Document:

EX-10.160 SHAREHOLDERS' VOTING RIGHT PROXY AGREEME

 

Exhibit 10.160

Confidential

SHAREHOLDERS’ VOTING RIGHTS

PROXY AGREEMENT

among

Jiangang Wang

New Allyes Information Technology (Shanghai) Co., Ltd

and

Shanghai Allyes Advertisement Co., Ltd.

 

 

SHAREHOLDERS’ VOTING RIGHTS PROXY AGREEMENT

This Shareholders’ Voting Rights Proxy Agreement (this “Agreement”) is entered into as of
January 30, 2003 by and among the following Parties:

	(1)	 	New Allyes Information Technology (Shanghai) Co., Ltd (hereinafter “Company”)

Registered Address: Floor 28 Zhaofeng Shimao Tower, 369 Jiangsu Road, Shanghai
	 
	(2)	 	Shanghai Allyes Advertisement Co., Ltd. (hereinafter “SH Allyes”)

Registered Address: Room E1, Floor 28, 369 Jiangsu Road, Changning District, Shanghai
	 
	(3)	 	Jiangang Wang (hereinafter “Shareholder”)

Identify Card Number: 310109760621561

Address: Room 506, No.2 of No.15 Lane, Dahushan Road, Yangpu District, Shanghai

WHEREAS:

	1.	 	The Shareholder holds a portion of 50% of the equity interest in SH Allyes;
	 
	2.	 	The Shareholder intend to entrust the Company with the exercises of their voting rights in SH
Allyes while the Company is willing to accept such entrustment.

The Parties hereby have reached the following agreement upon friendly consultations:

Article 1 Voting Rights Entrustment

	1.1	 	The Shareholder hereby irrevocably entrusts the Company to exercise the following rights as
shareholder of SH Allyes in accordance with the then effective articles of association of SH
Allyes (collectively, the “Entrusted Rights”):

	 	(1)	 	Attending shareholders’ meetings of SH Allyes as proxy of the Shareholder;
	 
	 	(2)	 	Exercising voting rights as proxy of the Shareholders, on all issues discussed and
resolved by the shareholders’ meeting;
	 
	 	(3)	 	Proposing to convene the temporary shareholders’ meeting;
	 
	 	(4)	 	Other shareholders’ voting rights under the articles of association of SH Allyes
(including other shareholders’ voting rights prescribed by the
amendment of the articles of association).

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	1.2	 	The Shareholder acknowledges and assumes relevant liabilities for any legal consequences of
the Company’s exercise of the foregoing Entrusted Rights.
	 
	1.3	 	The Shareholder hereby acknowledge that the Company is not required to seek advice from the
Shareholder prior to their respective exercise of the foregoing Entrusted Rights. However, the
Company shall inform the Shareholder in a timely manner of any resolution or proposal on
convening interim shareholders’ meeting after such resolution or proposal is made.

Article 2 Right to Information

	2.1	 	For the purpose of exercising the Entrusted Rights under this Agreement, the Company is
entitled to know the information with regard to SH Allyes’s operation, business, clients,
finance, staff, etc., and shall have access to relevant materials of SH Allyes. SH Allyes
shall adequately cooperate with the Company in this regard.

Article 3 Exercise of Entrusted Rights

	3.1	 	The Company shall en-entrust the special inner staff(s) of its company to exercise any or all
Entrusted Rights within the scope of Article 1, Shareholder shall acknowledges and assumes
relevant legal liabilities.
	 
	3.2	 	The Shareholder will provide adequate assistance to the exercise of the Entrusted Rights by
the Company, including execution of the resolutions of the shareholders’ meeting of SH Allyes
or other pertinent legal documents made by the Company when necessary (e.g., when it is
necessary for examination and approval of or registration or filing with governmental
departments).
	 
	3.3	 	If at any time during the term of this Agreement, the entrustment or exercise of the
Entrusted Rights under this Agreement is unenforceable for any reason except for default of
the Shareholder or SH Allyes, the Parties shall immediately seek a most similar substitute for
the unenforceable provision and, if necessary, enter into supplementary agreement to amend or
adjust the provisions herein, in order to ensure the realization of the purpose of this
Agreement.

Article 4 Exemption and Compensation

	4.1	 	The Parties acknowledge that the Company shall not be requested to be liable for or
compensate (monetary or otherwise) other Parties or any third party due to exercise of
Entrusted Rights.
	 
	4.2	 	The Shareholder and SH Allyes agree to compensate the Company for and hold it harmless
against all losses incurred or likely to be incurred by it due to exercise of

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	 	 	the Entrusted
Rights, including without limitation any loss resulting from any litigation, demand
arbitration or claim initiated or raised by any third party against it or from administrative
investigation or penalty of governmental authorities. However, the Shareholder and SH Allyes
will not compensate for losses incurred due to wilful misconduct or gross negligence of the
Company.

Article 5 Representations and Warranties

	5.1	 	The Shareholder hereby represents and warrants that:

	 	5.1.1	 	He is a PRC citizen with full capacity and with full and independent
legal status and legal capacity to execute, deliver and perform this Agreement, and
may act independently as a subject of actions.
	 
	 	5.1.2	 	He has full right and authorization to execute and deliver this
Agreement and other documents that are related to the transaction referred to herein
and to be executed by them. He has full right and authorization with respect to
consummate the transaction referred to herein. This Agreement shall be executed and
delivered by the Shareholder lawfully and properly. This Agreement constitutes the
legal and binding obligations on him and is enforceable on him in
accordance with its terms and conditions hereof.
	 
	 	5.1.4	 	He is enrolled and a legal shareholder of SH Allyes as of the effective
date of this Agreement, and except the rights created by this Agreement, there
exists no third party right on the Entrusted Rights. Pursuant to this Agreement, the
Company may fully and sufficiently exercise the Entrusted Rights in accordance with
the then effective articles of association of SH Allyes.

	5.2	 	The Company and SH Allyes hereby respectively represents and warrants that:

	 	5.2.1	 	it is a company with limited liability properly registered and legally
existing under the laws of its registration place, with an independent corporate
legal person status, and with full and independent legal status and legal capacity
to execute, deliver and perform this Agreement and may act independently as a
subject of actions; and
	 
	 	5.2.2	 	it has/guarantee to obtain the full corporate power and authority to
execute and deliver this Agreement and all the other documents to be entered into by
it in relation to the transaction contemplated hereunder, and has/guarantee to
obtain the full power and authority to consummate such transaction.

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	5.3	 	SH Allyes hereby represents and warrants that:

	 	5.3.1	 	the Shareholder is enrolled shareholder holding a portion of 50% of the
equity interest in SH Allyes as of the effective date of this Agreement. Pursuant to
this Agreement, the Company may fully and sufficiently exercise the Entrusted Rights
in accordance with the then effective articles of association of SH Allyes.

Article 6 Term of Agreement

	6.1	 	This Agreement takes effect from the date of due execution of all the Parties hereto, unless
terminated in advance by written agreement of all the Parties, otherwise this
Agreement shall keep efficient without limit if only the shareholder still holds equity in SH
Allyes.

Article 7 Notice

	7.1	 	Any notice, request, demand and other correspondences made as required by or in accordance
with this Agreement shall be made in writing and delivered to the relevant Party.
	 
	7.2	 	The abovementioned notice or other correspondences shall be deemed to have been delivered
when (i) it is transmitted if transmitted by facsimile, or (ii) it is delivered if delivered
in person, or (iii) when five (5) days have elapsed after posting the same if posted by mail.

Article 8 Default Liability

	8.1	 	The Parties agree and confirm that, if any of the Parties (the “Defaulting Party”) breaches
substantially any of the provisions herein or fails substantially to perform any of the
obligations hereunder, such a breach or failure shall constitute a default under this
Agreement (a “Default”). In such event any of the other Parties without default (a
“Non-defaulting Party”) who incurs losses arising from such a Default shall have the right to
require the Defaulting Party to rectify such Default or take remedial measures within a
reasonable period. If the Defaulting Party fails to rectify such Default or take remedial
measures within such reasonable period or within ten (10) days of a Non-defaulting Party’s
notifying the Defaulting Party in writing and requiring it to rectify the Default, then (1)the
Company shall have the right to terminate this Agreement and require the Defaulting Party to
indemnify all damages if the Shareholder or SH Allyes is the Defaulting Party, or (2) the
Non-defaulting Party shall have the right to require the Defaulting Party to indemnify the
damages, otherwise the Non-defaulting Party hasn’t any right to termination or release this
Agreement or the entrustment under this Agreement under any circumstances.

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	8.2	 	The rights and relieves prescribed in this Agreement are accumulative and don’t exclude any
other rights or relieves ruled by the laws.
	 
	8.3	 	Notwithstanding any other provisions herein, the validity of this Article shall not be
affected by the suspension or termination of this Agreement.

Article 9 Miscellaneous

	9.1	 	This Agreement shall be prepared in Chinese language in 3 original copies, with each involved
Party holding 1 hereof.
	 
	9.2	 	The conclusion, validity, execution, amendment, interpretation and termination of this
Agreement shall be governed by laws of the PRC.
	 
	9.3	 	Any disputes arising from and in connection with this Agreement shall be settled through
consultations among the Parties involved, and if the Parties involved fail to reach an
agreement regarding such a dispute within thirty (30) days of its occurrence, such dispute
shall be submitted to [China International Economic and Trade Arbitration Commission Shanghai
Branch] for arbitration in [Shanghai] in accordance with the arbitration rules of such
commission, and the arbitration award shall be final and binding on all the Parties involved.
	 
	9.4	 	Any rights, powers and remedies empowered to any Party by any provisions herein shall not
preclude any other rights, powers and remedies enjoyed by such Party in accordance with laws
and other provisions under this Agreement, and a Party’s exercise of any of its rights, powers
and remedies shall not preclude its exercise of other rights, powers and remedies of it.
	 
	9.5	 	Any failure or delay by a Party in exercising any of its rights, powers and remedies
hereunder or in accordance with laws (the “Party’s Rights”) shall not lead to a waiver of such
rights, and the waiver of any single or partial exercise of the Party’s Rights shall not
preclude such Party from exercising such rights in any other way or exercising the remaining
part of the Party’s Rights.
	 
	9.6	 	The titles of the Articles contained herein are for reference only, and in no circumstances
shall such titles be used for or affect the interpretation of the provisions hereof.
	 
	9.7	 	Each provision contained herein shall be severable and independent from each of other
provisions. If at any time any one or more articles herein become invalid,
illegal or unenforceable, the validity, legality or enforceability of the remaining
provisions herein shall not be affected thereby.

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	9.8	 	Any amendments or supplements to this Agreement shall be made in writing and shall take
effect only when properly signed by the Parties to this Agreement.
	 
	9.9	 	Any party shall not assign any of their rights and/or transfer any of their obligations
hereunder to any third parties without prior written consent from other parties.
	 
	9.10	 	This Agreement shall be binding on the legal successors of the Parties.

[The
remainder of this page is left blank]

IN WITNESS HEREOF, the following Parties have caused this Shareholders’ Voting Rights Proxy
Agreement to be executed as of the date and in the place first here above mentioned.

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	New Allyes Information Technology (Shanghai) Co., Ltd.
	     (Company chop)
	 
	 	 	 	 
	Signature by :

	 	/s/ Jiangang Wang
 

	 	 
	Name: Jiangang Wang
	Position: Authorized Representative
	 
	 	 	 	 
	Shanghai Allyes Advertisement Co., Ltd.
	     (Company chop)
	 
	 	 	 	 
	Signature by :

	 	/s/ Jiangang Wang
 

	 	 
	Name: Jiangang Wang
	Position: Authorized Representative
	 
	 	 	 	 
	Jiangang Wang
	 
	 	 	 	 
	Signature by:

	 	/s/ Jiangang Wang
 

	 	 

7Exhibit 10.23

                              EMPLOYMENT AGREEMENT
                              --------------------

     This Employment Agreement (hereinafter sometimes the "Agreement") is made
this 1st day of August, 2007 by and between CARROLLTON BANCORP and CARROLLTON
BANK, Employers, (hereinafter sometimes jointly referred to as the "Bank"), body
corporates of the State of Maryland, and ROBERT A. ALTIERI of Howard County,
State of Maryland (hereinafter sometimes the "Employee").

                             INTRODUCTORY STATEMENT
                             ----------------------

     Carrollton Bancorp is a "holding company" which is the sole owner of the
capital stock of Carrollton Bank and Carrollton Bank is engaged in the business
of accepting deposits of money, paying and cashing checks, making loans, etc.,
all as more fully described in West's Maryland Law Encyclopedia, Volume 4,
Section Banks and Trust Companies, and in and by the Regulations of the
Commissioner of Financial Regulation of the State of Maryland and the Federal
Deposit Insurance Corporation. The Employee has extensive experience in the
field of banking and the Boards of Directors of the "holding company" and the
Bank (hereinafter sometimes the "Board") are fully familiar with Employee's
knowledge of the banking business, his ability to lead in the development and
growth of the Bank's operations and profits and in the expansion of the "holding
company" and the Bank and therefore have determined that it is in the best
interest of the Bank and the "holding company" and its stockholders to reinforce
and encourage the continued attention and dedication of the Employee to the
"holding company" and to the Bank by providing for the continued employment of
the Employee with the "holding company" and the Bank.

     The Employee is willing to commit himself to serve the Bank on the terms
and conditions herein provided.

     In order to effect the foregoing, the Bank and the Employee wish to enter
into an employment agreement on the terms and conditions set forth herein below.

     NOW, THEREFORE, in consideration of Ten Dollars ($10.00) paid each to the
other, receipt of which is hereby acknowledged and in consideration of the
respective covenants and agreements of the parties herein contained, and
intending to be legally bound hereby, the parties hereto agree as follows:

     1. Employment. The Bank hereby employs the Employee as President and Chief
Executive Officer, and the Employee hereby accepts such employment in accordance
with the terms and conditions of this Agreement.

<PAGE>

            1.1. Assignability. This Agreement is purely personal to the parties
hereto, and neither party shall have the right to assign, transfer, pledge, or
otherwise affect any interest hereunder nor any of the monies called for herein.

        2. Duties of Employee. Employee has, for several years past, been
engaged by Bank in the identical position herein described. It is contemplated
by this Agreement that Employee's duties shall be comparable to those presently
undertaken by Employee, which can generally be described as being responsible
for the day to day management of the Bank, carrying out the mission, strategy,
goals, and objectives established by the Board and in planning for the growth
and profitability of the Bank. The duties of employment shall include such
additional executive and managerial duties on behalf of the Bank and its
operations of a character in keeping with the Employee's position as may, from
time to time, be assigned to the Employee by the Board of Directors.

            2.1. Best Efforts of Employee. Employee agrees that he will, at all
times, faithfully, industriously, and to the best of his ability, experience,
and talents perform all of the duties that may be required of and from him
pursuant to the express and implicit terms of this Agreement to the reasonable
satisfaction of Bank.

        3. Term. The term of employment shall begin on the date first
hereinabove set forth, for a period of three years, unless this Agreement is
terminated by either party as herein provided.

        4. Compensation.

            4.1. Salary. During the period of the Employee's employment
hereunder, the Bank shall pay to the Employee a minimum annual base salary at a
rate of Two Hundred Twenty-Five Thousand Dollars ($225,000.00) or such rate as
may, from time to time, be determined by the Board, such salary to be paid in
substantially even installments, subject to customary payroll deductions, in
accordance with the normal payroll practices of the Bank. The Employee's salary
will be reviewed by the Bank's Compensation Committee at least annually.

            Employee shall not receive additional compensation for services
rendered to the Bancorp. It is the intent of the parties hereto that all
compensation, benefits, and bonus, if any, shall be paid by Carrollton Bank.

            Prior to any renewal or extension of the term of this Agreement,
salary adjustments shall be recommended to the Board by Bank's Compensation
Committee.

<PAGE>

            4.2. Bonus. So long as Employee is employed under the provisions of
this Agreement by Bank, at the end of each calendar year, Employee may receive a
cash bonus not to exceed forty percent (40%) of his base salary. The amount of
the bonus will be determined by Bank's Compensation Committee based upon
Employee having achieved or exceeded the defined goals and objectives
established for the subject year by the aforesaid committee and the Board of
Directors. It is agreed that the goals and objectives will focus on core profit,
earnings, strategic plan achievements and professional accomplishments.

            4.3. Other Benefits. The Employee shall be entitled to participate
in all of the benefit plans and arrangements in effect on the date hereof in
which employees and Officers of the Bank participate, including group life
insurance and accident plans, medical and dental insurance plans, and short and
long term disability plans, defined benefit plan and 401K plan, provided,
however, that changes in such plans or arrangements may be made, including
termination of such plans or arrangements, if such changes occur pursuant to a
program applicable to all employees and Officers of the Bank and do not result
in a proportionately greater reduction in the rights of or benefits to the
Employee as compared with any other employee of the Bank. The Employee agrees to
cooperate in obtaining such benefits, including submitting to physical
examination and drug testing, if required to do so by insurance carriers and/or
the Board of Directors.

            4.4. Expenses. During the term of the Employee's employment
hereunder, the Employee shall be entitled to receive prompt reimbursement for
all reasonable and customary expenses incurred by the Employee in performing
services hereunder, upon presentment of receipts for such expenses.

            4.5 Vacations. Employee shall be entitled to an annual vacation
time, with full pay, in keeping with Bank policy as same shall from time to time
be amended. Vacation time must be taken during the calendar year in which it is
accrued and cannot be accumulated and carried over into succeeding calendar
years except when permitted by the Chairman of the Board. The Employee shall
take his vacation at reasonable time or times taking into consideration the
needs of the Bank. During the course of a calendar year, Employee must take a
vacation of two consecutive weeks, but no single vacation can be taken for a
period exceeding two consecutive weeks.

            4.6. Sick Leave. Employee shall be entitled to sick leave in keeping
with Bank policy as same shall from time to time be amended. Days awarded under
said sick leave policy are not cumulative and may not be carried over into
succeeding calendars years except when permitted by the Chairman of the Board.

<PAGE>

            4.7. Automobile and Costs Associated Therewith. Commencing with the
effective date of this Agreement, Employee shall receive the use of a Bank-owned
car. During the life of this Agreement, subject to Employee being employed by
Bank and this Agreement being extended, on the third anniversary of the
effective date hereof, Employee shall receive the use of a new Bank-owned car.
The make and model of the Bank-owned car shall be as determined by the Employee,
subject to the approval of the Board. In addition thereto, Employee shall
receive a Bank-owned credit card for use in paying for fuel and oil for the
operation of the vehicle and necessary repairs to the vehicle. Bank shall, at
Bank's expense, obtain and maintain insurance covering the use of the vehicle.
Should Employee determine that, in his opinion, the amount and type of insurance
obtained by the Bank is inadequate, it shall be Employee's responsibility to
obtain, at his expense, any additional types or amounts of insurance.

            It shall be the responsibility of Employee to maintain all records
appropriate to Internal Revenue rules and regulations pertaining to the use of
employer-owned vehicles and, should the use of the employer-owned vehicle result
in additional tax consequences to Employee, the tax shall be the responsibility
of Employee to pay.

            4.8. Stock Options. During the term of this Agreement and subject to
the availability of stock for option usage and provided that, in the year for
which the grant is to be made, Bank has achieved the goals and objectives as set
forth in Paragraph 4.2 hereinabove, Employee may receive stock option grants as
determined by Bank's Compensation Committee. Should stock option grants be made,
they shall take into account the affect on Bank of accounting charges and they
shall take into consideration the amount and type of stock options granted to
presidents of peer banks in Maryland and adjacent states.

          At the determination of the said Compensation Committee and in keeping
with the provisions of the next hereinabove paragraph, the Compensation
Committee may, in lieu of or in addition to, stock options determine to grant
stock appreciation rights, phantom stock, restricted stock, or similar grants.

            4.9. Memberships. Bank will provide to Employee and pay the cost
(both initiation and annual) thereof of membership in the Center Club, Maryland
Banker's Association, and, at the determination of the Board, other professional
associations.

         4.10. Master of Business Administration. Bank shall advance the cost of
tuition for Employee to obtain an MBA degree in Business Administration or a
course to enhance Employee's knowledge of Real Estate Practices. The course to
be given by either Johns Hopkins University or Loyola College in Baltimore.
Should Employee successfully complete the course within the normal time frame
for completion, the advancement shall be forgiven, otherwise Employee shall
reimburse Bank for funds advanced on his behalf.

<PAGE>

         4.11. Taxation. Under the provisions and regulations pertaining to
compensation promulgated by Federal and State taxing authorities as same now
exists or as same may be amended, Bank may be required to report some or all of
the proposed benefits as additional compensation to Employee, in which event,
the tax consequences shall be the responsibility of Employee.

        5. Termination. The Employee's employment hereunder may be terminated
without any breach of this Agreement under the following circumstances:

            5.1. Death. The Employee's employment hereunder shall terminate upon
his death.

            5.2. Disability. If, as a result of the Employee's incapacity due to
physical or mental illness, the Employee shall have been absent from his duties
hereunder on a full-time basis for the entire period of six (6) months and
within thirty (30) days after written Notice of Termination is given (which
notice may be given before or after the end of the six month period) shall not
have returned to the performance of his duties hereunder on a full time basis,
the Bank may terminate the Employee's employment hereunder. Benefits, if any,
shall continue to be paid to Employee in keeping with the provisions of any
Disability Plan under which Employee was covered prior to his termination.

            5.3. Voluntary Termination by the Employee. The Employee may
voluntarily resign or terminate his employment hereunder by transmitting a
written Notice of Termination to the Bank at least ninety (90) days prior to the
effective date of such resignation/termination. All compensation and benefits,
to or for Employee, shall continue for the ninety (90) day period and cease and
terminate on the effective date of resignation/termination. Employee agrees to
continue rendering his best efforts on behalf of the Bank during this ninety
(90) day period unless Bank requests him to cease at an earlier date, which
request will not interfere with Employee's continued compensation.

            5.4. Termination for Cause. The Bank may terminate Employee's
employment with the Bank without triggering the provisions of Section 6, upon
discovery of Employee's fraud, dishonesty, moral turpitude, willful misconduct,
breach of fiduciary duty involving personal profit, intentional failure to
perform stated duties as herein set out or as determined by the Board, willful
violation of any law, rule, or regulation (other than traffic violations or
similar offenses) or any final cease-and-desist order or the taking of any
wrongful action which Employee knew or should have known would cause injury to
the Bank or its reputation or the breach of any provision of this Agreement.

<PAGE>

            Should Employee, under State or Federal law, be indicted or, by
information, be charged with the commission of a felony, Board may suspend, with
or without pay, Employee's services. Should Employee be convicted of the
commission of a felony, Board may terminate Employee's employment and the
termination shall be for cause.

            5.5. Any termination of the Employee's employment (other than
termination pursuant to Section 5.1 hereof) shall be communicated by written
Notice of Termination to the other party as provided in Section 8 hereof.

            5.6. Bank's Right to Terminate. Nothing in this Section 5 or
elsewhere in this Agreement shall be interpreted to limit the Bank's authority
to discharge Employee at any time with or without cause.

        6. Compensation Upon Termination.

            6.1. Termination Without Cause. Should Bank terminate Employee's
employment for any reason, other than the provisions of Section 5.4 hereof,
Employee shall continue, for the next succeeding twenty-four (24) calendar
months, to receive his then current monthly salary, provided Employee fully
complies with the provisions of Sections 9 and 13 hereof. Normal deductions for
withholding taxes, insurance, etc. shall continue to be withheld by Bank for
Employee's benefit. These payments shall be made monthly and shall not be paid
in a "lump sum".

            In addition, Employee shall continue to participate in all plans in
which he participated at the time of termination on the same terms, basis, and
conditions set forth in Section 4.3 hereof.

         6.2. Termination for Cause. Should Employee's employment terminate
pursuant to the provisions of Section 5.1, 5.2, 5.3, or 5.4 of this Agreement,
Employee shall not be entitled to any further compensation or benefits
(including, but not limited to insurance, except as may be provided in the
insurance plan, annual bonus, or annual stock option grant) beyond the "date of
termination." For purposes of this section, "date of termination" shall be the
date specified in the Notice of Termination or, if no date is specified, the
date on which the Notice of Termination is given or, as to Section 5.1, the date
of death.

            6.3. Employee's Obligations Upon Termination. Upon termination, with
or without cause, Employee will promptly return to Bank all property owned by
the Bank which is in Employee's possession or control. This provision shall
include, but not be limited to, vehicles, keys, credit cards, debit cards, and
access cards.

<PAGE>

            6.4. Termination as a Result of Sale of Bank. During the term of
this Agreement, should Employee's employment be terminated within twelve months
after the closing date of the sale, merger or change of control of Bank or is
not offered substantially similar employment (defined below) by the acquiring
institution, Employee shall receive a severance package consisting of: (a)
thirty-six months of his then current base salary; and (b) continuation for a
period of eighteen months of all medical and long-term disability insurance in
amounts and subject to the provisions in effect as of the date of sale, merger
or change in control and for a period of six months thereafter, said insurance,
if available at the same cost, will be provided to Employee and, if not
available at the same cost, Bank shall pay to Employee monthly an amount of
money equal to the monthly premium paid by Bank for the insurance in the
eighteenth month after Employee's termination.

        Any stock options not yet vested in Employee shall, upon sale, merger or
change in control of the Bank, immediately vest in Employee.

        Further, at the option of Employee, Employee may acquire from the Bank,
the Bank-owned car which had been assigned to Employee at no cost to Employee
except for the costs associated with the transfer.

        For the purposes of this Article 6 Section 6.4, the term "change in
control" shall mean either: (a) the acquisition by one or more persons, acting
in concert, of 51% or more of the issued capital stock of Carrollton Bancorp, or
(b) a majority of the Board of Directors of Carrollton Bancorp being elected
without having been nominated for election by Bancorp's nominating committee or
by majority vote for nomination for Bancorps Board of Directors.

        Should the sale, merger or change in control of Bank be the result of
Regulatory action, State and/or Federal, the provisions of this section shall be
subject to modification by said Regulator.

        Substantially Similar Employment shall mean a position at the surviving
or acquiring institution where Employee is provided: (i) a salary equal to or
better than the salary offered under this Agreement, (ii) benefits similar to or
better than the benefits offered hereunder, including health insurance, stock
options, retirement benefits, use of company vehicle, severance package, and
employment agreement; (iii) Employee's place of employment remains in the
Baltimore Metropolitan area; and (iv) Employee receives the title of authority
and responsibility of Executive Vice President or a higher position.

            6.5. "Termination" shall mean that Employee is no longer employed by
Bank or a successor entity in any capacity.

        7. Compensation During Disability. During any period that the Employee
fails to perform his duties hereunder as a result of incapacity due to physical
or mental illness, the Employee shall continue to receive or shall receive the
benefits of (as the case may be), all items described in Section 4 hereof at the
rate then in effect for such period until his employment is terminated pursuant
to Section 5.2 hereof, provided that payments so made to the Employee shall be
reduced by the sum of the amounts, if any, payable to the Employee under the
Bank's disability insurance, under worker's compensation insurance or under any
other insurance.

<PAGE>

        8. Notice. Whenever notice is required to be given under the provisions
of this Agreement, it shall be given in writing by hand-delivery or United
States registered or certified mail, return receipt requested, and shall be
deemed to have been transmitted on the date such notice is so delivered,
transmitted, or mailed, if addressed as follows:

            If to the Bank:

            Carrollton Bank
            P.O. Box 24129
            Baltimore, MD  21227
            Attention:  Chairman of the Board, Carrollton Bank

            If to the Employee:

            Robert A. Altieri
            2814 Shadow Roll Court
            Glenwood, MD  21738

or to such other address as either of the parties hereto, by written notice to
the other, may, from time to time, designate.

        9. Confidential Information.

        9.1 Employee agrees that any information received by the Employee during
his employment with Bank which concerns the personal, financial, or other
affairs of the Bank or any of its customers, employees or stockholders will be
treated by the Employee in full confidence and will not be revealed to any other
persons, firms, or organizations nor will Employee make personal use of any
confidential information concerning the Bank's business or about its customers,
employees, or stockholders.

        9.2 Bank agrees that any information pertaining to Employee received by
the Bank during the course of Employee's employment by Bank will be treated by
Bank in full confidence and will not be revealed to any other persons, firms, or
organizations, nor will Bank make use of such confidential information.

    10. Arbitration of Disputes. Any controversy or claim arising out of or
relating to this Agreement or the breach thereof shall be settled by arbitration
in accordance with the rules of the American Arbitration Association. Judgment
upon the award rendered by the arbitrator may be entered in any court having
jurisdiction thereof.

<PAGE>

            However, in the event of non-compliance or violation, as the case
may be, of Section 9 and/or 13 hereof, the Bank may alternatively apply to a
court of competent jurisdiction for a temporary restraining order and/or such
other legal and equitable remedies as may be appropriate, since the Bank would
have no adequate remedy at law for such violation or non-compliance.

    11. Other Employment. Employee, during the term of this Agreement, is
prohibited from accepting or undertaking any work or employment, with or without
compensation, from another employer without Bank's written consent. It is Bank's
intention that Employee devote all of Employee's work efforts toward the
development and improvement of the Bank's business. However, Employee may
undertake investment opportunities which do not conflict with his Bank duties
and responsibilities. Board determinations will be reasonable and prompt.

    12. Other Regulatory Provisions.

            12.1. Suspension. If Employee is suspended and/or temporarily
prohibited from participating in the conduct of the Bank's affairs by a notice
served under the provisions of the Federal Deposit Insurance Act, the Bank's
obligations under this Agreement shall be suspended, as of the date of service,
unless stayed by appropriate proceedings.

            12.2. Removal. If Employee is removed and/or permanently prohibited
from participating in the conduct of Bank's affairs by an order issued under the
provisions of the Federal Deposit Insurance Act, all obligations of the Bank
under this Agreement shall terminate as of the effective date of the order, but
vested rights of the parties hereto shall not be affected.

            12.3. Bank's Default. If the Bank is in default (as defined under
the provisions of the Federal Deposit Insurance Act), all obligations under this
Agreement may be modified or terminated as of the date of default, but this
Paragraph 12.3 shall not affect any vested rights of the parties hereto.

            12.4. Contractual Obligations. All obligations under this Agreement
may be modified or terminated, except to the extent determined that continuation
of the Agreement is necessary for the continued operation of the Bank:

                         (i) by the Federal Deposit Insurance
Corporation or the Resolution Trust Corporation or its designee at the time it
enters into an agreement to provide assistance to or on behalf of the Bank under
the authority contained in the Federal Deposit Insurance Act; or

<PAGE>

                        (ii) by the Board of Directors of the
Federal Deposit Insurance Corporation or the Resolution Trust or its designee at
the time that it approves a supervisory merger to resolve problems related to
the operation of the Bank or when the Bank is determined to be in an unsafe or
unsound condition.

                        Any rights of the parties hereto that
have already vested, however, shall not be affected by such
action.

    13. Non-Compete. For a period of twenty-four (24) months following
termination without cause of his employment with Bank, Employee agrees that he
shall not solicit customers of the Bank for any purpose whatsoever and further,
within an area of thirty-five (35) miles from Bank's then main office, Employee
will not accept employment with a bank, thrift or credit union as a President,
Senior Vice President, Vice President, or in a managerial capacity. Should
Employee violate this Non-Compete provision, all termination compensation
provided in this Agreement shall immediately cease. The non-compete does not
apply, if the Bank is sold, merged, or change of control occurs.

    14. Training of Others. Because of the possibility of Employee's death or
disability during the term of this Agreement, Employee agrees to develop a "plan
of succession" meeting with the Board's approval.

    15. Miscellaneous.

            a) No provisions of this Agreement may be modified, waived, or
discharged, unless such waiver, modification, or discharge is agreed to in
writing signed by the Employee and such officer of the Bank as may be
specifically designated by the Board.

            b) No waiver by either party hereto at any time of any breach by the
other party hereto of or compliance with any condition or provision of this
Agreement to be performed by such other party shall be deemed a waiver of
similar or dissimilar provisions or conditions as the same or at any prior or
subsequent time.

            c) The validity, interpretation, construction, and performance of
this Agreement shall be governed by the laws of the State of Maryland without
regard to its conflicts of law provisions.

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

<PAGE>

            e) This Agreement sets forth the entire agreement of the parties
hereto in respect of the subject matter contained herein and supersedes all
prior agreements, promises, covenants, arrangements, communications,
representations or warranties, whether oral or written, by any officer, employee
or representative of any party hereto; and any prior agreement of the parties
hereto in respect of the subject matter contained herein is hereby terminated
and canceled.

        IN WITNESS WHEREOF, the parties have executed this Agreement under seal
as of the day and year first above written.

WITNESS/ATTEST:                               CARROLLTON BANCORP
/s/ Linda G. Swartz                           /s/ Albert R. Counselman
    ---------------                               -------------------
    LINDA G. SWARTZ                               ALBERT R. COUNSELMAN,
                                                  Chairman of the Board

                                              CARROLLTON BANK

/s/ Allyson Cwiek                              /s/ John Paul Rogers
    -------------                                  ----------------
    ALLYSON CWIEK                                  JOHN PAUL ROGERS
                                                   Chairman of the Board

/s/ Allyson Cwiek                              /s/ Robert A. Altieri
    -------------                                  -----------------
    ALLYSON CWIEK                                  ROBERT A. ALTIERI

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