FIRST MARINER BANCORP
EX-10.15
<DOCUMENT>
<TYPE>EX-10.15
<SEQUENCE>8
<FILENAME>j0964_ex10d15.htm
<DESCRIPTION>EX-10.15
<TEXT>
<html>

<head>

<title>  </title>

</head>

<body>

<div style="font-family:'Times New Roman';">

<p align="right" style="font-weight:bold;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit
10.15</font></b></p>

<p align="right" style="font-weight:bold;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">SEVERANCE AGREEMENT</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Change in Control</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This AGREEMENT
(the &#147;Agreement&#148;) is dated as of April 2, 2003 between First Mariner Bancorp
(the &#147;Company&#148;), a Maryland corporation, and Mark A. Keidel (the &#147;Employee&#148;).</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, the
Employee is currently serving as the Company&#146;s Chief Financial Officer and
Senior Vice President and Executive Vice President and Chief Financial Officer
of First Mariner Bank.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, the
Board of Directors of the Company believes that it is in the best interests of
the Company to encourage the Employee&#146;s continued employment with and
dedication to the Company in the face of potentially distracting circumstances
arising from the possibility of a sale of the Company;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, the
Board of Directors of the Company has approved and authorized the entry into
this Agreement with the Employee; and</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, the
parties desire to enter into this Agreement setting forth the terms and
conditions for the payment of special compensation to the Employee in the event
of a sale of the Company;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">NOW,
THEREFORE, it is AGREED as follows:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>TERM.</u>&#160; The initial term of this Agreement shall be for a period
commencing on the date hereof&#160; and
ending on the earlier of (i) the date sixty (60) months after the Effective
Date, or (ii) the date on which the Employee, by reason of his or her voluntary
resignation, is no longer employed by the Company or any subsidiary of the
Company or (iii) the termination of the Employee by the Company (provided that
the Agreement will continue in effect for one year after the termination when
the termination is for reasons other than &#147;for cause&#148; as defined below).&#160; Upon the expiration of the initial term,
this Agreement shall be automatically renewed for one additional year on each
anniversary of the date hereof, unless the Company gives contrary written
notice to the Employee at least twelve (12) before such renewal date.&#160; References herein to the term of this
Agreement shall include the initial term and any additional years for which
this Agreement is renewed.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Special Compensation in the Event of
a Sale.</u></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>If, during the term of
the Agreement, there is a sale of the Company (as defined below) and the
Employee&#146;s employment is terminated involuntarily, or voluntarily with Good
Reason (as defined in Section</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- SEQ.=1,FOLIO='',FILE='C:\C2\lgaugler\0964_3\t_1545230\j0964_ex10d15.htm',USER='lgaugle',CD='May 15 05:00 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt 1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2(b) hereof), in connection with or within 18
months after a sale of the Company, unless such termination is &#147;for cause&#148; (as
defined below) or occurs by virtue of normal retirement, permanent and total
disability (as defined in Section 22(e) of the Internal Revenue Code) or death,
subject to Section 2(d) below.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1) The
Employee shall be entitled to receive from the Company, for services previously
rendered to the Company, a lump sum cash payment equal to 2.00 times Base
Compensation, as defined is Section 2(e) below:</font></p>

<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 91.5pt;text-indent:-19.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Bank shall provide at its expense (or
shall reimburse the Employee for the cost of) (I) continuation coverage (within
the meaning of Section 601-607 of the Employee Retirement Income Security Act
of 1974, as amended (&#147;ERISA&#148;) under any group health plan (as defined for such
purposes in Section 607(1) of ERISA) that covers the Employee at the time of
any termination of his employment and (ii) continued life insurance and long
term disability insurance coverage substantially equal to those in effect
before the termination of his employment for a period of twelve (12) months or,
if earlier, until he becomes employed full time by another employer; and</p>

<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)&#160; If requested, by the employee, the Company
shall provide to the Employee at the Company&#146;s expense comprehensive
outplacement services for a period of up to six (6) months following
termination of his employment until he accepts other full time employment.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)&#160; All stock option awards or other forms of
stock awards containing vesting provisions will accelerate and become fully
vested upon the conditions outlined in section 2(a) above being met.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Payment under
Section 2(a)(1) shall be made at the time of the termination of employment and
shall be in lieu of any amount that may be otherwise owed to the Employee as
damages for the loss of employment.&#160; The
employee may request that the payment be spread evenly over the number of
months outlined in 2(a)(1) above in lieu of a lump sum payment.&#160; Payment under Section 2(a)(1) shall not be
reduced by any compensation that the Employee may receive from other employment
with another employer after termination of the Employee&#146;s employment with the
Bank.&#160; No payment hereunder shall affect
the Employee&#146;s entitlement to any vested retirement benefits or other
compensation payments.&#160; The obligation
of the Company to make any payment hereunder is subject to any law or
regulation of the Board of Governors of the Federal Reserve System or the
Federal Deposit Insurance Corporation, including any final regulation
promulgated under 12 U.S.C. Section 1828(k), which would prohibit or limit such
payment.&#160; Termination &#147;for cause&#148; means
termination because of the Employee&#146;s personal dishonesty, willful gross </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- SEQ.=1,FOLIO='2',FILE='C:\C2\lgaugler\0964_3\t_1545230\j0964_ex10d15.htm',USER='lgaugle',CD='May 15 05:00 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">misconduct
that is materially injurious to the Company, breach of fiduciary duty involving
personal profit, willful violation of any law, regulation or cease and desist
order or similar &#147;written agreement&#148; relating to the Company or conviction of a
felony.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>To establish that a voluntary termination was
with Good Reason, the Employee shall state in his notice of resignation the
reasons why he believes that Good Reason exists for his resignation.&#160; For purposes of this Agreement, &#147;Good
Reason&#148; shall include a material reduction in the&#160; authority, responsibilities, duties or scope of the Employee&#146;s
position from those that existed before the sale, a reduction in the Employee&#146;s
salary from the rate that existed before the sale, or requirement that the
Employee relocate to an office that is more than 35 miles distant from the City
of Baltimore.&#160; Unless the Company within
30 days of the date of such notice of resignation, shall reject the Employee&#146;s
statement that Good Reason exists, the Employee shall be conclusively deemed to
have voluntarily resigned with Good Reason.&#160;
If the Company rejects the Employee&#146;s statement of Good Reason exists,
the dispute shall be resolved by arbitration in accordance with Section 5
hereof, and the Company shall have the burden of proving that such rejection of
the Employee&#146;s statement was proper.</p>

<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>A &#147;sale of the Company&#148;, for purposes of this
Agreement, shall be deemed to have taken place if:&#160; (I) any person other than Edwin F. Hale, Sr. and members of his
immediate family (within the meaning of Section 318 of the Code) becomes the
beneficial owner of 50 percent or more of the total number of voting shares of
the Company; (ii) there is a sale or other transfer of substantially all of the
operating assets of the Company or a subsidiary of the Company by which the
Employee is primarily employed (other than to a subsidiary of the Company); or
(iii) the Company&#146;s beneficial ownership of the total voting shares of a
subsidiary by which the Employee is primarily employed is reduced to less than
50 percent; or (iv) the Company or any subsidiary of the Company to which
Employee is primarily employed, merges, combines, or consolidated with any
company other than a subsidiary of the Company.&#160;&#160; For purposes of the Agreement, a &#147;person&#148; includes an individual
corporation, partnership, trust or group acting in concert.&#160; A person for these purposes shall be deemed
to be a beneficial owner as that term is used in Rule 13d-3 under the
Securities Exchange Act of 1934.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Notwithstanding any other provision of this
Agreement or of any other agreement, contract, or understanding heretofore or
hereafter entered into by Employee with the Company, or any affiliate of the
Company, except an agreement, contract, or understanding hereafter entered into
that expressly modifies or excludes application of the Section 2(d) (the</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- SEQ.=1,FOLIO='3',FILE='C:\C2\lgaugler\0964_3\t_1545230\j0964_ex10d15.htm',USER='lgaugle',CD='May 15 05:00 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt 1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Other Agreements&#148;), and notwithstanding any formal or informal plan or
other arrangement heretofore or hereafter adopted by the Company or any
affiliate of the Company for the direct or indirect provision of the
compensation of the Employee (including groups or classes of participants of
beneficiaries of which the Employee is a member), whether or not such
compensation is deferred, is in cash, or is in the form of a benefit to or for
the Employee (a &#147;Benefit Plan&#148;), the employee shall not have any right to
receive any payment or other benefit (including any acceleration of vesting or
payment that would otherwise cause a parachute payment) under this Agreement,
any Other Agreement, or any Benefit Plan to the extent that such payment or
benefit, taking into account all other payments or benefits to or for the
Employee under this Agreement, all Other Agreements, and all Benefit Plans,
would cause any payment to the Employee under this Agreement to be considered
an &#147;excess parachute payment&#148; within the meaning of Section 280G(b)(1) of the
Internal Revenue Code (an &#147;Excess Parachute Payment&#148;).&#160; In the event that the receipt of any such
payment or benefit under this Agreement, any Other Agreement or any Benefit
Plan would or reasonably could cause the Employee to be considered to have
received an Excess Parachute Payment under this Agreement, then the Employee
shall have the right, in the Employee&#146;s sole discretion, to designate those
payments or benefits (including any acceleration of vesting or payment that
would otherwise cause a parachute payment) under this Agreement, any Other
Agreements, and/or any Benefit Plans, which should be reduced, eliminated or
made contingent on the Employee&#146;s performance of services (or agreement to
refrain from the performance of services) after the date of sale of the Company
on terms and conditions consistent with those set forth in the agreement
attached as Exhibit A, in all cases so as to avoid having the payment to the
Employee under this Agreement be deemed to be an Excess Parachute Payment.&#160; Any determination of whether or not an
Excess Parachute Payment results from any payment, benefit, or agreement
referenced in this paragraph (including the form of agreement attached as
Exhibit A) shall be made by an accounting firm or law firm that is mutually
acceptable to the Employee and the Company.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>&#147;Base Compensation,&#148; for purposes of this
Agreement, shall mean the greater of (i) the Employee&#146;s annual salary computed
at the annual rate in effect immediately before payment, or (ii) the amount
paid to the Employee during the 12-month period preceding the sale of the
Company, divided by twelve and the average bonus paid over the past three years
under the Company&#146;s executive management bonus plan.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>No Assignments.</u>&#160; This Agreement is personal to each of the
parties hereto.&#160; No party may assign or
delegate any rights or obligations hereunder without</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- SEQ.=1,FOLIO='4',FILE='C:\C2\lgaugler\0964_3\t_1545230\j0964_ex10d15.htm',USER='lgaugle',CD='May 15 05:00 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt .75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">first obtaining the written consent of the other party hereto.&#160; However, in the event of the death of the
Employee, all rights to receive payments hereunder shall become rights of the
Employee&#146;s estate.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Amendments or Additions; Action by
Board of Directors.</u>&#160; No amendments
or additions to this Agreement shall be binding unless in writing and signed by
the parties hereto.&#160; The prior approval
by a two-thirds affirmative vote of the Board of Directors of the Company shall
be required in order for the Company to authorize any amendments or additions
to this Agreement.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Arbitration.</u>&#160; Any dispute or controversy arising under or
in connection with this Agreement shall be settled exclusively by arbitration
conducted in the Baltimore, Maryland metropolitan area in accordance with the
rules of the American Arbitration Association then in effect.&#160; Judgment may be entered on the arbitrator&#146;s
award in any court having jurisdiction.&#160;
The Employee, if he is the prevailing party or if there is a settlement,
shall be entitled to the costs and expenses (including reasonable attorney&#146;s
fees) of the arbitration and enforcement of the arbitrator&#146;s award, and shall
be entitled to prejudgment interest at 120 percent of the applicable federal rate,
compounded semiannually, in effect under Section 1274(d) of the Code as of the
date payment hereunder was due.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Continued Enforceability after Change
in Ownership; Enforceability Against Successors and Transferees.</u>&#160; The parties intend that this Agreement shall
continue to be a legally valid, binding agreement, enforceable in accordance
with its terms, notwithstanding a change in the ownership of the stock of the
Company.&#160; The parties further agree that
any transferee of all or substantially all of the assets of the Company or any
other successor of the Company, shall be subject to the obligations of the
Company, hereunder, whether such transfer or succession occurs by merger,
operation of law, or otherwise.&#160; Except
to the extent required by applicable law related to banking or deposit
insurance or by applicable regulations thereunder, the Company agrees that
before the consummation of any such transfer (other than a transfer whereby
such obligations are assumed by operation of law) it will obtain the agreement
of the transferees, enforceable by the Employee, to assume such
obligations.&#160; No such transfer shall
release the Company of its obligations hereunder without the prior written
consent of the Employee.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Section Headings.</u>&#160; The section heading used in this Agreement
are included solely for convenience and shall not affect, or be used in
connection with, the interpretation of this Agreement.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Governing Law.</u>&#160; This Agreement shall be governed by the laws
of United States to the extent applicable and otherwise by the laws of the
State of Maryland, excluding the choice of law rules thereof.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- SEQ.=1,FOLIO='5',FILE='C:\C2\lgaugler\0964_3\t_1545230\j0964_ex10d15.htm',USER='lgaugle',CD='May 15 05:00 2003' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="64%" valign="top" style="padding:0in .7pt 0in .7pt;width:64.54%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="35%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:35.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">FIRST
  MARINER BANCORP</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="top" style="padding:0in .7pt 0in .7pt;width:64.54%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.34%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="32%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:32.12%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="top" style="padding:0in .7pt 0in .7pt;width:64.54%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="21%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:21.86%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160; /s/ Joseph A. Cicero</font></p>
  </td>
  <td width="10%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:10.26%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="top" style="padding:0in .7pt 0in .7pt;width:64.54%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.34%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="32%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:32.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160; Joseph A. Cicero</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="top" style="padding:0in .7pt 0in .7pt;width:64.54%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.34%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="32%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:32.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160; President &amp; COO</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="top" style="padding:0in .7pt 0in .7pt;width:64.54%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.34%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="32%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:32.12%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="top" style="padding:0in .7pt 0in .7pt;width:64.54%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.34%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="32%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:32.12%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="top" style="padding:0in .7pt 0in .7pt;width:64.54%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.34%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="32%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:32.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">EMPLOYEE:</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="top" style="padding:0in .7pt 0in .7pt;width:64.54%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.34%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="32%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:32.12%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="top" style="padding:0in .7pt 0in .7pt;width:64.54%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.34%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="32%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:32.12%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="top" style="padding:0in .7pt 0in .7pt;width:64.54%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.34%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="28%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:28.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160; /s/ Mark A. Keidel</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.2%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr height="0">
  <td width="466" style="border:none;"></td>
  <td width="24" style="border:none;"></td>
  <td width="158" style="border:none;"></td>
  <td width="51" style="border:none;"></td>
  <td width="23" style="border:none;"></td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>


<!-- SEQ.=1,FOLIO='6',FILE='C:\C2\lgaugler\0964_3\t_1545230\j0964_ex10d15.htm',USER='lgaugle',CD='May 15 05:00 2003' -->
</body>

</html>

</TEXT>
</DOCUMENT>
