Document:

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Exhibit 10(l)

EMPLOYMENT AGREEMENT

THIS
AGREEMENT (the Agreement), made as of this 18 day of January, 2005 by and among Sandy Spring
Bancorp, Inc., a registered bank holding company (“Bancorp”, Sandy Spring Bank, a Maryland
corporation and wholly owned subsidiary of Bancorp with its main office in Olney, Maryland (the
“Bank”), and Philip J. Mantua (the “Officer).

WITNESSETH

WHEREAS, the Officer is employed as the Executive Vice President of Bancorp and
Executive Vice President and Chief Financial Officer of the Bank.

WHEREAS, as a result of the skill, knowledge, and experience of the Officer, the Board of Directors
of the Bank (the “Board”) desires to retain the services of the Officer.

WHEREAS, the Officer desires to continue to serve as the Executive Vice President of Bancorp and
Executive Vice President and Chief Financial Officer of the Bank.

WHEREAS, the Officer and the Board and the Board of Directors of Bancorp desire to enter into an
Agreement setting forth the terms of conditions of the continuing employment of the Officer and the
related rights and obligations of each of the parties.

NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained, it is
agreed as follows:

1, Employment. The Officer is employed as the Executive Vice President of Bancorp and Executive
Vice President and Chief Financial Officer of the Bank. The Officer shall perform all duties and
shall have all powers which are commonly incident to the office of Executive Vice President or
which, consistent with that office, are assigned to the Officer, In addition to the major job
accountabilities set forth in the job description maintained by the Human Resources Division, the
Officer’s duties include, but are not limited to:

a. Making recommendations concerning the strategies, policies, and tactics of the Bank;

b. Management oversight of the day-today activities of the Finance and Merger and Acquisitions
Group, including management oversight of the Finance Division, Mergers and Acquisitions, and
Investor Relations and supervision of the officers and employees engaged in these functions;

c. Promoting the Bank and its services;

d. Managing the efforts of the Bank to comply with applicable laws and regulations related to the
activities of the Finance and Merger and Acquisitions Group, and

e. Providing complete, timely, and accurate reports, as required, regarding the activities of the
Finance and Merger and Acquisitions Group.

2. Location and Facilities. The Officer will be furnished with the working facilities and staff
customary for executive officers with the title and duties set forth in Section 1 and as are
necessary for the Officer to perform the duties of the position. The location of such facilities
and staff shall be at the principal administrative offices of the Bank, or at such other site or
sites customary for such offices,

3. Term

a. The term of this Agreement shall be (i) the initial term, consisting of the period commencing on
the date of this Agreement (the “Effective Date”) and ending

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immediately prior to the second anniversary of the Effective Date, plus (ii) any and all extensions
of the initial term made pursuant to this Section 3.

b. On each anniversary of the Effective Date prior to a termination of the Agreement, the term
under this Agreement shall be extended for an additional one-year period beyond the then effective
expiration date without action by any party, provided that neither the Bank nor the Officer shall
have given written notice at least sixty (60) days prior to such anniversary date of its or the
Officer’s desire that the term not be extended. The Officer’s performance and the advisability of
extending the term of this Agreement shall be reviewed by the Human Resources Committee (the
“Committee”) of the Board, and the Board shall, based on such review, determine whether or not to
extend the term of this Agreement at a meeting or meetings at least ninety (90) days prior to each
anniversary date.

c. At the Effective Date, this Agreement shall supersede any prior Agreement, which shall be deemed
terminated by agreement of the parties immediately prior to the Effective Date.

4. Base Compensation.

a. Bancorp and the Bank agrees to pay the Officer during the term of this Agreement a salary at the
rate of $180,000 per annum, payable in cash not less frequently than monthly, as may be adjusted in
accordance with this Section 4.

b. The Human Resources Committee shall perform an annual analysis of the Officer’s performance and
of the compensation of officers performing similar functions at independent financial institutions
of comparable assets and performance, and based upon this review, the recommendations of the
Executive Vice President and Chief Operating Officer and the President and Chief Executive Officer,
and on such other factors as it deems pertinent, shall recommend to the Board the annual salary
rate to be paid to the Officer following such review, The Board, based upon this recommendation of
the Committee and other factors they deem relevant, may maintain, increase or decrease the
Officer’s salary, provided that no such action shall (i) reduce the rate of salary below the amount
set forth in Section 4,a. or (ii) reduce the rate of salary paid to the Officer for any months
prior to the month in which notice of the reduction is provided in writing to the Officer.

c. In the absence of action by the Board, the Officer shall continue to receive salary at the
amount set forth in Section 4.a. specified herein or, if another rate has been established under
the provisions of this Section 4, the rate last properly established by action of the Board under
the provisions of this Section 4.

5. Bonuses. Unless the Officer agrees otherwise, the Officer shall be entitled to participate in
discretionary bonuses that the Board may award from time to time to senior management employees
pursuant to bonus plans or otherwise. The Officer also shall participate in any other fringe
benefits which are or may become available to senior management employees of the Bank, including
for example: any stock option or incentive compensation plans and any other benefits that are
commensurate with the responsibilities and functions to be performed by the Officer under this
Agreement. No other compensation provided for in this Agreement shall be deemed a substitute for
the Officer’s right to participate in such discretionary bonuses or fringe benefits.

6.
Benefit Plans. The Officer shall be entitled to participate in such life insurance, medical,
dental, pension, profit sharing, and retirement plans and other programs and

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arrangements as may be approved from time to time by Bancorp or the Bank for the benefit of the
employees of the Bank. In addition, the Officer shall be entitled to participate in a nonstatutory
supplemental retirement plan or arrangement (“SERP”) established for the Officer, in the Executive
Health Expense Reimbursement and Insurance Plans (together, the “HERP”), or a successor plan or
plans that provide the same or greater level of benefits as those provided to participants under
the HERP as in effect on the Effective Date, and in the Group Term Replacement Plan (“GTRP”)
established for the Officer.

7. Paid Time Off.

a. The Officer shall be entitled to twenty-eight working days of paid time off, as defined in the
Bank’s personnel policies, during each consecutive twelve-month period commencing on January 1,
2005 and each January 1 thereafter during the term of this Agreement, to be taken at reasonable
times and in reasonable periods as the Officer and Bancorp and the Bank shall mutually determine,
and provided that no paid time off shall interfere with the duties required to be rendered by the
Officer hereunder. Any paid time off not used during a twelve-month period shall carry over and be
useable during the succeeding twelve-month period, but not thereafter. The Officer shall not
receive any additional compensation from the Bank on account of the Officer’s failure to take paid
time off.

b. In addition to paid time off, the Officer shall be entitled, without loss of pay, to voluntarily
take time off from work for such additional periods of time and for such valid and legitimate
reasons as the Executive Vice President and Chief Operating Officer may in his discretion
determine. Further, the Officer may request and be granted a leave or leaves of absence, with or
without pay, at such time or times and upon such terms and conditions as the Executive Vice
President and Chief Operating Officer in his discretion may determine,

8. Expense Payments and Reimbursements. The Officer shall be reimbursed for all reasonable
out-of-pocket business expenses incurred in connection with the Officer’s services under this
Agreement upon substantiation of such expenses in accordance with applicable policies of Bancorp
and the Bank.

a. During the term of this Agreement the Officer: (i) shall devote all the Officer’s time,
attention, skill, and efforts to the faithful performance of the Officer’s duties hereunder;
provided, however, that from time to time, the Officer may serve on the boards of directors of, and
hold any other offices or positions in, companies or organizations which will not present any
conflict of interest with Bancorp or the Bank or any of their subsidiaries or affiliates,
unfavorably affect the performance of Officer’s duties pursuant to this Agreement, or violate any
applicable statute or regulation; and (ii) shall not engage in any business or activity contrary to
the business affairs or interests of Bancorp or the Bank.

b. Nothing contained in this Agreement shall prevent or limit the Officer’s right to invest in the
capital stock or other securities of any business dissimilar from that of Bancorp and the Bank, or,
solely as a passive, minority investor, in any business.

c. The Officer agrees to maintain the confidentiality of any and all information concerning the
operation or financial status of Bancorp and the Bank; the names or addresses of any of their
borrowers, depositors and other customers; any information concerning or obtained from such
customers; and any other information concerning

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Bancorp or the Bank to which the Officer may be exposed during the course of employment. The
Officer further agrees that, unless required by law or specifically permitted by Bancorp or the
Bank in writing, the Officer will not disclose to any person or entity, either during or subsequent
to the officer’s employment, any of the above-mentioned information which is not generally known to
the public, nor shall the Officer employ such information in any way other than for the benefit of
Bancorp and the Bank,
10. Termination and Termination Pay. Subject to Section 11 of this Agreement, the Officer’s
employment under this Agreement may be terminated in the following circumstances:

a. Death, The Officer’s employment under this Agreement shall terminate upon the Officer’s
death during the term of this Agreement, in which event the Officer’s estate shall be entitled to
receive the compensation due to the Officer through the last day of the calendar month in which the
Officer’s death occurred.

b. Retirement. This Agreement shall be terminated upon the normal or early retirement of the
Officer under the retirement benefit plan or plans in which the Officer participates pursuant to
Section 6 of this Agreement.

c. Disability. The Bank or the Officer may terminate the Officers employment after having
established the Officer’s Disability. For purposes of this Agreement, Disability” means a physical
or mental infirmity that impairs the Officer’s ability to substantially perform duties assigned to
the Officer under this Agreement and that results in the Officer’s becoming eligible for long-term
disability benefits under Bancorp’s or the Banks long-term disability plan (or, if Bancorp or the
Bank has no such plan in effect, that impairs the Officer’s ability to substantially perform duties
assigned to the Officer under this Agreement for a period of one-hundred eighty consecutive days).
In the event of such Disability, the Officer’s obligation to perform services under this Agreement
will terminate. In the event of such termination, the Officer shall be entitled to receive the
following:

i. The compensation and benefits provided for under this Agreement for any period during the term
of this Agreement and prior to the date of termination pursuant to
this Section 10.c. during which
the Officer is unable to work due to physical or mental infirmity (less any amounts which the
Officer receives under any disability insurance maintained by Bancorp or the Bank with respect to
such period);

ii.
For the period beginning upon the date of termination pursuant to this Section 10.c. and
continuing for the remaining term of this Agreement, (A) salary at the highest rate paid pursuant
to Section 4 of this Agreement during the twelve months prior to the establishment of such
disability under this Section 10.c., reduced by any payments received by the Officer during such
period following termination under a long term disability plan or policy maintained by Bancorp or
the Bank, and (B) benefits pursuant to Section 6 of this Agreement.

The Board shall determine whether or not the Officer is and continues to be permanently disabled
for purposes of this Agreement in good faith, based upon competent medical advice and other factors
that it reasonably believes to be relevant. As a condition to any benefits, such Board may require
the Officer to submit to such physical or mental evaluations and tests as it deems reasonably
appropriate.

d. Just Cause.

The Board may, by written notice to the Officer in the form and manner specified in this

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paragraph, immediately terminate the Officer’s employment with the Bank at any time for Just Cause.
The Officer shall have no right to receive compensation or other benefits for any period after
termination for Just Cause. Termination for Just Cause shall mean termination because of, in the
good faith determination of the Board, the Officer’s:

(1) Personal dishonesty;

(2) Willful misconduct;

(3) Breach of fiduciary duty involving personal profit;

(4) Intentional failure to perform duties under this Agreement;

(5) Other, continuing material failure to perform duties assigned to the Officer under this
Agreement after reasonable notification (which shall be stated in writing and given at least
fifteen days prior to termination) by the Board of such failure;

(6) Willful violation of any law, rule or regulation (other than traffic violations or similar
offenses) or final cease-and-desist order; or

(7) Material breach by the Officer of any provision of this Agreement.

Notwithstanding the foregoing, the Officer shall not be deemed to have been terminated for Just
Cause unless there shall have been delivered to the Officer a copy of a resolution duly adopted by
the affirmative vote of not less than a majority of the entire membership of the Board at a meeting
called and held for the purpose (after reasonable notice to the Officer and an opportunity for the
Officer to be heard before the Board), finding that in the good faith opinion of the Board the
Officer was guilty of conduct described above and specifying the particulars thereof

iii, Notwithstanding the foregoing, it is expected that Officer will perform all duties and
agreements to be performed herein, and Officer shall have the right to cure non-performance, to the
extent such performance is reasonably capable of being cured, and shall promptly upon receipt of
written notice of non- performance, comply with the requirements of such notice, and further if
Officer shall not comply with such notice to the satisfaction of the Bank within forty-eight (48)
hours after delivery thereof, (except if such compliance cannot be reasonably completed within
forty-eight (48) hours, if Officer shall not commence to comply within such period and thereafter
proceed to completion with due diligence) the Bank shall have the right to proceed with the Board
meeting specified in the preceding paragraph.

e. Certain Regulatory Events.

i. If the Officer is removed and/or permanently prohibited from participating in the conduct of the
Bank’s affairs by an order issued under Sections 8(e)(4) or 8(g)( 1) of the Federal Deposit
Insurance Act (“FDIA”) (12 U.S.C. § 1818(e)(4) and (g)(1)), all obligations of the Bank under this
Agreement shall terminate as of the effective date of the order, but vested rights of the parties
shall not be affected.

ii. if the Bank is in default (as defined in Section 3(x)(1) of FDIA), all obligations of the Bank
under this Agreement shall terminate as of the date of default, but vested rights of the parties
shall not be affected.

iii. If a notice served under Sections 8(e)(3) or (g)(1) of the FDIA (12 U.S.C. § 181 8(e)(3) and
(g)(1)) suspends and/or temporarily prohibits the Officer from participating in the conduct of the
Bank’s affairs, the Bank’s obligations under this Agreement shall be suspended as of the date of
such service, unless stayed by appropriate proceedings. If the charges in the notice are dismissed,
the Bank may, in its discretion, (I) pay the Officer all or part of the compensation withheld while
its contract obligations were suspended, and

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(ii) reinstate (in whole or in part) any of its obligations which were suspended.

The occurrence of any of the events described in paragraphs i, ii, and iii above may be considered
by the Board in connection with a termination for Just Cause.

f. Voluntary Termination by Officer. In addition to the Officer’s other rights to terminate under
this Agreement, the Officer may voluntarily terminate employment with the Bank and Bancorp during
the term of this Agreement upon at least sixty days’ prior written notice to the Bank, in which
case the Officer shall receive only compensation, vested rights and employee benefits up to the
date of termination.

g. Without Just Cause or With Good Reason.

i. In addition to termination pursuant to Section 10.a. through 10.f: the Board may, by written
notice to the Officer, immediately terminate the Officer’s employment with the Bank at any time for
a reason other than Just Cause (a termination “Without Just Cause”); and the Officer may, by
written notice to the Board, immediately terminate this Agreement at any time within ninety days
following an event of “Good Reason” as defined below (a termination “With Good Reason”).

ii.
Subject to Section 11 hereof in the event of termination under this Section 10.g., the Officer
shall be entitled to receive the salary for the remaining term of the Agreement, including any
renewals or extensions thereof, at the highest annual rate in effect pursuant to Section 4 of this
Agreement for any of the twelve months immediately preceding the date of such termination, plus
annual cash bonuses for each year (prorated in the event of partial years) remaining under such
term at the amount received by the Officer in the calendar year preceding the termination. The sum
due under this Section 10.g.. shall be paid in one lump sum within ten calendar days of such
termination.

iii. “Good Reason” shall exist if: without the Officer’s express written consent, Bancorp or the
Bank materially breach any of its respective obligations under this Agreement. Without limitation,
such a material breach shall be deemed to occur upon any of the following:

(1) A material reduction in the Officer’s responsibilities or authority in connection with the
Officer’s employment with Bancorp or the Bank;

(2) Assignment to the Officer of duties of a nonexecutive nature or duties for which the Officer is
not reasonably equipped by the Officer’s skills and experience;

(3) A reduction in salary or benefits contrary to the terms of this Agreement, or, following a
Change in Control as defined in Section 11 of this Agreement, any reduction in salary or material
reduction in benefits below the amounts to which the Officer was entitled prior to the Change in
Control;

(4) Termination of incentive and benefit plans, programs, or arrangements, or reduction of the
Officer’s participation to such an extent as to materially reduce their aggregate value below their
aggregate value as of the Effective Date;

(5) A requirement that the Officer’s principal business office or principal place of residence be
relocated outside any county in which the Bank has its main office, its branches, or its deposit
taking Automatic Teller Machines; or the assignment to the Officer of duties that would reasonably
require such a relocation;

(6) A requirement that the Officer spend more than thirty normal working days away from any county
in which the Bank has its main office, its branches, or its deposit taking Automatic Teller
Machines during any consecutive twelve month period; or

(7) Failure to provide office facilities, secretarial services, and other administrative

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services to Officer which are substantially equivalent to the facilities and services provided to
the Officer on the Effective Date (excluding brief periods during which office facilities may be
temporarily unavailable due to fire, natural disaster, or other
calamity).

(8) In the event of a Change in Control as defined in Section 11 of this Agreement, Officer shall
have the right to resign for any reason during the first sixty (60) days immediately following the
first six months after the closing date of a definitive purchase and assumption agreement (as
defined in such agreement), the execution of which brought about a Change in Control.

Notwithstanding the foregoing, it is expected that the Bank will perform all agreements on its part
to be performed herein, and the Bank shall have the right to cure non-performance, to the extent
such performance is reasonably capable of being cured, and shall promptly upon receipt of written
notice of non- performance, comply with the requirement of such notice, and further if Bank shall
not comply with such notice to the satisfaction of the Officer within forty- eight (48) hours after
delivery thereof (except if such compliance cannot be reasonably completed within forty-eight (48)
hours, if the Bank shall not commence to comply within such period and thereafter proceed to
completion with due diligence) the Officer shall have the right to proceed with notice of a “with
Good Reason” termination as specified above.

iv. Notwithstanding the foregoing: (A) a reduction or elimination of the Officer’s benefits under
one or more benefit plans maintained by Bancorp or the Bank as part of a good faith, overall
reduction or elimination of such plan or plans or benefits thereunder applicable to all
participants in a manner that does not discriminate against the Officer (except as such
discrimination may be necessary to comply with law) shall not constitute an event of Good Reason or
a material breach of this Agreement, provided that benefits of the type or to the general extent as
those offered under such plans prior to such reduction or elimination are not available to other
officers of Bancorp or the Bank or any company that controls either of them under a plan or plans
in or under which the Officer is not entitled to participate, and receive benefits, on a fair and
nondiscriminatory basis; and (B) a requirement that the Officer report to and be subject to the
direction or supervision of a senior officer of Bancorp or the Bank other than the Executive Vice
President and Chief Operating Officer shall not constitute an event of Good Reason or a material
breach of this Agreement.

h. Continuing Covenant not to Compete or Interfere with Relationships. Regardless of anything
herein to the contrary, following a termination (i) upon retirement pursuant to Section 10.b., (ii)
due to Disability pursuant to Section 10.c,, (iii) for Just Cause pursuant to Section 10.d., or
(iv) by the Officer pursuant to Section 10.f

The Officers obligations under Section 9c. of this Agreement will continue in effect; and

ii. During the remaining term of this Agreement (determined immediately before such termination),
the Officer shall not serve as an officer or director or employee of any bank holding company,
bank, savings association, savings and loan holding company, or mortgage company (any of which, a
“Financial Institution”), which Financial Institution offers products or services competing with
those offered by Bancorp or the Bank from offices in any county in the State of Maryland or of any
other State in which the Bank, Bancorp or any of their subsidiaries has a branch, and shall not
interfere with the relationship of Bancorp or the Bank and any of its employees, agents, or
representatives; provided, however, that the provisions of this noncompetition clause shall only
apply to

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termination of the Officer “before” a Change in Control as defined in Section 11. (It being the
intent of the parties that the noncompetition clause shall not apply to terminations resulting from
or due to a Change in Control.)

ii. In connection with a Change in Control.

a. For purposes of this Agreement, a Change in Control” shall be deemed to occur on the earliest of

The acquisition by any entity, person or group (other than the acquisition by a tax qualified
retirement plan sponsored by Bancorp or the Bank) of beneficial ownership, as that term is defined
in Rule 13d-3 under the Securities Exchange Act of 1934, of more than 25% of the outstanding
capital stock of Bancorp or the Bank entitled to vote for the election of directors (“Voting
Stock”);

ii. The commencement by any entity, person, or group (other than Bancorp or the Bank, a subsidiary
of Bancorp or the Bank or a tax qualified retirement plan sponsored by Bancorp or the Bank) of a
tender offer or an exchange offer for more than 20% of the outstanding Voting Stock of Bancorp or
the Bank;

iii. The effective time of (a) a merger or consolidation of Bancorp or the Bank with one or more
other corporations as a result of which the holders of the outstanding Voting Stock of Bancorp or
the Bank immediately prior to such merger exercise voting control over less than 80% of the Voting
Stock of the surviving or resulting corporation, or (b) a transfer of substantially all of the
property of Bancorp or the Bank other than to an entity of which Bancorp or the Bank owns at least
80% of the Voting Stock;

iv. Upon the acquisition by any entity, person, or group of the control of the election of a
majority of the Bank’s or Bancorp’s directors,

v. At such time that, during any period of two consecutive years, individuals who at the beginning
of such period constitute the Board of Bancorp or the Bank (the “Continuing Directors”) cease for
any reason to constitute at least two thirds thereof provided that any individual whose election or
nomination for election as a member of the Board was approved by a vote of at least two thirds of
the Continuing Directors then in office shall be considered a Continuing Director.

b. Termination. If within the period beginning six months prior to and ending two years
after a Change in Control, (i) the Bank shall terminate the Officer’s employment
Without Just Cause, or (ii) the Officer shall voluntarily terminate employment With
Good Reason, the Bank shall, within ten calendar days of the termination of Officer’s
employment, make a lump-sum cash payment to the Officer equal to 2.99 times the
sum of (x) the Officer’s annual salary at the highest annual rate in effect for any of the
twelve months immediately preceding the date of such termination, plus (y) the amount
of other compensation received by the Officer during the calendar year preceding the
Change in Control. This cash payment is subject to adjustment pursuant to Section 14
of this Agreement, and shall be made in lieu of any payment also required under section
10.g. of this Agreement because of a termination in such period. The Officer’s rights under Section
10.g: are not otherwise affected by this Section 11, Also, in such event, the Officer shall, for
three calendar years following the Officer’s termination of employment, continue to participate in
any benefit plans of Bancorp and the Bank that provide health (including medical and dental), life
or disability insurance, or similar coverage upon terms no less favorable than the most favorable
terms provided to executive officers of the Bank during such period.

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c. Funding of Trust upon Change in Control. In order to assure payment to the Officer of amounts
that may become payable by Bancorp or the Bank pursuant to this Section,
unless and to the extent the Officer has previously provided a written release of any
claims under Section 11 of this Agreement, not later than ten business days after a
Change in Control, Bancorp or the Bank shall (i) establish a valid trust under the law of
the State of Maryland with an independent trustee that has or may be granted
corporate trust powers under Maryland law, (ii) deposit in such trust an amount equal
to 2.99 times the Officer’s ‘base amount” as defined in Section 280G(b)(3) of the Code
and regulations promulgated thereunder (Section 280G and related regulations
hereinafter referred to as “Section 280G”) plus such amounts deemed adequate to cover
Bancorp and the Bank’s obligations under Section 14 of this Agreement, at the time of
the Change of Control, and (iii) provide the trustee of the trust with a written direction
to hold said amount and any investment return thereon in a segregated account, and to
pay such amounts as demanded by the Officer from the trust upon written demand
from the Officer stating the amount of the payment demanded from the trust and the
basis for the Officer’s rights to such payment under Section 11 of this Agreement.
Upon the earlier of the final payment of all amounts demanded by the Officer under this
Section 11 or the date thirty-six months after the Change in Control, the trustee of the
trust shall pay to Bancorp or the Bank, as applicable, the entire balance remaining in
the trust. Payments from the trust to the Officer shall be considered payments made by
Bancorp or the Bank for purposes of this Agreement. Payment of such amounts to the
Officer from the trust, however, shall not relieve Bancorp or the Bank from any obligation to pay
amounts in excess of those paid from the trust, or from any obligation to take actions or refrain
from taking actions otherwise required by this Agreement. Unless and until a termination of or by
the Officer as described in Section 11 .b.(i) or (ii), the Officer’s rights under this Agreement
shall be those of a general, unsecured creditor, the Officer shall have no claim against the assets
of the trust, and the assets of the trust shall remain subject to the claims of creditors of
Bancorp or the Bank, Upon the termination of the trust as specified herein, the Officer shall have
no further interest in the trust.

12. Indemnification and Liability Insurance.

a. Indemnification Bancorp and the Bank agree to indemnify the Officer (and the Officer’s heirs,
executors, and administrators) to the fullest extent permitted under applicable law and regulations
against any and all expenses and liabilities reasonably incurred by the Officer in connection with
or arising out of any action, suit, or proceeding in which the Officer may be involved by reason of
having been a director or officer of the Bank or any of their subsidiaries (whether or not the
Officer continues to be a director or officer at the time of incurring any such expenses or
liabilities) such expenses and liabilities to include, but not be limited to, judgments, court
costs and attorneys’ fees and the cost of reasonable settlements, such settlements to be approved
by the Board of Bancorp or the Bank, if such action is brought against the Officer in the Officer’s
capacity as an officer or director of Bancorp or the Bank or any of their subsidiaries,
Indemnification for expense shall not extend to matters for which the Officer has been terminated
for Just Cause. Nothing contained herein shall be deemed to provide indemnification prohibited by
applicable law or regulation. Notwithstanding anything herein to the contrary, the obligations of
this Section 12 shall survive the term of this Agreement by a period of seven years.

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b, Insurance. During the period in which indemnification of the Officer is required under this
Section, Bancorp or the Bank shall provide the Officer (and the Officer’s heirs, executors, and
administrators) with coverage under a directors’ and officers’ liability policy at the expense of
Bancorp or the Bank, at least equivalent to such coverage provided to directors and senior officers
of Bancorp or the Bank, whichever is more favorable to the Officer,

13. Reimbursement of Officer’s Expenses to Enforce this Agreement. Bancorp or the Bank shall
reimburse the Officer for all out-of-pocket expenses, including, without limitation, reasonable
attorney’s fees, incurred by the Officer in connection with successful enforcement by the Officer
of the obligations of Bancorp or the Bank to the Officer under this Agreement. Successful
enforcement shall mean the grant of an award of money or the requirement that Bancorp or the Bank
take some action specified by this Agreement (i) as a result of court order; or (ii) otherwise by
Bancorp or the Bank following an initial failure of Bancorp or the Bank to pay such money or take
such action promptly after written demand therefor from the Officer stating the reason that such
money or action was due under this Agreement at or prior to the time of such demand.

14. Adjustment of Certain Payments and Benefits.

Bancorp and the Bank shall indemnify and hold the Officer harmless from any and all loss, expense,
or liability that the Officer may ever incur under Code § 4999, or any successor provision, as the
result of payments or benefits that the Officer receives from Bancorp or the Bank or any successor
to any of its interests, Bancorp and the Bank shall have this obligation with respect to any excise
taxes (and any federal, state, and local income taxes on those excise taxes) for which the Officer
is liable under Code § 4999, or any successor provision, pursuant to a tax return on which the
Officer reports such excise tax liability based on a reasonable analysis (that the Officer need not
file with the return) prepared by the Officer’s legal counsel. This paragraph shall survive
termination or expiration of this Agreement for any reason.

15. Injunctive Relief. If there is a breach or threatened breach of Section 10.h. of this
Agreement or the prohibitions upon disclosure contained in Section 9.c. of this Agreement, Bancorp
or the Bank and the Officer agree that there is no adequate remedy at law for such breach, and that
Bancorp and the Bank each shall be entitled to injunctive relief restraining the Officer from such
breach or threatened breach, but such relief shall not be the exclusive remedy hereunder for such
breach. The parties hereto likewise agree that the Officer shall be entitled to injunctive relief
to enforce the obligations of Bancorp and the Bank under Section 11 of this Agreement.

16. Successors and Assigns.

a. This Agreement shall inure to the benefit of and be binding upon any corporate or other
successor of Bancorp or the Bank which shall acquire, directly or indirectly, by merger,
consolidation, purchase or otherwise, all or substantially all of the assets or stock of Bancorp or
the Bank.

b. Since the Bank and Bancorp are contracting for the unique and personal skills of the Officer,
the Officer’s rights or duties hereunder shall be precluded from assignment or delegation without
first obtaining the written consent of the Bank and Bancorp.

17. No Mitigation. The Officer shall not be required to mitigate the amount of any payment provided
for in this Agreement by seeking other employment or otherwise and no such payment shall be offset
or reduced by the amount of any compensation or

10

 

benefits provided to the Officer in any subsequent employment.

18, Notices. All notices, requests, demands and other communications in connection with this
Agreement shall be made in writing and shall be deemed to have been given when delivered by hand or
48 hours after mailing at any general or branch United States Post Office, by registered or
certified mail, postage prepaid, addressed as follows, or to such other address as shall have been
designated in writing by the addressee:

a. If to Bancorp or the Bank:

Sandy Spring Bancorp, Inc.

Sandy Spring Bank

17801 Georgia Avenue

Olney, Maryland 20832

Attention: R. E. Kuykendall, General Counsel

b. If to the Officer:

Philip J. Mantua

16816 Melbourne Drive

Laurel, Maryland 20707

19. Joint and Several Liability; Payments by Bancorp and the Bank. To the extent permitted by law,
except as otherwise provided herein, Bancorp and the Bank shall be jointly and severally liable for
the payment of all amounts due under this Agreement. Bancorp hereby agrees that it shall be jointly
and severally liable with the Bank for the payment of all amounts due under this Agreement and
shall guarantee the performance of the Bank’s obligations thereunder, provided that Bancorp shall
not be required by this Agreement to pay to the Officer a salary or any bonuses or any other cash
payments, except in the event that the Bank does not fulfill the obligations to the Officer
hereunder for such payments. Bancorp may, however, pay salary and bonuses as deemed appropriate by
its Board in the exercise of its discretion.

20. No Plan Created by this Agreement. The Officer, Bancorp and the Bank expressly declare and
agree that this Agreement was negotiated among them and that no provision or provisions of this
Agreement are intended to, or shall be deemed to, create any plan for purposes of the Employee
Retirement Income Security Act or any other law or regulation, and, Bancorp the Bank and the
Officer each expressly waives any right to assert the contrary. Any assertion in any judicial or
administrative filing, hearing, or process by or on behalf of the Officer or Bancorp or the Bank
that such a plan was so created by this Agreement shall be deemed a material breach of this
Agreement by the party making such an assertion.

21, Amendments. No amendments or additions to this Agreement shall be binding unless made in
writing and signed by all of the parties, except as herein otherwise specifically provided.

22. Applicable Law. Except to the extent preempted by Federal law, the laws of the State of
Maryland shall govern this Agreement in all respects, whether as to its validity, construction,
capacity, performance or otherwise.

23. Severability. The provisions of this Agreement shall be deemed severable and the invalidity or
unenforceability of any provision shall not affect the validity or enforceability of the other
provisions hereof.

24. Headings. Headings contained herein are for convenience of reference only.

11

 

25, Entire Agreement. This Agreement, together with any understanding or modifications thereof as
agreed to in writing by the parties, shall constitute the entire agreement among the parties hereto
with respect to the subject matter hereof, other than written agreements with respect to specific
plans, programs, or arrangements described in Sections 5 and 6, and supersedes all prior agreements
other than with respect to such specific plans, programs, or arrangements.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the date first set forth
above.

SANDY SPRING BANK

By: /s/Hunter R. Hollar

President and CEO

SANDY SPRING BANCORP, INC.

By: /s/Hunter R. Hollar

President

OFFICER

/s/Philip J. Mantua

12exv10wxty

 

Exhibit 10(t)

SEPARATION AGREEMENT

AND GENERAL RELEASE

     This Confidential Separation Agreement and General Release (“Agreement”) is made and entered
into as of this 8th day of December, 2004, by and among Sandy Spring Bank (the “Bank”),
a commercial bank organized under the laws of the State of Maryland, Sandy Spring Bancorp
(“Bancorp”), a Maryland corporation and registered bank holding company for the Bank, and James H.
Langmead (“Officer”).

     WHEREAS, the employment of Officer with the Bank and its affiliates terminated on October 11,
2004; and

     WHEREAS, the parties to this Agreement desire to set forth their agreements and understandings
in connection with the termination of Officer’s employment, and to provide certain related waivers
and releases.

     NOW THEREFORE, in consideration of the mutual covenants contained in this Agreement and other
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties to this Agreement agree as follows:

	1.0  	Termination of Employment; Resignations.

(a) The employment of Officer with the Bank and its subsidiaries and affiliates was
terminated on October 11, 2004.

(b) Officer agrees not to make use of any office at the Bank after October 11, 2004, and
agrees to take no action on behalf of the Bank or any of its subsidiaries or affiliates
except as expressly required by this Agreement or as directed by the President and Chief
Executive Officer or the Executive Vice President and Chief Operating Officer of the Bank.

(c) Officer ceased to be a director of any and all direct and indirect other subsidiaries of
Bancorp upon his termination of employment.

(d) Officer ceased to be a director, officer, official, partner, member, or employee of any
corporation, partnership or other organization as to which such position or service was held
on behalf of or by virtue of his position as an officer of the Bank or any of its affiliates
effective upon his termination of employment.

(e) Officer agrees to execute such notices and to provide such letters of resignation as are
reasonably requested by the Bank in connection with the termination of employment and
resignations described in this Section 1.0.

	2.0  	Prior Employment Agreement.

(a) Officer acknowledges and agrees that the obligations of Bancorp and the Bank to pay
salary and bonus under section 10.g.ii of the Employment Agreement among the Officer,
Bancorp, and the Bank dated as of December 19, 2002 (the “Employment Agreement”) have been
satisfied by the payment in a lump sum, of the sum of $484,604, consisting of (i) $272,849,
which is the Officer’s salary at the rate of $230,000 per year for the remaining term of the
Employment Agreement (that is, through December 18, 2005); plus (ii) $211,755, which is the
total of annual cash bonuses for the remaining term of the

1

 

Employment Agreement based upon the cash bonus amount received by the Officer in 2003. The
calculation of this payment is included on Exhibit I to this Agreement.

(b) Bancorp and the Bank acknowledge their continuing obligation to indemnify Officer and
provide related liability insurance as required by Section 12 of the Employment Agreement.
Officer, Bancorp, and the Bank agree that such obligations shall terminate on October 12,
2011.

(c) Bancorp and the Bank acknowledge their continuing obligation to the Officer under
section 11 of the Employment Agreement in the event that a Change in Control, as defined in
the Employment Agreement, occurs on or before April 11, 2005.

(d) Officer, Bancorp, and the Bank agree that the Employment Agreement shall be deemed
terminated as of October 11, 2004.

	3.0  	Plan Benefits; Loans.

(a) Officer is eligible for certain benefits (the “Plan Benefits”) under plans and
arrangements previously established by the Bank or Bancorp. A summary of these benefits is
attached as Exhibit II to this Agreement for convenience of reference.

(b) Officer and the Bank acknowledge that any and all outstanding extensions of credit by
the Bank to Officer continue to be payable in accordance with their terms.

	4.0  	Additional Severance Benefits. The Bank agrees to provide the following additional severance
benefits to the Officer:

(a) Payment of the cost of COBRA coverage (medical, dental, and vision) through December 31,
2005;

(b) Continued coverage of the Officer under the Bank’s Executive Health and Health Expense
Reimbursement plans through December 31, 2005;

(c) Continued reimbursement of the Officer’s long-term care coverage through December 31,
2005 up to the amount of the Bank’s group long term care plan cost for the Officer if his
employment had not been terminated;

(d) A lump sum payment within ten business days of the execution of this Agreement of
$7,300; and

(e) Outplacement services through a recognized provider, to be mutually selected, at a level
commensurate with Officer’s position with the Bank, for a period of six months, renewable
for a second six-month period, in the event the Officer has not found suitable re-employment
despite his diligent efforts;

provided that the continuation of the benefits specified in
subsections (a), (b), and (c) will terminate prior to December 31,
2005, at such earlier date, if any, that the Officer becomes eligible
for coverage under a comparable plan or plans offered by his employer.

	5.0  	Acknowledgement, Release and Waiver of Claims to Benefits.

(a) Officer acknowledges and agrees that, other than as required by this Agreement and the
plans and arrangements listed in Exhibit II to this Agreement, he is not entitled to any
benefits or payments of any kind whatsoever pursuant to or connection with (i) any

2

 

supplemental retirement plan, post employment benefit plan, or similar plan or arrangement
established or to be established by the Bank; (ii) any other plan, arrangement, bonus,
benefit, or agreement relating to the compensation or employment of the Officer by the Bank
or any affiliate of the Bank, or (iii) otherwise; and Officer expressly waives and releases
any claims thereto, and agrees not to participate in any actions with respect to such
benefits, payments, plans, or arrangements other than those listed in Exhibit II to this
Agreement except to the extent compelled by law

(b) Officer and the Bank each acknowledges that Officer has been paid through October 11,
2004, at the rate then in effect, that Officer has no claim to any payment for any vacation
or personal days or pay therefor in addition to payment of such salary, and that neither the
Bank nor Bancorp has any claim for repayment of any (i) salary, (ii) vacation or personal
days or pay therefor, or (iii) Plan Benefits, paid to the Officer through October 11, 2004.

	6.0  	ADEA Release; State Age Discrimination Law Release; Other Releases; Notice; Waivers;
Consultation with Legal Counsel; Officer Right to Revoke Agreement.

(a) For purposes of this Agreement, the term “Released Persons” means the Bank and all of
its past, present, and future affiliated companies, and all of their past, present, and
future officers, directors, employees, agents, assigns, successors, and attorneys.

(b) Officer, with the intention of binding himself, his heirs, executors, administrators and
assigns, does hereby release, acquit, and forever discharge the Released Persons from any
and all claims, liabilities, demands, and causes of action, whether known or unknown, fixed
or contingent, that may have arisen under the Federal Age Discrimination in Employment Act,
Maryland Laws prohibiting age discrimination in employment, and any other similar laws
(including, without limitation, local ordinances) on or before execution of this Agreement.

(c) The Officer acknowledges and understands:

(i) that the Officer has been advised to consult with an attorney prior to executing
this Agreement;

(ii) that the Officer has been advised to thoroughly review and understand the
effect of this release before signing this Agreement;

(iii) that the Officer has had at least forty-five (45) days within which to
consider whether this release is in the Officer’s best interests, and has
voluntarily chosen to execute this Agreement before the end of that forty-five day
period;

(iv) that in granting this release the Officer has not relied upon any
representation or statement, written or oral, not set forth in this Agreement; and

(v) that within seven (7) days following execution of this Agreement, the Officer
may revoke this Agreement, including such release of age discrimination claims.

(d) This Agreement shall not be effective or enforceable until the seven (7) day revocation
period described immediately above has expired without revocation of the Agreement by
Officer.

(f) The Officer, the Bank, and Bancorp acknowledge and agree that the payments (excluding
Plan Benefits payments and payments made pursuant to Section 2.0 of this

3

 

Agreement) made by the Bank or Bancorp in
connection with this Agreement, and the
promises and agreements made by the Bank
and Bancorp in this Agreement, are
partially in consideration for the
foregoing release.

	7.0  	General Release.

(a) Release by Officer. Subject to the rights of Officer and the limitations set forth in
Section 6.0 of this Agreement regarding claims, liabilities, demands, and causes of action
under the Age Discrimination in Employment Act, Maryland Laws prohibiting discrimination in
employment, and any other similar laws (which are governed solely by the provisions of
Section 6.0 hereof and such laws), and (i) actions that may lawfully be taken by Officer to
enforce the terms of this Agreement, (ii) the obligations of Bancorp and the Bank
acknowledged in subsections (b) and (c) of Section 2.0 of this Agreement, (iii) loan and
deposit agreements between Officer and the Bank, and the (iv) plans and agreements of the
Bank under which the Officer is eligible to receive Plan Benefits, Officer, with the
intention of binding himself, his heirs, executors, administrators and assigns, does hereby
release, acquit, and forever discharge the Released Persons from all manner of actions,
causes of action, suits, debts, sums of money, accounts, reckonings, bonds, bills,
specialties, covenants, controversies, agreements, promises, variances, trespasses, damages,
judgments, executions, charges, claims, complaints, and demands, whatsoever, in law or in
equity, (“Claims”) that Officer now has or may have, both known and unknown, fixed, or
contingent, arising of his employment with or service to the Bank or any of its subsidiaries
or affiliates, or the termination of his employment therewith. The Claims so released by
Officer include, but are not limited to: any claims arising under Title VII of the Civil
Rights Act of 1964, as amended; any claims arising under the Americans with Disabilities
Act; any claim for discrimination or harassment of any kind, breach of contract or public
policy, wrongful or retaliatory discharge, or defamation; and/or any other claim to any form
of compensation or benefits. Except to the extent prohibited by law, Officer hereby
expressly waives the benefits of any statute or rule of law which, if applied to this
General Release, would otherwise exclude from its binding effect any claims not now known by
Officer to exist.

(b) Release by Bank. Subject to actions that may lawfully be taken by the Bank to enforce
the terms of this Agreement, loan and deposit agreements between Officer and the Bank, the
plans and arrangements of the Bank under which the Officer is eligible to receive Plan
Benefits, the Bank, with the intention of binding itself, its officers in their capacity as
such, its board of directors, administrators, successors, agents, successors, and assigns,
does hereby release, acquit, and forever discharge the Officer, his heirs, executors,
administrators, assigns, and of and from all manner of Claims that the Bank now has or may
have, both known and unknown, arising out of Officer’s employment with or service to the
Bank or any of its subsidiaries or affiliates, or the termination of the Officer’s
employment therewith, other than any Claims directly related to any grossly negligent,
intentionally wrongful, or criminal conduct by Officer in connection with his employment by
the Bank or its affiliates that caused monetary damage to the Bank, its affiliates, or their
officers, directors, agents, employees, attorneys, or shareholders. Except to the extent
prohibited by law, the Bank hereby expressly waives the benefits of any statute or rule of
law which, if applied to this General Release, would otherwise exclude from its binding
effect any claims not now

4

 

known by the Bank to exist.

8.0 Confidential Business Information. Officer acknowledges that he has had access to confidential
business information (including, but not limited to, future business plans, financial and personnel
information, customer information, and investment strategies) concerning the business plans,
finances, and assets of the Bank and Bancorp, which is not generally known outside of the Bank and
Bancorp (“Confidential Information”). For all time, Officer agrees that he shall not, without
proper written authorization of the Bank or Bancorp or as required by law, directly or indirectly
use, divulge, furnish, or make accessible to any person any Confidential Information, but instead
shall keep all Confidential Information strictly and absolutely confidential.

9.0 Return of Property. Officer represents and warrants that he has returned to the Bank any and
all files or other property of the Bank or any of its subsidiaries or affiliates. Said property
includes, but is not limited to: any and all financial records and data; credit cards; keys;
customer lists and data; contracts; personnel information; project development information;
prospective customer information; written proposals and studies; computer hardware and proprietary
software developed by or for the benefit and use of the Bank or any of its subsidiaries or
affiliates; and any and all copies of any such property.

10.0 Future Conduct.

(a) Upon request by Officer or a third party, the Bank will provide him or transmit to the
third party an original of the letter of reference appearing as Exhibit III. The Bank agrees
that the letter will be sent reasonably promptly and in a manner consistent with normal
business practices. All oral requests from prospective employers shall be directed to Hunter
Hollar, who will respond only in a manner consistent with the content of Exhibit III. In the
event the Bank is asked whether the Officer is eligible for rehire, the answer shall be, “It
is our policy not to answer that question.” The Bank agrees to provide to the Officer, upon
his signing of the Separation Agreement and General Release, ten originals of Exhibit III,
dated October 12, 2004, and addressed “To Whom It May Concern.”

(b) The Bank agrees not to at any time engage in any form of conduct or make any statement
or representation that could reasonably be construed to disparage the reputation of the
Officer for honesty, truthfulness, or professional competence.

(c) Officer agrees that he shall not at any time engage in any form of conduct or make any
statements or representations that could reasonably be construed to disparage the
reputation, goodwill, or interests of the Bank, its customers, or any of the Bank’s
subsidiaries, employees, officers, or directors, related companies, or affiliates.

(d) This Section shall not prohibit any party from truthfully describing the fact of the
termination of Officer’s employment or statements made in good faith in connection with any
law enforcement, regulatory, or civil investigations, actions, or proceedings.

(e) The Officer agrees not to directly or indirectly solicit for hire, hire, or agree to
hire, as an officer, employee, consultant, or otherwise, any officer or employee of the Bank
or its affiliates during the period beginning October 11, 2004 and ending on December 31,
2005.

11.0 Disclosure of Agreement. Officer and the Bank agree that the fact and terms of this

5

 

Agreement may be disclosed (i) as required by law or regulation; (ii) in connection with any law
enforcement, regulatory, or civil investigations, actions, or proceedings; and (iii) as required by
generally accepted accounting or auditing principles.

12.0 Notices.

(a) All notices, requests, demands and other communications under this Agreement shall be in
writing and shall be delivered in person or sent by registered or certified mail, return
receipt requested, or by overnight courier, such as Federal Express, and properly addressed
as follows:

     To Officer:

 

     James H. Langmead

     7112 Chardon Court

     Clarksville, MD 21029

      

     To Bancorp and the Bank:

      

     Sandy Spring Bancorp

     Sandy Spring Bank

     17801 Georgia Avenue

     Olney, Maryland 20832

     Attention:      Frank H. Small

                           Executive Vice President and

                           Chief Operating Officer

(b) Any such notice sent by registered or certified mail, return receipt requested, or by
nationally recognized overnight courier, such as Federal Express, shall be deemed to have
been duly given and received forty-eight (48) hours after the same is so addressed and
mailed or delivered to such courier with postage or delivery fees prepaid. Notice sent by
any other manner shall be effective only upon actual receipt thereof.

(c) The parties agree to notify each other promptly of any change in mailing address.

13.0 Withholding. All amounts payable to Officer hereunder are subject to applicable Federal,
state, and local withholding requirements.

14.0 Controlling Law and Venue. The validity of this Agreement and any of its provisions and
conditions, as well as the rights and duties of the parties, shall be interpreted and construed
pursuant to and in accordance with the internal laws, other than the choice of law rules, of the
State of Maryland, except to the extent preempted by Federal law. The parties select and
irrevocably submit to the jurisdiction of any Maryland State court or United States Federal court
sitting in Maryland for any action to enforce, construe or interpret this Agreement. The parties
further waive any objection to venue in such state on the basis of forum non conveniens.

15.0 Certain Representations and Warranties.

(a) Officer represents and warrants that he has not sold, assigned, transferred, conveyed,
or otherwise disposed of to any third-party, by operation of law or otherwise, any action,

6

 

cause of action, suit, debt, obligation, account, contract, agreement, covenant, guarantee,
controversy, judgment, damage, claim, counterclaim, liability, or demand of any nature
whatsoever relating to any matter covered by this Agreement.

(b) Officer, the Bank, and Bancorp each represents and warrants that this Agreement was
executed on December 8, 2004.

16.0 Successors and Assigns. This Agreement shall be binding upon, enforceable by and inure to the
benefit of Officer’s personal or legal representatives, executors, administrators, successors,
heirs, distributees, devises and legatees and the Bank and any of its successors, but neither this
Agreement nor any rights or payments arising hereunder may be assigned, pledged, transferred or
hypothecated by Officer, and any attempted assignment in violation of this Section is void.

17.0 Third Party Beneficiaries. Each party hereto intends that this Agreement shall not benefit or
create any right or cause of action in or on behalf of any person other than the parties hereto and
the officers, directors and employees of the Bank and the permitted assigns of the parties upon the
effective date of permitted succession or assignment.

18.0 Entire Agreement. This Agreement contains all of the agreements of the parties with respect
to the matters contained herein and no prior or contemporaneous agreement or understanding, oral or
written, pertaining to any such matters shall be effective for any purpose.

19.0 Amendment and Waiver.

(a) No provision of this Agreement may be amended or added to except by an agreement in
writing signed by the parties hereto or their respective permitted successors in interest
and expressly stating that it is an amendment of this Agreement.

(b) The waiver of any breach of any provision under this Agreement by any party hereto shall
not be deemed to be a waiver of any preceding or subsequent breach under this Agreement.

20.0 Severability; Return of Payments. If any paragraph, section, sentence, clause, or phrase
contained in this Agreement shall be held by any court of competent jurisdiction to be illegal,
null or void or against public policy, the remaining paragraphs, sections, sentences, clauses or
phrases contained in this Agreement shall not be affected thereby; provided that Officer shall
repay any and all amounts paid or transferred to him or to others for his benefit pursuant to
Section 4.0 of this Agreement within ten (10) business days following the entry of a judgment or
issuance of a binding legal or regulatory decision that has the effect of making all or a portion
of Sections 6.0, 7.0(a), or 8.0 hereof invalid or unenforceable in whole or in part.

21.0 Headings. The headings of this Agreement are for purposes of reference only and shall not
limit or define the meaning of the provisions of this Agreement.

22.0 Number(s). Whenever the context of this Agreement so requires, the singular includes the
plural, the plural includes the singular, and the whole includes any part thereof.

23.0 Counterparts. This Agreement may be executed in any number of counterparts, each of which
shall be an original but all of which shall constitute one and the same instrument.

24.0 Cooperation. Officer and the Bank will cooperate to effect the transactions described in this
Agreement and otherwise to accomplish its purposes for such time as may be necessary. Officer
agrees to respond promptly to reasonable inquiries and requests for information relating to the

7

 

activities of the Bank or its subsidiaries for which Officer held responsibility.

     In WITNESS WHEREOF, the parties hereto have duly authorized and executed this Agreement as of
the date first above written.

	 	 	 
	ATTEST:

	 	SANDY SPRING BANK
	

	 	By:      /s/ Hunter R. Hollar
	 

	 	 
	 
	 	 
	ATTEST:

	 	SANDY SPRING BANCORP, INC.
	

	 	By:      /s/ Hunter R. Hollar
	 

	 	 
	 
	 	 
	WITNESS

	 	OFFICER
	

	 	/s/ James H. Langmead
	 

	 	 

8

 

EXHIBIT I

Sandy Spring Bank

Calculation of Severance Payment

James H. Langmead

	 	 	 	 	 
	Base salary
	 	$	230,000	 
	 
	 	 	 
	Cash bonus paid in 2003 (prior calendar year)
	 	$	107,797	 
	 
	 	 	 
	Effective date of current employment agreement
	 	 	12/19/2002	 
	Last day of remaining term
	 	 	12/18/2005	 
	Termination date
	 	 	10/11/2004	 
	Expiration date
	 	 	12/18/2005	 
	Days remaining in term at termination date
	 	 	433.0	 
	Days in 2005 through termination date
	 	 	352.0	 
	Amount due under agreement:
	 	 	 	 
	Total salary at current level through remaining term
	 	$	272,849	 
	 
	 	 	 
	Bonus for 2004
	 	 	107,797	 
	Bonus 2005 prorated
	 	 	103,958	 
	 
	 	 	 
	Total bonuses for remaining term
	 	 	211,755	 
	 
	 	 	 
	Total
	 	$	484,604	 
	 
	 	 	 

 

 

EXHIBIT II

PLAN BENEFITS

SUBJECT TO CORRECTION AND TERMS OF PLANS AND ARRANGEMENTS

	1.  	Sandy Spring Bancorp, Inc. 1992 Stock Option Plan
	 
	2.  	Sandy Spring Bancorp, Inc. 1999 Stock Option Plan
	 
	3.  	Amended and Restated Sandy Spring Bancorp, Inc. Cash and Deferred Profit Sharing Plan and
Trust
	 
	4.  	Sandy Spring Bank Health Insurance Plan
	 
	5.  	Sandy Spring Bank Executive Health Expense Reimbursement Plan, as amended
	 
	6.  	Sandy Spring Bank Supplemental Executive Retirement Agreement
	 
	7.  	Sandy Spring Bank Pension Plan
	 
	8.  	COBRA Benefits

-End-

 

 

EXHIBIT III

REFERRAL LETTER TEXT

     I am pleased to recommend James H. Langmead. Mr. Langmead served as an executive or senior
officer from the time he started at Sandy Spring Bank in March 1992 until his departure in October
2004. He most recently was Executive Vice President and Chief Financial Officer of Sandy Spring
Bancorp and the Bank, titles he earned in 2001. Mr. Langmead initially served as Vice President
and Controller of the Bank. He became Senior Vice President of the Bank in 1994, Vice President
and Treasurer of Bancorp and Senior Vice President and Chief Financial Officer of the Bank in 1995,
and became an Executive Vice President of the Bank in 1997.

     During his years of service with Bancorp, he was responsible for Bancorp and Bank accounting,
budgeting, and financial functions, including financial reporting for shareholders, regulators and
the Securities and Exchange Commission. He played a key role in investor relations through the
years, and was instrumental in Bancorp’s NASDAQ National market listing and its offerings of common
stock and trust preferred securities. Mr. Langmead had primary accounting and financial
responsibility for analysis, negotiation, and integration of Sandy Spring’s acquisitions of banking
organizations, bank branches, and non-bank companies. He was chairman of the Asset Liability
Management Committee and directed the development and updating of risk management policies and
practices. He assembled and managed a staff of qualified financial officers and staff. He was
responsible for managing compliance with the extensive financial reporting requirements of the
Sarbanes-Oxley Act and related SEC regulations.

     Mr. Langmead is a self-starter who actively participated in the bigger picture strategic
decision making, as well as exhibiting very strong technical skills and regard for details. He is
an efficient problem solver who strives to achieve high standards of accuracy, quality, and
timeliness in his work. Mr. Langmead is a reserved, respectful, and conscientious individual who
takes his responsibilities very seriously. He has exhibited integrity and honesty and is well
respected by his peers. Mr. Langmead has demonstrated abilities to articulate and communicate
complicated financials matters. He is highly effective in the Investor Relations realm, due to his
strong communication skills. Mr. Langmead understands the technical aspects of financial
management, and has applied good professional judgement. He is aware of the significance of
achieving transparency in financial reporting and takes an active role in editing all financial
communications. He has been instrumental in acting as team-leader in merger and acquisition
activity. Mr. Langmead is confident and knowledgeable and has provided significant management and
support to Sandy Spring Bank’s adoption of asset/liability risk management practices, profitability
measurement systems, performance-based compensation systems, a strategic growth and expansion
policy, and the creation of a disclosure controls committee and charter. Mr. Langmead has formed a
highly competent financial management team that has benefited from his strong work ethic and his
ability to teach and motivate. Mr. Langmead has maintained many positive professional
relationships with outside auditors, consultants, banking

 

 

regulators and stock analysts.

     During his tenure, Bancorp grew from assets of $675 million, and nineteen offices, at year-end
1992, to $2.3 billion with thirty offices at year-end 2003, while maintaining strong asset quality,
a history of solid returns, and good relationships with banking regulators and investors. Mr.
Langmead is an experienced and well-regarded member of the banking community.

     We at Sandy Spring wish Mr. Langmead all the best in his future endeavors. Please do not
hesitate to contact me if I can be of further assistance.

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