Separation and Compensation Agreement between H. Furlong Baldwin and Mercantile Bankshares Corporation (2003)

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Summary

This agreement is between H. Furlong Baldwin and Mercantile Bankshares Corporation. Mr. Baldwin agrees to step down as Chairman and Director of the company and its affiliate, and to terminate his consulting agreement, effective March 1, 2003. In return, he will receive a $500,000 payout, continued travel and automobile benefits for one year, office facilities and support for as long as desired, and an additional $150,000 payment, all to be paid by February 29, 2004.

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EX-10.KK 5 dex10kk.txt AGREEMENT WITH H. FURLONG BALDWIN Exhibit 10 KK February 25, 2003 H. Furlong Baldwin Mercantile Bankshares Corporation Two Hopkins Plaza Baltimore, MD 21201 Dear Baldy, In consideration of (i) your agreement to step down as Chairman of Mercantile Bankshares Corporation and as a Director of Mercantile Bankshares Corporation and Mercantile-Safe Deposit and Trust Company, and (ii) the termination of the consulting agreement dated February 2, 2001 (the "Agreement"), all to be effective as of March 1, 2003, the Corporation agrees to the following: . Payout of the fee for the last year of the Agreement ($500,000), payable to you at any time on or before February 29, 2004 in such manner (installment or lump sum) as you shall choose. . Continuation for the period March 1, 2003 through February 29, 2004 of the travel allowance and automobile use previously provided under the Agreement (with the Corporation to make payments to you as necessary to ensure that the tax impact of your receipt of such benefits during such period is the same as if they had been provided pursuant to the Agreement). . Provision of suitable office facilities, secretarial services and parking for as long as you shall desire, at such location as you and the Chief Executive Officer of the Corporation, from time to time, shall mutually agree upon. . $150,000 payable to you at any time on or before February 29, 2004 in such manner (installment or lump sum) as you shall choose. If you are in agreement, please sign in the space provided below and return the original to my attention. Sincerely, /s/ Edward J. Kelly, III ------------------------------------- Edward J. Kelly, III President and Chief Executive Officer ACCEPTED AND AGREED TO: /s/ H. Furlong Baldwin February 25, 2003 - -------------------------------------------- H. Furlong Baldwin Date