Document:

ex10-7.htm

     Exhibit
      10.7

    

    FOURTH
      AMENDMENT TO

    EXECUTIVE
      EMPLOYMENT AGREEMENT

    

    THIS
      FOURTH AMENDMENT TO EXECUTIVE
      EMPLOYMENT AGREEMENT (this “Fourth Amendment”) is made effective as of the 1st
      day of January, 2008, by and between OLD LINE BANK, a Maryland-chartered
      commercial bank (the “Bank” or “Employer”) and JOSEPH BURNETT (the
“Employee”).  This Fourth Amendment amends in certain respects that
      certain Executive Employment Agreement dated March 31, 2003, between the Bank
      and Employee, as amended by that certain First Amendment to Executive Employment
      Agreement dated December 31, 2004, the Second Amendment to Employment Agreement
      dated as of December 30, 2005, and the Third Amendment to Employment Agreement
      dated as of January 1, 2007 (collectively the “Original
      Agreement”).

     

    1.           
      Capitalized
      Terms.  Capitalized terms used herein and not otherwise defined
      herein shall have the meanings assigned to them in the Original
      Agreement.

     

     

    2.           
      Amendments.  The
      Original Agreement is hereby amended by deleting the first sentence of Section
      3(A) in its entirety and replacing said section with the following:

     

    

    “The
      Employee’s salary under this Agreement shall be $164,100 per annum, payable on a
      bi-weekly basis.”

     

    All
      of
      the provisions of the Original Agreement are incorporated herein by reference
      and shall remain and continue in full force and effect as amended by this Fourth
      Amendment.

     

    

    3.            Counterparts.  This
      Amendment may be executed in any number of counterparts, each of which shall
      be
      considered an original for all purposes but all of which shall together
      constitute one and the same instrument.

    

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    IN
      WITNESS WHEREOF, the parties hereto
      have duly executed this Fourth Amendment, under seal, as of January 31, 2008,
      effective as of January 1, 2008.

    

    
      	
              WITNESS/ATTEST:

            	
              OLD
                LINE BANK.

            
	 	 
	
              /s/
                Christine M.
                Rush

            	
              By:     
/s/
                Charles A. Bongar,
                Jr.         
                (SEAL)

            
	 	
              Name:
                Charles A. Bongar, Jr.

            
	 	
              Title:  
                Chairman of Compensation Committee

            
	 	 
	
              WITNESS:

            	 
	 	 
	
              /s/
                Christine M.
                Rush

            	
                       
                /s/ Joseph
                Burnett                        
                (SEAL)

            
	 	
              JOSEPH
                BURNETT

            
	 	 
	 	 
	 	 

    

    

    2ex10-12.htm

     
      Exhibit
      10.12

    FOURTH
      AMENDMENT TO

    EXECUTIVE
      EMPLOYMENT
      AGREEMENT

    

    THIS
      FOURTH AMENDMENT TO EXECUTIVE
      EMPLOYMENT AGREEMENT (this “Fourth Amendment”) is made effective as of the 1st
      day of January, 2008, by and between OLD LINE BANK, a Maryland-chartered
      commercial bank (the “Bank” or “Employer”) and CHRISTINE RUSH (the
“Employee”).  This Fourth Amendment
      amends in certain
      respects that certain Executive Employment Agreement dated March 31, 2003,
      between the Bank and Employee, as amended by that certain First Amendment to
      Executive Employment Agreement dated December 31, 2004, the Second Amendment to Employment
      Agreement
      dated as of December 30, 2005, and the Third Amendment to Employment Agreement
      dated as of January 1, 2007 (collectively the “Original
      Agreement”).

     

    1.           
      Capitalized
      Terms.  Capitalized terms used herein and not otherwise defined
      herein shall have the meanings assigned to them in the Original
      Agreement.

     

     

    2.           
      Amendments.  The
      Original Agreement is hereby amended by deleting the first sentence of Section
      3(A) in its entirety and replacing said sentence with the
      following:

     

    

    “The
      Employee’s salary under this
      Agreement shall be $156,600 per annum, payable on a bi-weekly
      basis.”

     

    All
      of
      the provisions of the Original Agreement are incorporated herein by reference
      and shall remain and continue in full force and effect as amended by this Third
      Amendment.

     

    

    3.           
      Counterparts.  This
      Amendment may be
      executed in any number of counterparts, each of which shall be considered an
      original for all purposes but all of which shall together constitute one and
      the
      same instrument.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the parties hereto
      have duly executed this Fourth Amendment, under seal, as of January 31, 2008,
      effective as of January 1, 2008.

    

    
      	
              WITNESS/ATTEST:

            	
              OLD
                LINE
                BANK

            
	 	 
	 	 
	 	 
	
              /s/
                James W. Cornelsen

            	
              By:     
                 /s/
                Charles A. Bongar,
                Jr.        (SEAL)

            
	 	
              Name:
                Charles A. Bongar,
                Jr.

            
	 	
              Title:  
Chairman
                of
                Compensation Committee

            
	 	 
	
              WITNESS:

            	 
	 	 
	
              /s/
                James W. Cornelsen

            	
                         
                /s/ Christine
                Rush                     
                (SEAL)

            
	 	
              CHRISTINE
                RUSH

            
	 	 
	 	 

    

    

    

    2ex10_loc.htm

    Exhibit
      10.1

    

    DEMAND
      NOTE

    

    
      	
              $50,000,000.00

            	
              February
                4, 2008

            

    

    

    FOR
      VALUE RECEIVED, the undersigned,
HIBBETT SPORTS, INC., a Delaware corporation
      (“Borrower”), hereby promises to pay to the order of BANK OF
      AMERICA, N.A. (“Lender”), at its office set forth on the
      signature page (or at such other place as Lender may designate from time to
      time), in lawful money of the United States of America and in immediately
      available funds, the principal amount of $50,000,000.00 or such lesser amount
      as
      shall equal the aggregate unpaid principal amount of advances (each a
“Loan” and collectively the “Loans”) made by Lender to Borrower
      under this Demand Note (this “Note”), and to pay interest on the unpaid
      principal amount of the Loans at the rate per annum and on the dates specified
      below.  Borrower acknowledges and agrees that Lender has not committed
      to extend credit to Borrower and each Loan shall be made at the sole discretion
      of Lender.

    

    Each
      Loan shall bear interest at a rate
      per annum equal to the BBA LIBOR Daily Floating Rate plus .375%.  The
      BBA LIBOR Daily Floating Rate is a fluctuating rate of interest equal to the
      rate per annum equal to the British Bankers Association LIBOR Rate (“BBA
      LIBOR”), as published by Reuters (or other commercially available source
      providing quotations of BBA LIBOR as selected by Lender from time to time)
      as
      determined for each banking day at approximately 11:00 a.m. London time two
      (2)
      London Banking Days prior to the date in question, for U.S. Dollar deposits
      (for
      delivery on the first day of such interest period) with a one month term, as
      adjusted from time to time in Lender’s sole discretion for reserve requirements,
      deposit insurance assessment rates and other regulatory costs.  If
      such rate is not available at such time for any reason, then the rate for that
      interest period will be determined by such alternate method as reasonably
      selected by Lender.  A “London Banking Day” is a day on which
      banks in London are open for business and dealing in offshore
      dollars.

    

    Each
      Loan, and accrued and unpaid
      interest thereon, shall be due and payable on demand, or if no demand is sooner
      made, on December 31, 2008.  Interest owing on any Loan shall also be
      payable monthly on the first day of each month, commencing on the first day
      of
      the first month after funding of such Loan and then on the first day of each
      month until payment in full of such Loan.  Lender may, to the extent
      any payment is not made when due hereunder, charge from time to time against
      any
      or all of Borrower’s accounts with Lender any amount so due.

    

    Interest
      shall be computed on the basis
      of a year of 360 days and the actual days elapsed (including the first day
      but
      excluding the last day).  Overdue principal and, to the extent
      permitted by applicable law, interest shall bear interest, payable upon demand,
      for each day from and including the due date but excluding the date of actual
      payment at a rate per annum equal to the sum of (a) the rate of interest
      otherwise provided under this Note plus (b) 2%.  Whenever any payment
      under this Note is due on a day that is not a day Lender is open to conduct
      substantially all of its business, such payment shall be made on the next
      succeeding day on which Lender is open to conduct substantially all of its
      business, and such extension of time shall in such case be included in the
      computation of the payment of interest.

    

    The
      date, amount, interest rate, and,
      if applicable, the date of demand of each Loan, and each payment of principal
      and interest hereon, shall be recorded by Lender on its books, which
      recordations shall, in the absence of manifest error, be conclusive as to such
      matters; provided, that the failure of Lender to make any such
      recordation or any error therein shall not limit or otherwise affect the
      obligations of the Borrower hereunder.

    

    Borrower
      may prepay each Loan, in whole
      or in part, at any time or from time to time without premium or
      penalty.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Notwithstanding
      anything to the
      contrary contained herein, if a petition shall be filed by or against the
      Borrower under any law relating to bankruptcy, reorganization, or insolvency,
      then the outstanding principal and accrued and unpaid interest on this Note,
      together with all other amounts payable hereunder, shall become immediately
      due
      and payable.

    

    Borrower
      hereby waives presentment,
      protest, demand, notice of demand, notice of intent to accelerate and any other
      notice of any kind in connection with this Note.

    

    Borrower
      represents and warrants to
      Lender that:  (a) it is duly organized, validly existing and in good
      standing under the laws of the jurisdiction of its organizations; (b) the
      execution, issuance and delivery of this Note and each other document or
      instrument executed and delivered in connection herewith (i) are within
      Borrower’s powers, (ii) have been duly authorized, (iii) do not result in the
      breach of or constitute a default under any indenture, agreement, instrument
      or
      undertaking to which Borrower is a party or by which it or its property may
      be
      bound or affected, and (iv) are not in violation of law or regulation or of
      the
      terms of Borrower’s organizational papers; (c) this Note and each other document
      or instrument executed and delivered in connection herewith are valid, binding
      and enforceable in accordance with their respective terms; (d) the proceeds
      of
      the Loans shall be used solely for general corporate purposes; provided,
however, that Borrower shall not use any part of the proceeds of any
      Loan
      to purchase or carry any margin stock (other than its own stock) within the
      meaning of Regulation U of the Board of Governors of the Federal Reserve System
      or to extend credit to others for the purpose of purchasing or carrying any
      margin stock; and (e) the person or persons extending this Note on behalf of
      Borrower are duly appointed officers or other representatives of Borrower with
      authority to execute and deliver this Note on behalf of Borrower.  The
      request of Borrower for a Loan and the receipt by Borrower of the proceeds
      thereof shall be deemed a representation by Borrower that as of the date of
      such
      request and receipt all representations and warranties contained herein shall
      be
      true and correct and with the same force and effect as though such
      representations and warranties had been made on and as of the date of such
      request and receipt.

    

    No
      failure or delay by Lender in
      exercising, and no course of dealing with respect to, any right, power, or
      privilege hereunder shall operate as a waiver thereof nor shall any single
      or
      partial exercise of any right, power, or privilege hereunder preclude any other
      or further exercise thereof or the exercise of any other right, power, or
      privilege.  The rights and remedies of Lender provided herein shall be
      cumulative and not exclusive of any other rights or remedies provided by
      law.  If any provision of this Note shall be held invalid or
      unenforceable in whole or in part, such invalidity or unenforceability shall
      not
      affect the remaining provisions hereof.  Except as set forth herein or
      therein, no provision of this Note may be modified or waived except by a written
      instrument signed by Lender and Borrower.  Time is of the essence of
      this Note.

    

    Borrower
      will indemnify and hold Lender
      harmless from any losses, liabilities, damages, judgments, and costs of any
      kind
      relating to or arising directly or indirectly out of (a) any inaccurate
      representation made by Borrower in this Note, or (b) any breach of any of the
      warranties or other obligations of Borrower under this Note.  This
      indemnity includes but is not limited to attorneys’ fees (including the
      allocated cost of in-house counsel).  This indemnity extends to
      Lender, its affiliates and the partners, directors, officers, employees, agents
      and advisors of Lender and of Lender’s affiliates.  This indemnity
      will survive repayment of Borrower’s obligations to Lender under this
      Note.  All sums due to Lender pursuant to this paragraph shall be due
      and payable upon demand.

    

    This
      Note shall be binding upon
      Borrower and its successors and assigns and inure to the benefit of Lender
      and
      its successors and assigns, provided, however, that no obligations
      or rights of Borrower hereunder can be assigned without the prior written
      consent of Lender.  Lender may

    assign
      to
      one or more banks or other entities all or any part of, or may grant
      participations to one or more banks or other entities in or to all or any part
      of, this Note, any other document or instrument executed or delivered in
      connection herewith or any Loan or Loans hereunder and its rights
      or

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    obligations
      hereunder or thereunder.  Borrower agrees that Lender may disclose to
      any assignee or purchaser, or any prospective assignee or purchaser, any and
      all
      information in Lender’s possession concerning Borrower, this Note, any guarantor
      of this Note and any security for this Note.

    

    Borrower
      shall pay on demand all costs
      and expenses (including reasonable attorneys’ fees and the allocated costs of
      internal counsel) incurred by Lender in connection with the enforcement or
      attempted enforcement of this Note.

    

    All
      notices required under this Note
      shall be in writing and shall be personally delivered or sent by first class
      mail, postage prepaid, or by overnight courier, to Borrower or Lender, as the
      case may be, at its address set forth below, or sent by facsimile to the
      facsimile number set forth for such party below, or to such other addresses
      or
      facsimile numbers as Lender and Borrower may specify from time to time in
      writing.  Notices and other communications sent by (a) first class
      mail shall be deemed delivered on the earlier of actual receipt or on the fourth
      business day after deposit in the U.S. mail, postage prepaid, (b) overnight
      courier shall be deemed delivered on the next business day after deposit with
      the overnight courier, (c) other methods of hand-delivery (including telegram,
      lettergram or mailgram) shall be deemed delivered when delivered, and (d)
      facsimile shall be deemed delivered when transmitted.

    

    As
      used in this Note and for purposes
      of Section 7-4-2 of the Official Code of Georgia Annotated, the term “interest”
does not include any fees (including, but not limited to, any loan fee, periodic
      fee, unused commitment fee or waiver fee) or other charges imposed on Borrower
      in connection with the indebtedness evidenced by this Note, other than the
      interest described above.  In no event shall the amount or rate of
      interest due and payable under this Note exceed the maximum amount or rate
      of
      interest allowed by applicable law and, in the event any such excess payment
      is
      made by Borrower or received by Bank, such excess sum shall be credited as
      a
      payment of principal (or if no principal shall remain outstanding, shall be
      refunded to the Borrower).  It is the express intent hereof that
      Borrower not pay and Bank not receive, directly or indirectly, interest in
      excess of that which may be lawfully paid under applicable law including the
      usury laws in force in the State of Georgia.

    

    This
      Note shall be governed by and
      construed in accordance with the laws of the State of Georgia and the applicable
      laws of the United States of America, without regard to principles of conflict
      of laws.

    

    This
      paragraph, including the
      subparagraphs below, is referred to as the “Dispute Resolution
      Provision.”  This Dispute Resolution Provision is a material
      inducement for Bank and Borrower entering into this Note.

    

    
      	
              (a)  

            	
              This
                Dispute Resolution Provision concerns the resolution of any controversies
                or claims between the Lender and Borrower, whether arising in contract,
                tort or by statute, including but not limited to controversies or
                claims
                that arise out of or relate to:  (i) this Note (including any
                renewals, extensions or modifications); or (ii) any document related
                to
                this Note (collectively a “Claim”).  For the purposes of this
                Dispute Resolution Provision, the term “Lender” shall include any parent
                corporation, subsidiary or affiliate of Lender involved in the servicing,
                management or administration of any obligation described or evidenced
                by
                this Note.

            

    

    

    
      	
              (b)  

            	
              At
                the request of Borrower or Lender, any Claim shall be resolved by
                binding
                arbitration in accordance with the Federal Arbitration Act (Title
                9, U.S.
                Code) (the “Act”).  The Act will apply even though this Note
                provides that it is governed by the law of a specified
                state.

            

    

    

    
      	
              (c)  

            	
              Arbitration
                proceedings will be determined in accordance with the Act, the
                then-current rules and procedures for the arbitration of financial
                services disputes of the
                American

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Arbitration
      Association or any successor thereof (“AAA”), and the terms of this Dispute
      Resolution Provision.  In the event of any inconsistency, the terms of
      this Dispute Resolution Provision shall control.  If AAA is unwilling
      or unable to (i) serve as the provider of arbitration or (ii) enforce any
      provision of this arbitration clause, the Lender may designate another
      arbitration organization with similar procedures to serve as the provider of
      arbitration.

    

    
      	
              (d)  

            	
              The
                arbitration shall be administered by AAA and conducted, unless otherwise
                required by law, in Atlanta, Georgia.  All Claims shall be
                determined by one arbitrator; however, if Claims exceed $5,000,000,
                upon
                the request of Borrower or Lender, the Claims shall be decided by
                three
                arbitrators.  All arbitration hearings shall commence within
                ninety (90) days of the demand for arbitration and close within ninety
                (90) days of commencement and the award of the arbitrator(s) shall
                be
                issued within thirty (30) days of the close of the
                hearing.  However, the arbitrator(s), upon a showing of good
                cause, may extend the commencement of the hearing for up to an additional
                sixty (60) days.  The arbitrator(s) shall provide a concise
                written statement of reasons for the award.  The arbitration
                award may be submitted to any court having jurisdiction to be confirmed
                and have judgment entered and
                enforced.

            

    

    

    
      	
              (e)  

            	
              The
                arbitrator(s) will give effect to statutes of limitation in determining
                any Claim and may dismiss the arbitration on the basis that the Claim
                is
                barred.  For purposes of the application of any statutes of
                limitation, the service on AAA under applicable AAA rules of a notice
                of
                Claim is the equivalent of the filing of a lawsuit.  Any dispute
                concerning this arbitration provision or whether a Claim is arbitrable
                shall be determined by the arbitrator(s), except as set forth at
                subparagraph (h) of this Dispute Resolution Provision.  The
                arbitrator(s) shall have the power to award legal fees pursuant to
                the
                terms of this Note.

            

    

    

    
      	
              (f)  

            	
              This
                paragraph does not limit the right of Borrower or Lender
                to:  (i) exercise self-help remedies, such as but not limited
                to, setoff; (ii) initiate judicial or non-judicial foreclosure against
                any
                real or personal property collateral; (iii) exercise any judicial
                or power
                of sale rights, or (iv) act in a court of law to obtain an interim
                remedy,
                such as but not limited to, injunctive relief, writ of possession
                or
                appointment or a receiver, or additional or supplementary
                remedies.

            

    

    

    
      	
              (g)  

            	
              The
                filing of a court action is not intended to constitute a waiver of
                the
                right of Borrower or Lender, including the suing party, thereafter
                to
                require submittal of the Claim to
                arbitration.

            

    

    

    
      	
              (h)  

            	
              Any
                arbitration or trial by a judge of any Claim will take place on an
                individual basis without resort to any form of class or representative
                action (the “Class Action Waiver”).  Regardless of anything else
                in this Dispute Resolution Provision, the validity and effect of
                the Class
                Action Waiver may be determined only by a court and not by an
                arbitrator.  Borrower and Lender acknowledge that the Class
                Action Waiver is material and essential to the arbitration of any
                disputes
                between Borrower and Lender and is nonseverable from the agreement
                to
                arbitrate Claims.  If the Class Action Waiver is limited, voided
                or found unenforceable, then the parties’ agreement to arbitrate shall be
                null and void with respect to such proceeding, subject to the right
                to
                appeal the limitation or invalidation of the Class Action
                Waiver.  Borrower and Lender acknowledge and agree that
                under no circumstances will a class action be
                arbitrated.

            

    

    

    
      	
              (i)  

            	
              By
                agreeing to binding arbitration, Borrower and Lender irrevocably
                and
                voluntarily waive to the extent permitted by applicable law any right
                they
                may have to a trial by

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    jury
      in
      respect of any Claim.  Furthermore, without intending in any way to
      limit this agreement to arbitrate, to the extent any Claim is not arbitrated,
      the parties irrevocably and voluntarily waive to the extent permitted by
      applicable law any right they may have to a trial by jury in respect of such
      Claim.  This waiver of jury trial shall remain in effect even if the
      Class Action Waiver is limited, voided or found
      unenforceable.  WHETHER THE CLAIM IS DECIDED BY ARBITRATION OR
      BY TRIAL BY A JUDGE, BORROWER AND LENDER AGREE AND UNDERSTAND THAT THE EFFECT OF
      THIS AGREEMENT IS THAT THEY ARE GIVING UP THE RIGHT TO TRIAL BY JURY TO THE
      EXTENT PERMITTED BY APPLICABLE LAW.

    

    Borrower
      hereby irrevocably submits to
      the nonexclusive jurisdiction of the United States District Court and each
      state
      court in the City of Atlanta, Georgia for the purposes of all legal proceedings
      arising out of or relating to this Note.  Borrower irrevocably waives,
      to the fullest extent permitted by law, any objection that it may now or
      hereafter have to the laying of venue of any such proceeding brought in such
      a
      court and any claim that any such proceeding brought in such a court has been
      brought in an inconvenient forum.  Service of process by Lender in
      connection with such action or proceeding shall be binding on Borrower if sent
      to Borrower by registered or certified mail at its address specified
      below.

    

    THIS
      NOTE AND ANY OTHER DOCUMENTS OR
      INSTRUMENTS EXECUTED IN CONNECTION HEREWITH REPRESENT THE FINAL AGREEMENT
      BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR,
      CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES.  THERE
      ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

    

    Borrower
      has caused this Note to be
      duly executed under seal as of the date first above written.

    

    
      	 	
              HIBBETT
                SPORTS, INC.

            
	 	
              By:  /s/
                Gary Smith

            
	 	
                      Gary
                Smith, Chief Financial Officer

            
	 	 
	 	
              Address
                for Notices to Borrower:

            
	 	
              451
                Industrial Lane

            
	 	
              Birmingham,
                Alabama  35211

            
	 	
              Attention:  Chief
                Financial Officer

            
	 	
              Facsimile:  205-912-7293

            

    

    

    Address
      for Notices to Lender:

    

    Bank
      of
      America, N.A.

    Jacksonville
      – Credit Services

    Attn:  Notice
      Desk

    FL9-100-03-153

    9000
      Southside Boulevard

    3rd
      Floor

    Jacksonville,
      Florida  32256

    Facsimile:  877-254-2975

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