SEC Contract Filing

Filing Date: 2018-08-09

Document Content:
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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>exh_101.htm
<DESCRIPTION>EXHIBIT 10.1
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 5.5in"><B>Exhibit 10.1</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>OLD
LINE BANK</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>SALARY
CONTINUATION AGREEMENT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, Old Line Bank,
(the &ldquo;<B>Bank</B>&rdquo;) and James Cornelsen, (the &ldquo;<B>Executive</B>&rdquo;) previously entered into the Old Line
Bank Salary Continuation Agreement, originally effective as of January 1<SUP>st</SUP>, 2006 (the &ldquo;<B>Agreement</B>&rdquo;
or &ldquo;<B>Plan</B>&rdquo;); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Agreement
is designed to provide retirement benefits to the Executive upon certain enumerated events, payable out of the Bank&rsquo;s general
assets; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Bank and
the Executive have agreed to amend the Agreement to provide additional benefits per this Amendment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">NOW, THEREFORE, effective
May 7, 2018 (the &ldquo;<B>Effective Date</B>&rdquo;), the Bank and the Executive hereby amend the Agreement as follows:</P>

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<LI STYLE="text-align: justify; margin: 0pt 0"><B>Annuity Contract and Other Investments</B>. 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 &ldquo;<B>Annuity Contract</B>&rdquo;), 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 &ldquo;Annuity Contract&rdquo; 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&rsquo;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.&nbsp; 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&rsquo;s creditors.</LI>

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<LI STYLE="text-align: justify; margin: 0pt 0"><B>Provision of Benefits for the Normal Retirement Benefit</B>. In the event that
benefits become payable under paragraph 2.1 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 &ldquo;<B>Original Retirement Benefit</B>&rdquo;). 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 &ldquo;<B>Lifetime Retirement Benefit</B>&rdquo;). 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