Amendment to Executive Employment Agreement between Mercantile Bankshares Corporation, Mercantile-Safe Deposit and Trust Company, and Edward J. Kelly, III
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Summary
This amendment, dated February 21, 2002, modifies the Executive Employment Agreement originally signed on February 2, 2001, between Mercantile Bankshares Corporation, Mercantile-Safe Deposit and Trust Company, and Edward J. Kelly, III. The amendment clarifies that if the employer terminates Mr. Kelly's employment without good cause during the agreement's term, he will continue to receive all benefits, including salary, until the end of the agreement's term. All other terms of the original agreement remain unchanged.
EX-10.R 3 dex10r.txt AMEND TO EXEC EMPLOYMENT AGR WITH KELLY Exhibit 10 R ------------ Amendment to Executive Employment Agreement with Edward J. Kelly, III Exhibit 10 R AMENDMENT TO EXECUTIVE EMPLOYMENT AGREEMENT This Agreement, entered into as of February 21, 2002, amends the Executive Employment Agreement dated February 2, 2001 by and between Mercantile Bankshares Corporation, Mercantile-Safe Deposit and Trust Company and Edward J. Kelly, III. The first sentence of the last paragraph of Section 8 of the Executive Employment Agreement is hereby amended to read as follows: "In the event that Employer terminates Executive's employment without good cause during the original or any extended term of this Agreement, all benefits (including salary) to Executive provided for in this Agreement shall continue until the expiration of the remaining term of this Agreement". As so amended, the Executive Employment Agreement remains in full force and effect. IN WITNESS WHEREOF, the parties have executed this instrument as of February 21, 2002. WITNESS: /s/ Alan D. Yarbro /s/ Edward J. Kelly, III (SEAL) - --------------------- -------------------------------- ALAN D. YARBRO EDWARD J. KELLY, III ATTEST: MERCANTILE BANKSHARES CORPORATION /s/ Alan D. Yarbro By: /s/ Jack E. Steil (SEAL) - --------------------- ----------------------------- ALAN D. YARBRO JACK E. STEIL Secretary Executive Vice President ATTEST: MERCANTILE-SAFE DEPOSIT AND TRUST COMPANY /s/ Alan D. Yarbro By: /s/ J. Marshall Reid (SEAL) - ----------------------- -------------------------- ALAN D. YARBRO J. MARSHALL REID Secretary President 2
