such notice are dismissed,
the Bank, in its discretions, may:

 

(i)                                     pay to the
Executive all or part of the compensation withheld while the Bank’s obligations
hereunder were suspended, and

 

(ii)                                  reinstate, in whole
or in part, any of the obligations which were suspended.

 

(c)                                  Notwithstanding
anything herein contained to the contrary, if the Executive is removed and/or
permanently prohibited from participating in the conduct of the Bank’s affairs
by an order issued under section 8(e)(4) or 8(g)(1) of the FDI Act, 12 U.S.C.
§1818(e)(4) or (g)(1), all prospective obligations of the Bank under this
Agreement shall terminate as of the effective date of the order, but vested
rights and obligations of the Bank and the Executive shall not be affected.

 

(d)                                 Notwithstanding
anything herein contained to the contrary, if the Bank is in default (within
the meaning of section 3(x)(1) of the FDI Act, 12 U.S.C. §1813(x)(1)), all
prospective obligations of the Bank under

 

 

this Agreement shall terminate
as of the date of default, but vested rights and obligations of the Bank and
the Executive shall not be affected.

 

(e)                                  Notwithstanding
anything herein contained to the contrary, all prospective obligations of the
Bank hereunder shall be terminated, except to the extent that a continuation of
this Agreement is necessary for the continued operation of the Bank:

 

(i)                                     By the Maine
Bureau of Financial Institutions or the FDIC, at the time the FDIC enters into
an agreement to provide assistance to or on behalf of the Bank under the
authority contained in section 13(c) of the FDI Act, 12 U.S.C. §1823(c)

 

(ii)                                  By the Maine Bureau
of Financial Institutions at the time the Maine Bureau of Financial
Institutions approves a supervisory merger to resolve problems related to the
operation of the Bank or when the Bank is determined by the Maine Bureau of
Financial Institutions to be in an unsafe or unsound condition.  The vested rights and obligations of the
parties shall not be affected.

 

If and to the extent that any of the foregoing provisions shall cease
to be required or by applicable law, rule or regulation, the same shall become
inoperative as though eliminated by formal amendment of this Agreement.

 

IN WITNESS WHEREOF,
the Bank has caused this Agreement to be executed and the Executive has
hereunto set her hand, all as of the day and year first above written.

 

 

	
   

  	
  By:

  	
       /s/ Edwin N. Clift

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  EDWIN N. CLIFT

  
	
  ATTEST:

  	
   

  
	
   

  	
   

  	
  MERRILL MERCHANTS BANK

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
       /s/ Deborah A. Jordan

  	
   

  	
  By:

  	
       /s/ William C. Bullock, Jr.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  DEBORAH A. JORDAN

  	
   

  	
  WILLIAM C. BULLOCK, JR.

  
	
   

  	
  SECRETARY

  	
   

  	
  CHAIRMAN OF THE BOARD

  
										

 

 

[Seal]EXHIBIT 10.14

 

EMPLOYMENT AGREEMENT

 

This EMPLOYMENT AGREEMENT
(“Agreement”) is made and entered into as of March 18, 2004, by and between MERRILL
MERCHANTS BANK, a state-chartered stock bank organized and operating
under the laws of the State of Maine and having an office at 201 Main Street,
Bangor, Maine 04401 (“Bank”) and William P. Lucy (“Executive”).

 

W I T N E S S E
T H:

 

WHEREAS, Executive
currently serves the Bank in the capacity of Executive Vice President;

 

WHEREAS, the Bank is
a wholly-owned subsidiary of Merrill Merchants Bancshares, Inc., a
publicly-held Maine corporation (“Holding Company”);

 

WHEREAS, the Bank
desires to assure for itself the continued availability of the Executive’s
services on the terms and conditions hereinafter set forth; and

 

WHEREAS, the
Executive is willing to continue to serve the Bank on such terms and
conditions;

 

NOW THEREFORE, in
consideration of the premises and the mutual covenants and conditions
hereinafter set forth, the Bank and the Executive hereby agree as follows:

 

Section 1.                                          Employment.

 

The Bank agrees to continue to
employ the Executive and the Executive hereby agrees to such continued
employment, during the period and upon the terms and conditions set forth in
this Agreement.

 

Section 2.                                          Employment
Period; Remaining Unexpired Employment Period.

 

(a)                                  The
terms and conditions of this Agreement shall be and remain in effect during the
period of employment established under this section 2 (“Employment
Period”).  The Employment Period shall
be for an initial term of two years beginning on the date of this
Agreement.  Upon the first anniversary
of the date of this Agreement (an “Anniversary Date”), and on each Anniversary
Date occurring thereafter, the Board of Directors of the Bank (“Board”) shall
review the terms of this Agreement and the Executive’s performance of services
hereunder and may, in the absence of objection from the Executive, approve an
extension of the Employment Agreement pursuant to a resolution duly adopted by
the members of the Board.

 

(b)                                 For
all purposes of this Agreement, the term “Remaining Unexpired Employment
Period” as of any date shall mean the period beginning on such date and ending
on the Anniversary Date on which the Employment Period (as it may be extended
pursuant to section 2(a) of this Agreement) is then scheduled to expire.

 

(c)                                  Nothing
in this Agreement shall be deemed to prohibit the Bank at any time from
terminating the Executive’s employment during the Employment Period with or
without notice for any reason; provided, however, that the relative rights and
obligations of the Bank and the Executive in the event of any such terminations
shall be determined under this Agreement.

 

 

Section
3.                                          Duties.

 

The Executive shall serve as
Executive Vice President of the Bank, having such power, authority and
responsibility and performing such duties as are prescribed by or under the
By-Laws of the Bank and as are customarily associated with such position or as
assigned by the Board or the Chief Executive Officer acting in good faith.  The Executive shall devote his full business
time and attention (other than during holidays, approved vacation periods, and
periods of illness or approved leave of absence) to the business and affairs of
the Bank and shall use his best efforts to advance the interests of the Bank.

 

Section 4.                                          Cash
Compensation.

 

In consideration for the
services to be rendered by the Executive hereunder, the Bank shall pay to him a
salary at an initial annual rate of $130,000, payable in approximately equal
installments in accordance with the Bank’s customary payroll practices for
officers.  The Board shall review the
Executive’s annual rate of salary at such times, as it deems appropriate, but
not less frequently than once every twelve months, and may, in its discretion,
approve an increase in such annual rate of salary.  In addition to salary, the Executive may receive other cash
compensation from the Bank for services hereunder at such times, in such
amounts and on such terms and conditions as the Board may determine from time
to time.

 

Section 5.                                          Employee
Benefit Plans And Programs.

 

During the Employment Period,
the Executive shall be treated as an employee of the Bank and shall be eligible
to participate in and receive benefits under any and all qualified or
non-qualified retirement, pension, savings, profit-sharing or stock bonus
plans, any and all group life, health (including hospitalization, medical and
major medical), dental, accident and long-term disability insurance plans, and
any other employee benefit and compensations plans (including, but not limited
to, any incentive compensation plans or programs, stock options and
appreciation rights plans and restricted stock plans) as may from time to time
be maintained by, or cover similarly situated employees of, the Bank, in
accordance with the terms and conditions of such employee benefit plans and
programs and compensations plans and programs and consistent with the Bank’s
customary practices.

 

Section 6.                                          Termination
of Employment with Severance Benefits.

 

(a)                                  The
Executive shall be entitled to the severance benefits described in section 6(b)
in the event that:

 

(i)                                     his
employment is terminated by the Bank during the Employment Period for any
reason other than for “cause” as defined in section 7(b);

 

(ii)                                  his
employment with the Bank terminates during the Employment Period as a result of
the Executive’s voluntary resignation within 90 days following:

 

(A)                              the
expiration of a thirty day period following the date on which the Executive
gives written notice to the Bank of its material breach of any term, condition
or covenant contained in this Agreement (including, without limitation, any
reduction of the Executive’s rate of base salary in effect from time to time),
unless during such thirty day period, the Bank cures such failure; or

 

(B)                                a
change in the Executive’s principal place of employment to a location that is
more than 40 miles from the Bank’s principal office in Bangor, Maine; or

 

(iii)                               the
Executive voluntarily resigns following a “Change of Control” (as such term is defined
in section 10(a) hereof) in the manner set forth in section 10(b) hereof.

 

 

(b)                                 Upon
the termination of the Executive’s employment at the Bank under the
circumstances described in section 6(a) of this Agreement, the Bank shall have
no further obligations under this Agreement, other than to pay or to provide
the Executive with:

 

(i)                                     the
compensation he has earned, but which is unpaid, as of the date of the
termination of his employment with the Bank, such payment to be made at the
time and in the manner prescribed by law applicable to the payment of wages but
in no event later than sixty (60) days after termination of employment;

 

(ii)                                  the
benefits, if any, to which he is entitled as a former employee under the
employee benefit plans and programs and compensation plans and programs
maintained by the Bank for employees;

 

(iii)                               continued
group life, health (including hospitalization, medical and major medical),
dental, accident and long-term disability coverage plans under the plans and
programs maintained by the Bank for similarly situated employees until the
earlier to occur of:

 

(A)                              the
date the Executive first becomes eligible for such benefit coverage plans under
plans or programs maintained by a subsequent employer or

 

(B)                                the
date the Remaining Unexpired Employment Period terminates; and

 

(iv)                              a
lump sum payment within sixty (60) days following his termination of employment
with the Bank, a lump sum payment, in an amount equal to the salary that the
Executive would have earned if he had continued working for the Bank during the
Remaining Unexpired Employment Period at the highest annual rate of salary
achieved during that portion of the Employment Period which is prior to the
Executive’s termination of employment with the Bank, where such value is to be
determined by multiplying the Remaining Unexpired Employment Period by such
highest annual rate of salary.

 

The Bank and the Executive
hereby stipulate that the damages which may be incurred by the Executive
following any such termination of employment are not capable of accurate
measurement as of the date above first written and that the payments and
benefits contemplated by this section 6(b) constitute reasonable damages under
the circumstances and shall be payable without regard to the Executive’s
efforts, if any, to mitigate damages. 
The Bank and Executive further agree that the Bank may condition the
payments and benefits (if any) due under sections 6(b)(iii) and 6(b)(iv) on:
(i) the receipt of the Executive’s resignation from any and all positions which
he holds as an officer, director or committee member with respect to the
Company, the Bank or any subsidiary or affiliate of either of them and (ii) the
execution of a release in favor of such entities in such form as the Bank may
determine for any and all claims against such entities.

 

Section 7.                                          Termination
Without Additional Bank Liability.

 

Except as provided below, the
Bank (and its affiliates) will have no liability to Executive in the event that
the Executive’s employment with the Bank shall terminate during the Employment
Period on account of:

 

(a)                                  a
voluntary resignation by the Executive, other than a voluntary resignation
described in Section 6(a)(ii) or 6(a)(iii) hereof;

 

(b)                                 a
determination that the Executive is eligible for long-term disability benefits
under the Bank’s long-term disability insurance program or, if there is no such
program, under the federal Social Security Act;

 

(c)                                  the
death of the Executive; or

 

 

(d)                                 the
discharge of the Executive for “cause,” which, for purposes of the Agreement
shall mean personal dishonesty, willful misconduct, breach of fiduciary duty
involving personal profit, intentional failure to perform stated duties,
willful violation of any banking law, rule or regulation, conviction of a
felony or final cease and desist order issued in response to conduct of the
Executive determined to be substantially deleterious to the Bank, or any
material breach of this Agreement, in each case as measured against standards
generally prevailing at the relevant time in the savings and community banking
industry;  then the Bank (and its
affiliates) shall have no further obligations under this Agreement, other than
the payment to the Executive (or, in the event of his death, to his estate) of
his earned but unpaid salary as of the date of the termination of his
employment, and the provision of such other benefits, if any, to which he is
entitled as a former employee under the employee benefit plans and programs and
compensation plans and programs maintained by, or covering employees of, the
Bank.

 

(e)                                  for
purposes of section 7(d), no act or failure to act, on the part of the
Executive, shall be considered “willful” unless it is done, or omitted to be
done, by the Executive in bad faith or without reasonable belief that the Executive’s
action or omission was in the best interests of the Bank and its
affiliates.  Any act, or failure to act,
based upon authority given pursuant to a resolution duly adopted by the Board
or based upon the written advice of counsel for the Bank shall be conclusively
presumed to be done, or omitted to be done, by the Executive in good faith and
in the best interests of the Bank.  The
cessation of employment of the Executive shall not be deemed to be for “cause”
within the meaning of section 7(d) unless and until there shall have been
delivered to the Executive a copy of a resolution duly adopted by the
affirmative vote of two-thirds of the non-employee members of the Board at a
meeting of the Board called and held for such purpose (after reasonable notice
is provided to the Executive and the Executive is given an opportunity,
together with counsel, to be heard before the Board), finding that, in the good
faith opinion of the Board, the Executive is guilty of the conduct described in
section 7(d) above, and specifying the particulars thereof in detail.

 

Section 8.                                          Covenant
Not To Compete.

 

In the event that the
Executive’s employment with the Bank terminates prior to the expiration of the
Employment Period, then for a period of one (1) year following the date of his
termination of employment with the Bank (or, if less, for the Remaining
Unexpired Employment Period), the Executive shall not, without the written
consent of the Bank, become an officer, employee, consultant, director or
trustee of any competitor (as herein defined) if in this capacity he would be
working for a competitor in any county where a main or a branch office of the
Bank is located on the date of the Executive’s termination of employment.  For this purpose, a “competitor” is any
savings bank, cooperative bank, credit union, savings and loan association,
savings and loan holding company, bank or bank holding company, or any direct
or indirect subsidiary or affiliate of any such entity.  This section 8 shall not apply if the
Executive’s employment is terminated due to death or a voluntary or involuntary
termination following a “Change of Control” as defined in section 10(a) hereof.

 

Section 9.                                          Confidentiality.

 

Unless he obtains the prior
written consent of the Bank, the Executive shall keep confidential and shall
refrain from using for the benefit of herself, or any person or entity other
than the Bank or any entity which is a subsidiary of the Bank or of which the
Bank is a subsidiary, any material document or information obtained from the
Bank, or from its parent or subsidiaries, in the course of his employment with
any of them concerning their properties, operations or business (unless such
document or information is readily ascertainable from public or published
information or trade sources or has otherwise been made available to the public
through no fault of his own) until the same ceases to be material (or becomes
so ascertainable or available); provided, however, that nothing in this section
9 shall prevent the Executive, with or without the Bank’s consent, from
participating in or disclosing documents or information in connection with any
judicial or administrative investigation, inquiry or proceeding to the extent
that such participation or disclosure is required under applicable law.

 

 

Section
10.                                   Termination
Upon Or Following A Change Of Control.

 

(a)                                  A
Change of Control of the Bank (“Change of Control”) shall be deemed to have
occurred upon the happening of any of the following events:

 

(i)                                     approval
by the stockholders of the Bank of a transaction that would result in the
reorganization, merger or consolidation of the Bank, respectively, with one or
more other persons, other than a transaction following which:

 

(A)                              at
least 51% of the equity ownership interest of the entity resulting from such
transaction are beneficially owned (within the meaning of Rule 13d-3
promulgated under the Securities Exchange Act of 1934, as amended “Exchange
Act”) in substantially the same relative proportions by persons who,
immediately prior to such transaction, beneficially owned (within the meaning
of Rule 13d-3 promulgated under the Exchange Act) at least 51% of the
outstanding equity ownership interest in the Bank; and

 

(B)                                at
least 51% of the securities entitled to vote generally in the election of
directors of the entity resulting from such transaction are beneficially owned
(within the meaning of Rule 13d-3 promulgated under the Exchange Act) in
substantially the same relative proportions by persons who, immediately prior
to such transaction, beneficially owned (within the meaning of Rule 13d-3
promulgated under the Exchange Act) at least 51% of the securities entitled to
vote generally in the election of directors of the Bank;

 

(ii)                                  the
acquisition of all or substantially all of the assets of the Bank or approval
by the stockholders of the Bank of any transaction which would result in such
an acquisition;

 

(iii)                               a
complete liquidation or dissolution of the Bank, or approval by the
stockholders of the Bank of a plan for such liquidation or dissolution;

 

(iv)                              the
occurrence of any event if, immediately following such event, at least 50% of
the members of the Board do not belong to any of the following groups:

 

(A)                              individuals
who were members of the Board of the Bank on the date of this Agreement; or

 

(B)                                individuals
who first became members of the Board of the Bank after the date of this
Agreement either:

 

(I)                                    upon
election to serve as a member of the Board of the Bank by affirmative vote of
two-thirds of the members of such Board, of a nominating committee thereof, in
office at the time of such first election; or

 

(II)                                upon
election by the stockholders of the Bank to serve as a member of the Board of
the Bank, but only if nominated for election by affirmative vote of two-thirds
of the members of the Board of the Bank, or of a nominating committee thereof,
in office at the time of such first nomination;

 

provided,
however, that such individual’s election or nomination did not result from an
actual or threatened election contest or other actual or threatened
solicitation of proxies or consents other than by or on behalf of the Board of
the Bank; or

 

(v)                                 any
event which would be described in section 10(a)(i), (ii), (iii) or (iv) if the
term “Holding Company” were substituted for the term “Bank” therein.

 

 

In no event, however, shall a
Change of Control be deemed to have occurred as a result of any acquisition of
securities or assets of the Bank, the Holding Company, or a subsidiary of
either of them, by the Bank, the Holding Company, or a subsidiary of either of
them, or by any employee benefit plan maintained by any of them.  For purposes of this section 10(a), the term
“person” shall have the meaning assigned to it under sections 13(d)(3) or
14(d)(2) of the Exchange Act.

 

(b)                                 In
the event of a Change of Control, the Executive shall be entitled to the
payments and benefits contemplated by section 6(b) in the event his employment
with the Bank terminates due to his voluntary resignation within ninety (90)
days following the effective date of the Change of Control with the Remaining
Unexpired Employment Period deemed in such event to be twenty-four (24)
months.  Notwithstanding anything in
this Agreement to the contrary, in no event shall any payments made or benefits
provided under this Agreement, when combined with all other payments and
benefits to the Executive, be allowed to render any such payment or benefit
nondeductible under Section 280G of the Internal Revenue Code (“Code”) or to
trigger an excise tax under Section 4999 of the Code.  In such event, the payments and/or benefits to be provided under
this Agreement shall be reduced, but not below zero, such that the aggregate
benefits to be provided to the Executive do not exceed 2.99 multiplied by the
Executive’s “base amount” (as such term is defined in Section 280G of the
Code).

 

Section 11.                                   Solicitation.

 

The Executive hereby covenants
and agrees that, during the first one-year period after his termination of
employment with the Bank, he shall not, without the written consent of the
Bank, either directly or indirectly:

 

(a)                                  Solicit,
offer employment of, or take any other action intended, or that a reasonable
person acting in like circumstances would expect, to have the effect of causing
any officer or employee of the Bank, the Holding Company or any affiliate, as
of the date of this Agreement, of either of them to terminate his or her
employment and accept employment or become affiliated with, or provide services
for compensation in any capacity whatsoever to, any savings bank, cooperative
bank, credit union, savings and loan association, bank, bank holding company,
savings and loan holding company, or other institution engaged in the business
of accepting deposits and making loans;

 

(b)                                 Provide
any information, advice or recommendation with respect to any such officer or
employee of any savings bank, cooperative bank, credit union, holding company,
or other institution engaged in the business of accepting deposits and making
loans, of either of them that is intended, or that a reasonable person acting in
like circumstances would expect, to have the effect of causing any officer or
employee of the Bank, the Holding Company or any affiliate as of the date of
this Agreement, of either of them to terminate his or her employment and accept
employment become affiliated with, or provide services for compensation in any
capacity whatsoever to, any savings bank, cooperative bank, credit union,
savings and loan association, bank, bank holding company, savings and loan
holding company, or other institution engaged in the business of accepting
deposits and making loans; and

 

(c)                                  Solicit,
provide any information, advice or recommendation or take any other action
intended, or that a reasonable person acting in like circumstances would
expect, to have the effect of causing any customer of the Bank to terminate an
existing business or commercial relationship with the Bank.

 

This section 11 shall not apply
if the Executive’s employment is terminated due to death, or a voluntary or
involuntary termination following a “Change of Control” as defined in section
10(a) hereof.

 

Section 12.                                   No
Effect on Employee Benefit Plans or Programs.

 

The termination of the
Executive’s employment during the term of this Agreement or thereafter, whether
by the Bank or by the Executive, shall have no effect on the rights and
obligations of the parties hereto under the

 

 

Bank’s qualified or non-qualified retirement, pension, savings, thrift,
profit-sharing or stock bonus plans, group life, health (including
hospitalization, medical and major medical), dental, accident and long-term
disability insurance plans or such other employee benefit plans or programs, or
compensation plans or programs, as may be maintained by, or cover employees of,
the Bank from time to time.

 

Section 13.                                   Successors
And Assigns.

 

This Agreement will inure to
the benefit of and be binding upon the Executive, his legal representatives and
testate or intestate distributes, and the Bank and its successors and assigns,
including any successor by merger or consolidation or any other person or firm
or corporation to which all or substantially all of the assets and business of
the Bank may be sold or otherwise transferred.

 

Section 14.                                   Notices.

 

Any communication required or
permitted to be given under this Agreement, including any notice, direction,
designation, consent, instruction, objection or waiver, shall be in writing and
shall be deemed to have been given at such time as it is delivered personally,
or five (5) days after mailing if mailed, postage prepaid, by registered or certified
mail, return receipt requested, addressed to such party at the address listed
below or at such other address as one such party may be written notice specify
to the other party:

 

If to the Executive:

William P.
Lucy

149 Packard
Drive

Bangor, Maine
04401

 

If to the Bank:

Merrill
Merchants Bank

201 Main
Street

Bangor,
Maine  04401

Attention:  Edwin N. Clift

 

with a copy to:

Thacher
Proffitt & Wood LLP

1700
Pennsylvania Avenue, Suite 800

Washington,
DC  20006

Attention:                                         Richard
A. Schaberg

 

Section 15.                                   Severability.

 

A determination that any
provision of this Agreement is invalid or unenforceable shall not affect the
validity of enforceability of any provision hereof.

 

Section 16.                                   Waiver.

 

Failure to insist upon strict
compliance with any of the terms, covenants or conditions hereof shall not be
deemed a waiver of such term, covenant, or condition.  A waiver of any provision of this Agreement must be made in
writing, designated as a waiver, and signed by the party against whom its
enforcement is sought.  Any waiver or
relinquishment of any right or power hereunder at any one or more times shall
not be deemed a waiver or relinquishment of such right or power at any other
time or times.

 

 

Section
17.                                   Counterparts.

 

This agreement may be executed
in two (2) or more counterparts, each of which shall be deemed an original, and
all of which shall constitute one and the same Agreement.

 

Section 18.                                   Governing
Law.

 

This Agreement shall be
governed by and construed and enforced in accordance with the federal laws of
the United Sates and, to the extent that federal law is inapplicable, in
accordance with the laws of the State of Maine applicable to contracts entered
into and to be performed entirely within the State of Maine.

 

Section 19.                                   Headings
and Construction.

 

The headings of sections in
this Agreement are for convenience of reference only and are not intended to
qualify the meaning of any section.  Any
reference to a section number shall refer to a section of this Agreement,
unless otherwise stated.

 

Section 20.                                   Entire
Agreement; Modifications.

 

This instrument contains the
entire agreement of the parties relating to the subject matter hereof, and
supersedes in its entirety any and all prior agreements, understandings or
representations relating to the subject matter hereof.  No modifications of the Agreement shall be
valid unless made in writing and signed by the parties hereto.

 

Section 21.                                   Required
Regulatory Provisions.

 

The following provisions are
included for the purposes of complying with various laws, rules and regulations
applicable to the Bank:

 

(a)                                  Notwithstanding
anything herein contained to the contrary, any payments to the Executive by the
Bank, whether pursuant to this Agreement or otherwise, are subject to and
conditioned upon their compliance with section 18(k) of the Federal Deposit
Insurance Act (“FDI Act”), 12 U.S.C. §1828(k), and any regulations promulgated
there under.

 

(b)                                 Notwithstanding
anything herein contained to the contrary, if the Executive is suspended from
office and/or temporarily prohibited from participating in the conduct of the
affairs of the Bank pursuant to a notice serviced under section 8(e)(3) or
8(g)(1) of the FDI Act, 12 U.S.C. §1818(e)(3) or1818 (g)(1), the Bank’s
obligations under this Agreement shall be suspended as of the date of service
of such notice, unless stayed by appropriate proceedings.  If the charges in such notice are dismissed,
the Bank, in its discretions, may:

 

(i)                                     pay
to the Executive all or part of the compensation withheld while the Bank’s
obligations hereunder were suspended, and

 

(ii)                                  reinstate,
in whole or in part, any of the obligations which were suspended.

 

(c)                                  Notwithstanding
anything herein contained to the contrary, if the Executive is removed and/or
permanently prohibited from participating in the conduct of the Bank’s affairs
by an order issued under section 8(e)(4) or 8(g)(1) of the FDI Act, 12 U.S.C.
§1818(e)(4) or (g)(1), all prospective obligations of the Bank under this
Agreement shall terminate as of the effective date of the order, but vested
rights and obligations of the Bank and the Executive shall not be affected.

 

(d)                                 Notwithstanding
anything herein contained to the contrary, if the Bank is in default (within
the meaning of section 3(x)(1) of the FDI Act, 12 U.S.C. §1813(x)(1)), all
prospective obligations of the Bank under

 

 

this Agreement shall terminate as of the date of default, but vested
rights and obligations of the Bank and the Executive shall not be affected.

 

(e)                                  Notwithstanding
anything herein contained to the contrary, all prospective obligations of the
Bank hereunder shall be terminated, except to the extent that a continuation of
this Agreement is necessary for the continued operation of the Bank:

 

(i)                                     By
the Maine Bureau of Financial Institutions or the FDIC, at the time the FDIC
enters into an agreement to provide assistance to or on behalf of the Bank
under the authority contained in section 13(c) of the FDI Act, 12 U.S.C.
§1823(c)

 

(ii)                                  By
the Maine Bureau of Financial Institutions at the time the Maine Bureau of
Financial Institutions approves a supervisory merger to resolve problems
related to the operation of the Bank or when the Bank is determined by the
Maine Bureau of Financial Institutions to be in an unsafe or unsound condition.  The vested rights and obligations of the
parties shall not be affected.

 

If and to the extent that any
of the foregoing provisions shall cease to be required or by applicable law,
rule or regulation, the same shall become inoperative as though eliminated by
formal amendment of this Agreement.

 

IN WITNESS WHEREOF,
the Bank has caused this Agreement to be executed and the Executive has
hereunto set her hand, all as of the day and year first above written.

 

 

	
   

  	
  By:

  	
       /s/
  William P. Lucy

  	
   

  
	
   

  	
   

  	
  WILLIAM P. LUCY

  
	
   

  	
   

  
	
  ATTEST:

  	
   

  
	
   

  	
   

  
	
   

  	
  MERRILL MERCHANTS BANK

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
       /s/
  Deborah A. Jordan

  	
   

  	
  By:

  	
       /s/
  William C. Bullock, Jr.

  	
   

  
	
   

  	
  DEBORAH A. JORDAN

  	
   

  	
  WILLIAM C. BULLOCK, JR.

  
	
   

  	
  SECRETARY

  	
   

  	
  CHAIRMAN OF THE BOARD

  
												

 

 

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