Document:

EXHIBIT 10.2

 Exhibit 10.2 
 PROVIDENT BANKSHARES CORPORATION 
 CHANGE IN CONTROL AGREEMENT 
 This revised AGREEMENT (“Agreement”) is entered into by and between Provident Bankshares Corporation (the “Corporation”), a corporation
organized under the laws of the State of Maryland, with its offices at 114 East Lexington Street, Baltimore, Maryland and [NAME] (“Executive”). 
 WHEREAS, the Board of Directors of the Corporation provided Executive with an agreement (the “Prior Agreement”) that set forth the terms and conditions of payments due to Executive in the event of a Change
in Control (as defined in Section 2(b) of the Prior Agreement and this Agreement) and the related rights and obligations of each of the parties. 
 WHEREAS, Section 409A of the Internal Revenue Code and the regulations thereunder (the “Code”) requires that certain provisions of the Prior Agreement be revised. 
 WHEREAS, Executive and the Board of Directors of the Corporation desire to enter into this revised Agreement to replace the Prior Agreement and to comply
with Code Section 409A. 
 NOW, THEREFORE, in consideration of the promises and mutual covenants herein contained, it is hereby agreed
as follows: 
  

	1.	Term of Agreement. 

 (a) This revised Agreement
continues the term of the Prior Agreement, and shall be (i) the initial term, consisting of the period commencing on the date the Prior Agreement was originally effective (the “Effective Date”) and ending on the third anniversary of
the Effective Date, plus (ii) any and all extensions of the initial term made pursuant to Section 1(b) of this revised Agreement. 
 (b) Commencing on the Effective Date and on each day thereafter, the term under this revised Agreement shall renew automatically for an additional one (1) day period beyond the then effective expiration date, without action by any
party, provided that neither the Corporation, on the one hand, nor Executive, on the other, shall have given at least sixty (60) days written notice of their desire that the term not renew. In the case notice is given by one party to the other,
the term of this revised Agreement shall become fixed and shall end on the third anniversary of the date of the notice. 
 (c) Notwithstanding
anything in this Section to the contrary, this Agreement shall terminate if Executive or the Corporation terminates Executive’s employment prior to a Change in Control. 

	2.	Change in Control. 

 (a) Upon the occurrence of a
Change in Control (as defined in Section 2(b) of this Agreement), followed at any time during the term of this Agreement by the termination of Executive’s employment in accordance with the terms of this Agreement, other than for Just Cause
(as defined in Section 2(c) of this Agreement), the provisions of Section 3 of this Agreement shall apply. Upon the occurrence of a Change in Control, Executive shall have the right to elect to voluntarily terminate their employment at any
time during the term of this Agreement following an event constituting “Good Reason.” Following a Change in Control, Executive may also voluntarily terminate their employment for any reason other than for Good Reason in accordance with
Section 3(b) of this Agreement. Any termination of employment or resignation under this Agreement must be a “separation from service,” as defined under Code Section 409A. For purposes of this Agreement “Good Reason” and
“Change in Control” have the following meanings: 
 “Good Reason” means, unless Executive has consented in writing
thereto, the occurrence following a Change in Control, of any of the following that constitutes a material negative change in Executive’s employment relationship for purposes of Code Section 409A: 
 (i) the assignment to Executive of any duties materially inconsistent with Executive’s position, including any material change in status, title,
authority, duties or responsibilities or any other action that results in a material diminution in such status, title, authority, duties or responsibilities, excluding for this purpose an isolated, insubstantial and inadvertent action not taken in
bad faith and that is remedied by the Corporation or Executive’s employer reasonably promptly after receipt of notice thereof given by Executive; 
 (ii) a reduction by the Corporation or Executive’s employer of Executive’s base salary in effect immediately prior to the Change in Control; 
 (iii) the relocation of Executive’s office to a location more than 20 miles farther away from Executive’s primary residence than the office was
immediately prior to the Change in Control; 
 (iv) the taking of any action by the Corporation or any of its affiliates or successors that
would materially adversely affect Executive’s overall compensation and benefits package, unless such changes to the compensation and benefits package are made on a non-discriminatory basis to all employees; or 
 (v) the failure of the Corporation or Executive’s employer, or any affiliate that directly or indirectly owns or controls any affiliate by which
Executive is employed, to obtain the assumption in writing of the Corporation’s obligation to perform this Agreement by any successor to all or substantially all of the assets of the Corporation or such affiliate within thirty (30) days
after a reorganization, merger, consolidation, sale or other disposition of assets of the Corporation or such affiliate. 
  

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 (b) For purposes of this Agreement, a “Change in Control” shall be deemed to occur on the
earliest of any of the following events: 
 (i) Merger: The Corporation merges into or consolidates with another corporation, or merges
another corporation into the Corporation, 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 Corporation
immediately before the merger or consolidation; or 
 (ii) Acquisition of Significant Share Ownership: The Corporation 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 10% or more of a class of the Corporation’s voting securities, but this clause (ii) shall not apply to beneficial ownership of the Corporation’s voting shares held in a fiduciary
capacity by an entity of which the Corporation directly or indirectly beneficially owns 50% or more of its outstanding voting securities; or 
 (iii) Change in Board Composition: During any period of two consecutive years, individuals who constitute the Corporation’s Board of Directors at the beginning of the two-year period cease for any reason to constitute at least a
majority of the Corporation’s Board of Directors; provided, however, that for purposes of this clause (iii), each director who is first appointed by the board (or first nominated by the board for election by the stockholders) by a vote of at
least three-quarters (3/4) of the directors who were directors at the beginning of the two-year period shall be deemed to have also been a director at the beginning of such period; or 
 (iv) Sale of Assets: The Corporation sells to a third party all or substantially all of its assets. 
 (c) Executive shall not have the right to receive termination benefits under this Agreement upon their termination for Just Cause. The term “Just
Cause” shall mean termination because of a material loss to the Corporation or one of its affiliates caused by Executive’s willful, intentional and continued failure to substantially perform stated duties (unless the failure results from
incapacity due to physical or mental illness), personal dishonesty, willful violation of any law, rule, regulation (other than traffic violations or similar offenses) or final cease and desist order. For purposes of this Section 2(b), no act,
or the failure to act, on Executive’s part shall be considered “willful” unless done, or omitted to be done, not in good faith and without reasonable belief that the action or omission was in the best interest of the Corporation or
its affiliates. Notwithstanding the foregoing, Executive shall not be deemed to have been terminated for Just Cause unless and until there shall have been delivered to Executive a copy of a resolution duly 

  

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adopted by the affirmative vote of three-quarters (3/4) of the entire membership of the Board of Directors at a meeting of the Board of Directors called
and held for that purpose (after reasonable notice to Executive and an opportunity for Executive, together with counsel, to be heard before the Board of Directors), finding that in the good faith opinion of the Board of Directors, Executive was
guilty of conduct justifying termination for Just Cause and specifying the particulars thereof in detail. Executive shall not have the right to receive compensation or other benefits for any period after termination for Just Cause. 
  

	3.	Termination Benefits. 

  

	 	(a)	(i) Upon Executive’s voluntary resignation from employment for Good Reason or Executive’s involuntary termination of employment for any reason other than for Just Cause at
any time following a Change in Control but during the term of this Agreement, the Corporation shall pay Executive a sum equal to 2.99 times Executive’s average annual taxable compensation (as reported in Box 1 of Form W-2) for the five
(5) consecutive taxable years ending immediately prior to the taxable year in which Executive’s employment terminates; provided, however, that for this purpose, Executive’s average annual compensation shall not include any taxable
compensation realized by virtue of Executive’s exercise of stock options or the vesting of Restricted Stock awarded to Executive. Subject to paragraph (ii), the Corporation shall make this severance payment to Executive in a single lump sum
(less any required federal, state or local tax withholdings) within thirty (30) days after the effective date of Executive’s resignation or termination of employment. In addition, the Corporation (or its successors) shall provide continued
life and medical insurance coverage to Executive (substantially identical to the life and medical insurance coverage provided to Executive (and his dependents) immediately prior to his severance from employment) for thirty six (36) full
calendar months following the effective date of Executive’s resignation or termination of employment. In lieu of this continued life and medical insurance coverage, Executive may elect, no later than fifteen (15) days prior to
Executive’s severance date, to receive a cash payment equal to thirty six (36) times the monthly premium amount paid by the Corporation for Executive (and his dependents) for life and medical insurance coverage for the calendar month
immediately preceding the effective date of Executive’s resignation or termination of employment. Subject to paragraph (ii), if Executive makes this election, the Corporation shall make this payment to Executive in a single lump sum (less any
required federal, state or local tax withholdings) within thirty (30) days after the effective date of Executive’s resignation or termination of employment. Executive understands that if he elects the continued life and medical insurance
coverage instead of the lump sum payment, the constructive receipt doctrine may require that he nonetheless have taxable income equal to such lump sum payment. 

 (ii) This paragraph (ii) applies if (A) Executive’s entitlement to benefits under paragraph (i) arises on a date that is after the
first anniversary of the date on which a Change in Control occurs; and (B) Executive is a “Key Employee” (as defined in Section 3(b)(ii) of this Agreement) as of the date such entitlement arises. If this 

  

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paragraph (ii) applies, then to the extent the Corporation deems it necessary to comply with Code Section 409A, the portion of the lump sum
payment(s) under paragraph (i) equal to the corresponding amount(s) that would be payable under subsection (b) (if Executive voluntarily resigned without Good Reason) shall not be paid until the thirty (30) day period starting on the
date that is six months after the date of Executive’s resignation or termination under paragraph (i). 
  

	 	(b)	(i) Upon Executive’s voluntary resignation from employment for any reason other than for Good Reason, which resignation is effective on a date that is after the first
anniversary of the date on which a Change in Control occurs but during the term of this Agreement, the Corporation shall pay Executive a sum equal to one-half (1/2) Executive’s annual base salary in effect as of the effective date of
Executive’s resignation. Subject to paragraph (ii), the Corporation shall make this severance payment to Executive in a single lump sum (less any required federal, state or local tax withholdings) within thirty (30) days after the
effective date of Executive’s resignation. In addition, the Corporation (or its successors) shall provide continued life and medical insurance coverage to Executive (substantially identical to the life and medical insurance coverage provided to
Executive (and his dependents) immediately prior to Executive’s severance from employment) for six (6) full calendar months following the effective date of Executive’s resignation. In lieu of this continued life and medical insurance
coverage, Executive may elect, no later than fifteen (15) days prior to Executive’s severance date, to receive a cash payment equal to six (6) times the monthly premium amount paid by the Corporation for Executive (and his dependents)
for life and medical insurance coverage for the calendar month immediately preceding the effective date of Executive’s resignation. Subject to paragraph (ii), if Executive makes this election, the Corporation shall make this payment to
Executive in a single lump sum (less any required federal, state or local tax withholdings) within thirty (30) days after the effective date of Executive’s resignation. Executive understands that if he elects the continued life and medical
insurance coverage instead of the lump sum payment, the constructive receipt doctrine may require that he nonetheless have taxable income equal to such lump sum payment. An Executive who voluntarily resigns after engaging in conduct described in
Section 2(c) of this Agreement shall not be entitled to any of the benefits described in this Section 3(b)(i). 

 (ii)
If Executive is a “Key Employee” as of the date of resignation, the lump sum payment(s) under paragraph (i) shall not be paid until the thirty (30) day period starting on the date that is six months after the date of resignation.
An Executive is a “Key Employee” for the 12-month period beginning on any April 1 if the Executive is described in Code Section 416(i) (using the definition of compensation under T. Reg. §1.415(c)-2(d)(4)) at any time during
the 12-month period ending on the preceding December 31. The preceding definition shall be applied in accordance with the special rules for corporate transactions in T. Reg. §1.409A-1(i)(6). 
  

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	 	(c)	Nothing in this Agreement shall deprive Executive of the right to receive benefits due under or contributed by the Corporation or its affiliates on Executive’s behalf pursuant
to any retirement, incentive, profit sharing, bonus, performance, disability or other employee benefit plan maintained by the Corporation or its affiliates, pursuant to the terms and conditions of such plans or arrangements, on Executive’s
behalf. 

  

	 	(d)	Notwithstanding the preceding provisions of this Section 3, in the event that: 

 (i) the aggregate payments or benefits to be made or afforded to Executive, which are deemed to be parachute payments for purposes of Code Section 280G, or any successor thereof, (the “Termination
Benefits”), would be deemed to include an “excess parachute payment” for purposes of Code Section 280G; and 
 (ii) if the
Termination Benefits were reduced to an amount (the “Non-Triggering Amount”), the value of which is one dollar ($1.00) less than an amount equal to three (3) times Executive’s “base amount,” as determined in accordance
with Section 280G of the Code, and the Non-Triggering Amount would be greater than the aggregate value of the Termination Benefits (excluding such reduction) less the amount of tax required to be paid by Executive under Section 4999 of the
Code, 
 then the Termination Benefits shall be reduced to the Non-Triggering Amount. Executive shall determine the allocation of the reduction among the
Termination Benefits. 
  

	4.	Notice of Termination. 

 (a) Any termination of
Executive’s employment by the Corporation or by Executive upon or following a Change in Control shall be communicated to the other party by a Notice of Termination. For purposes of this Agreement, a “Notice of Termination” shall mean
a written notice that 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 Just Cause, shall not be less than thirty (30) days from the date such Notice of Termination is given). 
 (c) If,
within thirty (30) days after any Notice of Termination is given, the party receiving the Notice of Termination notifies the other party that a dispute exists concerning the termination, the Date of Termination shall be the date on which the
dispute is finally determined, either by mutual written agreement of the parties, by a binding arbitration award, or by a final judgment, order or decree of a court of competent jurisdiction (the time for appeal therefrom having expired and no
appeal having been perfected) and provided further that the Date of Termination shall be extended by a notice of dispute only if such notice is given in good faith and the party giving such notice pursues the resolution of such dispute with
reasonable diligence. Notwithstanding the pendency of any such dispute, the Corporation shall continue to pay Executive’s salary in effect when the notice giving rise to the dispute was given and continue 

  

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Executive as a participant in all compensation, benefit and insurance plans in which Executive was participating when the notice of dispute was given, until
the dispute is finally resolved in accordance with this Agreement. Amounts paid under this Section 4(c) are in addition to all other amounts due under this Agreement and shall not be offset against or reduce any other amounts due under this
Agreement. 
  

	5.	Source of Payments. 

 All payments provided in this
Agreement shall be timely paid in cash or check from the general funds of the Corporation or its affiliates. 
  

	6.	Effect on Prior Agreements and Existing Benefit Plans. 

 This Agreement contains the entire understanding between the parties hereto and supersedes any prior agreement (including the Prior Agreement) between the Corporation or its affiliates and Executive, except that this Agreement shall not
affect or operate to reduce any benefit or compensation inuring to Executive of any 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
Executive without reference to this Agreement. Nothing in this Agreement shall confer upon Executive the right to continue in the employ of the Corporation or its affiliates or shall impose on the Corporation or its affiliates any obligation to
employ or retain Executive in its employ for any period. 
  

	7.	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 Corporation, its affiliates and their respective successors and assigns. 
  

	8.	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. 
  

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	9.	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. 
  

	10.	Headings for Reference 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. 
  

	11.	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 State of Maryland, without regard to principles of conflicts of law of that State. The parties intend to comply with Code
Section 409A, and this Agreement shall be interpreted, to the extent possible, in a manner that complies with Code Section 409A. 
  

	12.	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 Corporation, 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. 
  

	13.	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 Corporation, only if Executive is successful pursuant to a legal judgment, arbitration or settlement.

  

	14.	Indemnification. 

 The Corporation or its affiliates
shall provide Executive (including Executive’s heirs, executors and administrators) with coverage under a standard directors’ and officers’ liability insurance policy at its expense and shall indemnify Executive (and Executive’s
heirs, executors and administrators) to the fullest extent permitted under applicable law against all expenses and liabilities reasonably incurred by Executive in connection with or arising out of any action, suit 

  

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or proceeding in which Executive may be involved by reason of Executive having been a director or officer of the Corporation or its affiliates (whether or
not Executive continues to be a director or officer at the time of incurring such expenses or liabilities), such expenses and liabilities to include, but not be limited to, judgments, court costs, attorneys’ fees and the cost of reasonable
settlements. 
  

	15.	Successors to the Corporation. 

 The Corporation
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 Corporation, expressly and unconditionally to assume and agree to
perform the obligations of the Corporation and its affiliates under this Agreement, in the same manner and to the same extent that the Corporation and its affiliates would be required to perform if no such succession or assignment had taken place.

  

	16.	Signatures 

 IN WITNESS WHEREOF, Provident
Bankshares Corporation, by its duly authorized officer, and Executive have caused this Agreement to be executed on the dates indicated below. 
  

							
	ATTEST:	 		 	PROVIDENT BANKSHARES CORPORATION
				
	 	 		 	By:	 	 
	Corporate Secretary	 		 		 	For the Entire Board of Directors
				
		 		 		 	 
		 		 		 	Date
				
	WITNESS:	 		 		 	EXECUTIVE
				
	  	 		 		 	  
		 		 		 	
				
	 	 		 		 	  
		 		 		 	Name
				
	 	 		 		 	  
		 		 		 	Date

  

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 FIRST AMENDMENT 
 TO THE 
 PROVIDENT BANKSHARES CORPORATION 
 CHANGE IN CONTROL AGREEMENT 
 (As
Revised for Section 409A) 
 This First Amendment to the Provident Bankshares Corporation Change in Control Agreement (As Revised for
Section 409A) (the “Revised Agreement”) is effective December 31, 2008. 
 W I T N E S S E T H 
 WHEREAS, the below named executive (“Executive”) and the Board of Directors of the Corporation previously entered into the Revised
Agreement; 
 WHEREAS, Section 8(a) of the Revised Agreement provides that it may be amended; 
 WHEREAS, to ensure compliance with Code Section 409A and the regulations issued thereunder, certain provisions of the Revised Agreement need
to be amended. 
 NOW, THEREFORE, the Revised Agreement is amended as follows, effective December 31, 2008: 
 FIRST CHANGE 
 The fourth,
fifth and sixth sentences of Sections 3(a)(i) and 3(b)(i), under which the Executive may elect to receive a cash payment in lieu of continued life and medical insurance coverage, are deleted in their entirety. 
 SECOND CHANGE 
 Section 3(a)(ii) is revised to read as follows: 
 “(ii) This paragraph (ii) applies if Executive is a “Key
Employee” (as defined in Section 3(b)(ii) of this Agreement) as of the date Executive’s entitlement to benefits under paragraph (i) arises. If this paragraph (ii) applies, then to the extent the Corporation deems it
necessary to comply with Code Section 409A, the portion of the lump sum payment under paragraph (i) equal to the corresponding amount that would be payable under subsection (b) (if Executive voluntarily resigned without Good Reason)
shall not be paid until the thirty (30) day period starting on the date that is six months after the date of Executive’s resignation or termination under paragraph (i). Such portion will accrue interest for the six month delay as provided
in subsection (b)(ii).” 
 THIRD CHANGE 
 Section 3(b)(ii) is amended by adding the following after the first sentence: 
  

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 “The lump sum payment will accrue interest for the six months of delay at a rate equal to the rate
paid by the Corporation (or its successor) on six month certificates of deposit, as in effect on the first day of the six month delay period. No interest is paid for the period between the end of the six month delay and the actual date of
payment.” 
 FOURTH CHANGE 
 Section 3(d) (relating to parachute payments and Code Section 280G) is amended by deleting the last sentence (under which Executive could determine the allocation of the reduction among the termination
benefits), and by revising the preceding flush language to read as follows: 
 “then the Termination Benefits shall be reduced to the
Non-Triggering Amount by reducing the cash severance payment portion of the Benefits.” 
 FIFTH CHANGE 
 The second sentence of Section 11 is deleted and replaced with the following: 
 “This Agreement is intended to comply with the requirements of Section 409A of the Code or an exemption or exclusion therefrom and, with respect
to amounts that are subject to Section 409A of the Code, shall in all respects be administered in accordance with Section 409A of the Code. Each payment under this Agreement shall be treated as a separate payment for purposes of
Section 409A of the Code. In no event may the Executive, directly or indirectly, designate the calendar year of any payment to be made under this Agreement. If the Executive dies following the date of termination of employment and prior to the
payment of the any amounts delayed on account of Section 409A of the Code, such amounts shall be paid to the personal representative of the Executive’s estate within 30 days after the date of the Executive’s death. All reimbursements
and in-kind benefits provided under this Agreement that constitute deferred compensation within the meaning of Section 409A of the Code shall be made or provided in accordance with the requirements of Section 409A of the Code, including,
without limitation, that (i) in no event shall reimbursements by the Corporation under this Agreement be made later than the end of the calendar year next following the calendar year in which the applicable fees and expenses were incurred,
provided, that the Executive shall have submitted an invoice for such fees and expenses at least 10 days before the end of the calendar year next following the calendar year in which such fees and expenses were incurred; (ii) the amount of
in-kind benefits that the Corporation is obligated to pay or provide in any given calendar year shall not affect the in-kind benefits that the Corporation is obligated to pay or provide in any other calendar year; (iii) the Executive’s
right to have the Corporation pay or provide such reimbursements and in-kind benefits may not be liquidated or exchanged for any other benefit; and (iv) in no event shall the Corporation’s obligations to make such reimbursements or to
provide such in-kind benefits apply later than the Executive’s remaining 

  

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lifetime. Within the time period permitted by the applicable Treasury Regulations (or such later time as may be permitted under Section 409A or any IRS
or Department of Treasury rules or other guidance issued thereunder), the Corporation may, in consultation with the Executive, modify the Agreement, in the least restrictive manner necessary and without any diminution in the value of the payments to
the Executive, in order to cause the provisions of the Agreement to comply with the requirements of Section 409A of the Code, so as to avoid the imposition of taxes and penalties on the Executive pursuant to Section 409A of the Code.”

 IN ALL OTHER RESPECTS, the Revised Agreement is not changed. 
 IN WITNESS WHEREOF, Provident Bankshares Corporation, by its duly authorized officer, has caused this First Amendment to be executed on the date
indicated below. 
  

									
	ATTEST:	 		 	PROVIDENT BANKSHARES CORPORATION
				
	 	 		 	By:	 	 
		 	Assistant Corporate Secretary	 		 		 	For the Entire Board of Directors
				
		 		 		 	 
		 		 		 		 	Date

 By signing below, Executive ratifies the adoption of the above Amendment: 
  

									
	WITNESS:	 		 	EXECUTIVE
			
	 	 		 	 
			
		 		 	 
		 		 		 	Print name 

  

 12EXHIBIT 10.3

 Exhibit 10.3 
 PROVIDENT BANK 
 DEFERRED COMPENSATION PLAN FOR OUTSIDE DIRECTORS 
 This revised AGREEMENT is entered into by and between Provident Bankshares Corporation (the “Corporation”) and [NAME] (the
“Director”) effective January 1, 2008. 
 WHEREAS, the Corporation and the Director entered into an agreement (the “Prior
Agreement”), effective November 1, 2006, under which the Director elected to defer all or part of the fees payable to him for services rendered as a director of the Corporation. 
 WHEREAS, the parties are unable to locate signed documentation of the Prior Agreement; 
 WHEREAS, Section 409A of the Internal Revenue Code and the regulations thereunder require that certain provisions of the Prior Agreement be revised.

 WHEREAS, the Corporation and the Director desire to enter into this revised Agreement to replace the Prior Agreement and to comply with
Code Section 409A. 
 WHEREAS, the Corporation and the Director agree that no amounts deferred under the Prior Agreement are
“grandfathered” for purposes of Code Section 409A and that all amounts deferred under the Prior Agreement and this Agreement are subject to Code Section 409A. 
 NOW THEREFORE, it is hereby agreed as follows: 
 ARTICLE I 
 DEFINITIONS 
 1.1 Definitions. 
 In this Agreement, the following terms have the following meanings: 
 “Account” means the bookkeeping account established in the name of the Director pursuant to this Agreement. 
 “Agreement” means this Agreement under the Provident Bank Deferred Compensation Plan for Outside Directors, as set forth herein or as amended.

 “Board” means the Board of Directors of the Corporation. 
 “Code” means the Internal Revenue Code. 
 “Committee” means the Retirement Benefits Committee. 
 “Corporation” means Provident Bankshares Corporation, a
Maryland corporation. 

 “Election Agreement” means the form provided by the Executive Vice President on which the
Director makes an election to defer Fees under the Plan. The Prior Agreement serves as the Election Agreement unless and until a new Election Agreement is signed. 
 “Executive Vice President” means the Executive Vice President, Organizational Support (or another officer of the Corporation with similar responsibilities as the Executive Vice President, Organizational
Support), or her designated agent. 
 “Fees” means fees payable to the Director for services performed as a member of the Board.

 “Plan” means the Provident Bank Deferred Compensation Plan for Outside Directors, the terms of which for the Director are set
forth in this Agreement. 
 “Separation from Service” means a cessation of the Director’s services as a member of the Board;
provided that such cessation must constitute a “separation from service” under Code Section 409A(a)(2)(A)(i) and the Treasury Regulations thereunder. 
 ARTICLE II 
 DEFERRAL ELECTION 
 2.1 Deferral Election. The Director may elect to defer up to 100% of his Fees earned in a
calendar year. The Director must make the election on an Election Agreement and must submit the completed Election Agreement to the Executive Vice President not later than the December 31st preceding the calendar year in which such Fees are
earned. Notwithstanding the preceding sentence, an Election Agreement already in effect for a calendar year will be deemed to apply to a future calendar year unless the Director changes or revokes the Election Agreement not later than the
December 31st preceding the calendar year for which he wishes such change or revocation to be effective. 
 2.2 Irrevocability of Election. An election (or deemed election) to defer Fees for a
calendar year becomes irrevocable at the end of the December 31st preceding the calendar year in which such Fees are earned. However, any
election to defer Fees will prospectively terminate if the Director receives a distribution on account of an “unforeseeable emergency” under Section 4.3 of this Agreement. If the Director’s election to defer Fees so terminates,
any subsequent election to defer Fees must comply with Section 2.1. 
 2.3 Vesting. All deferrals under this Agreement (and
earnings thereon) are fully vested at all times. 
 ARTICLE III 
 DEFERRAL ACCOUNTS AND DEEMED EARNINGS 
 3.1 Account. All deferrals under this Agreement will be
credited by the Corporation to a bookkeeping account (the “Account”) in the name of the Director. In addition to the amounts credited to the Director’s Account as elective deferrals, the Corporation will adjust each account monthly to
reflect the deemed earnings credited under Section 3.2. 
  

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 3.2 Deemed Earnings. All amounts credited to the Director’s Account will be credited monthly
with interest at the “prime rate” published in The Wall Street Journal in effect on the first day of the month. Such deemed earnings will be credited until the Director’s Account has been fully distributed to him or his
Beneficiary. 
 ARTICLE IV 
 DISTRIBUTIONS 
 4.1 Separation from Service. Upon the Director’s Separation from Service, he will receive the value of
his Account in one lump sum payment of cash within 90 days after Separation from Service. 
 4.2 Death. Upon the Director’s death
before distribution of his Account is made, his Beneficiary will receive the Director’s Account in one lump sum payment of cash within 90 days after the Director’s death. 
 4.3 Unforeseeable Emergency. The Director may receive a distribution from his Account in the event of an “unforeseeable emergency”. An
“unforeseeable emergency” means a severe financial hardship to the Director resulting from an illness or accident of the Director, his Beneficiary, his spouse or his dependent (as defined in Code Section 152 without regard to Code
Section 152(b)(1), (b)(2) and (d)(1)(B)); loss of the Director’s property due to casualty (including the need to rebuild a home following damage to a home not otherwise covered by insurance, for example, as a result of a natural disaster);
or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Director. A distribution on account of unforeseeable emergency may not be made to the extent that such emergency is or may be
relieved through reimbursement or compensation from insurance or otherwise, by liquidation of the Director’s assets, to the extent such liquidation would not itself cause severe financial hardship, or by cessation of the Director’s
deferrals under this Agreement. Distributions because of an unforeseeable emergency must be limited to the amount reasonably necessary to satisfy the emergency need (which may include amounts necessary to pay any Federal, state or local income taxes
or penalties reasonably anticipated to result from the distribution). The Committee will determine whether each of the criteria for an unforseeable emergency has been met and, if the Committee so determines, a lump sum payment of cash will be made
within 30 days following the date of determination. Upon approval of an unforeseeable emergency distribution to the Director, his deferral election will terminate effective for the first month beginning after the date of determination. 

4.4 Payment upon Income Inclusion under Section 409A. If any portion of the Director’s Account becomes taxable to him prior to the
time it would otherwise be payable due to failure of this Agreement to satisfy Code Section 409A, the Director may apply to the Committee for a distribution of that portion of his Account that has become taxable. Within 90 days after the
Committee determines that a portion of the Director’s Account has become taxable, the Corporation will make a lump sum payment of cash to the Director equal to the taxable portion of his Account. Any distribution under this Section 4.4
will reduce the remaining balance of the Director’s Account. 
  

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 4.5 Withholding. The Corporation may withhold from any distribution to the Director or Beneficiary
any amounts required for Federal, state, and local income tax purposes. 
 ARTICLE V 
 BENEFICIARY DESIGNATION 
 5.1 Beneficiary. The Director may at any time
designate a Beneficiary(ies) (both primary and contingent) to receive distribution of his Account upon the Director’s death. The Beneficiary designated under this Agreement may be the same as or different from the beneficiary designation under
any other plan of the Corporation in which the Director participates. 
 5.2 Beneficiary Designation. The Director may only designate
a Beneficiary(ies) by completing and signing a form provided by the Executive Vice President and submitting it to the Executive Vice President. The Director may change a Beneficiary designation by completing and signing a new form and submitting it
to the Executive Vice President. Upon submitting a new form to the Executive Vice President, all Beneficiary designations previously submitted are cancelled. The Committee may rely on the last Beneficiary designation form submitted by the Director
to the Executive Vice President prior to the Director’s death. No designation or change in designation of a Beneficiary is effective until submitted to the Executive Vice President. 
 5.3 No Beneficiary Designation. If the Director fails to designate a Beneficiary as provided in Sections 5.1 and 5.2, or if all designated
Beneficiaries cannot be located or predecease the Director or die prior to complete distribution of the Director’s Account, then the Director’s surviving spouse will be the designated Beneficiary. If the Director has no surviving spouse,
the Account will be paid to the Director’s estate. 
 5.4 Doubt as to Beneficiary. If the Committee has any doubt as to the
identity or designation of a Beneficiary, the Committee may cause the Corporation to withhold payments to the asserted Beneficiary until the matter is resolved to the Committee’s satisfaction. The Committee has the discretionary authority to
resolve any question as to the identity or designation of a Beneficiary. 
 5.5 Discharge of Obligations. The distribution of a
Director’s Account to a Beneficiary fully and completely discharges the Corporation and the Committee from all further obligations under this Agreement with respect to the Director. 
  

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 ARTICLE VI 
 AMENDMENT AND TERMINATION 
 6.1 Termination. The Corporation may terminate this Agreement by action
of the Committee by providing 30 days advance written notice to the Director. No additional deferrals will be permitted after the date of termination. Upon termination, the Corporation will pay, or continue to pay, to the Director or Beneficiary the
amount such person would be entitled to receive under Article IV of this Agreement at the same time such amount would otherwise have been payable under the terms of this Agreement had it not terminated. 
 6.2 Amendment. This Agreement may not be amended except by a written agreement signed by the Director and a duly authorized officer of the
Corporation. 
 ARTICLE VII 
 OTHER BENEFITS 
 7.1 Coordination with Other Benefits. The benefits provided for the Director under this Agreement are in
addition to any other benefits available to the Director under any other plan or program for directors of the Corporation. This Agreement will supplement but not supersede or amend any other such plan or program except as may otherwise be expressly
provided. 
 ARTICLE VIII 
 MISCELLANEOUS 
 8.1 Trust. The Corporation is responsible for the payment of all benefits under this Agreement. At its
discretion, the Corporation may establish one or more grantor trusts for the purpose of providing for payment of benefits under the Agreement. Such trust or trusts may be irrevocable, but the assets thereof will in all events be subject to the
claims of the Corporation’s general creditors. Amounts paid to the Director or his Beneficiary from any such trust or trusts will be considered paid by the Corporation for purposes of meeting the obligations of the Corporation under this
Agreement. 
 8.2 Unsecured General Creditor. Directors and Beneficiaries have no legal or equitable rights, interests or claims in
any property or assets of the Corporation on account of this Agreement, and have only the rights of an unsecured general creditor. The Corporation’s obligation under this Agreement is merely that of an unfunded and unsecured promise to pay
money in the future. 
 8.3 Corporation’s Liability. The Corporation’s liability for the distribution of a Director’s
Account is defined only by this Agreement. The Corporation has no obligation to the Director or his Beneficiary under this Agreement except as expressly provided in this Agreement. 
  

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 8.4 Nonassignability; Domestic Relations Orders. 
 (a) Neither the Director, his Beneficiary nor any other person has any right to assign, pledge or otherwise encumber an Account under this Agreement.
Except as provided in subsection (b), the Account under this Agreement, prior to actual payment, is not subject to alienation for the payment of any debts owed by the Director, his Beneficiary or any other person, nor is the Director’s Account
transferable by operation of law in the event of divorce, bankruptcy or insolvency of the Director, his Beneficiary or any other person. 
 (b) Subsection (a) does not prohibit the transfer or assignment to the Director’s spouse, former spouse or child of the right to receive all or a portion of his Account, if such transfer or assignment is made pursuant to a
domestic relations order issued by a court that is legally binding on the Director. Payment pursuant to an order may not be made before the earlier of (1) when distributions are actually paid to the Director or (2) a date specified in the
order that is not before the earliest date that distributions could actually begin being paid to the Director if he had a Separation from Service. Any provision of an order for payment upon the election of the spouse, former spouse or child cannot
be given effect. Any payment pursuant to a domestic relations order will be subject to tax withholding as provided by law. If a domestic relations order is served on the Corporation with respect to this Agreement, it will be processed in accordance
with the rules for processing of qualified domestic relations orders set forth in the Employees’ Retirement Savings Plan of Provident Bank, which are incorporated herein by reference. 
 8.5 Not a Contract of Services. This Agreement does not constitute a contract of services between the Corporation and the Director. Nothing in
this Agreement gives the Director the right to be retained as a member of the Board. 
 8.6 Furnishing Information. The Director or
his Beneficiary must cooperate with the Committee by furnishing any and all information requested by the Committee pertaining to this Agreement, and must take such other actions as may be requested in order to facilitate the administration of this
Agreement and the distributions hereunder. 
 8.7 Terms. Any words used herein in the masculine will be construed as though they were
in the feminine in all cases where they would so apply, and any words used herein in the singular or in the plural will be construed as though they were used in the plural or the singular, in all cases where they would so apply. 
 8.8 Captions. The captions of the articles, sections and paragraphs of this Agreement are for convenience only and do not control or affect the
meaning or construction of any of its provisions. 
 8.9 Governing Law. This Agreement will be construed and interpreted according to
the laws of the State of Maryland without regard to its conflict of laws principles. The Corporation and the Director intend that this Agreement will comply with Code Section 409A, and this Agreement should be interpreted, to the extent
possible, to comply with Section 409A. 
  

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 8.10 Validity. In case any provision of this Agreement is held to be illegal or invalid for any
reason, said illegality or invalidity will not affect the remaining parts hereof, but this Agreement will be construed and enforced as if such illegal and invalid provision had never been inserted herein. 
 8.11 Notice. Any notice or filing required or permitted to be given to the Executive Vice President will be sufficient if in writing and hand
delivered, or sent by certified mail, to the address below: 
 Executive Vice President, Organizational Support 
 Provident Bank 
 114 East Lexington Street

 Baltimore, Maryland 21202 
 Any notice or filing required or permitted to be given to the Committee will be sufficient if in writing and hand delivered, or sent by certified mail, to the address below: 
 Retirement Benefits Committee 
 Provident Bank

 114 East Lexington Street 
 Baltimore, Maryland 21202 
 Such notice will be deemed given as of the date of delivery or if delivery is made by mail, as of the date shown on the
postmark on the receipt for certification. 
 Any notice or filing required or permitted to be given to the Director under this Agreement
will be sufficient if in writing and hand delivered, or sent by first class mail, to the last known address of the Director. 
 8.12
Assumption of Obligations. The Corporation agrees that it will not merge, consolidate or combine with any other entity unless and until the succeeding or continuing entity expressly assumes and confirms in writing the obligations of the
Corporation under this Agreement. 
 8.13 Spouse’s Interest. Any asserted interest in the Director’s Account under this
Agreement held by a spouse who predeceases the Director will automatically revert to the Director and is not transferable by such spouse in any manner, including but not limited to such spouse’s will, nor will such interest pass under the laws
of intestate succession. 
 8.14 Incompetent. If the Committee determines in its discretion that a benefit under this Agreement is to
be paid to a minor, a person declared incompetent or to a person incapable of handling the disposition of that person’s property, the Committee may direct payment in accordance with the relevant provisions of the Employees’ Retirement
Savings Plan of Provident Bank, which are incorporated herein by reference. 
  

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 IN WITNESS WHEREOF, the Corporation and the Director have executed this revised Agreement on the dates
set forth below. 
  

							
	WITNESS:	 		 	PROVIDENT BANKSHARES CORPORATION
				
	 	 		 	By:	 	 
		 		 		 	Robert L. Davis, Secretary
		 		 	Date:	 	 
				
	  	 		 		 	  
		 		 		 	[NAME]
		 		 	Date:	 	 

  

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