Document:

EXHIBIT 10.13

 

FIRST AMENDMENT

TO THE

RIVERVIEW NATIONAL BANK

EXECUTIVE DEFERRED COMPENSATION AGREEMENT

DATED JUNE 30, 2010

FOR

KIRK FOX

 

THIS FIRST AMENDMENT is entered into this 30th day of August, 2011, by and between RIVERVIEW NATIONAL BANK, a nationally chartered commercial bank located in Marysville, Pennsylvania (the “Bank”), and KIRK FOX (the “Executive”).

 

The Bank and the Executive executed the Executive Deferred Compensation Agreement effective as of June 30th, 2010 (the Agreement) and

 

Pursuant to Article 3, the undersigned hereby amend the Agreement for the purpose of changing the crediting rate earned before distribution.  Therefore, the following changes shall be made:

 

Section 3.1(b)(i) of the Agreement shall be deleted in its entirety and replaced by the following:

 

3.1(b)(i)                  The interest rate will be declared annually by the Board of Directors.  For plan year 2010, the declared rate is 5.49% (30-year A-rated corporate bond index for December 31, 2009).  The declared interest rate for plan year 2011 is 8.00%.  For plan years 2012 and beyond, the interest rate will be determined by the Board of Directors annually.  Interest shall be credited on the last day of each month and immediately prior to the distribution of any benefits, but only until commencement of benefit distributions under this agreement.

 

IN WITNESS OF THE ABOVE, the Bank and the Executive hereby consent to this First Amendment.

 

 

	
Executive:
    	
 
    	
Bank:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
RIVERVIEW NATIONAL BANK
    
	
 
    	
 
    	
 
    
	
/s/ Kirk Fox
    	
 
    	
By: 
    	
/s/ Robert M. Garst
    
	
KIRK FOX
    	
 
    	
Title:
    	
CEOEXHIBIT 10.14

 

FIRST AMENDMENT

TO THE

RIVERVIEW NATIONAL BANK

DIRECTOR DEFERRED COMPENSATION AGREEMENT

DATED DECEMBER 31, 2008

FOR

ROBERT M. GARST

 

THIS FIRST AMENDMENT is entered into this 13th day of September, 2011, by and between RIVERVIEW NATIONAL BANK, a nationally chartered commercial bank located in Marysville, Pennsylvania (the “Bank”), and ROBERT M. GARST (the “Director”).

 

The Bank and the Director executed the Director Deferred Compensation Agreement effective as of December 31, 2008 (the Agreement) and

 

Pursuant to Article 3, the undersigned hereby amend the Agreement for the purpose of changing the crediting rate earned before distribution.  Therefore, the following changes shall be made:

 

Section 3.1.2 of the Agreement shall be deleted in its entirety and replaced by the following:

 

3.1.2                        The interest rate will be declared annually by the Board of Directors beginning in 2010.  For plan year 2010, the declared rate is 7.50%.  The declared interest rate for plan year 2011 is 5.25%.  For plan years 2012 and beyond, the interest rate will be determined by the Board of Directors annually.  Interest shall be credited on the last day of each month and immediately prior to the distribution of any benefits.

 

IN WITNESS OF THE ABOVE, the Bank and the Executive hereby consent to this First Amendment.

 

 

	
Director:
    	
 
    	
Bank:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
RIVERVIEW NATIONAL BANK
    
	
 
    	
 
    	
 
    
	
/s/ Robert M. Garst
    	
 
    	
By:
    	
/s/ Theresa M. Wasko
    
	
ROBERT M. GARST
    	
 
    	
Title:
    	
CFOEXHIBIT 10.15

 

FIRST AMENDMENT

TO THE

RIVERVIEW NATIONAL BANK

DIRECTOR DEFERRED COMPENSATION AGREEMENT

DATED DECEMBER 31, 2008

FOR

KIRK FOX

 

THIS FIRST AMENDMENT is entered into this 13th day of September, 2011, by and between RIVERVIEW NATIONAL BANK, a nationally chartered commercial bank located in Marysville, Pennsylvania (the “Bank”), and KIRK FOX (the “Director”).

 

The Bank and the Director executed the Director Deferred Compensation Agreement effective as of December 31, 2008 (the Agreement) and

 

Pursuant to Article 3, the undersigned hereby amend the Agreement for the purpose of changing the crediting rate earned before distribution.  Therefore, the following changes shall be made:

 

Section 3.1.2 of the Agreement shall be deleted in its entirety and replaced by the following:

 

3.1.2                        The interest rate will be declared annually by the Board of Directors beginning in 2010.  For plan year 2010, the declared rate is 7.50%.  The declared interest rate for plan year 2011 is 8.00%.  For plan years 2012 and beyond, the interest rate will be determined by the Board of Directors annually.  Interest shall be credited on the last day of each month and immediately prior to the distribution of any benefits.

 

IN WITNESS OF THE ABOVE, the Bank and the Executive hereby consent to this First Amendment.

 

 

	
Director:
    	
Bank:
    
	
 
    	
 
    
	
 
    	
RIVERVIEW NATIONAL BANK
    
	
 
    	
 
    
	
/s/ Kirk Fox
    	
 
    	
By: 
    	
/s/ Robert M. Garst
    
	
KIRK FOX
    	
Title:
    	
CEOExhibit 10(i)

 

	
  

  	
  AMENDMENT TO
  LOAN DOCUMENTS THIS AMENDMENT TO LOAN DOCUMENTS (this “Amendment”) is made as
  of AUGUST 10, 2011, by and between FREDERICK COUNTY BANCORP, INC., a Maryland
  corporation (the “Borrower”), and ATLANTIC CENTRAL BANKERS BANK (the “Lender”).
  BACKGROUND A. On July 22, 2009, the Borrower executed and delivered to
  Lender, inter alia, a Promissory Note and Security Agreement (the “Note”)
  evidencing a loan in the principal sum of Four Million and No/100 Dollars
  ($4,000,000) (the “Loan”) and that certain commitment letter dated July 20,
  2009 (the “Commitment Letter”), as may be amended from time to time and other
  documents described in or accompanying the Note, including, any pledge
  agreements, collateral assignments, and other agreements, instruments,
  certificates (collectively as amended from time to time, the “Loan
  Documents”) which evidence or secure some or all of the Borrower’s
  obligations to the Lender for one or more loans or other extensions of credit
  (the “Obligations”). B. The outstanding principal balance of the Loan as of
  August 8, 2011 is Two Million Six Hundred Fifty Thousand and No/100 Dollars
  ($2,650,000.00). C. The Borrower and the Lender desire to amend the Loan
  Documents as provided for in this Amendment. NOW, THEREFORE, in consideration
  of the mutual covenants herein contained and intending to be legally bound
  hereby, the parties hereto agree as follows: 1. The Loan Documents are hereby
  amended such that: (a) the maturity date shall be extended to July 22, 2012
  (the “Maturity Date”); (b) the interest rate shall be reduced to a floating
  rate equal to the Wall Street Journal Prime, subject to an interest rate
  floor of 3.75%; (c) in conjunction with the extension of the Maturity Date,
  Borrower shall remit a renewal fee in the amount of Five Thousand and NO/l00
  Dollars ($5,000.00); (d) the Borrower will pay to the Lender, monthly
  payments of interest only, with all then outstanding principal, accrued but
  unpaid interest and any other sums due and payable under the Loan Documents,
  due and payable in full on the Maturity Date; (e) the Borrower is not in
  default under any material existing agreement, and no Default hereunder has
  occurred and is continuing; (f) the Borrower and the Bank have filed or
  caused to be filed all tax returns (including, without limitation, those
  relating to Federal and state income taxes) required to be filed and has paid
  all taxes shown to be due and payable on said returns or on any assessments
  made against either of them (other than those being contested in good faith
  by appropriate proceedings for which adequate reserves have been provided on
  its books). No tax liens have been filed against the property or assets of
  the Borrower or the Bank, and no claims are being asserted with respect to
  such taxes which, if adversely determined, would have a material adverse
  effect upon the financial condition, business or operations of the Borrower
  or the Bank; 

  

 

	
  

  	
  (g) all balance
  sheets, profit and loss statements, and other financial statements of the
  Borrower and the Bank which have heretofore been delivered to Lender are true
  and correct and present fairly, accurately and completely the consolidated
  financial position of the Borrower and the Bank and the results of their
  respective operations as of the dates and for the periods for which the same
  are furnished. All such financial statements have been prepared in accordance
  with GAAP applied on a consistent basis. Neither the Borrower nor any
  Subsidiary possesses any “loss contingency” (as that term is defined in Financial
  Accounting Standards Board, Statement of Financial Accounting Standards No. 5
  - “SFAS 5”) which is required to be accrued, reflected, or reserved against
  in its balance sheet or disclosed in the footnotes to such balance sheet and
  which is not so accrued, reflected or reserved against or so disclosed. There
  has been no material adverse change in the business, properties, operations
  or condition (financial or otherwise) of the Borrower or the Bank since the
  date of the financial statements which were most recently furnished by the
  Borrower to Lender. No event has occurred which could reasonably be expected
  to interfere substantially with the normal business operations of the
  Borrower, except as disclosed in writing to Lender heretofore or concurrently
  herewith; (h) the proceeds of the Loan shall be used by the Borrower for (a)
  the purchase of bank stock and investments; (b) to provide short-term funding
  for the Borrower to use primarily to infuse capital in Frederick County Bank
  in order to maintain its well capitalized status; and (c) general corporate
  purposes, including but not limited to the purchase of OREO properties.; (i)
  all operations of the Borrower and the Bank have been carried on in
  accordance in all material respects with all applicable laws, statutes,
  ordinances, rules and regulations. No investigation by any governmental
  authority, federal, state or local, is pending or threatened against Borrower
  or the Bank; (j) the Borrower shall not merge or consolidate with or acquire
  all or substantially all of the assets or operations of any financial
  institution whose deposits are insured by the FDIC. The Borrower shall not
  acquire securities of any financial institution that have the right to cast
  more than 20% of all of the votes entitled to be cast for the election of
  directors of that financial institution. In addition, the Borrow shall not
  acquire or enter into any business or line of business that the Borrower in
  not engaged in at the Closing Date; (k) any and all references to the Note or
  Commitment Letter in any other Loan Document shall be deemed to refer to the
  Note and Commitment Letter as amended by this Amendment. This Amendment is
  deemed incorporated into each of the Loan Documents. Any initially
  capitalized terms used in this Amendment without definition shall have the
  meanings assigned to those terms in the Loan Documents. To the extent that
  any term or provision of this Amendment is or may be inconsistent with any
  term or provision in any Loan Document, the terms and provisions of this
  Amendment shall control. 2. The Borrower hereby certifies that: (a) all of
  its representations and warranties in the Loan Documents, as amended by this
  Amendment, are, except as may otherwise be stated in this Amendment: (i) true
  and correct as of the date of this Amendment, (ii) ratified and confirmed
  without condition as if made anew, and (iii) incorporated into this Amendment
  by reference, (b) no Event of Default or event which, with the passage of
  time or the giving of notice or both, would constitute an Event of Default,
  exists under any Loan Document which will not be cured by the execution and
  effectiveness of this Amendment, (c) no consent, approval, order or
  authorization of, or registration or filing with, any third party is required
  in connection with the execution, delivery and carrying out of this Amendment
  or, if required, has been obtained, and (d) this Amendment has been duly
  authorized, executed and delivered 

  

 

	
  

  	
  so that it
  constitutes the legal, valid and binding obligation of the Borrower,
  enforceable in accordance with its terms. The Borrower confirms that the
  Obligations remain outstanding without defense, set off, counterclaim,
  discount or charge of any kind as of the date of this Amendment. 3. The
  Borrower hereby confirms that any collateral for the Obligations, including
  liens, security interests, mortgages, and pledges granted by the Borrower or
  third parties (if applicable), shall continue unimpaired and in full force
  and effect, and shall cover and secure all of the Borrower’s existing and
  future Obligations to the Bank, as modified by this Amendment. 4. This
  Amendment may be signed in any number of counterpart copies and by the
  parties to this Amendment on separate counterparts, but all such copies shall
  constitute one and the same instrument. Delivery of an executed counterpart
  of a signature page to this Amendment by facsimile transmission shall be
  effective as delivery of a manually executed counterpart. Any party so
  executing this Amendment by facsimile transmission shall promptly deliver a
  manually executed counterpart, provided that any failure to do so shall not
  affect the validity of the counterpart executed by facsimile transmission. 5.
  This Amendment will be binding upon and inure to the benefit of the Borrower
  and the Lender and its respective heirs, executors, administrators,
  successors and assigns. 6. This Amendment has been delivered to and accepted
  by the Lender and will be deemed to be made in the State where the Lender’s
  office indicated in the Loan Documents is located. This Amendment will be
  interpreted and the rights and liabilities of the parties hereto determined
  in accordance with the laws of the State where the Lender’s office indicated
  in the Loan Documents is located, excluding its conflict of laws rules. 7. Except
  as amended hereby, the terms and provisions of the Loan Documents remain
  unchanged, are and shall remain in full force and effect unless and until
  modified or amended in writing in accordance with their terms, and are hereby
  ratified and confirmed. Except as expressly provided herein, this Amendment
  shall not constitute an amendment, waiver, consent or release with respect to
  any provision of any Loan Document, a waiver of any default or Event of
  Default under any Loan Document, or a waiver or release of any of the Bank’s
  rights and remedies (all of which are hereby reserved). The Borrower
  expressly ratifies and confirms the confession of judgment (if applicable)
  and waiver of jury trial provisions contained in the Loan Documents. WITNESS
  the due execution of this Amendment as a document under seal as of the date
  first written above. FREDERICK COUNTY BANCORP INC. By: /s/ William R. Talley,
  Jr. William R. Talley, Jr. EVP, CFO ATLANTIC CENTRAL BANKERS BANK By: /s/
  Bernadette M. Kibe Bernadette M. Kibe AVP, Financial Institutions

  

 

	
  

  	
  STATE OF
  MARYLAND : : ss COUNTY OF FREDERICK : On this, the 10th day of August, 2011
  before me, the subscriber, a Notary Public in and for the State and County
  aforesaid, personally appeared William R. Talley, Jr., who acknowledged
  himself to be the EVP, CFO, of Frederick County Bancorp, Inc. that he as such
  officer, being authorized to do so, executed the foregoing Amendment to Loan
  Documents on behalf of said state association for the purposes therein
  contained. WITNESS my hand and seal the day and year aforesaid. [SEAL] /s/
  Gloria Jean Poole * GLORIA JEAN POOLE * NOTARY PUBLIC FREDERICK CO., MD
  Notary Public My Commission Expires: September 1, 2014 COMMONWEALTH OF
  PENNSYLVANIA : : ss COUNTY OF CUMBERLAND : On this, the 11th day of August,
  2011, before me, the subscriber, a Notary Public in and for the Commonwealth
  and County aforesaid, personally appeared Bernadette M. Kibe, AVP, Financial
  Institutions of Atlantic Central Bankers Bank, a state banking institution
  and who acknowledged that she as such officer, being authorized to do so,
  executed the foregoing Amendment to Loan Documents on behalf of said state
  banking institution for the purposes therein contained. WITNESS my hand and
  seal the day and year aforesaid. [SEAL] /s/ Jody L. Diehl Notary Public My
  Commission Expires: July 10, 2013 COMMONWEALTH OF PENNSYLVANIA Notarial Seal
  Jody L. Diehl, Notary Public Camp Hill Boro, Cumberland County My Commission
  Expires July 10, 2013 Member, Pennsylvania Association of Notaries

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