SEC Contract Filing

Filing Date: 2022-12-08

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>tm2232151d1_ex10-1.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&nbsp;10.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECOND AMENDMENT TO EMPLOYMENT AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">THIS SECOND AMENDMENT TO
EMPLOYMENT AGREEMENT (&ldquo;<U>Second Amendment</U>&rdquo;) is made and entered into as of the 8th day of December&nbsp;2022, by and
between Partners Bancorp, formerly named Delmar Bancorp (the &ldquo;<U>Company</U>&rdquo;), Virginia Partners Bank (the &ldquo;<U>Bank</U>&rdquo;),
and Lloyd B. Harrison,&nbsp;III (&ldquo;<U>Executive</U>&rdquo;), and is effective as of this date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Company, the
Bank, and Executive have entered into that certain Employment Agreement dated December&nbsp;13, 2018, as subsequently amended by that
certain First Amendment to Employment Agreement dated November&nbsp;4, 2021 (such agreement as amended, the &ldquo;<U>Original Agreement</U>&rdquo;);
and</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Original Agreement
contemplates that on the Management Succession Date (as defined in the Original Agreement), Executive will have a change in position,
whereby he will depart his position as the Chief Executive Officer (&ldquo;CEO&rdquo;) of the Company, but will continue to be employed
as CEO of the Bank; and</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the parties agree
that it is in the best interests of all parties for Executive, following the above-referenced change in position, to continue to serve
as Senior Executive Vice President of the Company in addition to serving as Chief Executive Officer of the Bank; and</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Company, the
Bank, and Executive desire to amend the Original Agreement as set forth herein.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">NOW, THEREFORE, for and in
consideration of the covenants and conditions hereinafter set forth, and the parties deeming that it is in their mutual best interests
to do so, the Company, the Bank, and Executive, pursuant to Section&nbsp;17 of the Original Agreement, which permits the parties to modify
the Original Agreement in writing, hereby each consents and agrees to amend the Original Agreement as follows:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT> &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Section&nbsp;1.20
of the Original Agreement shall be amended by deleting the second sentence thereof and replacing it with the following:</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&ldquo;On the Management Succession Date,
Executive shall depart the position of Chief Executive Officer of the Company but shall serve as Senior Executive Vice President of the
Company and shall continue to serve as Chief Executive Officer of the Bank.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT> &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Section&nbsp;4.1(b)&nbsp;of
the Original Agreement shall be amended by adding the following as a new second sentence of Section&nbsp;4.1(b):</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&ldquo;In addition, from and after the
Management Succession Date, Executive shall have the duties and functions of Senior Executive Vice President of the Company as may be
assigned by the Company Board or the Chief Executive Officer of the Company from time to time, including but not limited to the Company&rsquo;s
review of all strategic alternatives to enhance shareholder returns.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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