Document:

EXHIBIT 10.XX

 

EXECUTIVE EMPLOYMENT AGREEMENT

 

THIS EXECUTIVE EMPLOYMENT AGREEMENT,
effective on the 15th day of August, 2002, by and between MERCANTILE-SAFE
DEPOSIT AND TRUST COMPANY (“Merc-Safe”), Mercantile Capital Advisors, Inc. (“Mercantile
Capital”) (collectively the “Employer”), corporations of the State of Maryland,
Two Hopkins Plaza, Baltimore, Maryland 21201, and Kevin A. McCreadie,
hereinafter referred to as “Executive”.

 

WHEREAS, Employer is engaged in the banking, trust and investment
management business, and Executive has special skills and talents in that
business; and

 

WHEREAS, Employer has employed Executive on the terms provided herein,
and Executive, in turn, has accepted full-time employment with Employer
according to such terms.

 

NOW, THEREFORE, in consideration of the mutual covenants hereinafter
contained, the parties do hereby agree as follows:

 

1.             Office of Executive.  Executive will serve as Chief Investment
Officer, Investment and Wealth Management Division of Merc-Safe, and Chief Investment
Officer of Mercantile Capital and will report directly to the Chairman,
Investment and Wealth Management of Merc-Safe, and the Chairman of the Board,
Mercantile Capital, respectively.  These
offices may be changed during the term of this Agreement by mutual consent of
the parties.

 

2.             Term. 
The term of this Agreement shall begin on August 15, 2002, and shall
terminate on August 1, 2005; provided that the termination date shall be
extended (but not beyond Executive’s retirement date) for one additional year
on August 1, 2005, and on August 1st of each succeeding year, unless either
Employer or Executive on or before the immediately preceding December 31
declines such an extension by written notice to the other party.

 

3.             Compensation.  Executive shall be paid a base annual salary
as determined by the Board of Directors of Merc-Safe from time to time, at a
rate of not less than $475,000 per calendar year, subject to withholding for
appropriate items. Executive shall be eligible for such annual bonus amounts as
the Board of Directors of Merc-Safe may in its discretion award, up to
$375,000. Recommendations as to salary and bonus will be made to the Board of
Directors by the Board’s Committee on Executive Compensation, Promotion and
Retirement.

 

4.             Other Benefits.  Executive shall be entitled to participate
in, and to receive benefits under, any long-term incentive plan, deferred
compensation plan, qualified

 

1

 

retirement plan, profit sharing plan, savings plan, group life,
disability, sickness, accident and health programs, or any other benefit plan
or arrangement made available by Employer to its executive officers generally
(other than the Mercantile Bankshares Corporation Annual Incentive Compensation
Plan), subject to and on a basis consistent with the terms, conditions and
overall administration of each such plan or arrangement.

 

5.             Grants of Restricted Stock.  Subject to the approval of the Compensation
Committee of the Board of Directors of Mercantile Bankshares Corporation (“Mercshares”),
which approval Management of Employer will recommend, Executive:

 

1)             will receive a
grant of 10,000 restricted shares of common stock of Mercshares, which shares
shall vest entirely three (3) years from Executive’s date of employment.

 

2)             if he is actively
employed by Employer on December 31, 2003, will receive a grant of 10,000
restricted shares of common stock of Mercshares, which shares shall vest
entirely three (3) years after December 31, 2003.

 

The restricted shares referred to herein shall only vest if Executive
is actively employed by Employer on the dates of vesting. Otherwise the grants
of restricted shares shall lapse. Furthermore, the grants will become effective
only upon the execution and delivery of, and will be subject to the terms of,
restricted stock agreements to be approved by counsel and entered into between
Mercshares and Executive and, to the extent necessary, by Employer.

 

6.             Expenses.  Employer shall reimburse Executive for all
reasonable expenses incurred by Executive in connection with the business of
the Employer, including expenses for entertainment, travel and similar items.
Executive shall submit to Employer substantiation for reimbursable expenses.

 

7.             Vacation.  Executive shall be entitled to a minimum of
four weeks vacation each year.

 

8.             Scope of Employment.  Executive shall perform the duties of Chief
Investment Officer, Investment and Wealth Management Division of Merc-Safe and
Chief Investment Officer of Mercantile Capital or any designated successor
divisions, and for affiliates defined by Employer.  Executive agrees to serve with undivided
loyalty to Employer and to devote all of his working time and efforts in
performance of such duties, except for attention to personal investments,
participation in family business enterprises, outside directorships, and public
service commitments, provided that none of the foregoing shall unreasonably
interfere with his principal employment. Employer shall provide Executive with
suitable office, secretarial and other support assistance appropriate to his
position.

 

9.             Early Termination.  This Agreement shall terminate prior to its
specified expiration, as may be extended from time to time, on the occurrence
of the death of Executive, or termination by the Employer for good cause.  For purposes of this

 

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Agreement, good cause shall be limited to proven or admitted fraud or
material illegal acts by Executive or a breach of any of Executive’s covenants
of undivided loyalty to and the performance of duties for Employer, as set out
in Section 7 of this Agreement.  In
addition, if Executive is unable to perform his duties of office by reason of
illness or incapacity for a period of more than one hundred eighty (180)
consecutive days, Employer shall be entitled to remove Executive from some or
any of his offices; provided that Employer shall restore Executive to any such
office if he shall become able to perform the duties of any such office at any
time within the three hundred sixty-five (355) days next following his removal
from any such office.  Notwithstanding
the provisions of Section 3 of this Agreement, in the event of Executive’s
long-term disability as defined under Employer’s Disability Insurance Plan,
Executive shall be compensated as provided under such Plan and shall not
receive his base salary or earn any bonus under this Agreement for the period
of time that such disability shall continue.

 

In the event that this Agreement is terminated for good cause as herein
provided, all obligations hereunder of Employer to Executive (other than for
reimbursement of expenses incurred by Executive prior to termination and any
employee benefits that are not extinguished by termination for cause) shall
also simultaneously terminate forthwith.

 

In the event that Employer terminates Executive’s employment without
good cause during the original or any extended term of this Agreement, all
benefits (including salary and the average of bonus awards during the term of
this Agreement) to Executive provided for in this Agreement shall continue
until the expiration of the remaining term of this Agreement.  To the extent that it shall not be
practicable or legally feasible to continue any such benefit in the form
provided for in this Agreement, Employer may provide an equivalent benefit in
some other form or may pay or provide to Executive the economic value of such
benefit.

 

10.           Non-Competition.  Executive agrees that upon termination of his
employment with Employer, he shall not engage in the State of Maryland or in
contiguous states, or the District of Columbia, or in any other state in which
any offices are maintained by Mercshares, Merc-Safe or affiliated entities, as
an employee of, consultant to, or in any other comparable capacity with, any
other banking institution, bank holding company, financial holding company, or
entity engaged in furnishing investment advice or investment management
services, for a period of six months following such termination.  Executive agrees that Employer shall be
entitled to injunctive relief, in lieu of or in addition to damages, for a
violation by Executive of the Prime rate ovisions of this Section 9.

 

11.           Successors.  This Agreement shall be binding upon and
inure to the benefit of all successors of Employer, whether by merger,
consolidation, reorganization, share exchange, transfer of assets or
otherwise.  This Agreement shall not be
otherwise assignable by Employer except with the prior written consent of
Executive. Executive shall not assign his rights or duties under this
Agreement, except (a) as provided in Section 1 of this Agreement, and (b) as
provided under any employee or executive benefit plan with Employer relating to
Executive.

 

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12.           Notices.  All notices called for under this Agreement
shall be in writing addressed to Employer at Two Hopkins Plaza, Baltimore,
Maryland 21201, Attention:  Corporate
Secretary, and to Executive at Two Hopkins Plaza, Baltimore, Maryland 21201, or
to such other address as either party may designate to the other in writing
from time to time.  Any such notice shall
be effective when received or two (2) business days after mailing, postage
prepaid, by first class, certified or registered mail, return receipt
requested.

 

13.           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.

 

14.           Amendments.  Any amendments to this Agreement must be in
writing signed by both parties hereto.

 

15.           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.

 

16.           Headings.  The headings used in this Agreement are
solely for convenience and are not to be used in the construction or
interpretation hereof.

 

17.           Severability.  In the event that one or more of the
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 Executive Employment Agreement, as of the day
and year first above written.

 

WITNESS:

 

 

	
   

  	
   

  	
   

  	
   

  	
  SEAL)

  
	
   

  	
   

  	
  Kevin A. Mccreadie

  
	
   

  	
   

  
	
   

  	
   

  
	
  ATTEST:

  	
  MERCANTILE-SAFE DEPOSIT

  
	
   

  	
  AND TRUST COMPANY

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  (SEAL)

  
	
  DENNIS W. KREINER

  	
  WALLACE MATHAI-DAVIS

  
	
  Senior Vice President and

  	
  Chairman, Investment and Wealth

  
	
  Assistant Secretary

  	
  Management

  
								

 

4

 

	
  ATTEST:

  	
   

  	
  MERCANTILE CAPITAL ADVISORS, INC.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  (SEAL)

  
	
  DENNIS W. KREINER

  	
   

  	
  WALLACE
  MATHAI-DAVIS

  
	
  Secretary

  	
   

  	
  Chairman of the Board

  

 

5EXHIBIT 10.1

 

EMPLOYMENT AGREEMENT

 

This Employment Agreement (the “Agreement”) is being
entered into between VIA NET.WORKS, Inc. (“VIA”) and Raymond Walsh (the “Executive”)
in order to reflect Executive’s promotion and appointment to Chief Executive
Officer of VIA effective January 25th 2005 and shall replace
and supersede all prior agreements relating to Executive’s employment with VIA.

 

For and in consideration of the mutual promises
contained herein, and for other good and sufficient consideration, receipt of
which is hereby acknowledged, VIA and Executive (sometimes hereafter referred
to as the “parties”) agree as follows:

 

1.             Title,
Duties and Place of Work.  Executive
shall serve as the President and Chief Executive Officer.   Executive shall report to VIA’s Board of
Directors.  Executive shall serve VIA
faithfully and to the best of his ability. 
Executive’s normal place of work will be the Netherlands at the VIA
office in the Amsterdam area.

 

2.             Term.  Executive’s employment with VIA under this
Agreement shall continue for an indefinite period, unless earlier terminated by
either party in accordance with Paragraph 4 below.

 

3.             Compensation
and Benefits.

 

(a)           Salary.  During Executive’s employment, VIA shall pay
Executive an annual base salary of not less than US$300,000 (“Base Salary”).  Executive’s Base Salary shall be paid in
accordance with VIA’s usual payroll practices and policies, taking into account
expatriate payroll issues as appropriate, and shall be less standard deductions
for all appropriate U.S. employment-related taxes.  Executive shall be eligible for merit and
market-based increases in accordance with company policy, as may be determined
from time to time by the Board of Directors or the Compensation Committee of
the Board of Directors.

 

(b)           Benefits.  During Executive’s employment, Executive
shall be eligible for all benefits, including stock options, provided to other
VIA executive employees working overseas, provided that Executive qualifies for
such benefits.  Any and all benefits offered
by VIA may be supplemented, discontinued, or changed from time to time at VIA’s
sole discretion and in accordance with VIA’s policies and practices.

 

(c)           Expatriation
and Relocation.  As consideration for
the expatriation of the Executive, VIA shall pay an additional monthly sum (“Expatriate
Payment”) in accordance with VIA’s Foreign Assignment Policy.

 

The
Expatriate Payment shall cease immediately in the event that Executive
terminates the employment. In the case the Company terminates the employment
agreement, the Expatriate Payment ceases after 3 months after termination of
the agreement.

 

For
avoidance of doubt, the Expatriate Payment amounts to $ 95,000 net (FSA) per
annum, and the allowance for moving expenses will be up to $ 25,000 maximum.

 

(d)           Bonus.  Subject to the last sentence of this
paragraph 3(d), Executive shall be eligible for an annual bonus up to 100% of
his base salary in line with the VIA Bonus Policy.

 

 

(e)           Tax
Equalization.  During the period of
Executive’s Employment during which he is covered under VIA’s Foreign
Assignment Policy, VIA shall pay to the Executive or otherwise cause to be paid
on behalf of Executive an additional amount so that, on an after-tax basis, the
compensation and benefits received by the Executive under this Agreement will
not be less than the corresponding after-tax amount that the Executive would
have received if such payments had not been subject to taxes other than United
States federal, state and local taxes.  The
Executive will use commercially reasonable efforts to minimize the amount of
U.S. and non-U.S. taxes that are imposed on such amounts.  The amount of the tax equalization payment
shall be determined by an independent third party designated by VIA and reasonably
acceptable to the Executive.  The
Executive will provide such third party with sufficient information, including
information concerning his income, deductions, tax payments and tax returns,
from which it can calculate the amount of the payments that are due under this
subsection.  Any foreign tax credits
(resulting from non-U.S. taxes that were paid or reimbursed by VIA) that offset
the Executive’s U.S. taxes will be for the benefit of, and remitted to, VIA, as
applicable, as soon as practicable after the Executive receives a refund or other
tax benefit from such credit.

 

4.             Termination.  Notwithstanding anything herein to the
contrary, Executive’s employment under this Agreement shall terminate upon
occurrence of any of the following:

 

(a)           By VIA.

 

(i)            VIA may
terminate Executive’s employment at any time for any reason, without Cause and
with or without notice.  If VIA
terminates Executive’s employment without Cause , the Executive shall be
entitled to the Severance amount set forth in Paragraph 5 below. VIA may
terminate Executive’s employment with Cause at any time.  If VIA terminates his employment with Cause,
he shall not be entitled to any severance, but he shall be entitled to his base
compensation through the date of termination.

 

(ii)           As used
herein, “Cause” shall mean any one or more of the following events:  (aa) the commission of a criminal offence or
a crime involving moral turpitude; (bb) the commission of any material act of
dishonesty; (cc) an act that in any way brings VIA or its affiliates into
disrepute; (dd) gross negligence or willful misconduct in performance of any
duty owed by Executive to VIA or any of its affiliates; (ee) a serious or
persistent breach of this Agreement by Executive; (ff) the failure of Executive
to comply with proper and lawful instructions or directions of the Board of
Directors; (gg) to take, or fail to take, any action, within the scope of
Executive’s duties, which does or which may materially or adversely affect VIA’s
business or operations; or (hh) harassment or discrimination against VIA’s employees,
customers or vendors in violation of VIA’s policies.

 

(b)           By
Executive.

 

(i)            Executive
may terminate his employment at any time for any reason, with or without a good
or important reason and with or without notice. 
In the event of such a termination, Executive shall not be entitled to
any severance, but he shall be entitled to base compensation through the date
of termination and payment for all accrue but unused vacation through the
termination date.

 

 

(c)           Upon
Death or Disability.

 

The Executive’s employment shall terminate upon death
or because of disability.  For purposes
of this paragraph, disability shall occur if the Executive has been unable, by
reason of illness or injury, to perform his normal duties on behalf of VIA on a
full time basis for a period of 90 days, whether or not consecutive, within the
preceding 360-day period, or the Executive has received disability benefits for
permanent and total disability under any long-term disability income policy
held by or on behalf of the Executive. 
If Executives employment is terminated under this paragraph, VIA shall
pay to the estate of the Executive or to the Executive, as the case may be, the
compensation and benefits which would otherwise be payable to him under
Paragraph 3 hereof up to the date the termination of his employment
occurs.  However, any Executive Bonus,
assuming the attainment of the goals set forth, for the fiscal year in which
termination occurs because of death or disability will be pro-rated based on
his length of service with VIA in that year.

 

5.             Severance.  In the event Executive is eligible for
severance as set forth in this Agreement, VIA shall pay Executive an amount
equal to twelve months of his Base Salary in effect at the time of his
termination. Tax equalization benefits shall apply to this payment.  The parties acknowledge and agree that
payment of any severance under this Paragraph 5 shall be contingent upon the
Executive signing a Release of Claims (the “Release”) in a form acceptable to
VIA.  This payment shall be made in a
lump sum no later than five (5) days after the expiration of any revocation
period set forth in the Release and shall be reduced by standard deductions for
federal, state, and local taxes as determined by VIA.  At the reasonable request of Executive and
agreement of VIA, payment may be made over time in a manner agreed upon by the
parties.

 

6.             Proprietary
and/or Confidential Information. 
Executive acknowledges that during his employment with VIA, he has had
and will have access to trade secrets and other confidential and/or proprietary
information (“Confidential Information”). 
Executive agrees that he shall continue to abide and be bound by the
promises and obligations in all confidentiality agreements that he has or may
have signed with VIA or its affiliates, including but not limited to the VIA
NET.WORKS, INC. Employee Confidentiality Agreement.  In addition, Executive agrees that he will
use his utmost diligence to preserve, protect, and prevent the disclosure of
such Confidential Information, and that he shall not, either directly or
indirectly, use, misappropriate, disclose or aid any other person in disclosing
such Confidential Information.  Executive
acknowledges that as used in this Agreement, Confidential Information includes,
but is not limited to, all methods, processes, techniques, practices, product
designs, pricing information, billing histories, customer requirements,
customer lists, employee lists, salary information, personnel matters,
financial data, operating results, plans, contractual relationships,
projections for new business opportunities for new or developing business for
VIA, and technological innovations in any stage of development.  “Confidential Information” also includes, but
is not limited to, all notes, records, software, drawings, handbooks, manuals,
policies, contracts, memoranda, sales files, or any other documents generated
or compiled by any employee of VIA.  Such
information is, and shall remain, the exclusive property of VIA, and Executive
agrees that he shall promptly return all such information to VIA upon the
termination of his employment.

 

7.             Return
of Property.  Executive agrees that
upon the termination of his employment for any reason, he will deliver to VIA
the originals and all copies of all files, documents, papers, materials and
other property of VIA or its affiliates relating to their affairs, which may
then be in his possession or under his control. 
Executive may retain only personal correspondence and notes relating to
the duties and responsibilities of his employment.

 

 

8.             Binding
Agreement.  This Agreement shall be
binding upon and inure to the benefit of the parties and their respective
representatives, successors and assigns, and Executive’s heirs, executors and
administrators.

 

9.             Entire
Agreement; Amendment.  This Agreement
contains the entire agreement between the parties relating to the subject
matter of this Agreement, and the parties expressly agree that this Agreement
supersedes any employment or consulting contract Executive has or may have with
VIA and any other Agreement between Executive and VIA, including without
limitation any VIA stock plan.  Each
party acknowledges and agrees that in executing this Agreement they do not rely
upon any oral representations or statements made by the other party or the
other party’s agents, representatives or attorneys with regard to the subject
matter of this Agreement.  This Agreement
may not be altered or amended except by an instrument in writing signed by both
parties hereto.

 

10.          Breaches
or Violation.  Executive acknowledges
that any breach of this Agreement (including without limitation any breach of
Paragraph 6) would cause VIA substantial irreparable injury.  Executive agrees that in the event of any
violation of this Agreement, in addition to any damages allowed by law, VIA
shall be entitled to injunctive and/or other equitable relief.

 

11.          Governing
Law.  This Agreement shall be
governed by, and construed in accordance with, the laws of the State of Georgia
(excluding the choice of law rules thereof). 
The language of all parts of this Agreement shall in all cases be
construed as a whole, according to its fair meaning, and not strictly for or
against any of the parties.

 

12.          Waiver.  Neither the waiver by either party of a
breach of or default under any of the provisions of the Agreement, nor the
failure of such party, on one or more occasions, to enforce any of the
provisions of the Agreement or to exercise any right or privilege hereunder
shall thereafter be construed as a waiver of any subsequent breach or default
of a similar nature, or as a waiver of any provisions, rights or privileges
hereunder.

 

13.          Assignment.  This Agreement and the rights and
obligations of the parties hereunder may not be assigned by either party
without the prior written consent of the other party.

 

IN WITNESS HEREOF, THE PARTIES HAVE AFFIXED THEIR
SIGNATURES BELOW:

 

	
  Raymond
  Walsh

  	
  VIA
  NET.WORKS, INC.

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/ Raymond
  Walsh

  	
   

  	
  By:

  	
  /s/
  Matt S. Nydell,

  	
   

  
	
   

  	
  Senior
  Vice President, General

  
	
   

  	
  Counsel
  & Secretary

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Date:
  10 March 2005

  	
  Date:
  10 March 2005

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Witness:
  Malcolm Bell

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