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Exhibit 10.9  

 
 

PROVIDENT BANKSHARES
  2001 GROUP MANAGER INCENTIVE PLAN    
  

	I.
	Objective:

The
purpose of this plan is to relate incentive compensation paid to bank management with the achievement of corporate objectives and individual performance that contribute to business success. 

	II.
	Participants:

This
plan shall apply to the levels of management defined below:

Group
Managers 

To
be eligible for benefits under this plan each participant must be employed in the above category. For those employed in the above category less than one full year the amount will be
pro-rated based on the actual number of full calendar months employed in the above category. Employment as of date of incentive distribution is required to be eligible for payment. 

	III.
	Plan
Description

	A.
	Performance
Measures

	1.
	Corporate

	a.
	The
criteria to be used for the corporate performance measure shall be Earnings Per Share as determined by the Board of Directors.

	b.
	The
target to be used in computing incentive compensation will be achievement of a minimum of 90% of the Earnings Per Share target. The maximum will be 110% of the Earnings Per Share
target. 

	2.
	Individual

	a.
	The
criteria to be used for the individual performance measure should be based on achievement of pre-defined goals as set with Executive Management. 

	B.
	Incentive
Compensation Computation

	1.
	Corporate
Performance

	a.
	The
minimum available pool to be used for incentive compensation will occur when 90% of the Earnings Per Share target is achieved.

	b.
	The
maximum available pool to be used for incentive compensation will occur when 110% of the Earnings Per Share target is achieved. 

	2.
	Individual
Performance

	a.
	The
total of any incentive compensation paid will be based on the performance of the individual as determined by Executive Management. 

	3.
	After
final determination of the incentive compensation due to participants all amounts shall be rounded upwards to the nearest $100. 

	IV.
	Payment
of Benefits:

	A.
	Timing:
all incentive compensation payable under this plan shall be paid to participants within one month after the end of the corporation's fiscal year.

	B.
	Deferral:
it is intended that all or part of the compensation payable under this plan may be deferred by participants under separate agreement with the corporation. Any decision to
defer incentive compensation must be made at the inception of the current year's plan. Access to deferred moneys is guided by IRS regulations applicable to Section 401(k) of the Internal
Revenue Code. 

	V.
	Attachments:

Each
year a schedule must be attached to this plan showing the target and the maximum level of incentive compensation set by the Board of Directors. This attachment shall be an integral part of this
plan. 

 
 

PROVIDENT BANKSHARES
  2001 GROUP MANAGER INCENTIVE PLAN
  ATTACHMENT
  SLIDING SCALE    
  

	Earnings

Per Share Target
	 	Percentage Pay-out

of Base Salary

	$1.76-$2.16	 	10-40%

 
 

PARTICIPANTS    
  

	Group Managers	Enos Fry

Russell Johnson

John King

Hugh Newton

Les Patrick

Jeanne Uphouse

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PROVIDENT BANKSHARES 2001 GROUP MANAGER INCENTIVE PLAN

PROVIDENT BANKSHARES 2001 GROUP MANAGER INCENTIVE PLAN ATTACHMENT SLIDING SCALE

PARTICIPANTS<PAGE>

                                                                   Exhibit 10.21

                           PREFERRED ACCESS AGREEMENT

         THIS AGREEMENT is made this 21st day of December, 2001, effective
January 1, 2001, between MEC HOLDINGS (CANADA) INC., an Ontario corporation
("MEC") and MAGNA INTERNATIONAL INC., an Ontario corporation ("Magna").

WHEREAS:

A.       MEC owns and operates the Magna Golf Club in Aurora, Ontario (the
         "Club");

B.       Magna maintains its head office in Aurora, Ontario, adjacent to the
         Club;

C.       Magna requires the use of both the golf course and the clubhouse
         meeting, dining and other facilities of the Club from time to time for
         certain Magna-sponsored corporate and charitable events, as well as for
         business development, marketing or other business purposes; and

D.       MEC wishes to make the Club available to Magna from time to time on the
         terms and conditions and in consideration of the fees provided for
         herein.

         NOW THEREFORE THIS AGREEMENT WITNESSES THAT in consideration of the
mutual covenants and agreements hereinafter contained and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, it is hereby agreed as follows:

1.       GRANT OF PREFERRED ACCESS

(a)      Magna shall have a right of access (the "Right of Access") to use, from
         time to time, the clubhouse, golf course, rental suites (of which one
         shall be a dedicated suite, reserved for use by Magna), meeting rooms,
         dining facilities and all other areas comprising part of the Club
         (collectively, "Facilities"), for:

         (i)      up to three (3) major and four (4) minor Magna-sponsored
                  one-day corporate or charitable events per annum, without
                  payment of any rent or other such usage fee. An event is
                  considered "major" if it entails the use of the Facilities, to
                  the exclusion of members, for substantially all of one day. A
                  "minor" event is one which is either restricted to a morning
                  or afternoon, or which can accommodate the simultaneous use of
                  the Facilities by members of the Club;

         (ii)     additional Magna-sponsored tournaments or other events, upon
                  payment of the Club's then applicable rate, which shall not
                  exceed the current fair market rate for such use of a golf
                  club of similar calibre; and

         (iii) business development, marketing or other business purposes;

         all upon the terms and conditions set out in this agreement.

<PAGE>
                                       2

(b)      Provided there is no unreasonable interference with the members of the
         Club, Magna's Right of Access may be exercised in preference and
         priority to all other users of the Facilities of the Club.

(c)      Magna may exercise its Right of Access to the Club by notifying MEC in
         writing, in advance, of the intended dates, times and Facilities
         required, as well as reasonable details as to the tournament or other
         event intended to be held where applicable. MEC shall promptly advise
         Magna in writing whether or not the required Facilities will be
         available when requested.

(d)      Magna agrees to use the Club and its Facilities, and to exercise its
         Right of Access, in the manner and subject to the terms and conditions
         contained in this agreement.

2.       MEMBERSHIPS

(a)      During the term of this agreement, as long as it has paid all fees then
         due and is not otherwise in default of any material provision of this
         agreement, Magna shall be entitled to nominate thirty (30) members from
         time to time (the "Nominated Members") to enjoy all the rights and
         privileges of membership in the Club, without payment of any membership
         fees or annual fees.

(b)      Spouses of Nominated Members may enjoy all the rights and privileges of
         spousal membership in the Club, so long as their spouses are Nominated
         Members, without payment of any membership fees or annual fees.

(c)      Guests of Nominated Members may use the Facilities of the Club, without
         payment of guest fees, and with or without the Nominated Member being
         present at the time, provided there is no unreasonable interference
         with the members of the Club.

(d)      During the term of this agreement, Magna shall be entitled to change
         its designation of its Nominated Members, as often as it wishes,
         without payment of any transfer fees.

(e)      During the term of this agreement, Magna shall be given advance notice
         of and be entitled to veto any proposed material change in the
         operating philosophy and/or governing rules and other regulations of
         the Club, provided that, MEC shall continue to have full authority and
         discretion to manage the day-to-day operations of the Club as it sees
         fit.

(f)      Upon the expiry of the term of this agreement, Magna shall have the
         option, provided it has paid all fees due hereunder and is not
         otherwise in default of any material provision of this agreement, to
         purchase:

         (i)      thirty (30) memberships with accompanying spousal memberships
                  for CDN $1.00 each; and

<PAGE>
                                       3

         (ii)     at any time or from time to time, within the next ten (10)
                  years, up to an additional twenty (20) memberships for
                  CDN$65,000 each.

3.       TERM

         The term of this agreement shall be deemed to have commenced on January
1, 2001 and shall terminate at 11:59 p.m. on December 31, 2003.

4.       FEES AND OTHER CHARGES

         Magna covenants and agrees to pay to MEC the following fees and other
charges at the time or times hereinafter provided:

(a)      ANNUAL FEE: The sum of CDN $5.0 million per annum (the "Annual Fee"),
         together with GST and/or PST, if applicable, payable monthly in advance
         in equal instalments of CDN$416,667 per month during the term of this
         agreement, commencing January 2002. The Annual Fee for 2001, being CDN
         $5.0 million, shall be paid in full no later than December 31, 2001.

(b)      EXPENSES: MEC's regular charges for all goods and services consumed
         pursuant to the Right of Access, with the sole exception of greens
         fees, golf cart rental fees and the goods and services provided
         pursuant to Section 5 (which are included in the Annual Fee).

(c)      TAXES: An amount equal to all taxes (excluding income taxes), licence
         fees, rates, duties, assessments and other fees payable by MEC pursuant
         to any applicable law arising from Magna's use of the Facilities.

         Restaurant, pro shop and other goods and services shall be billed
monthly by MEC to Magna at MEC's regular rates, without any discount or
surcharge. All amounts due from Magna to MEC hereunder, other than the Annual
Fee, shall be paid within thirty (30) days of the date of any invoice delivered
by MEC to Magna.

5.       SERVICES SUPPLIED BY MEC

(a)      In connection with any corporate or charitable tournament or other
         event held by Magna at the Club, MEC shall furnish to Magna, without
         charge, the services customarily provided by operators of comparable
         facilities for such events, but expressly excluding food and beverage
         services and pro shop purchases, which shall be billed at MEC's regular
         rates for such goods and services.

(b)      MEC shall rebate to Magna, on a quarterly basis, in arrears, all
         amounts paid by Magna for food and beverage services consumed:

         (i)      by Nominated Members or their guests, up to a maximum of
                  $300,000 per year; and

<PAGE>
                                       4

         (ii)     by occupants of the rental suites at the Club.

6.       REPRESENTATIONS, WARRANTIES AND COVENANTS

(a)      Magna hereby represents, warrants and covenants as follows and
         acknowledges that MEC is relying upon the same in entering into this
         agreement:

         (i)      Magna will not use or permit the use of the Club or its
                  Facilities, nor do or permit anything to be done on or about
                  the Club's premises or its Facilities, in violation in any
                  material respect of any applicable laws or regulations;

         (ii)     Magna will not use or permit the use of the Club or its
                  Facilities, nor do or permit anything to be done on or about
                  the Club's premises or its Facilities, which, in whole or in
                  part, is detrimental in any material respect to the image or
                  reputation of the Club, MEC or Magna Entertainment Corp.;

         (iii)    Magna shall comply in all material respects with those rules
                  and regulations published from time to time by MEC relating to
                  the use of the Club and its Facilities by Club members and
                  others provided that they are not inconsistent with Magna's
                  rights under this agreement;

         (iv)     Magna will not use or permit anything to be done on or about
                  the Club's premises or its Facilities which (i) would create a
                  material risk, threat or danger to the Club or any part of its
                  Facilities, the contents of any building thereon or to any
                  person on or about the Club, or (ii) would constitute a
                  material nuisance, including without limitation, the making or
                  permitting of any unusually loud noise, or disrupt the members
                  or other customers of the Club; and

         (v)      the execution and delivery of this agreement have been duly
                  authorized by the Board of Directors of Magna and this
                  agreement has been validly executed and delivered by the
                  proper officers of Magna pursuant to such authorization.

(b)      MEC hereby represents, warrants and covenants as follows and
         acknowledges that Magna is relying upon the same in entering into this
         agreement:

         (i)      this agreement has been validly executed and delivered by the
                  proper officers of MEC; and

         (ii)     although senior management of MEC may submit this agreement to
                  the Board of Directors of its parent company, Magna
                  Entertainment Corp., for ratification, no such prior approval
                  is required in order for this agreement to be binding on MEC.

<PAGE>
                                       5

7.       RESPONSIBILITY AND INDEMNITY

(a)      Magna hereby assumes responsibility for the actions and conduct of all
         persons admitted to the Club or to any portion of its Facilities in
         connection with a Magna-sponsored tournament or other event with the
         consent or acquiescence of Magna or any person acting for or on behalf
         of Magna.

(b)      Magna agrees to indemnify and hold harmless each of MEC, its directors,
         officers, employees, agents and any other person for whom MEC is
         legally responsible, from and against any and all actions, claims,
         costs, damages, liabilities, or losses arising from or out of the use
         by Magna of the Club, or any portion of its Facilities, except for
         those actions, claims, costs, damages, liabilities, or losses arising
         from the negligence, wilful misconduct or unlawful act of such
         indemnified parties.

8.       RIGHTS OF FIRST REFUSAL

         If, during the term of this agreement, MEC proposes to sell the Club as
a whole, or to sell the clubhouse and/or golf course separately, to an arm's
length third party:

(a)      MEC shall advise Magna in writing of the proposed sale and provide
         reasonable details as to the Facilities proposed to be sold. Magna
         shall advise MEC in writing, within ten (10) business days of receipt
         of such written notice, whether Magna is interested in purchasing such
         Facilities. If Magna has so advised MEC of its interest to purchase,
         Magna and MEC shall negotiate in good faith the terms and conditions of
         such purchase. In the event a binding agreement is not reached between
         Magna and MEC within sixty (60) days of Magna giving written notice of
         its interest in purchasing, MEC shall be entitled to offer the
         Facilities which it proposes to sell to an arm's length third party at
         any time thereafter.

(b)      MEC shall advise Magna in writing if it has agreed conditionally, or
         received an offer which it wishes to accept, to sell the Club as a
         whole, or the clubhouse and/or golf course, to an arm's length third
         party and provide reasonable details as to the identity of the proposed
         third party purchaser, the purchase price, the principal terms and
         conditions (including the proposed closing date), as well as a copy of
         any executed purchase agreement. Magna shall advise MEC, in writing,
         within ten (10) business days of receipt of the purchase notice from
         MEC, whether it wishes to purchase the Club or such Facilities,
         whereupon there shall be a binding agreement of purchase and sale
         between Magna and MEC upon the same terms and conditions as with the
         proposed third party purchaser. If Magna fails to give written notice
         within the ten (10) business day time period, Magna shall be deemed to
         have waived its right of first refusal and MEC shall be entitled to
         proceed with the sale to the third party purchaser at the purchase
         price and on substantially the same terms and conditions delivered to
         Magna. In the event the sale to the third party does not close within
         one hundred and twenty (120) days of Magna's receipt of the purchase
         notice, MEC shall be required to comply again with the terms and
         conditions of this section before effecting a sale of the Club or such
         Facilities to an arm's length third party.

<PAGE>
                                       6

9.       GENERAL

(a)      This agreement shall be governed by and construed in accordance with
         the laws of the Province of Ontario and the laws of Canada applicable
         therein.

(b)      This agreement shall be binding upon and enure to the benefit of the
         parties and their respective successors and assigns.

(c)      This agreement may be executed in any number of counterparts and may be
         executed by facsimile copy. Each executed counterpart shall be deemed
         to be an original; all executed counterparts taken together shall
         constitute one agreement.

         IN WITNESS WHEREOF the parties have duly executed this agreement as of
the date first written above.

                           MEC HOLDINGS (CANADA) INC.

                           By:_________________________________
                                  Graham J. Orr
                                  Executive Vice-President and
                                  Chief Financial Officer

                           By:_________________________________
                                  Gary M. Cohn
                                  Vice-President and Secretary

                           MAGNA INTERNATIONAL INC.

                           By:_________________________________
                                   Vincent J. Galifi
                                   Executive Vice-President, Finance &
                                   Chief Financial Officer

                           By:_________________________________
                                   J. Brian Colburn
                                   Executive Vice-President, Special
                                   Projects and Secretary

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