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Change of Control Agreement > SECOND AMENDMENT TO THE COMMUNITY BANK OF TRI-COUNTY SALARY CONTINUATION AGREEMENT DATED AUGUST 21, 2006 AND AMENDED APRIL 13, 2007 FOR WILLIAM J. PASENELLI
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Community Bank
of Tri-County
Salary Continuation Agreement
SECOND AMENDMENT
TO THE
COMMUNITY BANK OF TRI-COUNTY
SALARY CONTINUATION AGREEMENT
DATED AUGUST 21, 2006
AND AMENDED APRIL 13, 2007
FOR
WILLIAM J. PASENELLI
THIS SECOND
AMENDMENT is adopted this 30th day of December, 2007, by and
between Community Bank of Tri-County, a state-chartered commercial
bank located in Waldorf, Maryland (the “Company”) and
William J. Pasenelli (the “Executive”).
The Company and
the Executive executed the Salary Continuation Agreement on
August 21, 2006 effective January 1, 2006 and a First
Amendment on April 13, 2007 (the
“Agreement”).
The undersigned
hereby amend the Agreement for the purpose of changing the Change
in Control definition and updating the plan termination provision.
Therefore, the following changes shall be made:
Section 1.4 of the Agreement shall be deleted in its
entirety and replaced with the following:
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1.4
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“ Change in Control
” means a change in the ownership or effective control of the
Bank, or in the ownership of a substantial portion of the assets of
the Bank, as such change is defined in Code Section 409A and
regulations thereunder.
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Section 8.3 of the Agreement shall be deleted in its
entirety and replaced with the following:
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8.3
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Plan Terminations Under
Section 409A . Notwithstanding anything to the
contrary in Section 8.2, if the Company terminates this
Agreement in the following circumstances:
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(a)
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Within thirty (30) days before,
or twelve (12) months after a Change in Control, provided that
all distributions are made no later than twelve (12) months
following
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