Document:

Exhibit 10.3

 

FIRST AMENDMENT TO THE

OLD
LINE BANK

SALARY
CONTINUATION PLAN AGREEMENT (2012-A Plan)

 

WHEREAS, Old Line Bank,
(the “Bank”) and James Cornelsen, (the “Executive”) previously entered into the Old Line
Bank Salary Continuation Plan Agreement (2012-A Plan), originally effective as of October 1st, 2012 (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.

 

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	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 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.

 

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	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.

 

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

 

3Exhibit 10.4

 

FIRST AMENDMENT TO THE

OLD
LINE BANK

SALARY
CONTINUATION PLAN AGREEMENT (2012-B Plan)

 

WHEREAS, Old Line Bank,
(the “Bank”) and James Cornelsen, (the “Executive”) previously entered into the Old Line
Bank Salary Continuation Plan Agreement (2012-B Plan), originally effective as of October 1st, 2012 (the “Agreement”);
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:

 

	Provision of Benefits for the Normal Retirement Benefit. In the event that
benefits become payable under paragraph 3.1 of the Agreement, the benefit amount shall be offset by benefit payments made by the
Old Line Bank Salary Continuation Agreement dated January 3rd, 2006, the Old Line Bank Salary Continuation Plan Agreement
(2010 Plan) dated June 7, 2010, and the Old Line Bank Salary Continuation Plan Agreement (2012-A Plan) dated October 1, 2010, including
any amendments to such plans.

 

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 OfficerExhibit 10.5

 

OLD LINE BANK

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

 

This Old Line Bank
Supplemental Executive Retirement Plan (“Plan”) is adopted as of this 7th day May, 2018 (the
“Effective Date”) by Old Line Bank, a Maryland corporation (the “Employer” or the “Bank”)
for the benefit of _____________________ (the “Executive”). The purpose of the Plan is to provide certain supplemental
nonqualified pension benefits to certain executives who have contributed substantially to the success of the Employer and the Employer
desires to incentivize the executives to continue in its employ.

 

This Plan is intended
to be and shall be administered as an income tax nonqualified, unfunded plan primarily for the purpose of providing deferred compensation
for a select group of management or highly compensated employees within the meaning of the Employee Retirement Income Security
Act of 1974, as amended (“ERISA”), Sections 201(2), 301(a)(3), and 401(a)(1). This Plan is intended to comply
with the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and, accordingly,
the intent of the parties hereto is that the Plan shall be operated and interpreted consistent with the requirements thereof.

 

ARTICLE 1

DEFINITIONS

 

Whenever used in this
Plan, the following terms have the meanings specified:

 

1.1.           
“Account Balance” means, as of any date, the liability that should be accrued by the Bank under generally
accepted accounting principles (“GAAP”) on behalf of the Executive.

 

1.2.           
 “Annuity Contract” means the following annuity contract(s) purchased and solely owned by the Bank: a
Flexible Premium Indexed Deferred Annuity Contract issued by _________________ Insurance Company, contract #________ or such other
annuity contracts (a) as the Bank may purchase from time to time in accordance with Plan Section 2.3 or otherwise, 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 this Plan.

 

1.3.           
“Beneficiary” means the person or entity designated, or otherwise determined in accordance with Article
4, in writing by the Executive to receive death benefits pursuant to this Plan in the event of the Executive’s death.

 

1.4.           
“Beneficiary Designation Form” means the form established from time to time by the Plan Administrator
that the Executive completes, signs, and returns to the Plan Administrator to designate one or more Beneficiaries.

 

1.5.           
“Board” means the Board of Directors of the Employer.

 

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1.6.           
“Change in Control” shall be deemed to have taken place if:

 

(a)              
any person or entity, including a “group” as defined in Section 13(d)(3) of the Securities Exchange Act of 1934,
other than the Employer, a wholly-owned subsidiary thereof, or any employee benefit plan of the Employer or any of its subsidiaries
becomes the beneficial owner of Employer securities having fifty percent (50%) or more of the combined voting power of the then
outstanding securities of the Employer that may be cast for the election of directors of the Employer (other than as a result of
the issuance of securities initiated by the Employer in the ordinary course of business); or

 

(b)              
as the result of, or in connection with, any cash tender or exchange offer, merger or other business combination, sale of
assets or contested election, or any combination of the foregoing transactions, the holders of all Employer’s securities
entitled to vote generally in the election of directors of the Employer immediately prior to such transaction constitute, following
such transaction, less than a majority of the combined voting power of the then-outstanding securities of the Employer or any successor
corporation or entity entitled to vote generally in the election of the directors of Employer or such other corporation or entity
after such transactions; or

 

(c)              
such other change in control event as defined in Treasury Regulation §1.409A-3(i)(5) or any subsequent, applicable
Treasury Regulation.

 

(d)              
An event described in items (a) through (c) above shall constitute a Change in Control only if the event constitutes a change
in control event as defined in Treasury Regulations §1.409A-3(i)(5) or any subsequent, applicable Treasury Regulation.

 

1.7.           
“Disability” shall mean the Executive (i) is unable to engage in any substantial gainful activity by
reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to
last for a continuous period of net less than twelve (12) months or (ii) is, by reason of any medically determinable physical or
mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than twelve
(12) months, receiving income replacement benefits for a period of not less than three (3) months under an accident and health
plan covering employees of the Employer.

 

Medical
determination
of Disability
may be
made
by either
the Social
Security
Administration
or by the
provider
of an accident
or health
plan covering
employees
of the
Employer, provided
that the
definition
of disability
applied under
such disability
insurance
program
complies
with the requirements
of Section 409A.
Upon
the request
of the
Plan Administrator,
the Executive must submit
proof
to the Plan Administrator
of Social
Security
Administration’s
or the provider’s
determination.

 

1.8.            
“ERISA” means the Employee Retirement Income Security Act of 1974.

 

1.9.            
“Rider” means the income rider attached to the Annuity Contract as an endorsement or other product feature
that operates as an income rider, with such feature providing for a withdrawal or payment feature for the life of the annuitant.

 

1.10.          
“Normal Retirement Age” means age sixty-seven (67).

 

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1.11.         
“Separation from Service” means separation from service as that term is defined and interpreted in Section
409A of the Code and Treasury Regulation §1.409A-1(h) or in subsequent regulations or other guidance issued by the Internal
Revenue Service.

 

ARTICLE 2

ASSET FINANCING, OWNERSHIP AND RIGHTS

 

2.1.           
Annuity Contract and Other Investments. For purposes of satisfying its obligations to provide benefits under this
Plan, the Bank has initially invested in the Annuity Contract and may invest in other investments. However, nothing in this Section
shall require the Bank to invest in any particular form of investment.

 

2.2.           
Ownership of the Annuity Contract. 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. The Bank shall be the beneficiary of the death proceeds of the
Annuity Contract. The Bank shall at all times be entitled to the Annuity Contract’s cash surrender value, as that term is
defined in the Annuity Contract.

 

2.3.           
Right to Annuity Contract. Notwithstanding any provision hereof to the contrary, the Bank shall have the right to
sell or surrender any Annuity Contract without terminating this Plan, 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.

 

2.4.           
Rabbi Trust. Employer may establish a “rabbi trust” to which contributions may be made to provide the
Employer with a source of funds for purposes of satisfying the obligations of the Employer under the Plan. The trust shall constitute
an unfunded arrangement and shall not affect the status of the Plan as an unfunded plan. Neither the Executive nor the Beneficiary
shall have any beneficial ownership interest in any assets held in the trust.

 

2.5.           
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.

 

ARTICLE 3

RETIREMENT AND OTHER BENEFITS

 

3.1.           
Normal Retirement Benefit. Upon the Executive’s Separation from Service after reaching Normal Retirement Age
for any reason other than death or Disability, the Executive will be entitled to the monthly benefit payment described in this
paragraph 3.1. The amount of the monthly benefit will equal the amount that is paid from the Annuity Contract designated under
this Plan to benefit the Executive through the Rider (the “Normal Retirement Benefit”). The Normal Retirement
Benefit will commence on the first (1st) day of the second month following the date of the Executive’s Separation from Service,
payable monthly and continuing for the Executive’s lifetime. This shall be the Executive’s benefit in lieu of any other
benefit under this Plan.

 

    3 

     

    

3.2.           
Early Termination Benefit. In the event the Executive should Separate from Service after reaching Early Retirement
Age but Prior to Normal Retirement Age for any reason other than death, the Executive will be entitled to a monthly benefit equal
to a percentage of the amount that is paid from the Annuity Contract designated under this Plan to benefit the Executive through
the Rider (the “Early Retirement Benefit”). The percentage is the ratio of the Account Balance on the Early
Retirement Date to the projected Account Balance at Normal Retirement Age. This percentage is then applied to the amount that is
paid from the Annuity Contract through the Rider at Normal Retirement Age. The Early Retirement Benefit will commence on the first
day of the second month following the Executive’s Normal Retirement Age and will continue for the Executive's lifetime.

 

3.3.           
Death During Active Service. Upon death of the Executive while in service to the Employer, the Employer shall pay
to the Executive’s Beneficiary the Account Balance, payable no later than sixty (60) days from the date of death.

 

3.4.           
Death During Benefit Period. Upon death of the Executive after benefit payments have commenced under the Plan, but
before receiving a total of one hundred eighty (180) payments, the Employer shall pay to the Executive’s Beneficiary the
Account Balance, payable no later than sixty (60) days from the date of death. If the Executive dies after receiving one hundred
eighty (180) or more payments of benefit payments, this Agreement will terminate and no additional payments will be made to the
Executive's Beneficiary under the Plan.

 

3.5.           
Change in Control Benefit. Upon a Change in Control, the Executive will fully vest in the Normal Retirement Benefit
as provided for in paragraph 3.1, with such benefit payable in the amount as provided for in paragraph 3.1. The Employer will establish
a “rabbi trust”, if one has not already been established, for the purposes of this Plan, to which assets will be contributed
to provide the Employer with a source of funds for purposes of satisfying the obligations of the Employer under the Plan. The amount
of the contribution to the “rabbi trust” will be the amount sufficient to satisfy the obligation of the Employer under
paragraph 3.1. The benefit payable will commence on the first day of the second month following the later of the Executive’s
Normal Retirement Age or Separation from Service and will continue for the Executive's lifetime.

 

3.6.           
Restriction on Timing of Distributions. Notwithstanding the applicable provisions of this Plan regarding timing of
payments, the following special rules shall apply if the stock of the Employer is publicly traded at the time of the Executive’s
Separation from Service in order for this Plan to comply with Section 409A of the Code: (i) to the extent the Executive is a “specified
employee” (as defined under Section 409A of the Code) at the time of a distribution and to the extent such applicable provisions
of Section 409A of the Code and the regulations thereunder require a delay of such distributions by a six-month period after the
date of such Executive’s Separation from Service with the Employer, no such distribution shall be made prior to the date
that is six months after the date of the Executive’s Separation from Service with the Employer, and (ii) any such delayed
payments shall be paid to the Executive in a single lump sum within five (5) business days after the end of the six (6) month delay.

 

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ARTICLE 4

BENEFICIARIES

 

4.1.           
Beneficiary Designations. The Executive shall have the right to designate at any time a Beneficiary to receive any
benefits payable under this Plan upon the death of the Executive. The Beneficiary designated under this Plan may be the same as
or different from the Beneficiary designation under any other benefit plan of the Employer in which the Executive participates.

 

4.2.           
Beneficiary Designation; Changes. The Executive shall designate a Beneficiary by completing and signing the Beneficiary
Designation Form and delivering it to the Plan Administrator or its designated agent. The Executive’s Beneficiary designation
shall be deemed automatically revoked if the Beneficiary predeceases the Executive or if the Executive names a spouse as Beneficiary
and the marriage is subsequently dissolved. The Executive shall have the right to change a Beneficiary by completing, signing,
and otherwise complying with the terms of the Beneficiary Designation Form and the Plan Administrator’s rules and procedures,
as in effect from time to time. Upon the acceptance by the Plan Administrator of a new Beneficiary Designation Form, all Beneficiary
designations previously filed shall be cancelled. The Plan Administrator shall be entitled to rely on the last Beneficiary Designation
Form filed by the Executive and accepted by the Plan Administrator before the Executive’s death.

 

4.3.           
Acknowledgment. No designation or change in designation of a Beneficiary shall be effective until received in writing
by the Plan Administrator or its designated agent.

 

4.4.           
No Beneficiary Designation. If the Executive dies without a valid Beneficiary designation, or if all designated Beneficiaries
predecease the Executive, then the Executive’s spouse shall be the designated Beneficiary. If the Executive has no surviving
spouse, the benefits shall be distributed to the personal representative of the Executive’s estate.

 

4.5.           
Facility of Payment. If a benefit is payable to a minor, to a person declared incapacitated, or to a person incapable
of handling the disposition of his or her property, the Employer may pay such benefit to the guardian, legal representative, or
person having the care or custody of the minor, incapacitated person, or incapable person. The Employer may require proof of incapacity,
minority, or guardianship as it may deem appropriate before distribution of the benefit. Distribution shall completely discharge
the Employer from all liability for the benefit.

 

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ARTICLE 5

GENERAL LIMITATIONS

 

5.1.           
Limits on Payments. Notwithstanding anything contained in this Plan to the contrary, it is understood and agreed
that the Bank shall not be required to make any payment or take any action under this Plan if: (a) such payment or action is prohibited
by any governmental agency having jurisdiction over the Bank (hereinafter referred to as “Regulatory Authority”) in
light of the fact that the Bank has been declared by Regulatory Authority to be troubled, or operating in an unsafe or unsound
matter; or (b) such payment or action (i) would be prohibited by or would violate any provision of state or federal law applicable
to the Bank, as now in effect or hereafter amended, (ii) would be prohibited by or would violate any applicable rules, regulations,
orders or statements of policy, whether now existing or hereafter promulgated, of any Regulatory Authority, or (iii) otherwise
would be prohibited by any Regulatory Authority.

 

5.2.           
Termination for Cause. Notwithstanding anything to the contrary contained herein, in the event of the Executive's
termination for Cause, this Plan shall terminate and no benefits shall be payable under the Plan. For this purpose, “Cause”
shall be defined as (i) conviction of a crime involving moral turpitude; (ii) willful misconduct or gross neglect of duties which,
in either case, has resulted, or in all probability is likely to result, in material economic damage to the Bank; provided that
within 30 days after receiving notice of such misconduct or neglect, on which the board is relying to terminate you for cause,
you are provided the opportunity defend yourself before the board; or (iii) a repeated failure by Executive to follow the written
directives of the board or any written Bank policy or guidelines expressly approved by the board which has resulted, or in all
probability is likely to result, in material economic damage to the Bank; provided, however, that if you initially refuse to obey
the written directives of the board, (a) you are furnished a written statement by the board that it believes in good faith that
the acts or non-acts in respect of the direction that is given you is in the best interests of the Bank, and (b) you are provided
the opportunity to discuss with the board reasons for not complying with the board's directives; provided further that your refusal
to follow any written directive of the board that would cause you to commit any illegal act or engage in any illegal course of
conduct shall not be grounds for terminating your employment for Cause.

 

5.3.           
[OPTIONAL PROVISION: Noncompete. Executive agrees that for a period of _______ (__) years after the Executive’s Separation
from Service, Executive will not directly or indirectly compete or assist any person who competes, or participate in the ownership,
management or operation of any partnership, corporation or other entity operating a business that competes with Bank in the business
of banking within a ____________ (__) mile radius of any office of Bank. For purposes of this Agreement, the term “business
of banking” shall mean and be limited to a business that accepts deposits and makes loans. The foregoing is intended only
to prevent Executive being employed or otherwise competing within the above-specified geographical area. It is not intended to
prevent Executive from being employed outside the above-specified geographical area by an entity that has an office within such
geographical area as long as Executive does not work in such office.]

 

ARTICLE 6

CLAIMS AND REVIEW PROCEDURES

 

6.1.           
Claims Procedure. A person or Beneficiary (a “claimant”) who has not received benefits under the
Plan that he or she believes should be paid shall make a claim for such benefits as follows:

 

(a)              
Initiation - Written Claim. The claimant initiates a claim by submitting to the Plan Administrator a written claim
for the benefits. If the claim relates to the contents of a notice received by the claimant, the claim must be made within sixty
(60) days after the notice was received by the claimant. All other claims must be made within one hundred eighty (180) days after
the date of the event that caused the claim to arise. The claim must state with particularity the determination desired by the
claimant.

 

    6 

     

    

(b)              
Timing of Plan Administrator Response. The Plan Administrator shall respond to such claimant within ninety (90) days
after receiving the claim. If the Plan Administrator determines that special circumstances require additional time for processing
the claim, the Plan Administrator can extend the response period by an additional ninety (90) days by notifying the claimant in
writing, prior to the end of the initial ninety (90)-day period, that an additional period is required. The notice of extension
must set forth the special circumstances and the date by which the Plan Administrator expects to render its decision.

 

(c)              
Notice of Decision. If the Plan Administrator denies part or all of the claim, the Plan Administrator shall notify
the claimant in writing of such denial. The Plan Administrator shall write the notification in a manner calculated to be understood
by the claimant. The notification shall set forth:

 

		(i)	The specific reasons for the denial,

 

		(ii)	A reference to the specific provisions of the Plan on which the denial is based,

 

		(iii)	A description of any additional information or material necessary for the claimant to perfect the
claim and an explanation of why it is needed,

 

		(iv)	An explanation of the Plan’s review procedures and the time limits applicable to such procedures,
and

 

		(v)	A statement of the claimant’s right to bring a civil action under ERISA Section 502(a) following
an adverse benefit determination on review.

 

6.2.           
Review Procedure. If the Plan Administrator denies part or all of the claim, the claimant shall have the opportunity
for a full and fair review by the Plan Administrator of the denial, as follows

 

(a)              
Initiation - Written Request. To initiate the review, the claimant, within 60 days after receiving the Plan Administrator’s
notice of denial, must file with the Plan Administrator a written request for review.

 

(b)              
Additional Submissions - Information Access. The claimant shall then have the opportunity to submit written comments,
documents, records and other information relating to the claim. The Plan Administrator shall also provide the claimant, upon request
and free of charge, reasonable access to, and copies of, all documents, records and other information relevant (as defined in applicable
ERISA regulations) to the claimant’s claim for benefits.

 

    7 

     

    

(c)              
Considerations on Review. In considering the review, the Plan Administrator shall take into account all materials
and information the claimant submits relating to the claim, without regard to whether such information was submitted or considered
in the initial benefit determination.

 

(d)              
Timing of Plan Administrator Response. The Plan Administrator shall respond in writing to such claimant within sixty
(60) days after receiving the request for review. If the Plan Administrator determines that special circumstances require additional
time for processing the claim, the Plan Administrator can extend the response period by an additional sixty (60) days by notifying
the claimant in writing, prior to the end of the initial sixty (60)-day period, that an additional period is required. The notice
of extension must set forth the special circumstances and the date by which the Plan Administrator expects to render its decision.

 

(e)              
Notice of Decision. The Plan Administrator shall notify the claimant in writing of its decision on review. The Plan
Administrator shall write the notification in a manner calculated to be understood by the claimant. The notification shall set
forth:

 

		(i)	The specific reasons for the denial,

 

		(ii)	A reference to the specific provisions of the Plan on which the denial is based,

 

		(iii)	A statement that the claimant is entitled to receive, upon request and free of charge, reasonable
access to, and copies of, all documents, records and other information relevant (as defined in applicable ERISA regulations) to
the claimant’s claim for benefits, and

 

		(iv)	A statement of the claimant’s right to bring a civil action under ERISA Section 502(a).

 

ARTICLE 7

MISCELLANEOUS

 

7.1.           
Amendments and Termination. Subject to paragraph 7.12 of this Plan, this Agreement may be amended or terminated solely
by a written agreement signed by the Bank and by the Executive.

 

7.2.           
No Guarantee of Employment. This Plan is not an employment policy or contract. It does not give any Executive the
right to remain an employee of the Employer, nor does it interfere with the Employer’s right to discharge the Executive.
It also does not require any Executive to remain an employee nor interfere with any Executive’s right to terminate employment
at any time.

 

7.3.           
Non-Transferability. Benefits under this Plan cannot be sold, transferred, assigned, pledged, attached, or encumbered
in any manner.

 

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7.4.           
Tax Withholding. The Employer shall withhold any taxes that are required to be withheld from the benefits provided
under this Plan.

 

7.5.           
Applicable Law. Except to the extent preempted by the laws of the United States of America, the validity, interpretation,
construction and performance of this Plan shall be governed by and construed in accordance with the laws of the State of Maryland,
without giving effect to the principles of conflict of laws of such state.

 

7.6.           
Unfunded Arrangement. The Executive and the Beneficiary are general unsecured creditors of the Employer for the payment
of benefits under this Plan. The benefits represent the mere promise by the Employer to pay such benefits. The rights to benefits
are not subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment, or garnishment
by creditors. Any insurance, annuity contract or other asset purchased by Employer to fund its obligations under this Plan shall
be a general asset of the Employer to which the Executive and Beneficiary have no preferred or secured claim.

 

7.7.           
Benefit Provision. Notwithstanding the provisions of this Plan in the payment of the benefits under Article 3, any
benefits payable under this Plan are contingent solely upon the amount that is provided by the Annuity Contract(s) as identified
in this Plan or other provision as provided for in Article 2.

 

7.8.           
Severability. If any provision of this Plan is held invalid, such invalidity shall not affect any other provision
of this Plan, and each such other provision shall continue in full force and effect to the full extent consistent with law. If
any provision of this Plan is held invalid in part, such invalidity shall not affect the remainder of the provision, and the remainder
of such provision together with all other provisions of this Plan shall continue in full force and effect to the full extent consistent
with law.

 

7.9.           
Headings. The headings of articles herein are included solely for convenience of reference and shall not affect the
meaning or interpretation of any provision of this Plan.

 

7.10.       
Notices. All notices, requests, demands, and other communications hereunder shall be in writing and shall be deemed
to have been duly given if delivered by hand or mailed, certified or registered mail, return receipt requested, with postage prepaid.
Unless otherwise changed by notice, notice shall be properly addressed to the Executive if addressed to the address of the Executive
on the books and records of the Employer at the time of the delivery of such notice, and properly addressed to the Employer if
addressed to the Board, at _________________________________.

 

7.11.       
Payment of Legal Fees. In the event litigation ensues between the parties concerning the enforcement of the obligations
of the parties under this Plan, the Employer shall pay all costs and expenses in connection with such litigation until such time
as a final determination (excluding any appeals) is made with respect to the litigation. If the Employer prevails on the substantive
merits of each material claim in dispute in such litigation, the Employer shall be entitled to receive from the Executive all reasonable
costs and expenses, including without limitation attorneys’ fees, incurred by the Employer on behalf of the Executive in
connection with such litigation, and the Executive shall pay such costs and expenses to the Employer promptly upon demand by the
Employer.

 

    9 

     

    

7.12.       
Termination or Modification of Plan Because of Changes in Law, Rules or Regulations. The Employer is entering into
this Plan on the assumption that certain existing tax laws, rules, and regulations will continue in effect in their current form.
If that assumption materially changes and the change has a material detrimental effect on this Plan, then the Employer reserves
the right to terminate or modify this Plan accordingly.

 

ARTICLE 8

ADMINISTRATION OF AGREEMENT

 

8.1.           
Plan Administrator Duties. This Plan shall be administered by a Plan Administrator consisting of the Board or such
committee or person(s) as the Board shall appoint. The Plan Administrator shall have the sole and absolute discretion and authority
to interpret and enforce all appropriate rules and regulations for the administration of this Plan and the rights of the Executive
under this Plan, to decide or resolve any and all questions or disputes arising under this Plan, including benefits payable under
this Plan and all other interpretations of this Plan, as may arise in connection with the Plan. No benefit shall be payable hereunder
to any person unless the Plan Administrator, in its sole discretion, determines such benefit is due.

 

8.2.           
Agents. In the administration of this Plan, the Plan Administrator may employ agents and delegate to them such administrative
duties as it sees fit (including acting through a duly appointed representative) and may from time to time consult with counsel,
who may be counsel to the Employer.

 

8.3.           
Binding Effect of Decisions. The decision or action of the Plan Administrator with respect to any question arising
out of or in connection with the administration, interpretation, and application of the Plan and the rules and regulations promulgated
hereunder shall be final and conclusive and binding upon all persons having any interest in the Plan. Without limiting the foregoing,
it is acknowledged that the value of the benefits payable hereunder may be difficult to determine in the event the Employer does
not actually purchase and maintain the Annuity Contract as contemplated hereunder; therefore, in such event, the Employer shall
have the right to make any reasonable assumptions in determining the benefits payable hereunder and any such determination made
in good faith shall be binding on the Executive.

 

8.4.           
Indemnity of Plan Administrator. The Plan Administrator shall not be liable to any person for any action taken or
omitted in connection with the interpretation and administration of this Plan, unless such action or omission is attributable to
the willful misconduct of the Plan Administrator or any of its members. The Employer shall indemnify and hold harmless the members
of the Plan Administrator against any and all claims, losses, damages, expenses, or liabilities arising from any action or failure
to act with respect to this Plan, except in the case of willful misconduct by the Plan Administrator or any of its members.

 

    10 

     

    

8.5.           
Employer Information. To enable the Plan Administrator to perform its functions, the Employer shall supply full and
timely information to the Plan Administrator on all matters relating to the date and circumstances of the retirement, Disability,
death, or Separation of Service of the Executive and such other pertinent information as the Plan Administrator may reasonably
require.

 

This Supplemental Executive
Retirement Plan Agreement is hereby adopted as of the date written above.

 

	THE EXECUTIVE:	
        OLD LINE BANK

         

         

	                                           

        
	By:/s/James W. Cornelsen                     
	 	
        Title: President and Chief Executive
        Officer

         

 

 

    11 

     

    

BENEFICIARY DESIGNATION

 

OLD LINE BANK

 

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

 

 

 

I, ___________________,
designate the following as Beneficiary of any death benefits under the ______________________ Supplemental Executive Retirement
Plan

 

Primary:   

 

Contingent:    

 

Note: To name a
trust as Beneficiary, please provide the name of the trustee(s) and the exact name and date of the trust agreement.

 

I understand that I
may change these Beneficiary designations by filing a new written designation with the Employer. I further understand that the
designations will be automatically revoked if the Beneficiary predeceases me, or if I have named my spouse as Beneficiary and our
marriage is subsequently dissolved.

 

	 	Signature:	 
	 	 	 
	 	Date:	__, 20________________________________

 

 

Accepted by the Employer
this _______ day of ________________, 20__.

 

 

 

	 	By:	 
	 	 	 
	 	Print Name:	 
	 	 	 
	 	Title:	 

 

 

12

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