Compensation Arrangement for Lloyd L. Beatty, Jr. with Shore Bancshares, Inc.
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Summary
Shore Bancshares, Inc. has outlined the compensation terms for Lloyd L. Beatty, Jr., its Chief Operating Officer. Mr. Beatty will receive an annual salary of $215,000, which may be adjusted each year. He is also eligible to participate in the company's bonus program, profit sharing, 401(k) plan, and group term life insurance, as allowed by the rules of those programs. There is no formal written employment agreement between Mr. Beatty and the company.
EX-10.1 2 v048646_ex10-1.htm
Exhibit 10.1
COMPENSATION ARRANGEMENT FOR LLOYD L. BEATTY, JR.
Shore Bancshares, Inc. (the “Company”) and Lloyd L. Beatty, Jr., the Company’s Chief Operating Officer, are not party to a written employment agreement. Mr. Beatty’s employment arrangement provides for an annual salary of $215,000, subject to annual adjustment. Mr. Beatty is also entitled to participate in the Company’s bonus program, profit sharing and 401(k) plan, and group term life insurance program, to the extent the provisions and rules of those plans and programs permit such participation.
