Exhibit 10(p)
FORM OF
Amendment
to the
Employment
Agreement
(409A)
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”), and
[name] (the “Officer”).
WHEREAS, the
Officer is currently employed as the [title] of the
Employers;
WHEREAS, the
Officer and the Employers previously entered into an Employment
Agreement dated [date] (the “Employment
Agreement”);
WHEREAS, the
Officer and the Employers desire to amend the Employment Agreement
to comply with the requirements of Section 409A of the
Internal Revenue Code of 1986, as amended.
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 27 is added to the Employment Agreement to
read as follows:
27.
Section 409A
(i) The
Officer will be deemed to have a termination of employment for
purposes of determining the timing of any payments that are
classified as deferred compensation only upon a “separation
from service” within the meaning of
Section 409A.
(ii) If at
the time of the Officer’s separation from service,
(a) the Officer is a “specified employee” (within
the meaning of Section 409A and using the methodology selected
by the Employers) and (b) the Employers make a good faith
determination that an amount payable or the benefits to be provided
hereunder constitutes deferred compensation (within the meaning of
Section 409A), the payment of which is required to be delayed
pursuant to t
