Document:

Exhibit 10.48

Exhibit 10.48

May 26, 2011

Mr. Dean Robinson

717 Tremont Street

N. Dighton, MA 02763

Dear Dean:

I am pleased to offer you the following position with Sassy, Inc. (“Sassy”), a wholly-owned
subsidiary of Kid Brands, Inc. (the “Company”, and together with each subsidiary of the Company,
the “Employer Group”). Your employment with Sassy will include the following:

1. RESPONSIBILITIES. Effective June 6, 2011, you will serve as President of Sassy.
You will report principally to Rick Schaub — President of LaJobi, Inc. (“LaJobi”), along with
dotted line reporting to the CEO of Kid Brands. Your responsibilities and reporting structure may
evolve over time, and your responsibilities may also include activities on behalf of the Employer
Group, which responsibilities shall be determined in consultation with the CEO and Board of
Directors of the Company and you. You shall devote substantially all of your business time, effort
and energies to the business of Sassy and/or the Employer Group, as provided above.

2. BASE COMPENSATION. Your base salary, effective upon the commencement of your
employment, will be at an annual rate of $225,000 and will be payable bi-weekly in accordance with
Sassy’s normal payroll practices.

3. INCENTIVE COMPENSATION. You shall be eligible to participate in the Company’s
Incentive Compensation (“IC”) program. For 2011, your IC Factor (as defined in the IC program),
shall be 40%, with the opportunity to earn as much as 60% of your earned base salary. Payment of
the IC bonus (or portion thereof) is predicated upon meeting both objective and subjective
performance standards established for the applicable year, which will be established annually by
the Compensation Committee of the Board of Directors of the Company, in consultation with the CEO
of the Company and you. The objective portion of the 2011 IC program is likely to be based largely
on achievement of Sassy’s 2011 budgeted EBITDA. In order to receive the IC bonus (or any portion
thereof), you must be actively employed by the Employer Group at the time of the payment (typically
following receipt of audited results for the
relevant fiscal year). The IC Bonus for 2011 will be pro-rated for the portion of the year in
which you served as Sassy’s President.

 

 

 

4. STOCK OPTIONS. As of the close of business on the fifth (5th) business
day following the commencement of your employment, you shall be granted the following equity
awards: (i) 20,000 stock appreciation rights (SARs) at fair market value on the date of grant; and
(ii) 5,000 restricted stock units (RSUs), with each such equity award becoming exercisable ratably
over a five-year period. Each such award shall terminate ten years from the date of grant. You
will also be considered for additional grants of equity at a level commensurate with your position,
although all possible future grants of equity awards shall be at the sole discretion of the
Compensation Committee of the Board of Directors of the Company.

5. BENEFITS. (a) You shall be eligible to participate in all Sassy’s 401(k), life
insurance, hospitalization, major medical and other employee benefit plans, and their successor
and/or replacement plans that are generally provided to all other officers of Sassy (to the extent
that they continue to be offered to eligible employees). You shall also be eligible for any new or
enhanced employee benefit plans generally provided to all other officers of Sassy that are approved
by the Compensation Committee of the Company in the future.

(b) Sassy further agrees to reimburse you for reasonable temporary housing and
coach class transportation expenses associated with your required business travel to Kentwood,
Michigan for a period of up to twelve (12) months, as required. In addition, in the event that
Sassy requests that you relocate the principal executive office to any location within the United
States, you agree to accept such relocation and, in connection therewith, Sassy and you will
determine an appropriate and commercially reasonable relocation package, which shall not include
reimbursement for expenses incurred in connection with the sale or purchase or real estate.

(c) For a period of up to three (3) months from the effective date of your employment, the
Company will reimburse you for documented expenses paid by you to continue your prior healthcare
coverage under the Consolidated Omnibus Budget Reconciliation Act (COBRA) in an amount up to the
amount of such COBRA coverage less the amount that you would have contributed under a comparable
Sassy healthcare insurance policy.

6. VACATION. You will be eligible for three weeks paid vacation per year in
accordance with Sassy’s policies in effect from time to time. You will also continue to be
entitled to the paid holidays and other paid leave set forth in Sassy’s policies in effect from
time to time.

7. EXPENSES. In addition, during the term hereof, you shall be entitled to receive
prompt reimbursement for all reasonable expenses incurred by you in accordance with the policies,
practices and procedures of Sassy or the Employer Group in effect generally with respect to
officers of Sassy, which shall include the requirement that you submit paid receipts or other
documentation acceptable to Sassy and as required by the Internal Revenue Service to qualify as
ordinary and necessary business expenses under the Internal Revenue Code of 1986, as amended. All
business travel expenses reimbursable pursuant to paragraph 5(b) or otherwise
shall be either pre-approved by the CEO of the Company or the President of LaJobi, or shall be
consistent with a pre-approved travel plan.

 

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8. SEVERANCE. In the event that you are terminated from Sassy for reason other than
cause or other than your own voluntary resignation, you will be eligible to receive severance in
accordance with the Company’s severance policy for Domestic Vice Presidents (and above), a copy of
which is attached hereto as Exhibit A (the “VP Policy”). References in the VP Policy to (i)
“Company” shall be read as references to “Sassy”, (ii) “the New York metropolitan area” shall be
read as references to the United States until your initial relocation on behalf of Sassy, and shall
thereafter be read as references to the area located within an approximate one hour driving
distance from your principal place of employment immediately following such initial relocation, and
(iii) “the Change-in-Control Severance Plan” shall be disregarded, as such plan has been
terminated. “Cause” shall be defined as (A) refusal or repeated failure by you to perform your
duties as an employee of Sassy, which is not fully remedied (to the extent reasonably possible to
be remedied) within 15 days after Sassy gives you notice thereof; (B) gross negligence or willful
misconduct by you in connection with your employment by Sassy; (C) misappropriation or fraud with
regard to Sassy, the Employer Group or its assets; or (D) conviction of, or the pleading of guilty
or nolo contendere to, a felony or, to the extent involving the assets or business of Sassy or the
Employer Group, a misdemeanor or other criminal offense.

9. TERM. Employment with Sassy is “at will” and nothing contained herein shall be
construed to represent a specific term or guarantee of continuing employment, nor limit in any way
the right of Sassy to terminate or modify your employment, with or without Cause; provided, that
the provisions of paragraph 8 above shall survive any termination of employment.

10. CONFIDENTIALITY. You shall, during and after your employment by Sassy and except
in connection with performing services on behalf of (or for the benefit of) Sassy or any member of
the Employer Group, keep secret and retain in the strictest confidence all confidential,
proprietary and non-public matters, tangible or intangible, of or related to Sassy or the Employer
Group, and their respective stockholders, subsidiaries, affiliates, successors, assigns, officers,
directors, attorneys, fiduciaries, representatives, employees, licensees and agents including,
without limitation, trade secrets, business strategies and operations, customer lists, supplier
lists, customer and supplier information, manufacturers, financial information, personnel
information, legal advice and counsel obtained from counsel, information regarding litigation,
actual, pending or threatened, research and development, identities and habits of employees and
agents and business relationships, and shall not disclose them to any person, entity or any
federal, state or local agency or authority, except as may be required by law. Notwithstanding the
foregoing, nothing in this Agreement or elsewhere shall prohibit you from making any statement or
disclosure: (i) to the extent required by law; (ii) to the extent required by subpoena or other
legal process (upon receipt of which you shall immediately give Sassy and the Company written
notice thereof in order to afford the same an opportunity to contest such disclosure); (iii) with
Sassy’s or the Employer Group’s prior written consent; or (iv) in confidence to an attorney for the
purpose of obtaining legal advice. Upon termination of your employment with Sassy, you shall
return to Sassy or another member of the Employer Group, as the case may be, all confidential,
proprietary and non-public materials, and any other property of Sassy or the Employer Group, in
your possession.

 

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11. NON-COMPETE; NONSOLICITATION. You agree that during your employment by Sassy and
for a period thereafter equal to the period during which an employee with your tenure with the
Company would be eligible to receive any severance payments hereunder (the “Post-Employment
Period”), you shall not, directly or indirectly, engage or be interested in (as owner, partner,
stockholder, employee, director, officer, agent, fiduciary, consultant or otherwise), with or
without compensation, any business whose products or activities compete in whole or in part with
the products or activities of any member of the Employer Group anywhere within the United States or
in any other jurisdiction in which any member of the Employer Group offers products for sale,
provided, however, that you may purchase or otherwise acquire up to (but not more than) two
percent of any class of securities of any enterprise (but without otherwise participating in the
activities of such enterprise) if such securities are listed on any national or regional securities
exchange or have been registered under Section 12(g) of the Securities Exchange Act of 1934. You
also agree that for a period of one year following the termination of your employment, you shall
not, directly or indirectly, solicit the employment or retention of (or attempt, directly or
indirectly, to solicit the employment or retention of or participate in or arrange the solicitation
of the employment or retention of), or accept if offered with or without solicitation the services
of, any person who is to your knowledge then employed or retained by any member of the Employer
Group. You acknowledge and agree that the scope described in this paragraph 11 is necessary and
reasonable in order to protect the Employer Group in the conduct of its business.

12. NONDISPARAGEMENT. You shall, after your employment with Sassy has terminated,
refrain from any action that could reasonably be expected to harm the reputation or goodwill of
Sassy or any member of the Employer Group and any shareholder holding more than 5% of any such
member’s voting securities, including, without limitation, making derogatory comments about the
character or ability of any directors, officers, employees, shareholders, agents or representatives
of any member of the Employer Group. Each member of the Employer Group shall, after your
employment with Sassy has terminated, refrain from any action that could reasonably be expected to
harm your reputation, including, without limitation, making derogatory comments about your
character or ability.

13. INVENTIONS. You recognize and agree that all inventions, conceptions, patents,
copyrights, copyright designs, trade secrets, trademarks, processes, discoveries, improvements,
enhancements, software, source code, catalogues, prints, business applications and other
developments or improvements and all other intellectual property and proprietary rights and any
derivative work based thereon (the “Inventions”) made, conceived or completed by you, alone or with
others, during the term of your employment, whether or not during working hours, that are within
the scope of Sassy or the Employer Group’s business operations or that relate to any of Sassy or
the Employer Group’s work or projects are the sole and exclusive property of Sassy or the Employer
Group. You further agree that: (i) you will promptly disclose all Inventions (which pursuant to
this paragraph 13 are the sole and exclusive property of Sassy) to Sassy and hereby assign to Sassy
all present and future rights you have or may have in those Inventions, including without
limitation those relating to patent, copyright, trademark or trade secrets; and (ii) all Inventions
eligible under the copyright laws are “work made for hire.” At the request of Sassy and at Sassy’s
sole cost and expense, you will do all things deemed by Sassy to
be reasonably necessary to perfect title to the Inventions in Sassy or another member of the
Employer Group and to assist in obtaining for Sassy or such other member of the Employer Group such
patents, copyrights or other protection as may be provided under law and desired by Sassy,
including but not limited to executing and signing any and all relevant applications, assignments
or other instruments. Notwithstanding the foregoing, Sassy hereby notifies you that the provisions
of this paragraph 13 shall not apply to any Inventions for which no equipment, supplies, facility
or trade secret information of Sassy or the Employer Group was used and which were developed
entirely on your own time, unless (a) the Invention relates (I) to the business of Sassy or the
Employer Group, or (II) to actual or demonstrably anticipated research or development of Sassy or
the Employer Group, or (b) the Invention results from any work performed by you for Sassy or the
Employer Group.

 

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14. REMEDY FOR BREACH AND MODIFICATION. You acknowledge that the provisions of this
Agreement are reasonable and necessary for the protection of Sassy and the Employer Group and that
Sassy and the Employer Group may be irreparably damaged if these provisions are not specifically
enforced. Accordingly, you agree that, in addition to any other relief or remedies available to
Sassy or the Employer Group, Sassy or the Employer Group shall be entitled to seek appropriate
temporary, preliminary and permanent injunctive or other equitable relief for the purposes of
restraining you from any actual or threatened breach of or otherwise enforcing these provisions and
no bond or security will be required in connection therewith. In addition, notwithstanding any
provision in this Agreement to the contrary, if you breach any of the provisions of paragraphs 10,
11, 12 or 13 of this Agreement at any time and such breach is either (x) willful and not
inconsequential or (y) in a material respect and not cured promptly after notice from Sassy or the
Employer Group, you shall not thereafter be entitled to any payments or benefits under this
Agreement or any severance program.

15. SEVERABILITY. If any provision of this Agreement is deemed invalid or
unenforceable, such provision shall be deemed modified and limited to the extent necessary to make
it valid and enforceable.

16. CONFLICTS. The execution and delivery of this Agreement by you does not conflict
with, or result in a breach of or constitute a default under, any agreement or contract, whether
oral or written, to which you are a party or by which you may be bound. In addition, you have
informed Sassy of, and provided Sassy with copies of, any non-competition, confidentiality,
work-for-hire or similar agreements to which you are subject or bound.

17. ARBITRATION. Any claim or dispute arising out of or relating to this Agreement,
or the breach, termination or validity of this Agreement, or your employment with Sassy or the
termination thereof (a “Dispute”) shall be submitted for de novo review in arbitration in
accordance with the procedures set forth in this paragraph 17. A party that wishes to initiate the
arbitration of a Dispute (the “Initiating Party”) shall give notice of its demand for arbitration
to the other party; that notice must include a description of the Dispute in reasonable detail and
a specific description of the relief sought by the Initiating Party, including a proposed form of
award by the arbitrator. Within fifteen (15) business days after that notice is given, the other
party or parties (each, a “Responding Party”) shall give notice to the Initiating Party including a
statement as to whether it wishes to submit to the arbitration a Dispute that varies

 

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from, or is in addition to, the Dispute described in the Initiating Party’s notice and a
specific description of the relief sought by the Responding Party, including a proposed form of
award by the arbitrator. If a Responding Party’s notice describes a Dispute that varies from, or
is in addition to, the Dispute described in the Initiating Party’s notice, the Initiating Party
may, by notice to the Responding Party within ten (10) business days after the Responding Party’s
notice is given, modify the description of its requested relief, including the proposed form of
award by the arbitrator, to take account of the Dispute as described in the Responding Party’s
notice. The arbitration shall be conducted in Newark, New Jersey before a single arbitrator in
accordance with the rules of the American Arbitration Association. Each party shall bear its own
fees and expenses of arbitration hereunder, including the fees and expenses of its lawyers,
representatives, and witnesses, and shall share equally with the other party all other costs of the
arbitration, including the fees and expenses of the arbitrators. The arbitrator shall have the
authority to award attorneys fees and costs to a party if the arbitrator determines that the
positions asserted by the party against whom such attorneys fees and costs are awarded, lacked a
reasonable basis.

Subject to paragraph 8 above, employment with Sassy is considered “at-will” and does not
represent a specific guarantee, and Sassy reserves the right to change or modify these programs.

Dean, I want to welcome you to the Company and wish you much success in your new position.

	 	 	 	 	 
	 

	 	Very truly yours,	 	 
	 
	 	 	 	 
	 

	 	/s/ Bruce G. Crain
 

Bruce G. Crain
	 	 
	 

	 	President and CEO	 	 
	 

	 	Kid Brands, Inc.	 	 

	 	 	 
	ACCEPTED AND AGREED:
	 	 
	 
	 	 
	/s/ Dean Robinson
 

Dean Robinson

	 	 
	 
	 	 
	Date: May 26, 2011
	 	 

cc:  Richard F. Schaub, Jr.

 

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EXHIBIT A

Second Amended and Restated

Severance Policy for Domestic Vice Presidents (and Above)

of Kid Brands, Inc.

Effective December 22, 2008

The Company’s Severance Policy is amended and restated for domestic vice presidents (and above;
collectively referred to herein as “VPs”) and is effective December 22, 2008, as follows (as so
amended and restated, the “Severance Policy”):

VPs, if terminated by the Company without Cause, are eligible, based on tenure with the Company,
for the following severance payment:

	 	•	 	VPs with less than 1 year of service with the Company would receive 4 months of
severance pay

	 	•	 	VPs with at least 1 year of service but less than 2 years of service with the
Company would receive 6 months of severance pay

	 	•	 	VPs with at least 2 years of service but less than 6 years of service with the
Company would receive 8 months of severance pay

	 	•	 	VPs with at least 6 years of service but less than 10 years of service with the
Company would receive 10 months of severance pay

	 	•	 	VPs with 10 or more years of service with the Company would receive 12 months
(i.e., one year) of severance pay

The severance is to be paid at the salary rate (base pay not including bonus(es) or commissions) in
effect on the termination date. The severance will be paid over the course of the severance period
in accordance with the Company’s normal pay schedule (not in a lump sum). Notwithstanding the
foregoing, if all or any portion of the severance payments to be made to a VP hereunder (whether
alone or in combination with payments from any other plan maintained by the Company) would, in the
good faith opinion of the Company, subject the VP to the excise tax and/or interest provisions
under Section 409(A) of the Internal Revenue Code of 1986, as amended, and any regulations or other
guidance issued thereunder, or any successor similar provision, regulations or guidance (“Section
409A”) if paid in full within six months of the VP’s termination date, the Company shall reduce the
amounts payable to such VP hereunder (and from any other plan required to be aggregated with this
Severance Policy pursuant to Section 409A) to the maximum amount payable under Section 409A in such
six-month period, and all remaining amounts otherwise payable to such VP shall be paid in a lump
sum to such VP on the day which is 6 months and 1 day after the applicable termination date. During
the severance period, the terminated VP is also entitled, to the extent permitted under the terms
of any such plan, to remain on the Company’s (1) health and dental insurance plan (making the same
payroll contribution as he/she made, on the date of termination, as an active employee), and (2)
all other
insurance plans for which he/she was eligible on the date of termination, provided that no
reimbursement of such expenses will be made after the VP’s taxable year following the year in which
such expense was incurred. In addition, for a period of 60 days, the terminated VP is entitled to
use of the Company automobile (or payment of an automobile allowance) or reimbursement of certain
automobile expenses, as the case may be, in accordance with the nature and type of automobile perk
that the VP had in effect on the date of termination. If the terminated VP obtains gainful
employment during his/her severance period, then the severance payments will be terminated
effective on the date that he/she begins new employment (the “Cut-Off Date”), provided, however,
that such terminated VP will remain entitled to any severance payments not made prior to the
Cut-Off Date as a result of the applicability of Section 409A as described above.

 

A-1

 

Notwithstanding anything herein to the contrary, if in connection with any sale of any substantial
line of business of the Company (a “Specified Transaction”): (x) a VP employed within such line of
business is offered employment by the purchaser of such line of business (a “Purchaser”) which does
not involve a material diminution in the VP’s position, status or authority and which is at an
annual base salary level no less than, and with other compensation and benefits at least
substantially equivalent in value to, in each case the levels applicable to such VP immediately
prior to such sale (and no relocation outside of the New York metropolitan area is required of the
VP in connection therewith), (y) such Purchaser either (1) shall have, expressly and
unconditionally, assumed and agreed to perform the Company’s obligations under this Severance
Policy in the same manner and to the same extent that the Company would be required to perform if
no such Specified Transaction had taken place, or (2) maintains a severance policy in which such VP
will participate that provides for each type of benefit provided under this Severance Policy at a
level equal to or greater than the level provided under this Severance Policy to such VP under at
least the circumstances under which such benefit is provided under this Severance Policy (an
“Equivalent Policy”), and (z) such Purchaser agrees to maintain this Severance Policy or an
Equivalent Policy for a period of at least two years after consummation of a Specified Transaction,
no “termination” hereunder shall be deemed to have occurred, and no benefits shall be payable
hereunder, whether or not such VP accepts such offered employment.

Notwithstanding anything herein to the contrary, in the event that a VP is terminated without Cause
in connection with a Specified Transaction and is not offered employment as described in the
preceding paragraph, the severance payments and benefits applicable to such terminated VP will be
extended by an additional four months, up to a maximum severance period of twelve months.

As a condition to receiving the severance payment and benefits hereunder, the eligible terminated
VP must sign and deliver to the Company the Company’s general form of Release Agreement.

The Company reserves the right to amend, in whole or in part, or terminate, this Severance Policy,
provided that no amendment to this Severance Policy will become effective (as to a person covered
thereby prior to such amendment) prior to the date that is six months from the date such amendment
is approved by the Board of Directors or the Compensation Committee of the Board of Directors of
the Company, and further provided that an amendment may become effective earlier if it will result
in the avoidance of the excise tax and/or interest imposed under
Section 409A without materially diminishing the economic benefit of this Severance Policy to a VP.

 

A-2

 

In the event that a VP is due payments and benefits under both this Severance Policy and the
Company’s Change-in-Control Severance Plan, as amended from time to time (the “CIC Plan”), the VP
shall receive the greater of the benefits and payments under the CIC and this Severance Policy,
determined on an item-by-item basis. As used in this Severance Policy, “Cause” shall have the
meaning assigned to it in the CIC Plan.

This Severance Policy supersedes any other agreement between the Company and a VP that provides for
lesser benefits with respect to the type of termination covered hereby in effect on the effective
date hereof or thereafter.

 

A-3ex10-46.htm

 

EXHIBIT 10.46

 

EXECUTIVE NONCOMPETITION AGREEMENT

 

THIS EXECUTIVE NONCOMPETITION AGREEMENT dated as of April 1, 2011 (the “Agreement”) is made and entered into by and between Old Line Bancshares, Inc., a Maryland corporation (“OLB”), and G. Thomas Daugherty, an executive officer (the “Executive”) of Maryland Bankcorp, Inc., a Maryland corporation (the “MDBC”).

 

RECITALS

 

WHEREAS, concurrently herewith, OLB and MDBC are entering into an Agreement and Plan of Merger (as such agreement may hereafter be amended and supplemented from time to time, the “Merger Agreement”), pursuant to which, among other things, MDBC will be merged with and into OLB, with OLB continuing as the surviving company (the “Merger”); and

 

WHEREAS, as an inducement and a condition to entering into the Merger Agreement, and as part of the transactions contemplated by the Merger Agreement, Executive has agreed, in exchange for adequate consideration hereunder, to enter into this Agreement.

 

NOW, THEREFORE, in consideration of the premises and mutual covenants and agreements contained herein, and other good and valuable consideration, the receipt of which is hereby acknowledged, the parties, intending to be legally bound, hereby agree as follows:

 

1.           Noncompetition. In exchange for the sum of Two Hundred Thousand Dollars ($200,000) from OLB to Executive, of which $25,000 shall be paid at the Effective Time (as that term is defined below) and the remaining amount shall be payable in equal installments on a quarterly basis during the first two years of the Non-Compete Period (as that term is defined below), Executive agrees, for a period commencing at such time when the Merger is consummated (the “Effective Time”) and continuing for the following three years (the “Non-Compete Period”), that Executive will not either individually or together with any other person or entity:

 

(a)           transact any commercial banking or other banking-related business with any person or entity who is a customer, depositor or client of Old Line Bank (the “Bank”), or its affiliates or successors (including OLB), as of the Effective Time, other than on behalf of, and at the request of, OLB or any of its affiliates or successors;

 

(b)           directly or indirectly induce any employee or contractor of the Bank or its affiliates or successors (including OLB) as of the Effective Time to terminate his or her employment or engagement with MDBC and the Bank or its affiliates or successors (including OLB) or to hire any such employee or former employee of the Bank or its affiliates or successors (including OLB);

 

(c)           cause, induce or encourage, directly or indirectly, any person or entity who is a customer, depositor or client of the Bank, its affiliates or successors (including OLB) as of the Effective Time to terminate or adversely change any relationship with the Bank, its affiliates or successors (including OLB) or cause, induce or encourage any person or entity that is a potential supplier, customer, depositor or client of the Bank, its affiliates or successors (including OLB) after the Effective Time not to enter into any business relationship with the Bank, its affiliates or successors (including OLB); or

 

 

 

  

  

  

 

(d)           directly or indirectly in any capacity, including but not by way of limitation, as an owner, employee, employer, operator, investor, independent contractor, agent, stockholder, partner (general or limited), joint venturer, member, manager, officer, director, consultant, franchisee, franchiser, adviser or co-worker, whether or not for compensation enter into, conduct, participate or engage in the business of banking or in any banking-related business which is being conducted by the Bank or OLB, including without limitation the operation of a bank, savings and loan association, savings bank, credit union or other financial institution, or a holding company for such an institution; provided, that it shall not be a violation of this provision for Executive to own up to a 4.9% ownership interest in any such institution or holding company as a passive investor.

 

2.           Ancillary Agreement; Remedies.  Executive agrees and acknowledges that (i) this Agreement is ancillary to the Merger Agreement, and the primary purpose of the Merger Agreement is not to obligate Executive to render personal services, (ii) the provisions hereof are reasonable and necessary for the protection of OLB from and after the Effective Time, including protection from the prevention of the use or misuse of the trade secrets, client and customers lists and established customer relationships of the Bank, its affiliates or successors (including OLB), (iii) the breach of Section 1 of this Agreement by Executive will result in irreparable harm to OLB, (iv) no adequate remedy at law is available to OLB for the breach by him of the provisions of Section 1 of this Agreement, and (v) OLB shall be entitled to specific enforce­ment, and injunctive relief for any breach or threatened breach, of Section 1 of this Agreement, without the necessity of proving actual monetary loss and without bond or other security being required.

 

3.           Covenant to Cooperate.  During the first two years of the Non-Compete Period, Executive agrees to (a) assist OLB and the Bank with any questions and concerns, and  provide any advice upon request, regarding the Merger, or the business, operations, target market, personnel matters, vendors, service, or customers of MDBC or Maryland Bank & Trust Company, N.A. prior to the Merger, and (b) fully cooperate with OLB and the Bank to provide for a smooth transition period following the Merger.

 

4.           Miscellaneous.

(a)           Non-Assignability.  This Agreement may not be assigned by Executive.

(b)           Binding on Successors and Assigns.  This Agreement shall inure to the benefit of and bind the respective successors and permitted assigns of the parties hereto.  Except as otherwise expressly provided herein, nothing expressed or referred to in this Agreement is intended or shall be construed to give any person other than the parties to this Agreement or their respective successors or permitted assigns any legal or equitable right, remedy or claim under or in respect of this Agreement or any provision contained herein, it being the intention of the parties to this Agreement that this Agreement shall be for the sole and exclusive benefit of such parties or such successors and assigns and not for the benefit of any other person.

 

 

 

  

  

  

 

 

(c)           Entire Agreement; Amendment.  This Agreement, along with any agreements referenced herein, contains the entire, complete, and integrated agreement among the parties with respect to the subject matter hereof, and supersede any prior or contemporaneous arrangements, agreements or understandings among the parties, written or oral, express or implied, that may have related to the subject matter hereof.  This Agreement may be amended only by a written instrument duly executed by the parties.

(d)           Governing Law.  This Agreement shall in all respects be interpreted, enforced, and governed under the laws of the State of Maryland, without regard to Maryland’s conflict-of-laws provisions.  The parties hereby submit to the jurisdiction and venue of the courts of Maryland, and any legal or equitable action to enforce this or any related agreements may only be brought in the circuit courts therein.

(e)           Captions.  The captions contained in this Agreement are for reference purposes only and are not part of this Agreement.

(f)           Notices.  All notices, claims, certificates, requests, demands and other communications hereunder shall be in writing and shall be deemed sufficient and duly given:    (i) when delivered personally to the recipient; (ii) upon confirmation of good transmission if sent by facsimile; or (iii) when delivered to the last known address of the recipient (A) one business day after delivery to a reputable express courier service for next-day delivery (charges prepaid), or (B) three days after being sent to the recipient by certified mail, return receipt requested and postage prepaid, addressed as follows:

(1)           If to OLB:                               Old Line Bancshares, Inc.

1525 Pointer Ridge Place

Bowie, Maryland  20716

Attn:  James W. Cornelsen, President and CEO

Fax:  (301) 430-2531

with copy to:                     Ober, Kaler, Grimes & Shiver, P.C.

100 Light Street

Baltimore, Maryland 21202

Attn:  Frank C. Bonaventure, Esq.

(2)           If to Executive:                      At the address(es) indicated on the applicable

signature page hereto.

Addresses may be changed by notice in writing signed by the addressee.

(g)           Severability.  Whenever possible, each provision or portion of any provision of this Agreement will be interpreted in such manner as to be effective and valid under applicable law, but if any provision or portion of any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, then such invalidity, illegality or unenforceability will not affect any other provision or portion of any provision in such jurisdiction, and this Agreement will be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision or portion of any provision had never been contained herein.

 

 

 

  

  

  

 

 

(h)           Counterparts; Facsimile. This Agreement may be executed simultaneously in several counterparts, each of which shall be deemed to be an original copy of this Agreement and all of which together will be deemed to constitute one and the same agreement.  The exchange of copies of this Agreement and of signature pages by facsimile transmission shall constitute effective execution and delivery of this Agreement as to the parties and may be used in lieu of the original Agreement for all purposes.  Signatures of the parties transmitted by facsimile shall be deemed to be their original signatures for all purposes.

(i)           Construction.  This Agreement has been prepared by all parties hereto, and the language used herein shall not be construed in favor of or against any particular party.

(j)           No Waiver.  The delay or failure on the part of any party to (i) insist upon the strict compliance with any of the terms of this Agreement or (ii) exercise any rights or remedies hereunder shall not operate as a waiver of, or estoppel with respect to, any subsequent or other failure, nor shall any single or partial exercise of any right or remedy hereunder preclude any subsequent exercise thereof or the exercise of any other right or remedy at any later time or times.

(k)           WAIVER OF JURY TRIAL.  EACH PARTY HEREBY WAIVES TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO WHICH IT MAY BE A PARTY, ARISING OUT OF OR IN ANY WAY PERTAINING TO THIS AGREEMENT.  IT IS AGREED AND UNDERSTOOD THAT THIS WAIVER CONSTITUTES A WAIVER OF TRIAL BY JURY OF ALL CLAIMS AGAINST ALL PARTIES TO SUCH ACTIONS OR PROCEEDINGS, INCLUDING CLAIMS AGAINST PARTIES WHO ARE NOT PARTIES HERETO.  THIS WAIVER IS KNOWINGLY, WILLINGLY AND VOLUNTARILY MADE BY EACH PARTY, AND EACH HEREBY REPRESENTS THAT NO REPRESENTATIONS OF FACT OR OPINION HAVE BEEN MADE BY ANY INDIVIDUAL TO INDUCE THIS WAIVER OF TRIAL BY JURY OR TO IN ANY WAY MODIFY OR NULLIFY ITS EFFECT.  EACH PARTY FURTHER REPRESENTS THAT IT HAS HAD THE OPPORTUNITY TO BE REPRESENTED IN THE EXECUTION OF THIS AGREEMENT AND IN THE MAKING OF THIS WAIVER BY INDEPENDENT LEGAL COUNSEL, SELECTED OF ITS OWN FREE WILL, AND THAT IT HAS HAD THE OPPORTUNITY TO DISCUSS THIS WAIVER WITH COUNSEL.

[Signatures appear on the following page.]

 

 

 

  

  

  

 

 

IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed as of the date first written above.

 

 

	 	 	 
OLB:

 
OLD LINE BANCSHARES, INC.

 
By: /s/ James W. Cornelsen 

 
Name: James W. Cornelsen

 
Title:   President and Chief Executive Officer

 
EXECUTIVE:

 
/s/ G. Thomas Daugherty 

 
G. Thomas Daugherty

 
Address for Notice:

 
46619 Millstone Landing Road 

 
Lexington Park, Maryland 20653

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