Document:

exv10w1w41

 

Exhibit 10.1.41

AMENDMENT NO. 1

TO THE

SPECIALTY UNDERWRITERS’ ALLIANCE, INC.

PARTNER AGENT PROGRAM AGREEMENT

This amendment modifies the Specialty Underwriters’ Alliance, Inc. Partner Agent Program Agreement
by and between Company and ATM, dated May 1, 2004 as amended (the “Agreement”). Any capitalized
terms defined in the Agreement and used herein shall have the same meaning in this Addendum as in
the Agreement. Except as amended hereby, the Agreement remains in full force and effect after the
date hereof and each of the parties by its execution hereof ratifies and confirms the provisions of
said Agreement.

Now, therefore, in accordance with Section IX, D of the Agreement and in consideration of the
mutual agreements and covenants hereinafter set forth, the parties wish to amend the Agreement as
follows:

1. Section VII, A, INSURANCE AND INDEMNITY, page 6, line 5 shall be amended by deleting
“$1,000,000” and replacing with “$500,000”.

2. Section VIII, F, TERM AND TERMINATION, page 7, shall be amended by deleting the Company’s
address and replacing with the following:

    “222 South Riverside Plaza, Chicago, IL 60606.”

3. Exhibit A, Section A shall be deleted in its entirety and replaced with the following:

    “Except as otherwise provided in the Commission Schedule, Partner Agent’s Commission shall be
as follows:

	 	 	 	 	 
	Program Description	 	Line of Business	 	Maximum Rate of Commission
	Artisans Contractors
	 	General Liability	 	15%
	General Contractors
	 	General Liability	 	15%
	E-Comp.
	 	Workers’ Comp.	 	15% for business written during the Initial Profit Sharing Year (January 1, 2005 to December 31, 2005) and 12% for all Profit Sharing Years thereafter.

4. Exhibit B, page 11 shall be modified by inserting the following as the first sentence of the
page.

“A separate profit sharing calculation will be completed for each individual program managed
by the Partner Agent as stated in Exhibit A of this Agreement.”

 

 

5. Exhibit B, page 14, Legend B shall be modified by deleting the first sentence and replacing with
the following:

“The Initial Profit Sharing Year of this Agreement shall be from January 1, 2005 to December
31, 2005.”

6. The name “Chris Michaels” shall be replaced with “Chris Micheals”.

 

 

This Amendment may be executed in two or more counterparts, each of which shall be deemed an
original but all of which together shall constitute one and the same instrument.

This Amendment shall be deemed to be made in and in all respects shall be interpreted, construed
and governed by and in accordance with the law of the State of Delaware without regard to
principles of conflicts of laws that would require application of the law of a jurisdiction
other than the State of Delaware.

Signed this 17th Day of January, 2005.

COMPANY: Specialty Underwriters’ Alliance, Inc., for and on behalf of itself and its
subsidiaries existing now or hereafter

	 	 	 	 	 
	BY: 	/s/ Courtney Smith	 	 

	 	 	 	 	 
	NAME: 	Courtney Smith	 	 

	 	 	 	 	 
	TITLE: 	President & CEO	 	 
	 
	 	 	 	 
	American Team Managers	 	 

	 	 	 	 	 
	BY: 	/s/ Chris Michael	 	 

	 	 	 	 	 
	NAME: 	Chris Michael	 	 

	 	 	 	 	 
	TITLE: 	President & CEOexv10w7

 

Exhibit 10.7: Base Salaries of Named Executive Officers

     Effective March 1, 2005, the following are the base salaries (on an annual basis) of the named
executive officers (as defined in Item 402(a)(2) of Regulation S-B) of Alliance Bankshares
Corporation.

	 	 	 	 	 	 	 	 
	 
	 	Thomas A. Young, Jr.
	 	 	$	240,000	 	 
	 	President & CEO
	 	 	 	 	 	 
	 	 
	 	 	 	 	 	 
	 	Paul M. Harbolick, Jr.
	 	 	$	160,000	 	 
	 	Executive
Vice President & CFO
	 	 	 	 	 	 
	 	 
	 	 	 	 	 	 
	 	Frank H. Grace, III
	 	 	$	170,000	 	 
	 	President, Alliance Home Funding, LLC
	 	 	 	 	 	 
	 	 
	 	 	 	 	 	 
	 	Craig W. Sacknoff
	 	 	$	133,000	 	 
	 	Senior Vice President
	 	 	 	 	 	 
	 	 
	 	 	 	 	 	 
	 	John B. McKenney, III (1)
	 	 	$	125,000	 	 
	 	Senior Vice President & Chief Credit Officer
	 	 	 	 	 	 
	 

	(1)	 	Mr. McKenney is expected to become a named executive officer in 2005.exv10w8

 

Exhibit 10.8: Non-Employee Director Compensation (effective January 2, 2005)

Annual Retainer

	 	 	 	 	 	 	 	 
	 	Service as Director
	 	 	$	7,500	 	 
	 	Service as Chairman of the Board(1)
	 	 	$	9,000	 	 
	 	Service as Audit Committee Co-Chairman(1)
	 	 	$	1,250	 	 
	 	Service as Loan Committee Chairman(1)
	 	 	$	2,500	 	 
	 	Service as ALCO Committee Chairman(1)
	 	 	$	2,500	 	 
	 

	(1)	 	Chairman fees are in addition to the annual retainer and monthly fees received by
all non-employee directors.

Monthly Fees

	 	 	 	 	 	 	 	 
	 	Monthly Fee
	 	 	$	1,000	 	 
	 

Equity Compensation

Each non-employee director is also eligible to receive non-qualified stock option awards pursuant
to the Alliance Bankshares Corporation Stock Option Plan, in the discretion of the Compensation
Committee.

On January 2, 2004, each non-employee director received a non-qualified option to purchase 1,000
common shares at $18.96 per share. The options vest over multiple years, with the first 15% vesting
on January 2, 2005.exv10w1

 

Exhibit 10.1

Employment Letter Agreement between Access National Bank and Michael W. Clarke

THIS EMPLOYMENT AGREEMENT (this “Agreement”), dated this 29th day of March, 2005, between Access
National Bank, a national banking association (the “Employer”) and Michael W. Clarke (the
“Executive”).

WITNESSETH

WHEREAS, the Executive has served as the President and Chief Executive Officer of the Employer
since December 1, 1999; and

WHEREAS, the Employer considers the continued availability of the Executive’s services to be
important to the management and conduct of the Employer’s business and desires to secure for
themselves the continued availability of the Executive’s services; and

WHEREAS, the Executive is willing to make his services available to the Employer on the same terms
and subject to the same conditions set forth herein.

NOW THEREFORE, in consideration of the premises and the mutual agreements contained herein, the
parties hereby agree as follows:

1. Employment. The Executive shall be employed as President and Chief Executive Officer of the
Employer. The Executive shall have such duties and responsibilities as are commensurate with such
positions and shall also render such other services and duties as may be reasonably assigned to him
from time to time by the Board of Directors of the Employer, consistent with his positions. The
Executive hereby accepts and agrees to such employment.

Ownership Covenant. For so long as this agreement remains in effect, the Executive Agrees to
maintain an ownership position in the common stock of the Employer in an amount equal to no less
than five (5) times the initial Base Salary of the Executive as set forth below. As of the
Effective date, said minimum level of ownership shall be $1,250,000 (One million two hundred fifty
thousand dollars). The Employer shall not provide any financing to the Executive for the purpose
of purchasing or carrying this investment.

2. Term of Employment. The term of employment shall begin on January 1, 2005 (the “Commencement
Date”) and continue for five years; provided, however, that the term shall be
extended automatically for an additional period of two years at the end of the initial and all
subsequent two year terms, unless either the Executive or the Employer gives written notice to the
other at least 120 days prior to the end of any such term of such party’s election not to extend
the term of this Agreement. The last day on the last term or extended term of this Agreement is
referred to herein as the “Expiration Date.” All benefits and obligations of the respective
parties under this Agreement shall cease as of the Expiration Date unless specifically provided for
in this Agreement or related contract or plan.

3. Compensation and Benefits.

(a) Base Salary. For all services rendered by the Executive under this Agreement, the
Employer shall pay the Executive an annual base salary of $250,000 per year (the “Base Salary”).
The Base Salary shall be increased anytime thereafter at the discretion of the Board of Directors.
The Board of Directors shall review performance and the appropriateness of the Base Salary no less
often than annually. The Executive’s salary shall be payable in accordance with payroll practices
of Employer to the officers of the company.

(b) Annual Cash Bonus. As additional compensation, the Executive shall be
eligible to receive an annual cash bonus from the Employer in an amount up to 100% of Base Salary
as based upon a performance evaluation by the Board of Directors based upon the “Executive
Evaluation Guide” maintained by the Compensation Committee and contemplates the following:

	 	(i)  	   Regulatory Exams/ Audit Results;
	 
	 	(ii)  	   Asset Quality;
	 
	 	(iii)  	   Return on Equity;
	 
	 	(iv)  	   General Budget Performance;
	 
	 	(v)  	   Leadership and Governance.

The Bonus shall include a “Base” level on the above criteria as well as an “Additional Amount”
intended to measure and

 

 

reward exceptional performance in the measures of Return on Equity and Return on Assets, both at
nominal levels and in relation to peers.

(c) Stock Options. As additional compensation, the Executive shall have the right to
receive stock options of the Employer in an amount equal to 10,000 shares issued at market and
shall vest and be exercisable in accordance with the terms of the Stock Option Plan adopted by the
Employer’s Board of Directors and shareholders. The stock option awards shall be predicated upon a
satisfactory performance. In the event the Employer discontinues or makes other material changes
in the reduction or increase in the general use of stock options as a means of compensation for
Directors, Executives and Officers of the Employer, then this benefit shall be adjusted
accordingly. Furthermore and provided it is true of all other participants in the Stock Option
Plan, the future awards shall not be adjusted for any stock splits or dividends. However, at the
time of any stock split or dividend, any previously issued awards shall be adjusted accordingly.

(d) Benefits and Vacation. During the term of the Agreement, Executive shall be
entitled to participate in and receive the benefits of certain pension and other retirement benefit
plans, profit sharing, stock option, or other plans, benefits, and privileges given to executives
of Employer, to the extent commensurate with his then duties and responsibilities as determined by
the Board of Directors. The Executive shall also be entitled to four (4) weeks of vacation per
year. The Employer shall pay 100% of the Executive’s health insurance premiums for family coverage
and disability insurance as prescribed under the Employer sponsored health plan.

(e) Business Expenses. The Employer shall reimburse Executive or otherwise provide for or
pay for all reasonable expenses incurred by Executive in furtherance of, or in connection with the
business of the Employer, including, but not by way of limitation, travel expenses, car allowance
of $700 per month, and memberships in professional organizations, and similar benefits, subject to
reasonable documentation and other limitations as may be established by the Board of Directors.

4. Termination and Termination Benefits.

(a) Termination for Cause. The Executive’s employment may be terminated for Cause at any
time without further liability on the part of the Employer. Only the following shall constitute
“Cause” for such termination:

     (i) gross incompetence, gross negligence, willful misconduct in office or breach of material
fiduciary duty owed to the Employer;

     (ii) conviction of a felony, a crime of moral turpitude or commission of an act of
embezzlement or fraud against the Employer or any subsidiary or affiliate thereof;

     (iii) failure to cure a material breach by the Executive of a material term of this Agreement
after sixty (60) days written notice of the breach; or

     (iv) deliberate dishonesty of the Executive with respect to the Employer or any subsidiary or
affiliate thereof.

(b) Termination as a Consequence of Death or Disability. If the Executive dies or becomes
disabled while employed by Employer, Executive and/or his estate shall be entitled to the
following:

     (i) Employer shall pay Executive or his estate Base Salary and Bonus payments accrued by
Executive prior to his death or disability, regardless of their closing date, together with
information indicating the manner and basis upon which such benefits were calculated; and

     (ii) Employer shall pay Executive or his estate any bonuses that would have been paid to
Executive for a period of six (6) months following his death or disability, together with
information indicating the manner and basis upon which such bonuses were calculated.

For purposes of this Section 4, Executive is “disabled” if he is unable to perform substantially
all of his duties and responsibilities hereunder, which disability lasts for an uninterrupted
period of at least 180 days or a total of at least 240 days in any calendar year (as determined by
the opinion of an independent physician selected by the Board of Directors).

(c) Termination by the Executive. The Executive may terminate his employment hereunder
with or without Good Reason (as defined below) by written notice to the Board of Directors of the
Employer effective thirty (30) days after receipt of such notice by the Board of Directors. In the
event the Executive terminates his employment hereunder for Good Reason, the

 

 

Executive shall be entitled to the benefits specified in Section 4(d) and the Executive shall not
be required to render any further services to the Employer. Upon termination of employment by the
Executive without Good Reason, the Executive shall be entitled to no further compensation or
benefits under this Agreement. “Good Reason” includes:

(i) the failure by the Employer to comply with the provisions of Section 3 or material breach by
the Employer of any other provision of this Agreement, which failure or breach shall continue for
more than sixty (60) days after the date on which the Board of Directors of the Employer receives a
written notice;

(ii) the assignment of the Executive without his consent to a position, responsibilities, or duties
of a materially lesser status or degree of responsibility than his position, responsibilities, or
duties at the Commencement Date;

(iii) the requirement by the Employer that the Executive be based at any office location that is
greater than thirty (30) miles from Executive’s current office location;

(iv) actions on the part of the Employer that are designed to or have the effect of making it
impossible for Executive to or materially impair Executive’s ability to perform his duties and
responsibilities hereunder;

(v) any Change of Control (as defined in Section 14) of Access.

A transaction described in clause (v) above shall only be deemed to be “Good Reason” if the
Executive terminates his employment by written notice to the Board of Directors of the Employer
within 180 days after the occurrence thereof.

(d) Certain Termination Benefits. In the event of termination by the Employer without
Cause, or by the Executive with Good Reason, the Executive shall be entitled to the following
benefits:

(i) A lump sum payment equal to 1.99 multiplied times the total of the Executive’s trailing Base
and Cash Bonus compensation as paid over the 12 months preceding the date of termination;

(ii) Intentionally left blank.

(iii) For the period subsequent to the date of termination until the Expiration Date, Employer
shall pay Executive any bonuses that would have been paid to Executive from the date of termination
to the Expiration Date, together with information indicating the manner and basis upon which such
bonuses were calculated.

(iv) For the period subsequent to the date of termination until the Expiration Date, the Executive
shall continue to receive medical, life and liability insurance benefits pursuant to plans made
available by the Employer to its employees at the expense of the Employer to substantially the same
extent the Executive received such benefits on the date of termination (it being acknowledged that
the post-termination plans may be different from the plans in effect on the date of termination).
For purposes of application of such benefits, the Executive shall be treated as if he had remained
in the employ of the Employer, with an annual Base Salary at the rate in effect on the date of
termination.

(v) The Employer’s obligation to provide the Executive with medical and other insurance benefits
pursuant to Section 4(d) (iv) hereof shall terminate with respect to each particular type of
insurance in the event the Executive becomes employed and has made available to him in connection
with such employment that particular type of insurance, so long as such insurance is substantially
similar to the insurance provided by the Employer.

All benefits and obligations of the respective parties under this Agreement shall cease as of the
Termination Date unless specifically provided for in this Agreement or related contract or plan.

5. Noncompetition and Confidential Information.

(a) Noncompetition. During the initial term and any successive term of this Agreement and
for one year following the termination or cessation of his employment for any reason other than a
termination by Employer without Cause or a termination by Executive for Good Reason (other than a
termination by the Executive pursuant to Sections 4(c)(v) and (vi) in which case this Section 6(a)
will apply) (the “Restricted Period”), Executive will not, directly or indirectly, whether as
owner, partner, shareholder (except as a passive investor owning less than 5% of any class of
voting securities of any entity), consultant, agency, executive, co-venturer or otherwise, or
through any Person compete with Employer’s business (as defined below) in any location within a ten
(10) mile radius of an office in which the Employer is conducting business at the time of the

 

 

termination or cessation. In addition, during the Restricted Period, Executive will not (i) hire
or attempt to hire any officer or employee of Employer or encourage any such officer or employee to
terminate his or her relationship with Employer, (ii) solicit or encourage any customer of Employer
to terminate its relationship with Employer, or (iii) conduct with any Person any business or
activity which such Person conducts with Employer, (iv) organize a business that will engage in any
business activity of the employer’s business. For purposes of this Employment Agreement, the
Employer’s business shall be defined to include retail mortgage originations or the management of a
retail mortgage origination operation, loans and commercial and retail banking.

(b) Confidential Information. Executive acknowledges and agrees that all Confidential
Information (as defined below) and all physical manifestations thereof, are confidential to and
shall be and remain the sole and exclusive property of Employer. Upon request by Employer, and in
any event upon termination of Executive’s employment with Employer for any reason, Executive shall
promptly deliver to Employer all property belonging to Employer including, without limitation, all
Confidential Information (and all manifestations thereof then in his custody, control or
possession). Executive agrees that during the term of this contract with Employer and for a period
of two years following the termination of such employment, Executive shall not disclose or make
available, directly or indirectly, any Confidential Information to any Person, except in the proper
performance of his duties and responsibilities hereunder, with the prior written consent of the
Board of Directors of Employer, or as required by law.

(c) Definition of Confidential Information. For purposes of this Agreement, “Confidential
Information” shall mean any and all data and information relating to the business of Employer and
its affiliated companies, which (i) is disclosed to Executive during the course of his employment
with Employer, and (ii) has value to Employer and is not generally known by its competitors.
Confidential Information shall not include any data or information that (i) has been voluntarily
disclosed to the public by Employer or has become generally known to the public (except where such
public disclosure has been made by or through Executive or by a third person or entity with the
knowledge of Executive in violation of this Agreement), (ii) has been independently developed and
disclosed by parties other than Executive or Employer to Executive or the public generally without
breach of any obligation of confidentiality by any such person running directly or indirectly to
Employer, or (iii) otherwise enters the public domain through lawful means. Confidential
information may include, but is not limited to information relating to the financial affairs,
customers, products, processes, services, executives, Executive compensation, and marketing of
Employer and its affiliated companies, or public information that has been assembled and analyzed
by Employer or its affiliated companies so as to make its use unique and beneficial to Employer or
its affiliated companies and not available to the public in the manner, format or methods developed
by Employer or its affiliated companies.

(d) Specific Performance. The Executive recognizes and agrees that the violation of
Section 6(a) or Section 6(b) (collectively, the “Restrictive Covenants”) may not be reasonably or
adequately compensated in damages and that, in addition to any other relief to which the Employer
may be entitled by reason of such violation, it shall also be entitled to permanent and temporary
injunctive and equitable relief and, pending determination of any dispute with respect to such
violation, no bond or security shall be required in connection therewith.

(e) Definition of “Person”. For all purposes of this Section 6, the term “Person” shall
mean an individual, a corporation, a limited liability company, an association, a partnership, an
estate, a trust and any other entity or organization.

6. Withholding. All payments required to be made by the Employer hereunder to the Executive shall
be subject to the withholding of such amounts, if any, relating to tax and other payroll deductions
as the Employer may reasonably determine should be withheld pursuant to any applicable law or
regulation.

7. Assignability. Subject to Section 4(c) hereof, the Employer may assign this Agreement and its
rights and obligations hereunder in whole, but not in part, to any corporation, company or other
entity with or into which the Employer may hereafter merge or consolidate or to which the employer
may transfer all or substantially all of its assets, if in any such case said corporation, company
or other entity shall by operation of law or expressly in writing assume all obligations of the
Employer hereunder as fully as if it had been originally made a party hereto, but may not otherwise
assign this Agreement or their rights and obligations hereunder. The Executive may not assign or
transfer this Agreement or any rights or obligations hereunder.

8. Notice. For the purposes of this Agreement, notices and all other communications provided for
in this Agreement shall be in writing and shall be deemed to have been duly given when sent via
regular mail or certified mail, facsimile, or overnight delivery addressed to the respective
addresses set forth below:

To the Employer: Chairman, Compensation Committee

 

 

Access National Bank

1800 Robert Fulton Drive Suite 310

Reston, Virginia 20191

Copy to: Jacob A. Lutz, III, Esquire

Troutman Sanders L.L.P.

P.O. Box 1122

1111 East Main Street

Richmond, Virginia 23219

To the Executive: Michael W. Clarke

Access National Bank

1800 Robert Fulton Drive Suite 310

Reston, Virginia 20191

9. Amendment; Waiver and Priority. No provisions of this Agreement may be modified, waived or
discharged unless such waiver, modification or discharge is agreed to in writing signed by the
Executive and such officer or officers as may be specifically designated by the Boards of Directors
of the Employer to sign on their behalf. No waiver by any party hereto at any time of any breach
by any party hereto of, or compliance with, any condition or provision of this Agreement to be
performed by such other party shall be deemed a waiver of similar or dissimilar provisions or
conditions at the same or at any prior or subsequent time. The parties hereto affirm this
Agreement replaces and supersedes any prior agreement, especially the Agreement dated October 5,
1999.

10. Governing Law. This Agreement shall be governed by and construed in accordance with the laws
of the Commonwealth of Virginia.

11. Nature of Obligations. Nothing contained herein shall create or require the Employer to create
a trust of any kind to fund any benefits which may be payable hereunder, and to the extent that the
Executive acquires a right to receive benefits from the Employer hereunder, such right shall be no
greater than the right of any unsecured general creditor of the Employer.

12. Change in Control. For all purposes of this Agreement, a “Change of Control” shall mean:

(a) The acquisition by an individual, entity or group (within the meaning of Section 13(d)(3) or
14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) (a “Person”), of
beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 20%
or more of the then outstanding shares of common stock of Access (the “Outstanding Access Common
Stock”); provided, however, that the following acquisitions shall not constitute a Change of
Control; (i) any acquisition directly from Access (excluding an acquisition by virtue of the
exercise of a conversion privilege), (ii) any acquisition by any employee benefit plan (or related
trust) sponsored or maintained by Access, or (iii) any acquisition by any corporation pursuant to a
transaction described in subsection (c) of this Section 14 if, upon consummation of the
transaction, all of the conditions described in subsection (c) are satisfied;

(b) Individuals who, as of the date hereof, constitute the Board (the “Incumbent Board”) cease for
any reason to constitute a majority of such Board; provided, however, that any individual becoming
a director subsequent to the date hereof whose election, or nomination for election by Access’s
shareholders, was approved by a vote of at least two-thirds of the directors then comprising the
Incumbent Board shall be considered as though such individual were a member of the Incumbent Board,
but excluding for this purpose any such individual whose initial assumption of office occurs as a
result of either an actual or threatened election contest (as such terms are used in Rule 14a-11 of
Regulation 14A promulgated under the Exchange Act) or other actual or threatened solicitation of
proxies or consents by or on behalf of a Person other than the Board; or

(c) Approval by the shareholders of Access of either (1) a reorganization, merger, share exchange
or consolidation of Access by, with or into any other corporation or (2) the sale or disposition of
all or substantially all of the assets of Access (any of the foregoing transactions, a
“Reorganization”); provided, however, that approval by the shareholders of a Reorganization shall
not constitute a Change in Control if, upon consummation of the Reorganization, each of the
following conditions is satisfied:

(i) more than 60% of the then outstanding shares of common stock of the corporation resulting from
the Reorganization (including the transferee in the case of a sale or disposition of assets) is
then beneficially owned, directly or indirectly, by all or substantially all of the individuals and
entities who were beneficial owners of the Outstanding Access Common Stock

 

 

immediately prior to the Reorganization in substantially the same proportions as their ownership,
immediately prior to such transaction, of the Access Company Common Stock;

(ii) no Person (excluding any employee benefit plan (or related trust) of Access) beneficially
owns, directly or indirectly, 20% or more of either (1) the then outstanding shares of common stock
of the corporation resulting from the Reorganization (including the transferee in the case of a
sale or disposition of assets), or (2) the combined voting power of the then outstanding voting
securities of such corporation entitled to vote generally in the election of directors; and

(iii) at least a majority of the members of the board of directors of the corporation resulting
from the Reorganization (including the transferee in the case of a sale or disposition of assets)
were members of the Incumbent Board at the time of the execution of the initial agreement providing
for the Reorganization.

13. Arbitration. If any dispute between Employer and Executive shall arise under this agreement,
the Executive or his estate will select, within 5 days, a nationally or regionally recognized
independent accounting firm mutually acceptable to each party (the agreement to the selection of
which shall not be unreasonably withheld) to resolve any such differences (the “Arbitrator”). The
Arbitrator shall settle any remaining disputed items by selecting the position of the party that
the Arbitrator determines, in its sole discretion, to be the most correct, and the fees and
expenses of such Arbitrator shall be borne by the party whose position was not selected by the
Arbitrator. The determination of the Arbitrator shall be set forth in writing, delivered to each
of the Employer and the Executive or his estate and shall be final and binding on the parties
hereto.

14. No Mitigation. The Executive shall not be required to mitigate the amount of any benefits
hereunder by seeking other employment or otherwise, nor shall the amount of any such benefits be
reduced by any compensation earned by the Executive as a result of employment by another employer
after the Date of Termination or otherwise.

15. Headings. The section headings contained in this Agreement are for reference purposes only and
shall not affect in any way the meaning or interpretation of this Agreement.

16. Validity. The invalidity or unenforceability of any provision of this Agreement shall not
affect the validity or enforceability of any other provisions of this Agreement, which shall remain
in full force and effect.

17. Counterparts. This Agreement may be executed in one or more counterparts, each of which shall
be deemed to be an original but all of which together will constitute one and the same instrument.

IN WITNESS WHEREOF, this Agreement has been executed as of the date first above written.

ACCESS NATIONAL BANK

	 	 	 	 	 
	 	 	By:                                                                                
	

	 	 	 	Director
	 
	 	 	 	 
	 	 	EXECUTIVE
	 
	 	 	 	 
	 	 	By:                                                                                
	

	 	 	 	Michael W. Clarke

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