Document:

Exhibit 10.29

HOWARD BANK

CHANGE IN CONTROL AGREEMENT

 

THIS CHANGE IN CONTROL AGREEMENT (“Agreement”)
is entered into as of the day of April 18, 2013, by and between Howard Bank, a Maryland chartered commercial bank (the
 “Bank”), and Frank K. Turner, Jr. (“Executive”).

 

WHEREAS, the Bank is a wholly
owned subsidiary of Howard Bancorp, Inc. ("Company");

 

WHEREAS, the Executive is contemplating
employment as an officer of the Bank;

 

WHEREAS, the
Bank recognizes the importance of Executive to the Bank's operations and wishes to protect his position with the Bank in the event
of a change in control of the Bank or the Company for the period provided for in this Agreement; and

 

WHEREAS, Executive
and the Boards of Directors of the Bank and the Company desire to enter into an agreement setting forth the terms and conditions
of payments due to Executive in the event of a change in control and the related rights and obligations of each of the parties.

 

NOW, THEREFORE, in consideration
of the promises and mutual covenants herein contained, it is hereby agreed as follows:

 

1.            Term
of Agreement.

 

The term of this Agreement is coterminous
with and contingent upon Executive's employment at the Bank. In the event Executive's employment at the Bank terminates for any
reason except as described in Section 3 of this Agreement, neither party shall have any obligation to the other hereunder.

 

2.            Change
in Control.

 

(a)            Upon
the occurrence of a Change in Control of the Bank or the Company followed within six (6) months by the termination by
the Bank of Executive's employment with the Bank, for any reason other than for Cause, as defined in
Section 2(c) of this Agreement, the provisions of Section 3 of this Agreement shall apply.

 

     

     

    

 

(b)            For
purposes of this Agreement, a "Change in Control" shall be deemed to occur on the earliest of:

 

(i)            Merger:
The Company or the Bank merges into or consolidates with another corporation, or merges another corporation into the Company or
the Bank, and as a result less than a majority of the combined voting power of the resulting corporation immediately after the
merger or consolidation is held by persons who were stockholders of the Company or the Bank immediately before the merger or consolidation;

 

(ii)           Acquisition
of Significant Share Ownership: The Company files, or is required to file, a report on Schedule 13D or another form or schedule
(other than Schedule 13G) required under Sections 13(d) or 14(d) of the Securities Exchange Act of 1934, if the schedule
discloses that the filing person or persons acting in concert has or have become the beneficial owner of 50% or more of the total
voting power of the Company's voting securities, but this clause (ii) shall not apply to beneficial ownership
of Company voting shares held in a fiduciary capacity by an entity of which the Company directly or indirectly beneficially owns
50% or more of its outstanding voting securities; or

 

(iii)          Sale
of Assets: The Company or the Bank sells to a third party all or substantially all of its assets.

 

(c)            Executive
shall not have the right to receive termination benefits pursuant to Section 3 hereof upon termination for Cause.
The term "Cause" shall mean termination because of Executive's personal dishonesty, incompetence, willful
misconduct, any breach of fiduciary duty, intentional failure to perform stated duties, willful violation of any law, rule,
regulation (other than traffic violations or similar offenses), or regulatory order or directive, or any material breach of
any provision of this Agreement. Executive shall not receive compensation or other benefits for any period after termination
for Cause.

 

3.            Termination
Benefits.

 

(a)            If,
within six (6) months after the date of a Change in Control, the Bank terminates his employment for a reason other than Cause,
Executive shall receive:

 

(i)            a
lump sum cash payment equal to two (2) times the sum of (i) the Executive's then Base Salary and (ii) the
highest annual bonus paid to Executive during the three (3) years prior to termination, subject to applicable
withholding taxes, payable (except as provided in clause (iii) below) in a single lump sum payment within ten
(10) calendar days following Executive's termination of employment; and

 

(ii)          the
Bank will continue to provide Executive and the Executive's dependents with life insurance, non-taxable medical and dental
coverage substantially comparable (and on substantially the same terms and conditions) to the coverage maintained by the Bank
for Executive prior to Executive's termination of employment. Such coverage shall cease upon the expiration of twelve (12)
full calendar months after Executive's termination.

 

(iii)         If
the Executive is a "Specified Employee," as defined in Treasury Regulation ("Regulations")
Section 1.409A-1(i), then, solely to the extent required to comply with the requirements of
Section 409A(2)(B)(i) of the Internal Revenue Code of 1986, as amended (the "Code") and the Regulations,
payments under this Section 3 shall be delayed until the first day of the seventh month following the Executive's date
of termination.

 

(iv)         For
purposes of this Agreement, a "termination of employment" shall mean a "Separation from Service" as
defined in Section 409A of the Code and the Regulations, such that the Employer and the Executive reasonably anticipate
that the level of

 

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bona fide services the Executive would
perform after a termination of employment would permanently decrease to a level that is less than 50% of the average level of bona
fide services performed (whether as an employee or as an independent contractor) over the immediately preceding thirty-six (36)
month period.

 

4.            Calculation
of Payment Amount of Termination Benefit.

 

(a)            Certain
Adjustments of Payment Amount. If it is determined that any payment in the nature of compensation by the Bank to or for the
benefit of the Executive (whether made pursuant to the terms of this Agreement or otherwise) is subject to the limitations of
section 280G of the Internal Revenue Code (the "Code") (a "Parachute Payment"), the following provisions will
apply:

 

(i)           If
the aggregate present value of Parachute Payments is less than or equal to the 280G limit, then no adjustment to the amount of
such Parachute Payments shall be made.

 

(ii)          If
the aggregate present value of Parachute Payments is greater than the 280G limit, but equal to or less than 110% of the 280G limit,
such Parachute Payments shall be reduced to an amount, the present value of which maximizes the aggregate present value of Parachute
Payments without causing such Parachute Payments to exceed the 280G limit.

 

(iii)         If
the aggregate present value of Parachute Payments is greater than 110% of the 280G limit, the Executive shall be entitled to receive
an additional payment (a "Gross-Up Payment"). in an amount such that after payment by the Executive of all taxes (including
any interest or penalties imposed with respect to such taxes), including any excise tax imposed by Code section 4999 or any interest
or penalties with respect to such excise tax (such excise tax, together with any such interest and penalties, are hereinafter
collectively referred to as the "Excise Tax") imposed upon the Gross-Up Payment, the Executive retains an amount of
the Gross-Up Payment equal to the Excise Tax imposed upon the Parachute Payments.

 

For purposes of this Section 3.8, “present
value” shall be determined in accordance with Code section 280G(d)(4), and the “280G limit” is the amount that
can be paid under this Agreement or otherwise without causing any amount to be nondeductible under Code section 280G or subject
to excise tax under Code section 4999.

 

(b)            Determinations
made by Accounting Firm. All determinations required to be made under Section 4(a), including the aggregate present value
of Parachute Payments, whether a reduction is required under Section 4(ii) and the amount of such reduction, and whether
a Gross-Up Payment is required under Section 4(a)(iii) and the amount of such Gross- Up Payment, shall be made by a
nationally recognized accounting firm selected by the Bank (the "Accounting Firm"). The Accounting Firm shall provide
detailed supporting calculations both to the Bank and the Executive within 15 business days after the Executive's termination
of employment. The initial Gross-Up Payment, if any, as determined pursuant to Section 4(a)(iii), shall be paid to the Executive within
15 days after the receipt of the Accounting Firm's determination. The Accounting Firm shall furnish the Executive with an opinion
that he or she has substantial authority to complete and file his or her Federal income tax return in a manner consistent with
the Accounting Firm's determination of the appropriate amount of Parachute Payments reportable by the Executive and of the appropriate
amount of Excise Tax required to be paid, if any. Any determination by the Accounting Firm shall be binding upon the Bank and
the Executive.

 

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(c)            Special
Rules Applicable to Reduction of Payments. The Executive shall determine which and how much of the Parachute Payments
shall be reduced consistent with the requirements of Section 4(a)(ii), provided that, if the Executive does not make such
determination within 10 business days after the receipt of the calculations made by the Accounting Firm, the Bank shall elect
which and how much of the Parachute Payments shall be eliminated or reduced consistent with the requirements of Section 4(a)(ii) and
shall notify the Executive promptly of such election.

 

(d)            Special
Rules Applicable to Gross-Up Payments. The Executive shall notify the Bank in writing of any claim by the Internal Revenue
Service that, if successful, would require the payment by the Bank of the Gross-Up Payment. Such notification shall be given as
soon as practicable but not later than ten business days after the Executive knows of such claim and shall apprise the Bank of
the nature of such claim and the date on which such claim is requested to be paid. The Executive shall not pay such claim prior
to the expiration of the thirty- day period following the date on which it gives such notice to the Bank (or such shorter period
ending on the date that any payment of taxes with respect to such claim is due). If the Bank notifies the Executive in writing
prior to the expiration of such period that it desires to contest such claim, the Executive shall:

 

(i)           give
the Bank any information reasonably requested by the Bank relating to such claim,

 

(ii)          take
such action in connection with contesting such claim as the Bank shall reasonably request in writing from time to time,
including, without limitation, accepting legal representation with respect to such claim by an attorney reasonably selected
by the Bank,

 

(iii)         cooperate
with the Bank in good faith in order effectively to contest such claim,

 

(iv)         permit
the Bank to participate in any proceedings relating to such claim,

 

provided, however, that the Bank shall
bear any pay directly all costs and expenses (including interest and penalties) incurred in connection with such contest and shall
indemnify and hold the Executive harmless, on an after-tax basis, for any Excise Tax or income tax, including interest and penalties
with respect thereto, imposed as a result of such representation and payment of costs and expenses. Without limitation on the foregoing
provisions of this Section 4(d), the Bank shall control all proceedings taken
in connection with such contest and, at its sole option, may pursue or forgo any and all administrative appeals, proceedings, hearings
and conferences with the taxing authority in respect of such claim and may, at its sole option, either direct the Employee to pay
the tax claimed and sue for a refund or contest the claim in any permissible manner, and the Executive agrees to prosecute such
contest to a determination before any administrative tribunal, in a court of initial jurisdiction and in one or more appellate
courts, as the Bank shall determine; provided, however, that if the Bank directs the Executive to pay such claim and sue for a
refund, the Bank shall advance the amount of such payment to the Executive, on an interest-free basis, and shall indemnify and
hold the Executive harmless, on an after-tax basis, from any Excise Tax or income tax, including interest or penalties with respect
thereto, imposed with respect to such advance or with respect to any imputed income with respect to such advance; and further provided
that any extension of the statute of limitations relating to payment of taxes for the taxable year of the Executive with respect
to which such contested amount is claimed to be due is limited solely to such contested amount. Furthermore, the Bank's control
of the contest shall be limited to issues with respect to which a Gross-Up Payment would be payable hereunder and the Executive
shall be entitled to settle or contest (at the Bank's expense), as the case may be, any other issue raised by the Internal Revenue
Service or any other taxing authority.

 

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If,
after receipt by the Executive of an amount advanced by the Bank pursuant to this Section 4(d), the Executive becomes entitled
to receive any refund with respect to such claim, the Executive shall (subject to the Bank's complying with the requirements
of this Section 3.8(d)) promptly pay to the Bank the amount of such refund (together with any interest paid or credited thereon
after taxes applicable thereto). If, after the receipt by the Executive of an amount advanced by the Bank pursuant to this Section 4(d),
a determination is made that the Executive shall not be entitled to any refund with respect to such claim and the Bank does not
notify the Executive in writing of its intent to contest such denial of refund prior to the expiration of thirty days after such
determination, then such advance shall be forgiven and shall not be required to be repaid and the amount of such advance shall
offset, to the extent thereof, the amount of Gross-Up Payment required to be paid.

 

If
the Bank exhausts its remedies pursuant to this Section 4(d) and the Executive thereafter is required to make
a payment of any Excise Tax, the Accounting Firm shall determine the amount of the Gross-Up Payment that the Bank should have made
("Gross-Up Deficiency"). The amount of any such Gross-Up Deficiency shall be promptly paid by the Bank to or for the
benefit of the Executive. To the extent that any Gross-Up Deficiency arises in the context of a Parachute Payment that was determined
pursuant to Section 3.8(a)(ii), and therefore reduced to the 280G limit, when in fact, the amount of such Parachute Payment
should have been determined under Section 3.8(a)(iii), the amount of any Gross-Up Deficiency shall include the additional
Parachute Payment due as a result of the calculation of the amount under Section 4(a)(iii).

 

(e)            Overpayments/Underpayments.
As a result of the uncertainty in the application of Code section 280G
at the time of the initial determination by the Accounting Firm hereunder, it is possible that the Parachute Payments will
have been made by the Bank which should not have been made ("Overpayment"), or that additional Parachute Payments which
will not have been made by the Bank should have
been made ("Underpayment"), in each case consistent with the calculations required to be made hereunder. Overpayments
and Underpayments arising in connection with Parachute Payments appropriately determined pursuant to Section 4(a)(i) or
Section 4(a)(ii) are governed by this Section 4.8(e). Any Overpayment or Underpayment arising in connection with
a Parachute Payment that is appropriately determined pursuant to Section 4(a)(iii) are governed by the provisions of
Section 4(d).

 

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(i)           Overpayments.
The provisions of this subparagraph (i) apply in connection with a Parachute Payment that is appropriately determined pursuant
to Section 4(a)(ii). If the Accounting Firm, based upon the assertion of a deficiency by the Internal Revenue Service against
the Employee which the Accounting Firm believes has a high probability of success, determines that an Overpayment has been made,
any such Overpayment paid or distributed by the Bank to or for the benefit of the Executive shall be treated for all purposes
as a loan ab initio to the Executive which the Executive shall repay to the Bank together with interest at the applicable
federal rate provided for in Code section 7872(0(2); provided, however, that no such loan shall be deemed to have been made and
no amount shall be payable by the Executive to the Bank if and to the extent such deemed loan and payment would not either reduce
the amount on which the Executive is subject to tax under Code sections 1 and 4999 or generate a refund of such taxes.

 

(ii)          Underpayments.
The provisions of this subparagraph (ii) apply in connection with a Parachute Payment that is appropriately determined pursuant
to Section 4(a)(i) or Section 4(a)(ii). If the Accounting Firm, based upon controlling precedent or other substantial
authority, determines that an Underpayment has occurred, any such Underpayment shall be promptly paid by the Bank to or for the
benefit of the Executive, together with interest at the applicable federal rate provided for in Code section 7872(0(2).

 

5.            Non-Competition.
During the Executive's employment with the Bank and, in the event of Employee's termination
of employment thereafter for a period of twelve (12) months, Employee will not (except on behalf of or with the prior written
consent of Employer), within the geographic areas the radii of which are (1) 25 miles from the main office and 25 miles from
the Towson, Maryland office of Employer, either directly or indirectly, on Employee's own behalf or in the service or on behalf
of others, as a principal, partner, officer, director, manager, supervisor, administrator, consultant, executive employee or in
any other capacity which involves duties and responsibilities similar to those undertaken for Employer, engage in any business
which is the same as or essentially the same as the Business of Employer.

 

6.            Non-Solicitation
of Customers. During the Term and, in the event of Employee's termination of
employment thereafter for a period of twelve (12) months, Employee will not (except on behalf of or with the prior written
consent of Employer), on Employee's own behalf or in the service or on behalf of others, solicit, divert or appropriate or
attempt to solicit, divert or appropriate, directly or by assisting others, any business from any of Employer's customers,
including actively sought prospective customers, with whom Employee has or had material contact during the last one
(1) year of Employee's employment, for purposes of providing products or services that are competitive with those
provided by Employer.

 

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7.            Non-Solicitation
of Employees. During the Term and, in the event of Employee's termination of employment thereafter for a period of twelve
(12) months, Employee will not on Employee's own behalf or in the service or on behalf of others, solicit, recruit or hire away
or attempt to solicit, recruit or hire away, directly or by assisting others, any employee of Employer, whether or not such employee
is a full-time employee or a temporary employee of Employer and whether or not such employment is pursuant to written agreement
and whether or not such employment is for a determined period or is at will..

 

8.            Notice
of Termination.

 

(a)            Any
purported termination by the Bank or by Executive shall be communicated by Notice of Termination to the other party hereto.
For purposes of this Agreement, a "Notice of Termination" shall mean a written notice which shall indicate the
specific termination provision in this Agreement relied upon and shall set forth in detail the facts and circumstances
claimed to provide a basis for termination of Executive's employment under the provision so indicated.

 

(b)            Date
of Termination" shall mean the date specified in the Notice of Termination (which, in the case of a termination for
Cause, shall not be less than thirty (30) days from the date such Notice of Termination is given).

 

9.            Effect
on Prior Agreements and Existing Benefit Plans.

 

This Agreement contains
the entire understanding between the parties hereto and supersedes any prior agreement between the Bank and Executive, except
that this Agreement shall not affect or operate to reduce any benefit or compensation inuring to Executive of a kind elsewhere
provided. No provision of this Agreement shall be interpreted to mean that Executive is subject to receiving fewer benefits than
those available to him without reference to this Agreement. Nothing in this Agreement shall confer upon Executive the right to
continue in the employ of the Bank or shall impose on the Bank any obligation to employ or retain Executive in its employ for any
period.

 

10.            No
Attachment.

 

(a)            Except
as required by law, no right to receive payments under this Agreement shall be subject to anticipation, commutation,
alienation, sale, assignment, encumbrance, charge, pledge, or hypothecation or to execution, attachment, levy or similar
process or assignment by operation of law, and any attempt, voluntary or involuntary, to affect any such action shall be
null, void and of no effect.

 

(b)           This
Agreement shall be binding upon, and inure to the benefit of, Executive, the Bank and their respective successors and
assigns.

 

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11.            Modification
and Waiver.

 

(a)            This
Agreement may not be modified or amended except by an instrument in writing signed by the parties hereto.

 

(b)            No
term or condition of this Agreement shall be deemed to have been waived, nor shall there be any estoppel against the enforcement
of any provision of this Agreement, except by written instrument of the party charged with such waiver or estoppel. No such written
waiver shall be deemed a continuing waiver unless specifically stated therein, and each such waiver shall operate only as to the
specific term or condition waived and shall not constitute a waiver of such term or condition for the future or as to any act other
than that specifically waived.

 

12.            Severability.

 

If, for any reason,
any provision of this Agreement, or any part of any provision, is held invalid, such invalidity shall not affect any other provision
of this Agreement or any part of such provision not held so invalid, and each such other provision and part thereof shall to the
full extent consistent with law continue in full force and effect.

 

13.            Headings
for R1eference Only.

 

The headings of sections
and paragraphs herein are included solely for convenience of reference and shall not control the meaning or interpretation of any
of the provisions of this Agreement. In addition, references herein to the masculine shall apply to both the masculine and the
feminine.

 

14.            Governing
Law.

 

Except to the extent
preempted by federal law, the validity, interpretation, performance and enforcement of this Agreement shall be governed by the
laws of the Commonwealth of Maryland, without regard to principles of conflicts of law of the Commonwealth of Maryland.

 

15.            Arbitration.

 

Any dispute or controversy
arising under or in connection with this Agreement shall be settled exclusively by arbitration, conducted before a panel of three
arbitrators sitting in a location selected by Executive within fifty (50) miles from the location of the Bank, in accordance with
the rules of the American Arbitration Association then in effect. Judgment may be entered on the arbitrator's award in any
court having jurisdiction; provided, however, that Executive shall be entitled to seek specific performance of his right to be
paid until the Date of Termination during the pendency of any dispute or controversy arising under or in connection with this
Agreement.

 

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16.            Payment
of Legal Fees.

 

All reasonable legal
fees paid or incurred by Executive pursuant to any dispute or question of interpretation relating to this Agreement shall be paid
or reimbursed by the Bank, only if Executive is successful pursuant to a legal judgment, arbitration or settlement, and such payment
shall occur no later than sixty (60) days after the end of the year in which the dispute is settled or resolved in Executive's
favor, and such reimbursement shall occur no later than sixty (60) days after the end of the year in which the dispute is settled
or resolved in Executive's favor.

 

17.            Successors
to the Bank and the Company.

 

The Bank and the Company
shall require any successor or assignee, whether direct or indirect, by purchase, merger, consolidation or otherwise, to all or
substantially all of the business or assets of the Bank or the Company, expressly and unconditionally to assume and agree to perform
the Bank's and the Company's obligations under this Agreement, in the same manner and to the same extent that the Bank and the
Company would be required to perform if no such succession or assignment had taken place.

 

18.            Miscellaneous.

 

Any payment made pursuant
to this Agreement, or otherwise, is subject to and conditioned upon their compliance with 12 U.S.C. Section 1828(k) and
FDIC regulation 12 C.F.R. Part 359, Golden Parachute and Indemnification Payments.

 

IN
WITNESS WHEREOF, the parties have executed this Agreement on the date first written above.

 

	 	HOWARD BANK
	 	 
	 	 
	 	By:	/s/ Mary Ann Scully
	 	Mary Ann Scully
	 	Chief Executive Officer and President
	 	 	 
	 	 	 
	 	EXECUTIVE
	 	 	 
	 	 	 
	 	By:	/s/ Frank K. Turner, Jr.
	 	Frank K. Turner, Jr.

 

    9Exhibit 4.1

 

DESCRIPTION OF THE REGISTRANT’S
SECURITIES

REGISTERED PURSUANT TO SECTION 12 OF
THE

SECURITIES EXCHANGE ACT OF 1934

 

Vuzix Corporation (the “Company”) has one class
of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended, which is the Company’s common
stock, $0.001 par value per share.

 

Description of Common Stock

 

The authorized capital stock of the
Company consists of 100,000,000 shares of common stock at a par value of $0.001 per share, and 5,000,000 shares of blank check
preferred stock, par value $0.001.

 

Holders of the Company’s common stock are entitled to one vote for each share on all matters submitted to a stockholder vote. Holders
of common stock do not have cumulative voting rights. Therefore (subject to the rights of the holders of any outstanding preferred
stock), holders of a majority of the shares of common stock voting for the election of directors can elect all of the directors
to our Board of Directors. Holders of the Company’s common stock representing one-third of the voting power of the Company’s
capital stock issued, outstanding and entitled to vote, represented in person or by proxy, are necessary to constitute a quorum
at any meeting of stockholders. A vote by the holders of a majority of the Company’s outstanding shares is required
to effectuate certain fundamental corporate changes such as a liquidation, merger or an amendment to the Company’s certificate
of incorporation.

 

Holders of the Company’s common stock are entitled to
share in all dividends that the Board of Directors, in its discretion, declares from legally available funds. In the event
of a liquidation, dissolution or winding up, each outstanding share entitles its holder to participate pro rata in all assets that
remain after payment of liabilities and after providing for each class of stock, if any, having preference over the common stock.
The Company’s common stock has no pre-emptive rights, no conversion rights, and there are no redemption provisions applicable
to the Company’s common stock.

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