Document:

Supplemental Retirement Agreement, Edward Kelly, III

 Exhibit 10.47 
 

 
 March 1,2007 
 Edward J.
Kelly, III 
 Chairman and Chief Executive Officer 
 Mercantile
Bankshares Corporation 
 2 Hopkins Plaza 
 Baltimore, MD 21201

 Dear Mr. Kelly, 
 This letter will confirm our
understanding with respect to the Supplemental Retirement Agreement dated as of February 2, 2001 (and as amended February 27, 2007) by and between you, Mercantile Bankshares Corporation (“Mercantile”) and Mercantile-Safe Deposit
and Trust Company (the “Agreement”). A copy of the Agreement is attached hereto. 
 We acknowledge and agree as follows: 
  

	 	•	 	 Upon the effective date of the merger (the “Merger”) between Mercantile and The PNC Financial Services Group, Inc. (“PNC”), the Agreement will
be binding on PNC as successor to Mercantile in accordance with Section 11.2 of the Agreement. 

  

	 	•	 	 Solely for the purposes of the Agreement, upon the effective date of the Merger your employment with Mercantile and/or PNC shall be deemed to have been terminated
as of February 28,2007. 

  

	 	•	 	 Based upon the foregoing, and the terms of the Agreement, upon your attainment of age 60, PNC’s obligation to you pursuant to the Agreement will be the payment
of a retirement benefit, commencing June 1,2013 and continuing for the remainder of your life, in the amount of $247,951 annually, payable monthly (subject to your right to elect to receive such benefit in either a Joint and Survivor Option or
a Guaranteed Period Option, in which case the foregoing amount shall be a reduced amount which is the Actuarial Equivalent of a straight life annuity of $247,951 commencing on such date). 

  

	 	•	 	 Based upon the foregoing, and the terms of the Agreement, in the event PNC elects to defer payment of your retirement benefit until your attainment of age 65 (in
accordance with Section 2.4 of the Agreement), PNC’s obligation to you 

  

 

 
  

	 	 
pursuant to the Agreement will be the payment of a retirement benefit, commencing June 1, 2018 and continuing for the remainder of your life, in the
amount of $230,792 annually, payable monthly (subject to your right to elect to receive such benefit in either a Joint and Survivor Option or a Guaranteed Period Option, in which case the foregoing amount shall be a reduced amount which is the
Actuarial Equivalent of a straight life annuity of $230,792 commencing on such date). 

  

	 	•	 	 In accordance with the terms of the Agreement, in the event of your death before commencement of the payment of your retirement benefit under the Agreement,
PNC’s obligation to your beneficiary will be the payment of a death benefit in the amount of $208,907 annually, payable monthly, commencing on the first day of the month next following your death and continuing thereafter for a period of ten
years. 

  

	 	•	 	 Nothing herein shall be construed as an amendment to or modification of the Agreement. Without limiting the foregoing, nothing herein shall be construed as limiting
or restricting your options, as set forth in the Agreement, to elect the form of benefit or designate (or change the designation of) a beneficiary, 

  

	 	•	 	 Your currently designations and elections under the agreement are set forth in Exhibit A attached hereto. 

 Should you have any questions regarding the agreement, please call Kenneth (Mike) Beatty at 412-768-8316. 
  

					
	Sincerely,
	
	THE PNC FINANCIAL SERVICES GROUP, INC.
		
	By:	 	/s/ Richard J. Johnson
		 	Name:	 	Richard J. Johnson
		 	Title:	 	CFO

 

 
  

 Edward J. Kelly, III 
 Supplemental Retirement Agreement dated February 2, 2001 
 Election/Designation worksheet 
 Date: February 28, 2007 
  

			
	 Mail to:
	  	The PNC Financial Services Company, Inc.
		  	One PNC Plaza
		  	249 Fifth Avenue
		  	Pittsburgh, PA 15222-2707
		  	ATTN: Director of Human Resources

  

	1.	Designated beneficiary:
                                        
                                        

  

	2.	Contingent beneficiary:
                                        
                                        

  

	3.	Form of Retirement Benefit (select one): 

  

	 	a.	Straight Life Annuity:             ̈ 

  

	 	b.	Joint and Survivor Option:     ̈

  

	 	i.	Post-death rate (select one); 

  

	 	1.	100%       ̈ 

  

	 	2.	75%         ̈

  

	 	3,	66.7%      ̈ 

  

	 	4.	50%         ̈

  

	 	c.	Guaranteed Benefit Option: 

  

	 	i.	Period Certain (select one) 

  

	 	1.	5 yrs       ̈ 

  

	 	2.	10 yrs     ̈ 

  

	 	3.	15 yrs     ̈ 

  

	 	4.	20 yrs     ̈ 

  

	
	
	   
	Edward J. Kelly, III
	
	Date: _______________________________________

 SUPPLEMENTAL RETIREMENT AGREEMENT 
 THIS SUPPLEMENTAL RETIREMENT AGREEMENT, entered into this 2nd day of February, 2001, by and between MERCANTILE BANKSHARES CORPORATION
(“Mercshares”) and MERCANTILE-SAFE DEPOSIT AND TRUST COMPANY (“Merc-Safe”), both corporations of the State of Maryland, Two Hopkins Plaza, Baltimore, Maryland 21201, hereinafter collectively referred to as “Employer,”
and EDWARD J. KELLY, III, hereinafter referred to as “Executive.” 
 WHEREAS, Employer has employed Executive pursuant to an
Executive Employment Agreement entered into on the 2nd day of February, 2001; and 
 WHEREAS, pursuant to such Executive Employment
Agreement, Employer has represented to Executive that he will be eligible to participate in a supplemental executive retirement plan; and 
 WHEREAS, Employer and Executive wish to set forth the specific terms of such supplemental executive retirement plan. 
 NOW,
THEREFORE, in consideration of the premises and of the mutual covenants and undertakings hereinafter set forth, and other good and valuable consideration, receipt of which is hereby acknowledged, Employer and Executive hereby agree as follows:

 SECTION 1 - DEFINITIONS 
  

	1.1	Definitions 

  

	 	(a)	Actuarial Assumptions 

 “Actuarial
Assumptions” shall mean, with respect to mortality, 1983 Group Mortality Table, and with respect to interest, 7.5%, or such other assumptions as may be described in the Agreement. 
  

	 	(b)	Actuarial Equivalent 

 “Actuarial
Equivalent” shall mean a benefit of equivalent dollar value on a specified date, computed on the basis of Actuarial Assumptions. 
  

	 	(c)	Agreement 

 “Agreement” shall
mean the Supplemental Retirement Agreement between Executive and Employer, as set forth herein, as amended from time to time. 

	 	(d)	Beneficiary 

 “Beneficiary” shall
mean such person, persons, entity or entities as may be designated by Executive to receive benefits after the death of Executive, all as provided for in Section 3. 
  

	 	(e)	Cash Balance Plan 

 “Cash Balance
Plan” shall mean the Cash Balance Plan for Employees of Mercantile Bankshares Corporation and Participating Affiliates, as amended from time to time. 
  

	 	(f)	Cash Balance SERP 

 “Cash Balance
SERP” shall mean the Mercantile Bankshares Corporation and Participating Affiliates Supplemental Cash Balance Executive Retirement Plan, as amended from time to time. 
  

	 	(g)	Code 

 “Code” shall mean the
Internal Revenue Code of 1986, as amended from time to time. 
  

	 	(h)	Committee 

 “Committee” shall
mean the Compensation Committee of Mercantile Bankshares Corporation. 
  

	 	(i)	Compensation 

 “Compensation”
shall mean Executive’s base salary and such bonus as may be received pursuant to Employer’s Annual Incentive Compensation Plan or as may otherwise be paid by Employer, in each case prior to reductions for elective contributions under
Sections 401(k), 125 or 132(f) of the Code, or under any nonqualified deferred compensation plan of Employer. 
  

	 	(j)	Disability or Disabled 

 “Disability” or “Disabled” shall mean disability as defined under the long-term disability plan of Mercshares. 

	 	(k)	Early Retirement Date 

 “Early
Retirement Date” shall mean the first day of the month coincident with or next following the date on which Executive attains age 60. 
  

	 	(l)	Final Average Compensation 

 “Final
Average Compensation” shall mean Executive’s average annual compensation during the three consecutive 12-month periods contained within the last five consecutive 12-month periods immediately prior to the month in which Executive’s
termination of employment occurs, affording the highest such Final Average Compensation. In the event that Executive’s entire period of employment consists of less than three consecutive 12-month periods, his Final Average Compensation shall be
determined by averaging (on an annual basis) his Compensation during his entire period of employment with Employer. 
  

	 	(m)	401(k) SERP 

 “401(k) SERP” shall
mean the Mercantile Bankshares Corporation and Participating Affiliates Supplemental 401(k) Executive Retirement Plan, as amended from time to time. 
  

	 	(n)	Late Retirement Date 

 “Late
Retirement Date” shall mean the first day of the month coincident with or next following the date on which Executive’s termination of employment occurs after his Normal Retirement Date. 
  

	 	(o)	Normal Retirement Date 

 “Normal
Retirement Date” shall mean the first day of the month coincident with or next following the date on which Executive attains age 65. 
  

	 	(p)	Primary Social Security Benefit 

 “Primary Social Security Benefit” shall mean the benefit to which Executive is entitled at age 65 as if he terminated employment at age 65. If Executive terminates employment prior to age 65, his Primary Social Security Benefit
commencing at age 65 shall be estimated by assuming no future earnings and by using the applicable provisions of the federal Social Security Act as in effect on the date Executive terminates employment. The Primary Social Security Benefit shall be
determined without taking into consideration any benefits to which he may be entitled by reason of his dependents, his spouse’s age, or any disability which he, his spouse or any dependent may suffer, or any income earned by him which may
reduce the amount of federal Social Security benefits to which he might otherwise be entitled. 

	 	(q)	Retirement Benefit 

 “Retirement
Benefit” shall mean Executive’s supplemental retirement benefit, as described in Section 2.1. 
  

	 	(r)	Thrift Plan 

 “Thrift Plan” shall
mean the Employees’ Thrift Plan of Mercantile Bankshares Corporation and Participating Affiliates, as amended from time to time. 
  

	 	(s)	Year of Service 

 “Year of
Service” shall mean each full and fractional 12-month period, measured from the date on which Executive commenced employment with Employer, during which Executive works on a full-time basis for Employer. In addition, a Year of Service shall
include each full and fractional 12-month period, measured from the date on which Executive attained age 25 and ending on the date Executive commenced employment with Employer. 
 SECTION 2 - AMOUNT AND FORM OF BENEFITS 
  

	2.1	Normal Retirement Date 

 (a) Upon Executive’s
retirement on his Normal Retirement Date, he shall receive a Retirement Benefit which shall be an annual benefit, payable monthly, commencing on his Normal Retirement Date and continuing for his life in an amount equal to the sum of (1),
(2) and (3) (the “gross benefit”) minus the sum of (4), (5), (6), (7) and (8) (the “offsets”), where: 
  

	 	(1)	is 0.5% of his Final Average Compensation multiplied by his first 10 Years of Service; 

  

	 	(2)	is 1% of his Final Average Compensation multiplied by his next 15 Years of Service; 

  

	 	(3)	is 3% of his Final Average Compensation multiplied by his next 15 Years of Service; 

  

	 	(4)	is Executive’s benefit under the Cash Balance Plan; 

  

	 	(5)	is Executive’s benefit under the Thrift Plan; 

  

	 	(6)	is Executive’s benefit under the 401(k) SERP; 

  

	 	(7)	is Executive’s benefit under the Cash Balance SERP; and 

	 	(8)	is Executive’s Primary Social Security Benefit. 

 (b)
The offsets provided for in Sections 2.1(a)(4) through (8) above shall be implemented by reducing on a dollar for dollar basis the annual benefit payable to Executive pursuant to Sections 2.1(a)(1) through (3) above. Each such offset shall
be expressed as an annual straight life annuity payment commencing on Executive’s Normal Retirement date regardless of whether Executive elects to receive such benefit in the form of a straight life annuity or to commence receiving such benefit
on his Normal Retirement Date. The annual life annuity payments which are the Actuarial Equivalent of the benefits described in Sections 2.1(a)(5) through (7), and thus the offsets to be used pursuant to this Section 2.1, shall be calculated
pursuant to the Actuarial Assumptions. Such offsets described in Sections 2.1(a)(5) through (7) shall be calculated as if amounts which had previously been withdrawn or paid from any such arrangement prior to Executive’s Normal Retirement
Date had not been so withdrawn or paid; this calculation shall be done by determining the Actuarial Equivalent of any such withdrawal or payment as of the Participant’s Normal Retirement Date and then by applying such Actuarial Equivalent as an
offset as described above. 
  

	2.2	Early Retirement Date 

 Upon Executive’s termination
of employment on or after his Early Retirement Date (but prior to his Normal Retirement Date), he shall receive a Retirement Benefit, as described in Section 2.1, which shall be an annual benefit, payable monthly, commencing on the first day of
the month following his termination of employment and continuing for his life, calculated as follows: Executive’s gross benefit, as described in Sections 2.1(a)(1) through (3), shall be reduced, in order to reflect early payment, by 4% for each
full year (and proportionately for each fractional year) by which his benefit commencement date precedes his Normal Retirement Date. The offsets, as described in Sections 2.1(a)(4) through (8), to be used in such calculation shall be determined as
of the date Executive’s benefit commences. For purposes of calculating the offset described in Section 2.1(a)(4), the early retirement reduction factors in the Cash Balance Plan shall be utilized to reflect early payment. For purposes of
calculating the offset described in Section 2.1(a)(8), Actuarial Assumptions shall be utilized to reflect early payment. 
  

	2.3	Late Retirement Date 

 If Executive is permitted to
continue in employment subsequent to his Normal Retirement Date, then upon his termination of employment after his Normal Retirement Date, he shall receive a Retirement Benefit, as described in Section 2.1, which shall be an annual benefit,
payable monthly, commencing on his Late Retirement Date and continuing for his life. The Retirement Benefit payable to Executive at his Late Retirement Date shall be the Actuarial Equivalent of what Executive’s Retirement Benefit would have
been had his employment terminated on his Normal Retirement Date and had he commenced receiving his Retirement Benefit on his Normal Retirement Date. 

	2.4	Other Termination of Employment 

 Upon Executive’s
termination of employment prior to his Early Retirement Date, he shall be entitled to receive a Retirement Benefit, as described in Section 2.1, which shall be an annual benefit, payable monthly, commencing on his Normal Retirement Date and
continuing for his life in an amount calculated pursuant to Section 2.1 hereof; provided, however, that the offsets described in Sections 2.1(a)(5) through (7) to be applied at Executive’s Normal Retirement Date shall be fixed as of
the date of Executive’s termination of employment and shall be the Actuarial Equivalent of such offsets determined as of Executive’s termination of employment. The Committee, in its sole discretion, may determine to commence
Executive’s Retirement Benefit at any time after he attains age 60 (but prior to his Normal Retirement Date), in which case his Retirement Benefit shall be calculated as provided in Section 2.2; provided, however, that the offsets
described in Sections 2.1(a)(5) through (7) to be applied at Executive’s benefit commencement date shall be fixed as of the date of Executive’s termination of employment and shall be the Actuarial Equivalent of such offsets determined
as of Executive’s termination of employment. 
  

	2.5	Disability 

 (a) In the event Executive incurs a Disability
prior to the termination of his employment, and thereby ceases to be actively employed, he will receive benefits under the long-term disability plan of Mercshares until he is no longer Disabled or until he attains the age of 65, whichever is sooner.
If Executive remains Disabled until age 65, or ceases to be Disabled but does not return to active employment in his current position, he shall receive a Retirement Benefit under this Agreement, commencing on what would have been his Normal
Retirement Date (or, in the Committee’s sole discretion, on any date after what would have been his Early Retirement Date, assuming the long-term disability plan of Mercshares had ceased paying benefits to Executive at such time), based on his
Final Average Compensation and Years of Service as of the date he incurred a Disability and calculated pursuant to Section 2.4. 
 (b)
If Executive’s Disability ends and he returns to active employment in his current position, he will again commence accruing benefits under this Agreement and the calculation of his Retirement Benefit shall be governed by the terms of this
Agreement; provided, however, that the period of time during which he was Disabled shall not count as Years of Service hereunder; and further provided, that the period of time during which he was Disabled shall not be deemed to interrupt his
consecutive Years of Service for purposes of calculating his Final Average Compensation. 

	2.6	Form of Benefit 

 In lieu of a straight life annuity form
of benefit, Executive may elect, with the consent of the Committee, to receive his Retirement Benefit in one of the following forms: 
  

	 	(a)	Joint and Survivor Option 

  

	 	(1)	Executive may elect to receive, in lieu of a straight life annuity, a reduced annual benefit, payable monthly, which is the Actuarial Equivalent of such straight life
annuity, payable during Executive’s life and continuing after his death at a full, 75%, 66-2/3%, or 50% rate (according to the election of Executive) to the Executive’s surviving Beneficiary for the remainder of such Beneficiary’s
life. For purposes of the Joint and Survivor Option, only one natural person may be designated as a beneficiary. 

  

	 	(2)	If Executive’s Beneficiary dies before commencement of benefit payment to Executive, the election of a joint and survivor option shall thereupon become void. If
Executive’s Beneficiary dies after commencement of benefit payments to Executive, but before the date of Executive’s death, the election of a joint and survivor option shall remain effective and Executive shall receive the reduced
retirement benefit payable to him under such option. 

  

	 	(b)	Guaranteed Period Option 

  

	 	(1)	Executive may elect to receive, in lieu of a straight life annuity, a reduced annual benefit, payable monthly, which is the Actuarial Equivalent of such straight life annuity,
payable during Executive’s life and guaranteed to continue to Executive or his designated Beneficiary for a period certain of 5, 10, 15 or 20 years, according to the election of Executive, after the commencement of benefit payments to
Executive, regardless of whether Executive survives such period certain. 

  

	 	(2)	If Executive’s Beneficiary dies before Executive, Executive shall have the right to designate another Beneficiary. If Executive’s Beneficiary dies after Executive and
after benefits have commenced, benefits for the remainder of the period certain will be continued to the estate of the Beneficiary, unless Executive shall have designated another Beneficiary to receive such benefits. 

 SECTION 3 - DEATH BENEFITS 
  

	3.1	Death Before Commencement of Retirement Benefit 

 If
Executive dies prior to the commencement of his Retirement Benefit, his Beneficiary shall be entitled to receive, commencing on the first day of the month next following Executive’s death, a death benefit. The death benefit shall initially be
calculated, pursuant to Section 2 hereof, as if Executive had terminated employment as of the date of his death and commenced receiving his Retirement Benefit as of such date 

 
in the form of a straight life annuity; for purposes of reducing Executive’s gross benefit in the event Executive dies prior to attaining age 60, the
reduction percentage described in Section 2.2 shall be used to reduce such benefit to an age-60 benefit and Actuarial Assumptions shall be used thereafter to reduce such benefit to a benefit commencing as of the date of his death. Such straight
life annuity shall then be converted, pursuant to Actuarial Assumptions, to a 10-year period certain annuity, and Executive’s Beneficiary shall receive monthly payments of such 10-year period certain annuity until the end of the term. If
Executive’s Beneficiary dies before the end of the 10-year term, benefits for the remainder of the period certain will be continued to the estate of the Beneficiary, unless the Executive shall have designated another Beneficiary to receive such
benefits. 
  

	3.2.	Death After Commencement of Retirement Benefit 

 If
Executive dies subsequent to the commencement of his Retirement Benefit in accordance with a method described in Section 2, the death benefit, if any, payable to his Beneficiary shall be distributed in accordance with the method of distribution
already in effect. 
  

	3.3	Designation of Beneficiary 

 (a) Executive shall have the
right to designate a Beneficiary to receive the sums to which he may be entitled upon his death. Such designation of Beneficiary shall be in writing and delivered to the Committee, and shall be effective upon receipt by the Committee. Executive
shall have the right to change such designation by notice in writing to the Committee. Any such change shall be deemed to revoke all prior designations. 
 (b) If Executive shall fail to validly designate a Beneficiary or if no designated Beneficiary survives Executive, any sums payable upon his death shall be paid to the person or persons in the first of the following
classes of successive preference beneficiaries surviving at the death of Executive: Executive’s (1) surviving spouse, (2) lineal descendants, per stirpes, and (3) estate. The Committee shall decide what Beneficiaries, if any,
have been validly designated, and its decision shall be binding and conclusive on all persons. 
 SECTION 4 - OBLIGATION TO BE UNSECURED 
 It is understood and agreed that Employer’s obligations under this Agreement shall not be secured in any manner. Neither Executive nor any
Beneficiary shall be deemed to have any property interest, legal or equitable, in any asset of Employer, and neither Executive’s right to his Retirement Benefit nor any other Beneficiary’s right to benefits under this Agreement shall be
greater than, nor shall it have any preference or priority over, the rights of any unsecured general creditor of Employer. Anything in this Section to the contrary notwithstanding, Employer may establish a rabbi trust to accumulate assets for the
purpose of providing benefits under this Agreement. 

 SECTION 5 - ALIENATION OR ENCUMBRANCE 
 No payments, benefits or rights under this Agreement shall be subject in any manner to anticipation, sale, transfer, assignment, mortgage, pledge, encumbrance, charge or alienation by Executive or other Beneficiary.

 SECTION 6 - CLAIMS PROCEDURE 
  

	6.1	Benefit Claim 

 Any claim for a benefit under this
Agreement by Executive or other Beneficiary shall be made in writing and delivered to the Committee at Mercshares’ principal office. If Executive or other Beneficiary believes he has incorrectly been denied any benefit under this Agreement,
either in whole or in part, the Committee shall advise the claimant in writing of the proper amount of the benefit, if any, and the specific reasons for the denial. The Committee shall also furnish the claimant at that time with a written notice
containing: 
 (a) A specific reference to pertinent provisions of the Agreement; 
 (b) A description of any additional material or information necessary for the claimant to perfect this claim, if possible, and an explanation of why such
material or information is needed; and 
 (c) An explanation of the following claims review procedure. 
  

	6.2	Claims Review Procedure 

 Within 60 days of receipt of the
information described above, the claimant shall, if further review is desired, file a written request for reconsideration with the Committee at Mercshares’ principal office. So long as the claimant’s request for review is pending
(including such 60-day period), the claimant or his duly authorized representative may review pertinent documents and may submit issues and comments in writing to the Committee. 
  

	6.3	Final Decision 

 A final decision shall be made by the
Committee within 60 days of the filing by the claimant of the request for reconsideration; provided, however, that if the Committee in its discretion, feels that a hearing with the claimant or his representative present is necessary or desirable,
this period shall be extended an additional 60 days. The decision by the Committee shall be conveyed to the claimant in writing and shall include specific reasons for the decision, written in a manner calculated to be understood by the claimant,
with specific references to the pertinent provisions of the Agreement on which the 

 
decision is based. This claims review procedure shall not deprive Executive of any judicial remedy to which he may otherwise be entitled. 
  

	6.4	Obligations of Committee 

 The members of the Committee
shall use ordinary care and diligence in the performance of their duties. They shall be entitled to rely conclusively, and shall be fully protected in any action or omission taken by them in good faith reliance, upon the advice or opinions of any
persons, firms or agents retained by them, including, but not limited to, accountants, actuaries, counsel and other specialists. Nothing contained herein shall preclude Employer from indemnifying any member for all actions under this Agreement, or
from purchasing liability insurance to protect such members with respect to their duties pursuant to this Agreement. 
 SECTION 7 - NONGUARANTEE OF
EMPLOYMENT 
 Nothing contained in this Agreement shall be construed as a contract of employment between Employer and Executive, or as a right
of Executive to be continued in the employment of Employer or as a limitation of the right of Employer to discharge Executive, with or without cause, at any time. 
 SECTION 8 - INCAPACITY OF RECIPIENT 
 If any person entitled to a distribution under this Agreement is deemed by the Committee to be
incapable of personally receiving and giving a valid receipt for such payment, then, unless and until claim therefore shall have been made by a duly appointed guardian or other legal representative of such person, the Committee may provide for such
payment or any part thereof to be made to any other person or institution then contributing toward or providing for the care and maintenance of such person. Any such payment shall be a payment for the account of such person and a complete discharge
of any liability of the Employer therefore. 
 SECTION 9 - WITHHOLDING 
 Employer shall have the right to deduct from any payment made hereunder any taxes required by law to be withheld from Executive or any Beneficiary with respect to such payment. 
 SECTION 10 - COOPERATION OF PARTIES 
 Each party to this
Agreement agrees to perform any and all acts and execute any and all documents and papers which are necessary or desirable for carrying out this Agreement or any of its provisions. 
 SECTION 11 - BINDING ON SUCCESSORS 
  

	11.1	With Respect to Executive 

 This Agreement is personal to
Executive and may not be assigned by him. This Agreement shall, however, inure to the benefit of, and be enforceable by, Executive’s personal representatives. 

	11.2	With Respect to Employer 

 This Agreement shall insure to
the benefit of and be binding upon Employer and its successors and assigns, whether by merger, consolidation, reorganization, share exchange, transfer of assets or otherwise. Employer shall require any business successors to assume and agree to be
bound by and perform this Agreement in the same manner and to the same extent as Employer would be required to perform if no such succession had taken place. 
 SECTION 12 - MODIFICATION AND WAIVER 
 This Agreement may not be modified, altered or amended except by a subsequent written
instrument executed by all of the parties hereto. No waiver of any provision of this Agreement shall be binding unless evidenced by a subsequent written instrument executed by that party against whom it is sought to be enforced. 
 SECTION 13 - GENERAL PROVISIONS 
  

	13.1	Plurals and Gender 

 Where appearing in this Agreement, the
masculine gender shall include the feminine and neuter genders, and the singular shall include the plural, and vice versa, unless the context clearly indicates a different meaning. 
  

	13.2	Counterparts 

 This Agreement may be executed in several
counterparts, each of which shall be deemed to be an original. 
  

	13.3	Entire Agreement 

 This Agreement represents the entire
agreement between the parties, and all prior representations, agreements and understandings between the parties as to its subject matter are of no further force or validity. 
  

	13.4	Governing Law 

 This Agreement shall be governed by and
construed in accordance with the laws of the State of Maryland, without reference to principles of conflict of laws, except to the extent superseded by the Employee Retirement Income Security Act of 1974, as amended from time to time. 

	13.5	Severability 

 In the event that one or more provisions of
this Agreement are found to be unenforceable or illegal, the remaining provisions of the Agreement shall remain in full force and effect. 
 IN WITNESS WHEREOF, the parties have executed this Supplemental Retirement Agreement the day and year first above written. 
  

									
	WITNESS:	 		 	
			
	/s/ Alan D. Yarbro	 		 	/s/ Edward J. Kelly, III
	ALAN D. YARBRO	 		 	EDWARD J. KELLY, III
			
	ATTEST:	 		 	MERCANTILE-SAFE DEPOSIT AND TRUST COMPANY
				
	/s/ Alan D. Yarbro	 		 	By:	 	/s/ H. Furlong Baldwin (SEAL)
	ALAN D. YARBRO	 		 		 	H. FURLONG BALDWIN
	Secretary	 		 		 	Chief Executive Officer
			
	ATTEST:	 		 	MERCANTILE BANKSHARES CORPORATION
				
	/s/ Alan D. Yarbro	 		 	By:	 	/s/ H. Furlong Baldwin (SEAL)
	ALAN D. YARBRO	 		 		 	H. FURLONG BALDWIN
	Secretary	 		 		 	President and Chief Executive Officer

 FIRST AMENDMENT TO SUPPLEMENTAL RETIREMENT AGREEMENT 
 WHEREAS, MERCANTILE BANKSHARES CORPORATION and MERCANTILE SAFE-DEPOSIT AND TRUST COMPANY (collectively, the “Employer”) and
Edward J. Kelly, III (the “Executive”) entered into a Supplemental Retirement Agreement dated February 2, 2001; and 
 WHEREAS, the Employer and the Executive wish to amend the Supplemental Retirement Agreement in order that it may comply with Section 409A of the Internal Revenue Code of 1986, as amended. 
 NOW THEREFORE, the Supplemental Retirement Agreement is amended as follows: 
 FIRST CHANGE 
 Section 2.4 shall be deleted in its entirety and the
following substituted in lieu thereof: 
  

	 	“2.4	Other Termination of Employment 

 Upon Executive’s termination of employment prior to his Early Retirement Date,
he shall be entitled to receive a Retirement Benefit, as described in Section 2.1, which shall be an annual benefit, payable monthly, commencing on his Early Retirement Date and continuing for his life in an amount calculated pursuant to
Section 2.2 hereof; provided, however, that the offsets described in Sections 2.1(a)(5) through (7) to be applied at Executive’s Early Retirement Date shall be fixed as of the date of Executive’s termination of employment and
shall be the Actuarial Equivalent of such offsets determined as of Executive’s termination of employment. The Committee, in its sole discretion, may instead determine to commence Executive’s Retirement Benefit on his Normal Retirement
Date, in which case his Retirement Benefit shall be calculated as provided in Section 2.1; provided, however, that (a) the offsets described in Sections 2.1(a)(5) through (7) to be applied at Executive’s Normal Retirement Date
shall be fixed as of the date of Executive’s termination of employment and shall be the Actuarial Equivalent of such offsets determined as of Executive’s termination of employment, and (b) any such election to defer Executive’s
benefit shall be made in writing by the Committee and communicated to Executive NO LATER THAN the date of Executive’s 59th birthday (or within such other limits as may be provided under Section 409A of the Code).” 

 SECOND CHANGE 
 Section 2.5 (a) shall be deleted in its entirety and the following substituted in lieu thereof: 
 “(a) In the event Executive incurs a Disability prior to the termination of his employment, and thereby ceases to be actively employed, he will receive benefits under the long-term disability plan of Mercshares
until he is no longer Disabled or until he attains the age of 65, whichever is sooner. If Executive remains Disabled until age 65, or ceases to be Disabled but does not return to active employment in his current position, he shall receive a
Retirement Benefit under this Agreement, commencing on what would have been his Normal Retirement Date, based on his Final Average Compensation and Years of Service as of the date he incurred a Disability and calculated as provided in
Section 2.1; provided, however, that the offsets described in Sections 2.1(a)(5) through (7) to be applied at Executive’s Normal Retirement Date shall be fixed as of the date of the date Executive incurred such Disability and shall be
the Actuarial Equivalent of such offsets determined as of Executive’s Disability date.” 
 THIRD CHANGE 
 A new Section 14 shall be added to the Supplemental Retirement Agreement, to read as follows: 
 “SECTION 14 – SECTION 409A 
  

	 	14.1	Section 409A Rules 

 If at the time
of his “separation from service” Executive is a “specified employee” (both as defined in Section 409A of Code), Executive shall not be entitled to any payments under this Agreement upon such separation until the earlier of
(a) the date which is six months after Executive’s separation from service for any reason other than death, or (b) Executive’s date of death. Anything contained herein to the contrary notwithstanding, no distribution shall be
made pursuant to this Agreement unless such distribution is made with respect to one of the permissible distribution events set forth in Section 409A, as applicable. In addition, if any provision of the Agreement contravenes Section 409A
of the Code or any regulations or Treasury guidance promulgated thereunder, Mercshares shall reform such provision to maintain to the maximum extent practicable the original intent of the applicable provision without violating the 

 
provisions of Section 409A of the Code, and shall take such other actions as may be necessary to preserve the economic result to Executive as
contemplated under this Agreement.” 
 The Supplemental Retirement Agreement dated as of February 2, 2001, as amended by the
foregoing changes, remains in full force and effect. 
 IN WITNESS WHEREOF, the
parties have executed this First Amendment as of the 27th day of February, 2007. 
  

									
	WITNESS:	 		 	Edward J. Kelly, III
			
	/s/ John L. Unger	 		 	/s/ Edward J. Kelly, III
			
	ATTEST:	 		 	MERCANTILE BANKSHARES CORPORATION
				
	/s/ John L. Unger	 		 	By:	 	/s/ Jay M. Wilson
		 		 		 		 	
			
	ATTEST:	 		 	MERCANTILE SAFE- DEPOSIT AND TRUST COMPANY
				
	/s/ John L. Unger	 		 	By:	 	/s/ Jay M. WilsonSupplemental 401(k) Executive Retirement Plan

 Exhibit 10.48 
 MERCANTILE BANKSHARES CORPORATION 
 AND PARTICIPATING AFFILIATES 
 SUPPLEMENTAL 401(k) EXECUTIVE RETIREMENT PLAN 
 Effective January 1, 1995 

 MERCANTILE BANKSHARES CORPORATION 
 AND PARTICIPATING AFFILIATES 
 SUPPLEMENTAL 401(k) EXECUTIVE RETIREMENT PLAN

 Table of Contents 
  

					
	 	  	 	  	Page
	 ARTICLE I
	  	PURPOSE AND EFFECTIVE DATE	  	1
			
	 1.1
	  	Purpose	  	1
	 1.2
	  	Effective Date	  	1
			
	 ARTICLE II
	  	DEFINITIONS	  	2
			
	 2.1
	  	Definitions	  	2
			
	 ARTICLE III
	  	ELIGIBILITY	  	4
			
	 3.1
	  	Eligibility to Participate	  	4
			
	 ARTICLE IV
	  	CONTRIBUTIONS, INTEREST CREDITS AND VESTING	  	5
			
	 4.1
	  	Accounts	  	5
	 4.2
	  	Basic Contributions	  	5
	 4.3
	  	Interest Credits	  	5
	 4.4
	  	Vesting	  	6
			
	 ARTICLE V
	  	PAYMENT OF BENEFITS	  	7
			
	 5.1
	  	Time and Manner of Distributions	  	7
	 5.2
	  	Incapacity of Recipient	  	7
			
	 ARTICLE VI
	  	FUNDING	  	8
			
	 ARTICLE VII
	  	ADMINISTRATION	  	9
			
	 7.1
	  	Administration	  	9
	 7.2
	  	Determinations	  	9
	 7.3
	  	General	  	9

  

 – i – 

					
	 	  	 	  	Page
	 ARTICLE VIII
	  	CLAIMS PROCEDURE	  	10
			
	 8.1
	  	Claim for Benefits	  	10
	 8.2
	  	Notice of Denial	  	10
	 8.3
	  	Right to Reconsideration	  	10
	 8.4
	  	Review of Documents	  	10
	 8.5
	  	Decision by the Administrator	  	11
	 8.6
	  	Notice by the Administrator	  	11
	 8.7
	  	Committee Review	  	11
			
	 ARTICLE IX
	  	AMENDMENT, DISCONTINUANCE, AND TERMINATION	  	12
			
	 ARTICLE X
	  	MISCELLANEOUS	  	13
			
	 10.1
	  	Non–Guarantee of Employment	  	13
	 10.2
	  	Rights of Participants to Benefits	  	13
	 10.3
	  	No Assignment	  	13
	 10.4
	  	Withholding	  	13
	 10.5
	  	Account Statements	  	13
	 10.6
	  	Masculine, Feminine, Singular and Plural	  	13
	 10.7
	  	Governing Law	  	13
	 10.8
	  	Titles	  	13
	 10.9
	  	Other Plans	  	13
			
	 EXHIBIT A
	  		  	15

  

 – ii – 

 MERCANTILE BANKSHARES CORPORATION 
 AND PARTICIPATING AFFILIATES 
 SUPPLEMENTAL 401(k) EXECUTIVE RETIREMENT PLAN

 ARTICLE I 
 PURPOSE AND EFFECTIVE DATE 
 1.1 Purpose. The Plan is intended to provide deferred compensation for a select group of
management or highly compensated employees of the Employer. The Plan is an unfunded plan that is not intended to be (i) subject to Parts 2, 3 or 4 of Title I, Subtitle B of the Employee Retirement Income Security Act of 1974, or
(ii) qualified under Section 401(a) of the Internal Revenue Code. 
 1.2 Effective Date. The effective date for this Plan
shall be January 1, 1995. 

 ARTICLE II 
 DEFINITIONS 
 2.1 Definitions. As used herein, the following terms shall have the following
meanings: 
 (a) Account. The bookkeeping reserve account established and maintained for each Participant pursuant to
Section 4.1 for purposes of determining the amount payable to the Participant pursuant to Article V. 
 (b)
Administrator. The Employee Benefit Administration Committee, the members of which shall be appointed from time to time by the Employee Benefit Committee of the Board of Directors of the Sponsor, which shall be responsible for the general
administration of the Plan except as otherwise specified. 
 (c) Basic Contributions. Amounts credited to the
Participant’s Account pursuant to Section 4.2. 
 (d) Beneficiary. The person(s) or entity(ies) designated by
a Participant to receive Plan benefits in the event of the Participant’s death, such designation to be made in writing on a form satisfactory to the Administrator and effective when received by the Administrator. Any such designation shall be
deemed to revoke any and all prior designations. If the Participant has not designated a Beneficiary, or if no Beneficiary survives the Participant, the aggregate amount then credited to the Participant’s Account shall be paid pursuant to
Article V to the person or persons in the first of the following classes of successive preference Beneficiaries surviving at the death of the Participant: the Participant’s (1) widow or widower, (2) lineal descendants, per
stirpes, (3) parents, (4) estate. The Administrator shall decide which Beneficiaries, if any, shall have been validly designated and the Administrator’s decision shall be binding and conclusive on all persons. 
 (e) Board. The Board of Directors of the Sponsor or, if the Board so directs, the Employee Benefit Committee of such Board of
Directors acting on behalf of the Board in the exercise of any and all powers and duties of the Board pursuant to this Plan. 
 (f) Code. The Internal Revenue Code of 1986, as amended. 
 (g) Committee. The Employee Benefit
Committee of the Board of Directors of the Sponsor. 
  

 –2– 

 (h) Compensation. Compensation shall mean Compensation as such term may be defined
from time to time in the Thrift Plan for purposes of calculating contributions thereunder as set forth in Section 1.1(o)(1) of the Thrift Plan or any successor Section (See Exhibit A); provided, however, that for purposes of this Plan,
Compensation shall include any amount which would otherwise be deemed to be Compensation under the Thrift Plan but for the fact that it is voluntarily deferred by the Participant under a nonqualified deferred compensation agreement or plan.
Notwithstanding the foregoing, Compensation under this Plan shall not be limited by any monetary denomination specified from time to time by the Secretary of the Treasury with respect to the application of Code §401(a)(17) to qualified
retirement plans. 
 (i) Employer. The Sponsor, its successors and assigns, any affiliated corporation or business
organization of the Sponsor, and any organization into which an Employer may be merged or consolidated or to which all or substantially all of its assets may be transferred. 
 (j) Interest Credits. Amounts credited to the Participant’s Account pursuant to Section 4.3. 
 (k) Participant. An individual who is eligible to participate pursuant to Article III. 
 (1) Plan. The Mercantile Bankshares Corporation And Participating Affiliates Supplemental 401(k) Executive Retirement Plan as set
forth herein and as amended from time to time. 
 (m) Sponsor. Mercantile Bankshares Corporation and any successor.

 (n) Thrift Plan. The Employees’ Thrift Plan Of Mercantile Bankshares Corporation And Participating Affiliates,
amended and restated as of January 1, 1989, and as amended from time to time. 
 (o) Valuation Date. The last
business day of each calendar year, or such other or additional days as the Administrator may deem necessary or appropriate. 
 (p) Year of Service. Year of Service shall mean Year of Service as such term may be defined from time to time in the Thrift Plan for purposes of determining eligibility thereunder as set forth in Section 1.1(tt) of the Thrift Plan or
any successor Section. 
  

 –3– 

 ARTICLE III 
 ELIGIBILITY 
 3.1 Eligibility to Participate. 
 (a) Initial Eligibility. All employees of the Employer who satisfy all of the following eligibility criteria: 
 (1) have the title of vice president or a more senior position, and 
 (2) have Compensation payable for services rendered during the calendar year in excess of $150,000 (as indexed by the Secretary of the
Treasury pursuant to Code §401(a)(17)(B)), and 
 (3) have completed one Year of Service (or other period of service as
may be determined from time to time in the discretion of the Committee, which discretion may be exercised with respect to individual employees without affecting the eligibility criteria for other employees), and 
 (4) have been approved by the Committee for participation, 
 shall be eligible to participate in the Plan; provided, however, that any such employees who have entered into individual deferred compensation agreements (pursuant to which such employees voluntarily elect to defer
any portion of their current compensation) with the Employer on or before January 1, 1994, shall not be eligible to participate in the Plan (unless or until otherwise determined by the Board). 
 (b) Continued Participation. A Participant’s participation in the Plan shall continue until the Participant terminates
services as an employee for all Employers under the Plan, unless such participation is sooner terminated in the discretion of the Committee. 
  

 –4– 

 ARTICLE IV 
 CONTRIBUTIONS, INTEREST CREDITS AND VESTING 
 4.1 Accounts. The Administrator shall establish
an Account on behalf of each Participant which shall be credited or debited, as the case may be, with Basic Contributions pursuant to Section 4.2, Interest Credits pursuant to Section 4.3, and payments pursuant to Article V. Each such
Account shall consist of such subaccounts as are necessary or desirable to the Administrator for the convenient administration of the Plan. The Accounts and subaccounts shall be bookkeeping reserve accounts only and shall not require segregation of
any funds of the Sponsor or the Employer or provide any Participant with any rights to any assets of the Sponsor or the Employer, except, to the extent applicable, as a general creditor thereof. Neither a Participant nor a Participant’s
Beneficiary shall have any right to receive payment of any amount credited to the Participant’s Account except as expressly provided in Article V of this Plan. 
 4.2 Basic Contributions. 
 (a) In General. As of the last business day of each
calendar year beginning on or after January 1, 1995, the Account of each eligible Participant under this Plan shall be credited with Basic Contributions in an amount equal to 3% (or such other percentage as may be determined from time to time
in the discretion of the Committee with respect to all eligible Participants collectively) of that portion of the Participant’s Compensation for such calendar year that exceeds $150,000 (as indexed by the Secretary of the Treasury pursuant to
Code §401(a)(17)(B)). Subject to the provisions of Article IX, Basic Contributions shall be credited to each eligible Participant’s Account each calendar year regardless of whether such Participant is employed by the Employer on the last
day of such calendar year. 
 (b) Opening Account Balance. Each employee eligible to participate in this Plan on
January 1, 1995, shall have Basic Contributions credited to his Account as of January 1, 1995, equal to 3% of that portion of the Participant’s 1994 Compensation that exceeded $150,000. 
 4.3 Interest Credits. As of each Valuation Date (and such other dates as the Administrator, in its discretion, may determine), the Account of each
Participant shall be credited with interest (Interest Credits) at the per annum rate of 5%, with respect to all amounts credited to the Participant’s Account. The Interest Credit under this Section 4.3 for any Valuation Date shall be
determined prior to crediting a Participant’s Account with any amount determined under Section 

  

 –5– 

 
4.2 with respect to such calendar year and shall be based on the balance of the Participant’s Account as of the immediately preceding Valuation Date,
with appropriate adjustments for payments made therefrom since such Valuation Date. Notwithstanding anything in the Plan to the contrary, in the event that the balance of a Participant’s Account shall be distributed prior to the last day of a
calendar year (as of which the interest would ordinarily be credited), the Interest Credit otherwise allocable to such Participant’s Account for such year shall be prorated, based upon the number of complete calendar months which have elapsed
from the first day of such calendar year to the date of distribution. 
 4.4 Vesting. Each Participant shall be at all times fully
vested in and have a nonforfeitable right to the aggregate amount credited to the Participant’s Account. 
  

 –6– 

 ARTICLE V 
 PAYMENT OF BENEFITS 
 5.1 Time and Manner of Distributions. Upon the earlier of a
Participant’s termination of employment or death, the Administrator shall distribute in a single-sum payment to the Participant or the Participant’s Beneficiary, as applicable, as soon as practicable thereafter an amount equal to the
aggregate amount credited to the Participant’s Account under the Plan; provided, however, that the Committee may determine in its sole and absolute discretion to delay distribution to any Participant if necessary to avoid application of the
deduction limitation of Code §162(m) to the Employer. All distributions shall be based on the value of a Participant’s Account measured as of the Valuation Date immediately preceding the date of distribution. 
 5.2 Incapacity of Recipient. If any person entitled to a distribution under this Plan is deemed by the Administrator to be incapable of personally
receiving and giving a valid receipt for such payment, then, unless and until claim therefor shall have been made by a duly appointed guardian or other legal representative of such person, the Administrator may provide for such payment or any part
thereof to be made to any other person or institution then contributing toward or providing for the care and maintenance of such person. Any such payment shall be a payment for the account of such person and a complete discharge of any liability of
the Sponsor, the Employer and the Plan therefor. 
  

 –7– 

 ARTICLE VI 
 FUNDING 
 The obligations of the Employer to pay benefits under this Plan shall be interpreted solely
as an unfunded, but binding, contractual obligation of the Employer to pay only those amounts credited to the Participant’s Account pursuant to Article IV in the manner and under the conditions prescribed in Article V. Any assets set aside,
including any assets transferred to a rabbi trust or purchased by the Employer with respect to amounts payable under the Plan, shall be subject to the claims of the Employer’s general creditors, and no person other than the Employer shall, by
virtue of the provisions of the Plan, have any interest in such assets. 
  

 –8– 

 ARTICLE VII 
 ADMINISTRATION 
 7.1 Administration. Except as otherwise provided herein, the Plan shall be
administered by the Administrator. The Administrator shall be the named fiduciary for purposes of the claims procedure pursuant to Article VIII only and shall, except as the Committee may otherwise determine, have authority to act to the full extent
of its absolute discretion to: 
 (a) interpret the Plan, including any ambiguities therein; 
 (b) resolve and determine all disputes or questions arising under the Plan, including the power to determine the rights of Participants
and Beneficiaries, and their respective benefits, and to remedy any ambiguities, inconsistencies or omissions in the Plan; 
 (c) create and revise rules and procedures for the administration of the Plan and prescribe such forms as may be required for Participants to make elections under, and otherwise participate in, the Plan; and 
 (d) take any other actions and make any other determinations as it may deem necessary and proper for the administration of the Plan.

 Any expenses incurred in the administration of the Plan shall be paid by the Sponsor or the Employer. 
 7.2 Determinations. Except as the Committee may otherwise determine (and subject to the claims procedure set forth in Article VIII), all decisions
and determinations by the Administrator shall be final and binding upon all Participants and Beneficiaries. 
 7.3 General. No member
of the Administrator or of the Committee shall participate in any matter involving any questions relating solely to such member’s own participation or benefits under this Plan. The Administrator and the Committee shall be entitled to rely
conclusively upon, and shall be fully protected in any action or omission taken by it in good faith reliance upon, the advice or opinion of any persons, firms or agents retained by it, including but not limited to accountants, actuaries, counsel and
other specialists. Nothing in this Plan shall preclude the Sponsor or any Employer from indemnifying the members of the Administrator and of the Committee for all actions under this Plan, or from purchasing liability insurance to protect such
persons with respect to the Plan. 
  

 –9– 

 ARTICLE VIII 
 CLAIMS PROCEDURE 
 8.1 Claim for Benefits. Each person eligible for a benefit under the
Plan shall apply for such benefit by filing a claim with the Administrator on a form or forms prescribed by the Administrator. If no form or forms have been prescribed, a claim for benefits shall be made in writing to the Administrator setting forth
the basis for the claim. Each person making a claim for benefits shall furnish the Administrator with such documents, evidence, data, or information in support of such claim as the Administrator considers necessary or desirable. 
 8.2 Notice of Denial. If a claim for benefits under this Plan is denied, either in whole or in part, the Administrator shall advise the claimant
in writing of the amount of the claimant’s benefit, if any, and the specific reasons for the denial. The Administrator shall also furnish the claimant at that time with a written notice containing: 
 (a) a specific reference to pertinent Plan provisions; 
 (b) a description of any additional material or information necessary for the claimant to perfect the claim, if possible, and an
explanation of why such material or information is needed; and 
 (c) an explanation of the Plan’s claim review
procedure. 
 The written notice of claim denial shall be provided to the claimant within a reasonable period of time, but not more than 90 days after
receipt of the claim by the Administrator, unless special circumstances require an extension of time for processing the claim, in which case the Administrator shall provide a written notice of such extension to the claimant before the expiration of
the initial 90-day period. In no event shall such extension exceed 90 days from the end of such initial period. 
 8.3 Right to
Reconsideration. Within 60 days of receipt of the information described in Section 8.2 above, the claimant shall, if the claimant desires further review, file a written request for reconsideration with the Administrator. 
 8.4 Review of Documents. So long as the claimant’s request for review is pending (including the 60-day period described in Section 8.3
above), the claimant or the claimant’s duly authorized representative may review pertinent Plan documents (and any pertinent related documents) and may submit issues and comments in writing to the Administrator. 
  

 –10– 

 8.5 Decision by the Administrator. Subject to Section 8.7, a final and binding decision shall
be made by the Administrator within 60 days of the filing by the claimant of the request for reconsideration; provided, however, that if the Administrator, in its discretion, feels that a hearing with the claimant or the claimant’s
representative present is necessary or desirable, this period shall be extended an additional 60 days. 
 8.6 Notice by the
Administrator. The Administrator’s decision shall be conveyed to the claimant in writing and shall include specific reasons for the decision, written in a manner calculated to be understood by the claimant, with specific references to the
pertinent Plan provisions on which the decision is based. 
 8.7 Committee Review. Anything in this Plan to the contrary
notwithstanding, the Committee may determine, in its sole and absolute discretion, to review any claim for benefits submitted by a claimant under this Plan. 
  

 –11– 

 ARTICLE IX 
 AMENDMENT, DISCONTINUANCE, AND TERMINATION 
 The Committee retains the right to modify or amend the
Plan at any time and from time to time, and the Board retains the right to discontinue or terminate the Plan at any time and from time to time; provided, however, that no modification, amendment, discontinuance or termination shall adversely affect
the rights of Participants to receive in accordance with the Plan amounts credited to the Accounts maintained on their behalf before such modification, amendment, discontinuance or termination. Notice of every such modification, amendment,
discontinuance or termination shall be given in writing to each Participant. In the case of termination of the Plan, any amounts credited to the Account of a Participant may, in the sole discretion of the Committee, be distributed in full to such
Participant as soon as reasonably practicable following such termination. 
  

 –12– 

 ARTICLE X 
 MISCELLANEOUS 
 10.1 Non-Guarantee of Employment. Participation in the Plan does not give any
person any right to be retained in the service of the Employer. The right and power of the Employer to terminate any employee is expressly reserved. 
 10.2 Rights of Participants to Benefits. All rights of a Participant under the Plan to amounts credited to the Participant’s Account are unsecured contractual rights of the Participant against the
Employer. Each Employer shall be primarily responsible for payment of benefits hereunder to the Participants it employs and the Beneficiaries of such Participants. In the event an Employer fails to pay such benefits for any reason, the Sponsor shall
be jointly and severally liable for the payment of such benefits. 
 10.3 No Assignment. No rights or benefits under the Plan nor
amounts credited to Accounts shall be subject in any way to voluntary or involuntary alienation, sale, transfer, assignment, pledge, attachment, garnishment, execution, or encumbrance, and any attempt to accomplish the same shall be void.

 10.4 Withholding. The Employer shall have the right to deduct from any payment made hereunder any taxes required by law to be
withheld from a Participant with respect to such payment. 
 10.5 Account Statements. Periodically (as determined by the
Administrator), each Participant shall receive a statement indicating the amounts credited to and payable from the Participant’s Account. 
 10.6 Masculine, Feminine, Singular and Plural. The masculine shall be read in the feminine, the singular in the plural, and vice versa, whenever the context shall so require. 
 10.7 Governing Law. Except to the extent preempted by applicable Federal laws, the Plan shall be construed according to the laws of the State of
Maryland, other than its conflict of laws principles. 
 10.8 Titles. The titles to Articles and Sections in this Plan are placed
herein for convenience of reference only, and the Plan is not to be construed by reference thereto. 
 10.9 Other Plans. Nothing in
this Plan shall be construed to affect the rights of a Participant, Participant’s beneficiaries, or Participant’s estate to receive any 

  

 –13– 

 
retirement or death benefit under any tax-qualified or nonqualified pension plan, deferred compensation agreement, insurance agreement or other retirement
plan of the Sponsor or the Employer. 
 This Plan was adopted by the Board of
Directors of Mercantile Bankshares Corporation on the 13th day of December, 1994, and is hereby executed on behalf
of the Sponsor this 13th day of December, 1994. 
  

									
	ATTEST:	 		 	MERCANTILE BANKSHARES CORPORATION
				
	/s/ Illegible	 		 	By:	 	/s/ Illegible
	 Secretary
 [Seal]
	 		 	Title:	 	PRESIDENT

  

 –14– 

 EXHIBIT A 
 The definition of Compensation as set forth in this Plan cross references to the definition of Compensation as it appears from time to time under the Employees’ Thrift Plan Of Mercantile Bankshares Corporation
And Participating Affiliates (“Thrift Plan”). The definition of Compensation under the Thrift Plan, as set forth in Section 1.1(o)(1) thereof, in effect on January 1, 1995, is as follows: 
 (o) “Compensation” shall mean an Employee’s pay determined as follows: 
 (1) Compensation shall mean the total remuneration received by an Employee from the Employer during a Plan Year for personal services
rendered, and currently includible in his gross income for income tax purposes, including base salary, overtime, bonuses and other extra compensation. Notwithstanding the foregoing, Compensation shall not include (A) contributions, credits or
benefits paid or accrued under this Plan or any other qualified or nonqualified retirement plan, deferred compensation plan, stock-related plan, welfare benefit plan or fringe benefit plan of the Employer, (B) any lump sum settlement payments
with respect to any employment agreement under rules uniformly applicable to all Employees similarly situated, (C) compensation (whether in cash, stock or otherwise) resulting from the grant, exercise or cancellation of or election, vesting, or
lapse of restrictions with respect to stock awards, stock options, stock appreciation rights or disposition of the underlying stock, (D) payments under any individual contractual arrangement for deferred compensation unless such contract
otherwise provides, or (E) direct reimbursement for expenses. In all cases, however, notwithstanding any exclusions specified above, Compensation shall include any amount which would otherwise be deemed Compensation under this Section 1.1(o)(1)
but for the fact that it is deferred under a salary reduction agreement under this Plan or any plan described in Section 401(k), 402(h) or 125 of the Code. 
 This definition of Compensation is included in this Exhibit A for convenience, of reference only. Insofar as the definition of Compensation under the Thrift Plan is modified from time to time, such modification shall
be effective with respect to this Plan at the same time and shall supersede the definition set forth in this Exhibit A. 
  

 –15– 

 MERCANTILE BANKSHARES CORPORATION 
 AND PARTICIPATING AFFILIATES 
 SUPPLEMENTAL CASH BALANCE EXECUTIVE RETIREMENT
PLAN 
 Effective January 1, 1994 

 MERCANTILE BANKSHARES CORPORATION 
 AND PARTICIPATING AFFILIATES 
 SUPPLEMENTAL CASH BALANCE EXECUTIVE RETIREMENT
PLAN 
 Table of Contents 
  

			
	 	  	Page
	 ARTICLE I          PURPOSE AND EFFECTIVE DATE
	  	1
		
	 1.1        Purpose
	  	1
	 1.2        Effective Date
	  	1
		
	 ARTICLE II         DEFINITIONS
	  	2
		
	 2.1        Definitions
	  	2
		
	 ARTICLE III       ELIGIBILITY
	  	4
		
	 ARTICLE IV       CONTRIBUTION AND INTEREST CREDITS
	  	5
		
	 4.1        Accounts
	  	5
	 4.2        Contribution Credits
	  	5
	 4.3        Interest Credits
	  	5
	 4.4        Vesting
	  	6
		
	 ARTICLE V         PAYMENT OF BENEFITS
	  	7
		
	 5.1        Time and Manner of Distributions
	  	7
	 5.2        Death of Participant After Commencement of Benefit Payments
	  	7
	 5.3        Incapacity of Recipient
	  	7
		
	 ARTICLE VI       FUNDING
	  	8
		
	 ARTICLE VII     ADMINISTRATION
	  	9
		
	 7.1        Administration
	  	9
	 7.2        Determinations
	  	9
	 7.3        General
	  	9

  

 –i– 

			
	 	  	Page
	 ARTICLE VIII    CLAIMS PROCEDURE
	  	10
		
	 8.1        Claim for Benefits
	  	10
	 8.2        Notice of Denial
	  	10
	 8.3        Right to Reconsideration
	  	10
	 8.4        Review of Documents
	  	10
	 8.5        Decision by the Administrator
	  	11
	 8.6        Notice by the Administrator
	  	11
	 8.7        Committee Review
	  	11
		
	 ARTICLE IX       AMENDMENT, DISCONTINUANCE, AND TERMINATION
	  	12
		
	 ARTICLE X         MISCELLANEOUS
	  	13
		
	 10.1      Non-Guarantee of Employment
	  	13
	 10.2      Rights of Participants to Benefits
	  	13
	 10.3      No Assignment
	  	13
	 10.4      Withholding
	  	13
	 10.5      Account Statements
	  	13
	 10.6      Masculine, Feminine, Singular and Plural
	  	13
	 10.7      Governing Law
	  	13
	 10.8      Titles
	  	13
	 10.9      Other Plans
	  	13

  

 –ii– 

 MERCANTILE BANKSHARES CORPORATION 
 AND PARTICIPATING AFFILIATES 
 SUPPLEMENTAL CASH BALANCE EXECUTIVE RETIREMENT
PLAN 
 ARTICLE I 
 PURPOSE AND EFFECTIVE DATE 
 1.1 Purpose. The Plan is intended to provide deferred compensation for a select group of
management or highly compensated employees of the Employer. The Plan is an unfunded plan that is not intended to be (i) subject to Parts 2, 3 or 4 of Title I, Subtitle B of the Employee Retirement Income Security Act of 1974, or
(ii) qualified under Section 401(a) of the Internal Revenue Code. 
 1.2 Effective Date. The effective date for this Plan
shall be January 1, 1994. 
  

 –1– 

 ARTICLE II 
 DEFINITIONS 
 2.1 Definitions. As used herein, the following terms shall have the following
meanings: 
 (a) Account. The bookkeeping reserve account established and maintained for each Participant pursuant to
Section 4.1 for purposes of determining the amount payable to the Participant pursuant to Article V. 
 (b)
Administrator. The Employee Benefit Administration Committee, the members of which shall be appointed from time to time by the Employee Benefit Committee of the Board of Directors of the Sponsor, which shall be responsible for the general
administration of the Plan except as otherwise specified. 
 (c) Beneficiary. The person(s) or entity(ies) designated
by a Participant to receive Plan benefits in the event of the Participant’s death, such designation to be made in writing on a form satisfactory to the Administrator and effective when received by the Administrator. Any such designation shall
be deemed to revoke any and all prior designations. If the Participant has not designated a Beneficiary, or if no Beneficiary survives the Participant, the aggregate amount then credited to the Participant’s Account shall be paid pursuant to
Article V to the person or persons in the first of the following classes of successive preference Beneficiaries surviving at the death of the Participant: the Participant’s (1) widow or widower, (2) lineal descendants, per
stirpes, (3) parents, (4) estate. The Administrator shall decide which Beneficiaries, if any, shall have been validly designated and the Administrator’s decision shall be binding and conclusive on all persons. 
 (d) Board. The Board of Directors of the Sponsor or, if the Board so directs, the Employee Benefit Committee of such Board of
Directors acting on behalf of the Board in the exercise of any and all powers and duties of the Board pursuant to this Plan. 
 (e) Cash Balance Plan. The Cash Balance Plan for Employees of Mercantile Bankshares Corporation and Participating Affiliates, amended and restated as of January 1, 1991, and as amended from time to time. 
 (f) Code. The Internal Revenue Code of 1986, as amended. 
 (g) Committee. The Employee Benefit Committee of the Board of Directors of the Sponsor. 
  

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 (h) Compensation. Compensation shall mean Compensation as such term may be defined
from time to time in the Cash Balance Plan for purposes of calculating benefit accruals thereunder as set forth in Section 1.1(p)(1) of the Cash Balance Plan or any successor Section; provided, however, that for purposes of this Plan, Compensation
shall include any amount which would otherwise be deemed to be Compensation under the Cash Balance Plan but for the fact that it is voluntarily deferred by the Participant under a nonqualified deferred compensation agreement or plan. Notwithstanding
the foregoing, Compensation under this Plan shall not be limited by any monetary denomination specified from time to time by the Secretary of the Treasury with respect to the application of Code §401(a)(17) to qualified retirement plans.

 (i) Contribution Credits. Amounts allocated to the Participant’s Account pursuant to Section 4.2.

 (j) Employer. The Sponsor, its successors and assigns, any affiliated corporation or business organization of the
Sponsor, and any organization into which an Employer may be merged or consolidated or to which all or substantially all of its assets may be transferred. 
 (k) Interest Credits. Amounts allocated to the Participant’s Account pursuant to Section 4.3. 
 (1) Participant. An individual who is eligible to participate pursuant to Article III. 
 (m) Plan. The Mercantile Bankshares Corporation and Participating Affiliates Supplemental Cash Balance Executive Retirement Plan as set forth herein and as amended from time to time. 
 (n) Sponsor. Mercantile Bankshares Corporation and any successor. 
 (o) Valuation Date. The last business day of each calendar year, or such other or additional days as the Administrator may deem
necessary or appropriate. 
  

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 ARTICLE III 
 ELIGIBILITY 
 All employees of the Employer whose Compensation payable for services rendered during a
calendar year exceeds $150,000 and who shall be approved by the Committee for participation shall be eligible to participate in the Plan; provided, however, that any such employees who have entered into individual deferred compensation agreements
(pursuant to which such employees voluntarily elect to defer any portion of their current compensation) with the Employer on or before January 1, 1994, shall not be eligible to participate in the Plan (unless or until otherwise determined by
the Board). 
  

 –4– 

 ARTICLE IV 
 CONTRIBUTION AND INTEREST CREDITS 
 4.1 Accounts. The Administrator shall establish an Account
on behalf of each Participant which shall be credited or debited, as the case maybe, with Contribution Credits pursuant to Section 4.2, Interest Credits as provided in Section 4.3, and payments pursuant to Article V. Each such Account
shall consist of such subaccounts as are necessary or desirable to the Administrator for the convenient administration of the Plan. The Accounts and subaccounts shall be bookkeeping reserve accounts only and shall not require segregation of any
funds of the Sponsor or the Employer or provide any Participant with any rights to any assets of the Sponsor or the Employer, except, to the extent applicable, as a general creditor thereof. Neither a Participant nor a Participant’s Beneficiary
shall have any right to receive payment of any amount credited to the Participant’s Account except as expressly provided in Article V of this Plan. 
 4.2 Contribution Credits. 
 (a) As of the last day of each calendar year beginning on
or after January 1, 1994, the Account of each Participant under this Plan shall be credited with Contribution Credits in an amount equal to the difference between (i) the aggregate amount credited to the Participant’s account under
the Cash Balance Plan for such calendar year pursuant to Sections 4.2(b) and (c) thereof, and (ii) the aggregate amount that would have been credited to the Participant’s account under the Cash Balance Plan for such calendar year
pursuant to Sections 4.2(b) and (c) thereof if the provisions of such Sections 4.2(b) and (c) were applied using the Participant’s Compensation as defined in this Plan. 
 (b) In the event that a Participant’s benefit payments under the Cash Balance Plan are required to be limited because of the
application of Section 415 of the Code, then, if such benefit limitation has not already been provided for by this Plan, an amount equal to the actuarial equivalent of such benefit limitation shall be added to the Participant’s Account and
shall be treated as a Contribution Credit. 
 4.3 Interest Credits. 
 (a) As of each Valuation Date (and such other dates as the Administrator, in its sole and absolute discretion, may determine), the Account
of each Participant shall be credited with interest (Interest Credits) at the per annum rate equal to the average of the value of interest rates on 52-week U.S. Treasury Bills, determined as of the first day of each calendar month in the preceding
calendar year, compounded annually, with respect to all amounts credited to the Participant’s Account; provided, however, that in no event 

  

 –5– 

 
shall the Interest Credits be less than 4% or more than 12% per annum (compounded annually, as provided above). For purposes of this Section 4.3,
the value of the interest rate on a U.S. Treasury Bill as of a particular date shall equal the average auction rate for the week in which the date falls, as reported in the Federal Reserve Bulletin. 
 (b) The Interest Credit under this Section 4.3 for any Valuation Date shall be determined prior to crediting a Participant’s
Account with any amount determined under Section 4.2 with respect to such calendar year and shall be based on the balance of the Participant’s Account as of the immediately preceding Valuation Date, with appropriate adjustments for
payments made therefrom since such Valuation Date. Notwithstanding anything in the Plan to the contrary, in the event that the balance of a Participant’s Account shall be distributed prior to the last day of a calendar year (as of which the
interest would ordinarily be credited), the Interest Credit otherwise allocable to such Participant’s Account for such year shall be prorated, based upon the number of complete calendar months which have elapsed from the first day of such
calendar year to the date of distribution. 
 4.4 Vesting. Each Participant shall be at all times fully vested in and have a
nonforfeitable right to the aggregate amount credited to the Participant’s Account. 
  

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 ARTICLE V 
 PAYMENT OF BENEFITS 
 5.1 Time and Manner of Distributions. Upon the earlier of a
Participant’s termination of employment or death, the Administrator shall commence payment of the Participant’s Account to the Participant or the Participant’s Beneficiary, as applicable, as soon as practicable thereafter; provided,
however, that the Committee may determine in its sole and absolute discretion to delay payment commencement to any Participant if necessary to avoid application of the deduction limitation of Section 162(m) of the Code to the Employer. All
distributions shall be based on the value of a Participant’s Account measured as of the Valuation Date immediately preceding the date of distribution. The form of distribution shall be determined in the sole and absolute discretion of the
Administrator and shall either be in the form of a single-sum payment or in substantially equal annual installments (adjusted periodically to reflect interest credited on the Participant’s Account pursuant to Section 4.3) over a period of
time, not to exceed ten years. In the event that the Participant’s Account is distributed in installments, the Administrator may in its sole and absolute discretion at any point in time during the payout period pay the remaining balance of the
Participant’s Account in a single-sum payment.  
 5.2 Death of Participant After Commencement of Benefit Payments. In the
event that a Participant dies after the commencement of benefit payments and prior to the Participant having received 100% of the value of the Participant’s Account, the balance of the Participant’s Account shall be paid to the
Participant’s Beneficiary in accordance with the method of distribution already in effect, subject to the sole and absolute discretion of the Administrator to pay the remaining balance of the Participant’s Account to the Beneficiary in a
single-sum payment. 
 5.3 Incapacity of Recipient. If any person entitled to a distribution under this Plan is deemed by the
Administrator to be incapable of personally receiving and giving a valid receipt for such payment, then, unless and until claim therefor shall have been made by a duly appointed guardian or other legal representative of such person, the
Administrator may provide for such payment or any part thereof to be made to any other person or institution then contributing toward or providing for the care and maintenance of such person. Any such payment shall be a payment for the account of
such person and a complete discharge of any liability of the Sponsor, the Employer and the Plan therefor. 
  

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 ARTICLE VI 
 FUNDING 
 The obligations of the Employer to pay benefits under this Plan shall be interpreted solely
as an unfunded, but binding, contractual obligation of the Employer to pay only those amounts credited to the Participant’s Account pursuant to Article IV in the manner and under the conditions prescribed in Article V. Any assets set aside,
including any assets transferred to a rabbi trust or purchased by the Employer with respect to amounts payable under the Plan, shall be subject to the claims of the Employer’s general creditors, and no person other than the Employer shall, by
virtue of the provisions of the Plan, have any interest in such assets. 
  

 –8– 

 ARTICLE VII 
 ADMINISTRATION 
 7.1 Administration. Except as otherwise provided herein, the Plan shall be
administered by the Administrator. The Administrator shall be the named fiduciary for purposes of the claims procedure pursuant to Article VIII only and shall, except as the Committee may otherwise determine, have authority to act to the full extent
of its absolute discretion to: 
 (a) Interpret the Plan; 
 (b) Resolve and determine all disputes or questions arising under the Plan, including the power to determine the rights of Participants
and Beneficiaries, and their respective benefits, and to remedy any ambiguities, inconsistencies or omissions in the Plan; 
 (c) Create and revise rules and procedures for the administration of the Plan and prescribe such forms as may be required for Participants to make elections under, and otherwise participate in, the Plan; and 
 (d) Take any other actions and make any other determinations as it may deem necessary and proper for the administration of the Plan.

 Any expenses incurred in the administration of the Plan shall be paid by the Sponsor or the Employer. 
 7.2 Determinations. Except as the Committee may otherwise determine (and subject to the claims procedure set forth in Article VIII), all decisions and
determinations by the Administrator shall be final and binding upon all Participants and Beneficiaries. 
 7.3 General. No member of
the Administrator or of the Committee shall participate in any matter involving any questions relating solely to his own participation or benefits under this Plan. The Administrator and the Committee shall be entitled to rely conclusively upon, and
shall be fully protected in any action or omission taken by it in good faith reliance upon, the advice or opinion of any persons, firms or agents retained by it, including but not limited to accountants, actuaries, counsel and other specialists.
Nothing in this Plan shall preclude the Sponsor or any Employer from indemnifying the members of the Administrator and of the Committee for all actions under this Plan, or from purchasing liability insurance to protect such persons with respect to
the Plan. 
  

 –9– 

 ARTICLE VIII  
 CLAIMS PROCEDURE 
 8.1 Claim for Benefits. Each person eligible for a benefit under the
Plan shall apply for such benefit by filing a claim with the Administrator on a form or forms prescribed by the Administrator. If no form or forms have been prescribed, a claim for benefits shall be made in writing to the Administrator setting forth
the basis for the claim. Each person making a claim for benefits shall furnish the Administrator with such documents, evidence, data, or information in support of such claim as the Administrator considers necessary or desirable. 
 8.2 Notice of Denial. If a claim for benefits under this Plan is denied, either in whole or in part, the Administrator shall advise the claimant
in writing of the amount of his benefit, if any, and the specific reasons for the denial. The Administrator shall also furnish the claimant at that time with a written notice containing: 
 (a) A specific reference to pertinent Plan provisions; 
 (b) A description of any additional material or information necessary for the claimant to perfect his claim, if possible, and an
explanation of why such material or information is needed; and 
 (c) An explanation of the Plan’s claim review
procedure. 
 The written notice of claim denial shall be provided to the claimant within a reasonable period of time, but not more than ninety days after
receipt of the claim by the Administrator, unless special circumstances require an extension of time for processing the claim, in which case the Administrator shall provide a written notice of such extension to the claimant before the expiration of
the initial ninety day period. In no event shall such extension exceed ninety days from the end of such initial period. 
 8.3 Right to
Reconsideration. Within sixty days of receipt of the information described in Section 8.2 above, the claimant shall, if he desires further review, file a written request for reconsideration with the Administrator. 
 8.4 Review of Documents. So long as the claimant’s request for review is pending (including the sixty day period described in
Section 8.3 above), the claimant or his duly authorized representative may review pertinent Plan documents (and any pertinent related documents) and may submit issues and comments in writing to the Administrator. 
  

 –10– 

 8.5 Decision by the Administrator. Subject to Section 8.7, a final and binding decision shall
be made by the Administrator within sixty days of the filing by the claimant of his request for reconsideration; provided, however, that if the Administrator, in its discretion, feels that a hearing with the claimant or his representative present is
necessary or desirable, this period shall be extended an additional sixty days. 
 8.6 Notice by the Administrator. The
Administrator’s decision shall be conveyed to the claimant in writing and shall include specific reasons for the decision, written in a manner calculated to be understood by the claimant, with specific references to the pertinent Plan
provisions on which the decision is based. 
 8.7 Committee Review. Anything in this Plan to the contrary notwithstanding, the
Committee may determine, in its sole and absolute discretion, to review any claim for benefits submitted by a claimant under this Plan. 
  

 –11– 

 ARTICLE IX 
 AMENDMENT, DISCONTINUANCE, AND TERMINATION 
 The Committee retains the right to modify or amend the
Plan at any time and from time to time, and the Board retains the right to discontinue or terminate the Plan at any time and from time to time; provided, however, that no modification, amendment, discontinuance or termination shall adversely affect
the rights of Participants to receive in accordance with the Plan amounts credited to the Accounts maintained on their behalf before such modification, amendment, discontinuance or termination. Notice of every such modification, amendment,
discontinuance or termination shall be given in writing to each Participant. In the case of termination of the Plan, any amounts credited to the Account of a Participant may, in the sole discretion of the Committee, be distributed in full to such
Participant as soon as reasonably practicable following such termination. 
  

 –12– 

 ARTICLE X 
 MISCELLANEOUS 
 10.1 Non-Guarantee of Employment. Participation in the Plan does not give any
person any right to be retained in the service of the Employer. The right and power of the Employer to terminate any employee is expressly reserved. 
 10.2 Rights of Participants to Benefits. All rights of a Participant under the Plan to amounts credited to the Participant’s Account are unsecured contractual rights of the Participant against the
Employer. Each Employer shall be primarily responsible for payment of benefits hereunder to the Participants it employs and the Beneficiaries of such Participants. In the event an Employer fails to pay such benefits for any reason, the Sponsor shall
be jointly and severally liable for the payment of such benefits. 
 10.3 No Assignment. No rights or benefits under the Plan nor
amounts credited to Accounts shall be subject in any way to voluntary or involuntary alienation, sale, transfer, assignment, pledge, attachment, garnishment, execution, or encumbrance, and any attempt to accomplish the same shall be void.

 10.4 Withholding. The Employer shall have the right to deduct from any payment made hereunder any taxes required by law to be
withheld from a Participant with respect to such payment. 
 10.5 Account Statements. Periodically (as determined by the
Administrator) , each Participant shall receive a statement indicating the amounts credited to and payable from the Participant’s Account. 
 10.6 Masculine. Feminine, Singular and Plural. The masculine shall be read in the feminine, the singular in the plural, and vice versa, whenever the context shall so require. 
 10.7 Governing Law. Except to the extent preempted by applicable Federal laws, the Plan shall be construed according to the laws of the State of
Maryland, other than its conflict of laws principles. 
 10.8 Titles. The titles to Articles and Sections in this Plan are placed
herein for convenience of reference only, and the Plan is not to be construed by reference thereto. 
 10.9 Other Plans. Nothing in
this Plan shall be construed to affect the rights of a Participant, Participant’s beneficiaries, or Participant’s estate to receive any retirement or death benefit under any tax-qualified or nonqualified pension plan, deferred compensation
agreement, insurance agreement or other retirement plan of the Sponsor or the Employer. 
  

 –13– 

 This Plan was adopted by the Board of Directors of Mercantile Bankshares Corporation on the 27th day of
APRIL, 1994, and is hereby executed on behalf of the Sponsor this 27th day of APRIL, 1994. 
  

									
	WITNESS:	 		 	MERCANTILE BANKSHARES CORPORATION
				
	/s/ Illegible	 		 	By:	 	/s/ Illegible
	Secretary	 		 	Title:	 	Vice Chairman of the Board
	[Corporate Seal]	 		 		 	

  

 –14–

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