Exhibit 10(q)
FORM OF
Amendment
to the
Employment
Agreement
(TARP)
This Amendment
to the Employment Agreement is entered into as of [date] ,
by and between Sandy Spring Bancorp, Inc., Sandy Spring Bank
(collective referred to as the “Employers” or
individually as the “Bancorp” and “Bank,”
respectively), and [name] (the
“Officer”).
WHEREAS, the
Officer is currently employed as the [title] of the
Employer;
WHEREAS, the
Executive and the Employers previously entered into an Employment
Agreement dated [date] (the “Employment
Agreement”);
WHEREAS, the
Executive and the Employers desire to amend the Employment
Agreement in such a manner that the Employment Agreement not hinder
the Employer’s ability to participate in the Troubled Assets
Relief Program (TARP), the Capital Purchase Program (CPP) or any
other program authorized by the Emergency Economic Stabilization
Act of 2008.
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 Employment Agreement as
follows:
1. A
new Section 26 is added to the Employment Agreement to read as
follows:
26. Troubled
Assets Relief Program and Capital Purchase Program
(a) It
is intended that this Agreement and all other arrangements between
the Employers and the Officer (collectively, the
“Compensation Arrangements ”), comply with the terms of
the Capital Purchase Program (CPP). During any time in which
the Employers participate in the CPP, to the extent that the
Employers de
