Document:

Exhibit 10.1

 

SECOND AMENDMENT TO THE

OLD
LINE BANK

SALARY
CONTINUATION AGREEMENT

 

WHEREAS, Old Line Bank,
(the “Bank”) and James Cornelsen, (the “Executive”) previously entered into the Old Line
Bank Salary Continuation Agreement, originally effective as of January 1st, 2006 (the “Agreement”
or “Plan”); and

WHEREAS, the Agreement
is designed to provide retirement benefits to the Executive upon certain enumerated events, payable out of the Bank’s general
assets; and

WHEREAS, the Bank and
the Executive have agreed to amend the Agreement to provide additional benefits per this Amendment.

NOW, THEREFORE, effective
May 7, 2018 (the “Effective Date”), the Bank and the Executive hereby amend the Agreement as follows:

 

	Annuity Contract and Other Investments. For purposes of satisfying its obligations
to provide benefits under the Plan and this Amendment, the Bank has invested in a Flexible Premium Indexed Deferred Annuity Contract
issued by _________________ Insurance Company, contract #________ (the “Annuity Contract”), and may invest in
such other annuity contracts (a) as the Bank may purchase from time to time in accordance with the Plan, the income value of which
the Bank intends to serve as the measure of the Plan benefit for Executive and (b) are identified by Policy number in writing by
the Bank as an “Annuity Contract” under the Plan. However, nothing in this Section shall require the Bank to invest
in any particular form of investment. The Bank is the sole owner of the Annuity Contract, and other such investments, and shall
have the right to exercise all incidents of ownership, shall be the beneficiary of any death proceeds and shall at all times be
entitled to the Annuity Contract’s cash surrender value. Notwithstanding any provision hereof to the contrary, the Bank shall
have the right to sell or surrender any Annuity Contract without terminating the Plan and this Amendment, provided the Bank replaces
the Annuity Contract with a comparable annuity policy or asset of comparable value, with a comparable lifetime withdrawal feature
and comparable benefit value.  Without limitation, the Annuity Contract at all times shall be the exclusive property of the
Bank and shall be subject to the claims of the Bank’s creditors.

 

    1 

     

    

	Provision of Benefits for the Normal Retirement Benefit. In the event that
benefits become payable under paragraph 2.1 of the Plan, the benefit amount shall be determined in accordance with the Plan and
shall be paid in accordance with the terms of the Plan (the “Original Retirement Benefit”). A separate benefit
amount shall be determined equal to the amount that is paid from the Annuity Contract designated under this Amendment through the
cash withdrawal rider and shall commence at the same time as the Original Retirement Benefit, payable for the life of the Executive
(the “Lifetime Retirement Benefit”). During the period that the Original Retirement Benefit amount is payable,
the Original Retirement Benefit amount shall be offset by the Lifetime Retirement Benefit amount. In all respects other than the
offset, the Original Retirement Benefit shall be paid in accordance with the terms of the Plan in a manner consistent therewith
and with Section 409A of the Code. In addition, during the period that the Original Retirement Benefit amount is payable, the amount
of the Lifetime Retirement Benefit that is equal to the Original Retirement Benefit shall be paid in accordance with the terms
of the Original Retirement Benefit in a manner consistent the Plan and with Section 409A of the Code.

 

	Provision of Benefits for the Early Termination Benefit. In the event that
benefits become payable under paragraph 2.2 of the Plan, the benefit amount shall be determined in accordance with the Plan and
shall be paid in accordance with the terms of the Plan (the “Original Early Termination Benefit”). A separate
benefit amount shall be determined equal to a portion of the amount that is paid from the Annuity Contract, as described below,
designated under this Amendment through the cash withdrawal rider and shall commence at the same time as the Original Early Termination
Benefit, payable for the life of the Executive (the “Lifetime Early Termination Benefit”). During the period
that the Original Early Termination Benefit amount is payable, the Original Early Termination Benefit amount shall be offset by
the Lifetime Early Termination Benefit amount. In all respects other than the offset, the Original Early Termination Benefit shall
be paid in accordance with the terms of the Plan in a manner consistent therewith and with Section 409A of the Code. In addition,
during the period that the Original Early Termination Benefit amount is payable, the amount of the Lifetime Early Termination Benefit
that is equal to the Original Early Termination Benefit shall be paid in accordance with the terms of the Original Early Termination
Benefit in a manner consistent the Plan and with Section 409A of the Code.

	The portion of the amount that is paid from the Annuity Contract is a percentage
of the amount that is paid from the Annuity Contract through the Rider at Normal Retirement Age. This percentage is the ratio of
the Account Balance on the Early Retirement Date to the projected Account Balance at Normal Retirement Age.

 

    2 

     

    

	Provision of Benefits for the Disability Benefit. In the event that benefits
become payable under paragraph 2.3 of the Plan, the benefit amount shall be determined in accordance with the Plan and shall be
paid in accordance with the terms of the Plan (the “Original Disability Benefit”). A separate benefit amount
shall be determined equal to a portion of the amount that is paid from the Annuity Contract, as described below, designated under
this Amendment through the cash withdrawal rider and shall commence at the same time as the Original Disability Benefit, payable
for the life of the Executive (the “Lifetime Disability Benefit”). During the period that the Original Disability
Benefit amount is payable, the Original Disability Benefit amount shall be offset by the Lifetime Disability Benefit amount. In
all respects other than the offset, the Original Disability Benefit shall be paid in accordance with the terms of the Plan in a
manner consistent therewith and with Section 409A of the Code. In addition, during the period that the Original Disability Benefit
amount is payable, the amount of the Lifetime Disability Benefit that is equal to the Original Disability Benefit shall be paid
in accordance with the terms of the Original Disability Benefit in a manner consistent the Plan and with Section 409A of the Code.

	The portion of the amount that is paid from the Annuity Contract is a percentage
of the amount that is paid from the Annuity Contract through the Rider at Normal Retirement Age. This percentage is the ratio of
the Account Balance on the Early Retirement Date to the projected Account Balance at Normal Retirement Age.

 

	Right to Purchase Asset. In the event any governmental agency having jurisdiction
over the Bank has declared the Bank to be troubled, critically undercapitalized, received a CAMELS rating of 5, willfully violating
a Cease and Desist Order or operating in an unsafe or unsound manner, the Executive shall be given a first right to purchase the
Annuity Contracts as defined in the Agreement. Such offer will be made to the Executive in writing within thirty (30) days of such
declaration by the governmental agency and Executive will have until sixty (60) days from the date of the offer to complete the
purchase, after which the offer will be withdrawn. In this case, the Executive will be allowed a subsequent right to purchase the
Annuity Contracts at the next such declaration by a governmental agency, as herein described, and any subsequent declaration, in
the same manner.

 

    3 

     

    

IN WITNESS WHEREOF, both parties hereto
acknowledge that each has carefully read and considered this Amendment and consent to the changes contained herein. Both parties
have caused this Amendment to the Agreement, as identified above, to be executed this 7th day of May, 2018.

 

	EXECUTIVE	OLD LINE BANK
	 	 
	______________________________	By:	/s/James W. Cornelsen                     
	 	 
	 	Title:	President and Chief Executive Officer

 

 

4Exhibit 10.2

 

FIRST AMENDMENT TO THE

OLD
LINE BANK

SALARY
CONTINUATION PLAN AGREEMENT (2010 PLAN)

 

WHEREAS, Old Line Bank,
(the “Bank”) and James Cornelsen, (the “Executive”) previously entered into the Old Line
Bank Salary Continuation Plan Agreement (2010 Plan), originally effective as of June 7th, 2010 (the “Agreement”
or “Plan”); and

WHEREAS, the Agreement
is designed to provide retirement benefits to the Executive upon certain enumerated events, payable out of the Bank’s general
assets; and

WHEREAS, the Bank and
the Executive have agreed to amend the Agreement to provide additional benefits per this Amendment.

NOW, THEREFORE, effective
May 7, 2018 (the “Effective Date”), the Bank and the Executive hereby amend the Agreement as follows:

 

	Annuity Contract and Other Investments. For purposes of satisfying its obligations
to provide benefits under the Plan and this Amendment, the Bank has invested in a Flexible Premium Indexed Deferred Annuity Contract
issued by _________________ Insurance Company, contract #________ (the “Annuity Contract”), and may invest in
such other annuity contracts (a) as the Bank may purchase from time to time in accordance with the Plan, the income value of which
the Bank intends to serve as the measure of the Plan benefit for Executive and (b) are identified by Policy number in writing by
the Bank as an “Annuity Contract” under the Plan. However, nothing in this Section shall require the Bank to invest
in any particular form of investment. The Bank is the sole owner of the Annuity Contract, and other such investments, and shall
have the right to exercise all incidents of ownership, shall be the beneficiary of any death proceeds and shall at all times be
entitled to the Annuity Contract’s cash surrender value. Notwithstanding any provision hereof to the contrary, the Bank shall
have the right to sell or surrender any Annuity Contract without terminating the Plan and this Amendment, provided the Bank replaces
the Annuity Contract with a comparable annuity policy or asset of comparable value, with a comparable lifetime withdrawal feature
and comparable benefit value.  Without limitation, the Annuity Contract at all times shall be the exclusive property of the
Bank and shall be subject to the claims of the Bank’s creditors.

 

    1 

     

    

	Provision of Benefits for the Normal Retirement Benefit. In the event that
benefits become payable under paragraph 3.1 of the Plan, the benefit amount shall be determined in accordance with the Plan and
shall be paid in accordance with the terms of the Plan (the “Original Retirement Benefit”). A separate benefit
amount shall be determined equal to the amount that is paid from the Annuity Contract designated under this Amendment through the
cash withdrawal rider and shall commence at the same time as the Original Retirement Benefit, payable for the life of the Executive
(the “Lifetime Retirement Benefit”). During the period that the Original Retirement Benefit amount is payable,
the Original Retirement Benefit amount shall be offset by the Lifetime Retirement Benefit amount. In all respects other than the
offset, the Original Retirement Benefit shall be paid in accordance with the terms of the Plan in a manner consistent therewith
and with Section 409A of the Code. In addition, during the period that the Original Retirement Benefit amount is payable, the amount
of the Lifetime Retirement Benefit that is equal to the Original Retirement Benefit shall be paid in accordance with the terms
of the Original Retirement Benefit in a manner consistent the Plan and with Section 409A of the Code.

 

	Provision of Benefits for the Early Termination Benefit. In the event that
benefits become payable under paragraph 3.5 of the Plan, the benefit amount shall be determined in accordance with the Plan and
shall be paid in accordance with the terms of the Plan (the “Original Early Termination Benefit”). A separate
benefit amount shall be determined equal to a portion of the amount that is paid from the Annuity Contract, as described below,
designated under this Amendment through the cash withdrawal rider and shall commence at the same time as the Original Early Termination
Benefit, payable for the life of the Executive (the “Lifetime Early Termination Benefit”). During the period
that the Original Early Termination Benefit amount is payable, the Original Early Termination Benefit amount shall be offset by
the Lifetime Early Termination Benefit amount. In all respects other than the offset, the Original Early Termination Benefit shall
be paid in accordance with the terms of the Plan in a manner consistent therewith and with Section 409A of the Code. In addition,
during the period that the Original Early Termination Benefit amount is payable, the amount of the Lifetime Early Termination Benefit
that is equal to the Original Early Termination Benefit shall be paid in accordance with the terms of the Original Early Termination
Benefit in a manner consistent the Plan and with Section 409A of the Code.

	The portion of the amount that is paid from the Annuity Contract is a percentage
of the amount that is paid from the Annuity Contract through the Rider at Normal Retirement Age. This percentage is the ratio of
the Account Balance on the Early Retirement Date to the projected Account Balance at Normal Retirement Age.

 

    2 

     

    

	Provision of Benefits for the Disability Benefit. In the event that benefits
become payable under paragraph 3.4 of the Plan, the benefit amount shall be determined in accordance with the Plan and shall be
paid in accordance with the terms of the Plan (the “Original Disability Benefit”). A separate benefit amount
shall be determined equal to a portion of the amount that is paid from the Annuity Contract, as described below, designated under
this Amendment through the cash withdrawal rider and shall commence at the same time as the Original Disability Benefit, payable
for the life of the Executive (the “Lifetime Disability Benefit”). During the period that the Original Disability
Benefit amount is payable, the Original Disability Benefit amount shall be offset by the Lifetime Disability Benefit amount. In
all respects other than the offset, the Original Disability Benefit shall be paid in accordance with the terms of the Plan in a
manner consistent therewith and with Section 409A of the Code. In addition, during the period that the Original Disability Benefit
amount is payable, the amount of the Lifetime Disability Benefit that is equal to the Original Disability Benefit shall be paid
in accordance with the terms of the Original Disability Benefit in a manner consistent the Plan and with Section 409A of the Code.

	The portion of the amount that is paid from the Annuity Contract is a percentage
of the amount that is paid from the Annuity Contract through the Rider at Normal Retirement Age. This percentage is the ratio of
the Account Balance on the Early Retirement Date to the projected Account Balance at Normal Retirement Age.

 

	Right to Purchase Asset. In the event any governmental agency having jurisdiction
over the Bank has declared the Bank to be troubled, critically undercapitalized, received a CAMELS rating of 5, willfully violating
a Cease and Desist Order or operating in an unsafe or unsound manner, the Executive shall be given a first right to purchase the
Annuity Contracts as defined in the Agreement. Such offer will be made to the Executive in writing within thirty (30) days of such
declaration by the governmental agency and Executive will have until sixty (60) days from the date of the offer to complete the
purchase, after which the offer will be withdrawn. In this case, the Executive will be allowed a subsequent right to purchase the
Annuity Contracts at the next such declaration by a governmental agency, as herein described, and any subsequent declaration, in
the same manner.

 

    3 

     

    

IN WITNESS WHEREOF, both parties hereto
acknowledge that each has carefully read and considered this Amendment and consent to the changes contained herein. Both parties
have caused this Amendment to the Agreement, as identified above, to be executed this 7th day of May, 2018.

 

 

	EXECUTIVE	OLD LINE BANK
	 	 
	______________________________	By:	/s/James W. Cornelsen                     
	 	 
	 	Title:	President and Chief Executive Officer

 

 

4

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