Exhibit 10.8
FORM OF
AMENDMENT
TO THE
CHANGE IN CONTROL SEVERANCE
AGREEMENT
This AMENDMENT TO THE CHANGE IN
CONTROL SEVERANCE AGREEMENT is entered into as of [date]
, by and between BALTIMORE COUNTY SAVINGS BANK, F.S.B. (the
“Bank”), and [NAME] (the
“Executive”).
WHEREAS, the Executive is currently employed by the
Bank;
WHEREAS, the Executive and the Bank previously entered
into a Change in Control Severance Agreement dated [date] ,
(the “Severance Agreement”);
WHEREAS, the Executive and the Bank desire to amend the
Severance Agreement to make certain changes to comply with the
requirements of Section 409A of the Internal Revenue Code of
1986, as amended, and to modify the renewal date of the
agreement.
NOW, THEREFORE,
in consideration of the mutual
covenants and agreements set forth herein and for other good and
valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto agree to amend the
Severance Agreement as follows:
1. Section 2 of the Severance
Agreement is deleted in its entirety and replaced with the
following new Section 2:
“2. Term of Agreement
.
(a) The term of this Agreement shall
be (i) the initial term, consisting of the period commencing
on the date of this Agreement (the “Effective Date”)
and ending on January 1, 2011 (the “Renewal
Date”), plus (ii) any and all extensions of the initial
term made pursuant to this Section 2.
(b) Commencing as of January 1,
2009, and continuing each anniversary date thereafter, the Board of
Directors of the Bank (the “Board of Directors”) may
extend the term of this Agreement for an additional one
(1) year period (from the Renewal Date), provided that
Executive shall not have given at least sixty (60) days’
written notice of her desire that the term not be
extended.
(c) Notwithstanding anything in this
Section to the contrary, this Agreement shall terminate if
Executive or the Bank terminates Executive’s employment prior
to a Change in Control.”
