PROVIDENT BANKSHARES CORP
EXHIBIT 10.5
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>Exhibit 10.5 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>PROVIDENT BANK </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>(Section 409A Restatement) </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Provident
Bank, a Maryland corporation (the &#147;Company&#148;), previously established this Supplemental Executive Retirement Plan (the &#147;Plan&#148;) effective January&nbsp;1, 2005, to provide specified benefits to a select group of management and
highly compensated employees of the Company. The Plan is intended to be a &#147;top hat plan&#148; described in ERISA Section&nbsp;201(2). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">The Plan supersedes any agreement providing supplemental retirement benefits that was entered into between an executive and the Company before January&nbsp;1, 2005. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The original documentation of the Plan was prepared before final regulations under Code Section&nbsp;409A were issued. This Section&nbsp;409A Restatement
is adopted to comply with those final regulations. No benefits under the Plan are &#147;grandfathered&#148; for purposes of Section&nbsp;409A. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B>ARTICLE 1 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Definitions </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">1.1 <I>Actuarial Equivalent</I> means a benefit of equivalent value using the actuarial assumptions for similar purposes in effect under the Provident Bank Pension Plan as of the date of determination. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">1.2 <I>Beneficiary</I> means the person(s) or entity designated as such in accordance with Article 11 of the Plan. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">1.3 <I>Benefit Percentage</I> means the percentage of Final Average Compensation specified in the Participation Agreement. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">1.4 <I>Change in Control</I> means either: (i)&nbsp;the dissolution or liquidation of the Company; (ii)&nbsp;a reorganization, merger or consolidation of
the Company with one or more corporations as a result of which the Company is not the surviving corporation; (iii)&nbsp;approval by the stockholders of the Company of any sale, lease, exchange or other transfer (in one or a series of transactions)
of all or substantially all of the assets of the Company; (iv)&nbsp;approval by the stockholders of the Company of any merger or consolidation of the Company in which the holders of voting stock of the Company immediately before the merger or
consolidation will not own fifty percent (50%)&nbsp;or more of the voting shares of the continuing or surviving corporation immediately after such merger or consolidation; or (v)&nbsp;a change of fifty percent (50%)&nbsp;(rounded to the next whole
person) in the membership of the Board of Directors of the Company within a twelve (12)&nbsp;month period, unless the election or nomination for election by stockholders of each </FONT>
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<FONT FACE="Times New Roman" SIZE="2">new director within such period was approved by the vote of two-thirds (2/3)&nbsp;(rounded to the next whole person) of the directors then still in office
who were in office at the beginning of the twelve (12)&nbsp;month period. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">1.5 <I>Code</I> means the Internal Revenue Code. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">1.6 <I>Company</I> means Provident Bank, a Maryland corporation. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">1.7 <I>Committee</I> &#151; the Retirement Benefits Committee of the Company. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">1.8 <I>Compensation
Committee</I> means the Compensation Committee of the Board of Directors of Provident Bankshares Corporation. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">1.9 <I>Disability</I> &#150;
A Participant is considered to have a Disability if he has been determined to be disabled under his Company-provided group long-term disability plan. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">1.10 <I>Disability Benefit</I> means the benefit payable to the Participant upon his Termination of Employment by reason of Disability under Section&nbsp;6.1. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">1.11 <I>Disability Benefit Eligibility Date</I> means the later of (i)&nbsp;the Participant&#146;s Retirement Eligibility Date, or (ii)&nbsp;the date of
cessation of benefits under the Participant&#146;s Company-provided group long-term disability plan. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">1.12 <I>Eligible Executive</I> means
those senior executives of the Company as may be designated by the Compensation Committee to be eligible to participate in the Plan. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">1.13
<I>ERISA</I> means the Employee Retirement Income Security Act of 1974, as amended. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">1.14 <I>Final Average Compensation</I> means the
average annual base salary paid by the Company to the Participant during the thirty-six (36)&nbsp;month period ending immediately prior to the Participant&#146;s Termination of Employment. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">1.15 <I>Fifteen Year Certain and Continuous Annuity</I> means level annual payments over the lifetime of a Participant, with payments guaranteed to be
made for at least fifteen (15)&nbsp;years. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">1.16 <I>Participant</I> means an Eligible Executive who has begun participation in the Plan
pursuant to Article 2. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">1.17 <I>Participation Agreement</I> means the written agreement between the Company and Participant which specifies
the terms under which benefits are provided to the Participant under the Plan and which is incorporated by reference herein. The Participation Agreements as of January&nbsp;1, 2005 are attached hereto as Exhibits A1-A3. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">1.18 <I>Retirement</I> means Termination of Employment, other than by reason of death, on or after the Participant&#146;s Retirement Eligibility Date.
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">1.19 <I>Retirement Benefit</I> means the benefit payable under Section&nbsp;3.1 to a Participant whose
Termination of Employment is on or after his Retirement Eligibility Date. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">1.20 <I>Retirement Eligibility</I> Date means the age specified
in the Participant&#146;s Participation Agreement. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">1.21 <I>Termination Benefit</I> means the benefit payable under Section&nbsp;3.2 to a
Participant whose Termination of Employment precedes his Retirement Eligibility Date. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">1.22 <I>Termination of Employment</I> means the date
of the cessation of the Participant&#146;s employment with the Company for any reason whatsoever, whether voluntary or involuntary, including as a result of the Participant&#146;s Retirement, death or Disability; provided that such cessation
constitutes a &#147;separation from service,&#148; as defined under Code Section&nbsp;409A and the Treasury regulations thereunder. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">1.23
<I>Years of Service</I> means the Participant&#146;s period of employment with the Company commencing with his most recent date of hire, rounded (if necessary) to the next lowest whole number. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>ARTICLE 2 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Participation </B></FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">2.1 <U>Participation</U>. Upon execution of a Participation Agreement by an Eligible Executive and the Company, the Eligible Executive becomes a
Participant as of the effective date specified in his Participation Agreement. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>ARTICLE 3 </B></FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Calculation of Retirement and Termination Benefit </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">3.1 <U>Retirement Benefit</U>. The Retirement Benefit is an annual amount, commencing after Retirement, payable as a Fifteen Year Certain and Continuous Annuity, equal to: </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(a) the product of (1)&nbsp;the Participant&#146;s Benefit Percentage and (2)&nbsp;the Participant&#146;s Final Average Compensation, <U>minus </U>
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(b) the annual amount that would be payable to the Participant under the Provident Bank Pension Plan if he began receiving benefits under
the Pension Plan upon Retirement in the form of a single life annuity, <U>minus </U> </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(c) the annual amount of the Social Security old age
benefit that would be payable to the Participant if he began receiving Social Security benefits upon Retirement (and disregarding any cost-of-living adjustments for future years). If the Participant&#146;s Retirement precedes the earliest date on
which he could receive Social Security old age retirement benefits, </FONT>
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<FONT FACE="Times New Roman" SIZE="2">then the Retirement Benefit will be reduced, starting in the year in which the Participant could first begin receiving Social Security old age retirement
benefits, by the annual amount of the Social Security old age retirement benefit that would be payable to the Participant if he began receiving Social Security benefits in that year (and disregarding any cost-of-living adjustments for future years).
The determination of the Social Security old age benefit is based on the Social Security Act and benefit levels in effect at Retirement and assuming the Participant earns no wages subject to Social Security after Retirement. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">3.2 <U>Termination Benefit</U>. The Termination Benefit is an annual amount, commencing upon the Participant&#146;s Retirement Eligibility Date, payable
as a Fifteen Year Certain and Continuous Annuity, determined in the same manner as the Retirement Benefit under Section&nbsp;3.1, except that (i)&nbsp;&#147;Retirement Eligibility Date&#148; is substituted for &#147;Retirement&#148; in
Section&nbsp;3.1(b) and (c); (ii)&nbsp;&#147;Termination Benefit&#148; is substituted for &#147;Retirement Benefit&#148; in Section&nbsp;3.1(c); and (iii)&nbsp;the determination of the Social Security old age benefit that would be payable at the
Participant&#146;s Retirement Eligibility Date assumes that, between his Termination of Employment date and his Retirement Eligibility Date, the Participant earns the same amount of annual wages he was earning in the last full calendar year prior to
(or ending with) his Termination of Employment date. Notwithstanding the preceding sentence, a Participant&#146;s Participation Agreement may provide for a reduced Benefit Percentage if the Participant has a Termination of Employment before
attaining his Retirement Eligibility Date with less than a stated number of Years of Service. However, such a Participant will receive a benefit using the maximum Benefit Percentage set forth in the Participation Agreement, regardless of the
Participant&#146;s Years of Service, in the event of Termination of Employment (i)&nbsp;by reason of the Participant&#146;s Retirement, Disability or death, or (ii)&nbsp;after a Change in Control. </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>ARTICLE 4 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Payment of Retirement
and Termination Benefits </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">4.1 <U>Retirement Benefit</U>. Upon Retirement, a Participant will receive a Retirement Benefit, in an amount
calculated in accordance with Section&nbsp;3.1. The benefit will be paid in the form of a Fifteen Year Certain and Continuous Annuity, unless the Participant makes a timely election to receive an optional form of payment under Section&nbsp;4.3. The
initial payment will be made within ninety (90)&nbsp;days following the Participant&#146;s Retirement, and subsequent payments will be made within ninety (90)&nbsp;days following each anniversary of his Retirement. Notwithstanding the preceding
sentence, if the Participant is a &#147;Key Employee&#148; as of the date of Retirement, the initial payment will not be made until the thirty (30)&nbsp;day period starting on the date that is six months after the date of Retirement. A Participant
is a &#147;Key Employee&#148; for the 12-month period beginning on any April&nbsp;1 if the Participant is described in Code Section&nbsp;416(i) (using the definition of compensation under T. Reg. &#167;1.415(c)-2(d)(4)) at any time during the
12-month period ending on the preceding December&nbsp;31. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">4.2 <U>Termination Benefit</U>. Upon Termination of Employment prior to a
Participant&#146;s Retirement Eligibility Date (other than by reason of Disability or death), the Participant will receive a Termination Benefit, in an amount calculated in accordance with Section&nbsp;3.2. The benefit will be paid in the form of a
Fifteen Year Certain and Continuous </FONT>
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<FONT FACE="Times New Roman" SIZE="2">Annuity, unless the Participant makes a timely election to receive an optional form of payment under Section&nbsp;4.3. The initial payment will be made
within ninety (90)&nbsp;days following the Participant&#146;s Retirement Eligibility Date, and subsequent payments will be made within ninety (90)&nbsp;days following each anniversary of the Retirement Eligibility Date. Notwithstanding the preceding
sentence, if the Participant is a &#147;Key Employee&#148; (as defined in Section&nbsp;4.1) as of his Termination of Employment date, the initial payment will not be made until the thirty (30)&nbsp;day period starting on the date that is six months
after the Participant&#146;s Termination of Employment date. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">4.3 <U>Optional Forms of Payment</U>. An election to have benefits paid in an
optional form of payment (or a change in an election already made) will be considered timely if the form provided for such purpose is submitted to the Administrator before the first payment is made. The following optional forms of payment are
available under the Plan: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><U>Joint and 50% Survivor Annuity</U>. Level annual payments will be made to the Participant over the
Participant&#146;s lifetime and, upon the Participant&#146;s death, level annual payments equal to 50% of the annual payments made to the Participant will be made to the Participant&#146;s Beneficiary over the Beneficiary&#146;s lifetime if such
Beneficiary survives the Participant. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><U>Joint and 100% Survivor Annuity</U>. Level annual payments will be made to the Participant over
the Participant&#146;s lifetime and, upon the Participant&#146;s death, level annual payments in the same amount will be made to the Participant&#146;s Beneficiary over the Beneficiary&#146;s lifetime if such Beneficiary survives the Participant.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Each optional form of payment will be the Actuarial Equivalent of the Fifteen Year Certain and Continuous Annuity. </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>ARTICLE 5 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Death Benefits
</B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">5.1 <U>Survivor Benefit Before Benefits Commence</U>. If the Participant dies prior to commencement of benefits, the Company will pay
to the Participant&#146;s Beneficiary a death benefit equal to the Actuarial Equivalent of the Participant&#146;s accrued benefit as of the date of death. The death benefit will be paid in a single lump sum within ninety (90)&nbsp;days following the
Participant&#146;s death. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">5.2 <U>Survivor Benefit After Benefits Commence</U>. If the Participant dies after benefits have commenced under
the Fifteen Year Certain and Continuous Annuity but prior to completion of the minimum (15)&nbsp;year payout period, benefits will continue to be paid to the Participant&#146;s Beneficiary over the balance of the fifteen (15)&nbsp;year minimum
benefit payout period. If the Participant is receiving benefits under an optional form of payment under Section&nbsp;4.3, no death benefit is payable upon the death of the Participant unless the Participant predeceases his Beneficiary, in which case
the applicable survivor benefit is payable to such Beneficiary over the balance of the Beneficiary&#146;s life. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>ARTICLE 6 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>Disability </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">6.1 <U>Disability Benefit</U>. Upon a Participant&#146;s Termination of Employment by
reason of Disability prior to the Retirement Eligibility Date, the Participant will receive a Disability Benefit determined in the same manner as the Retirement Benefit under Section&nbsp;3.1, except that (i)&nbsp;&#147;Disability Benefit
Eligibility Date&#148; is substituted for &#147;Retirement&#148; in Section&nbsp;3.1(b) and (c), and (ii)&nbsp;&#147;Disability Benefit&#148; is substituted for &#147;Retirement Benefit&#148; in Section&nbsp;3.1(c). The benefit will be paid in the
form of a Fifteen Year Certain and Continuous Annuity, unless the Participant makes a timely election to receive an optional form of payment under Section&nbsp;4.3. The initial payment will be made within ninety (90)&nbsp;days following the
Participant&#146;s Disability Benefit Eligibility Date, and subsequent payments will be made within ninety (90)&nbsp;days following each anniversary of the Disability Benefit Eligibility Date. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>ARTICLE 7 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Termination or Amendment </B></FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">7.1 <U>Termination</U>. The Company may terminate the Plan at any time by action of the Compensation Committee. Termination of the Plan will not reduce
the accrued benefit of any Participant or Beneficiary as of the date of termination, but no additional benefits will be accrued after the date of termination. Upon termination, the Company will pay, or continue to pay, to each Participant or
Beneficiary the benefits such person would be entitled to receive under Articles 4, 5 or 6 of the Plan at the same time such benefits would otherwise have been payable under the terms of the Plan. Notwithstanding the preceding sentence, payments
upon termination may be accelerated if the Plan is terminated and liquidated in accordance with T. Reg. &#167;1.409A-3(j)(4)(ix). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">7.2
<U>Amendment</U>. The Committee may amend the Plan at any time, including retroactively, except that action of the Compensation Committee is required for any amendment that materially increases the benefits of any Participant whose compensation
level is set by the Compensation Committee. The Committee will provide a report to the Compensation Committee of any Plan amendment the Committee adopts. No amendment may decrease or restrict a Participant&#146;s then accrued benefit. No amendment
may adversely affect any Participant or Beneficiary who has become entitled to the payment of benefits under the Plan as of the date of the amendment. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>ARTICLE 8 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Other Benefits </B></FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">8.1 <U>Coordination with Other Benefits</U>. The benefits provided for a Participant under this Plan are in addition to any other benefits available to
the Participant under any other plan or program for employees of the Company. The Plan will supplement but not supersede or amend any other such plan or program except as may otherwise be expressly provided. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>ARTICLE 9 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>Plan Administration </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">9.1 <U>Committee Powers and Duties</U>. This Plan is administered by the
Committee. The Committee has the same powers, duties and discretions with respect to this Plan as the Committee has under the relevant provisions of the Employees Retirement Savings Plan of Provident Bank (which are incorporated herein by
reference), including the power to delegate any of its responsibilities for the operation and administration of the Plan. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">9.2 <U>Indemnity
of Committee</U>. The Company will indemnify and hold harmless the members of the Committee, and any other officer or employee of the Company who is or may be deemed to be a fiduciary of this Plan, against any and all claims, losses, damages,
expenses or liabilities arising from any action or failure to act with respect to this Plan, except in the case of willful misconduct by a Committee member or other officer or employee. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">9.3 <U>Company Information</U>. To enable the Committee to perform its functions, the Company will supply full and timely information to the Committee on
all matters relating to the compensation of Participants, the date and circumstances of the Retirement, Disability, death or Termination of Employment of Participants, and such other pertinent information as the Committee may reasonably require.
</FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>ARTICLE 10 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Claims
Procedures </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">10.1 <U>Presentation of Claim</U>. Any Participant or Beneficiary (a &#147;Claimant&#148;) may deliver to the Committee a
written claim for a determination of the amounts distributable to such Claimant from the Plan. Any claim must state with particularity the determination desired by the Claimant. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">10.2 <U>Notification of Decision and Review of Denied Claims</U>. All claims for benefits and reviews of denied claims will be handled in accordance with
the claims and review procedures set forth in the relevant portions of the Employees Retirement Savings Plan of Provident Bank, which are incorporated herein by reference. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">10.3 <U>Legal Action</U>. A Claimant&#146;s compliance with the foregoing provisions of this Article 10 is a mandatory prerequisite to a Claimant&#146;s
right to commence any legal action with respect to any claim for benefits under this Plan. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">7 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>ARTICLE 11 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>Beneficiary Designation </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">11.1 <U>Beneficiary</U>. Before the date as of which benefit payments
begin, each Participant may at any time designate a Beneficiary(ies) (both primary and contingent) to receive any benefits payable under the Plan upon the death of a Participant. Only natural persons (humans) may be a Beneficiary. The Beneficiary
designated under this Plan may be the same as or different from the Beneficiary designation under any other plan of the Company in which the Participant participates. Only one primary Beneficiary may be designated under a Joint and Survivor Annuity.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">11.2 <U>Beneficiary Designation</U>. A Participant may only designate a Beneficiary(ies) by completing and signing a form provided by the
Committee or its designated agent and submitting it to the Committee or its designated agent. A Participant may change a Beneficiary designation by completing and signing a new form and submitting it to the Committee or its designated agent. Upon
submitting a new form to the Committee or its designated agent, all Beneficiary designations previously submitted are cancelled. The Committee may rely on the last Beneficiary designation form submitted by the Participant to the Committee or its
designated agent prior to the Participant&#146;s death. No designation or change in designation of a Beneficiary is effective until submitted to the Committee or its designated agent. The Beneficiary designation under a Joint and Survivor Annuity
may not be changed after benefit payments begin. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">11.3 <U>No Beneficiary Designation</U>. If a Participant fails to designate a Beneficiary
as provided in Sections 11.1 and 11.2, or if all designated Beneficiaries cannot be located or predecease the Participant or die prior to complete distribution of the Participant&#146;s benefits, then the Participant&#146;s surviving spouse will be
the designated Beneficiary. If the Participant has no surviving spouse, the benefits remaining under the Plan will be paid to the Participant&#146;s estate. This Section&nbsp;11.3 does not apply to the Beneficiary under a Joint and Survivor Annuity.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">11.4 <U>Doubt as to Beneficiary</U>. If the Committee has any doubt as to the identity or designation of a Beneficiary, the Committee may
cause the Company to withhold payments to the asserted Beneficiary until the matter is resolved to the Committee&#146;s satisfaction. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">11.5
<U>Discharge of Obligations</U>. The payment of benefits under the Plan to a Beneficiary fully and completely discharges the Company and the Committee from all further obligations under this Plan with respect to the Participant. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">8 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>ARTICLE 12 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>Miscellaneous </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">12.1 <U>Trust</U>. The Company is responsible for the payment of all benefits under
the Plan. At its discretion, the Company may establish one or more grantor trusts for the purpose of providing for payment of benefits under the Plan. Such trust or trusts may be irrevocable, but the assets thereof will in all events be subject to
the claims of the Company&#146;s general creditors. Benefits paid to a Participant or Beneficiary from any such trust or trusts will be considered paid by the Company for purposes of meeting the obligations of the Company under the Plan. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">12.2 <U>Unsecured General Creditor</U>. Participants and Beneficiaries have no legal or equitable rights, interests or claims in any property or
assets of the Company on account of benefits under this Plan, and have only the rights of an unsecured general creditor. The Company&#146;s obligation under the Plan is merely that of an unfunded and unsecured promise to pay money in the future.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">12.3 <U>Company&#146;s Liability</U>. The Company&#146;s liability for the payment of benefits is defined only by the Plan. The Company
has no obligation to a Participant or Beneficiary under the Plan except as expressly provided in the Plan. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">12.4 <U>Nonassignability;
Domestic Relations Orders</U>. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(a) Neither a Participant, Beneficiary nor any other person has any right to assign, pledge or otherwise
encumber any benefits under this Plan. Except as provided in subsection (b), no benefits under this Plan, prior to actual payment, are subject to alienation for the payment of any debts owed by a Participant, Beneficiary or any other person, nor are
they transferable by operation of law in the event of divorce, bankruptcy or insolvency of a Participant, Beneficiary or any other person. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">(b) Subsection (a)&nbsp;does not prohibit the transfer or assignment to a Participant&#146;s spouse, former spouse or child of the right to receive all or a portion of the benefits payable to a Participant under this Plan, if such transfer
or assignment is made pursuant to a domestic relations order issued by a court that is legally binding on a Participant. Payment of benefits pursuant to an order may not be made before the earlier of (1)&nbsp;when benefits are actually paid to the
Participant or (2)&nbsp;a date specified in the order that is not before the earliest date that benefits could actually begin being paid to a Participant if he terminated employment. Any provision of an order for payment of benefits upon the
election of the spouse, former spouse or child cannot be given effect. Any payment of benefits pursuant to a domestic relations order will be subject to tax withholding as provided by law. If a domestic relations order is served on this Plan, it
will be processed in accordance with the rules for processing of qualified domestic relations orders set forth in the relevant provisions of the Employees Retirement Savings Plan of Provident Bank, which are incorporated herein by reference.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">12.5 <U>Not a Contract of Employment</U>. The Plan does not constitute a contract of employment between the Company and the Participant.
Such employment is &#147;at will&#148; employment that can be terminated at any time for any reason, with or without cause, unless expressly provided in a written employment agreement. Nothing in this Plan gives a Participant the right to be
retained in the service of the Company or to interfere with the right of the Company to discipline or discharge the Participant at any time. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">12.6 <U>Furnishing Information</U>. A Participant or Beneficiary must cooperate with the Committee by furnishing any and all information requested by the Committee, and must take such other actions as may be requested in order to facilitate
the administration of the Plan and the payments of benefits hereunder. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">9 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">12.7 <U>Terms</U>. Any words used herein in the masculine shall be construed as though they were in the
feminine in all cases where they would so apply, and any words used herein in the singular or in the plural shall be construed as though they were used in the plural or the singular, in all cases where they would so apply. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">12.8 <U>Captions</U>. The captions of the articles, sections and paragraphs of this Plan are for convenience only and do not control or affect the
meaning or construction of any of its provisions. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">12.9 <U>Governing Law</U>. Subject to ERISA, this Plan will be construed and interpreted
according to the laws of the State of Maryland without regard to its conflict of laws principles. The Company intends that the Plan will comply with Code Section&nbsp;409A, and the Plan should be interpreted, to the extent possible, to comply with
Section&nbsp;409A. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">12.10 <U>Validity</U>. In case any provision of this Plan is held to be illegal or invalid for any reason, said
illegality or invalidity will not affect the remaining parts hereof, but this Plan will be construed and enforced as if such illegal and invalid provision had never been inserted herein. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">12.11 <U>Notice</U>. Any notice or filing required or permitted to be given to the Committee will be sufficient if in writing and hand delivered, or sent
by registered or certified mail, to the address below: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2">Retirement Benefits Committee </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2">Provident Bank </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2">114 East Lexington Street
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2">Baltimore, Maryland 21202 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Such notice will
be deemed given as of the date of delivery or if delivery is made by mail, as of the date shown on the postmark on the receipt for registration or certification. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">Any notice or filing required or permitted to be given to a Participant under this Plan will be sufficient if in writing and hand delivered, or sent by mail, to the last known address of the Participant. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">12.12 <U>Successors</U>. The provisions of this Plan will bind and inure to the benefit of the Company and its successors and assigns and the
Participant and the Participant&#146;s Beneficiary. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">12.13 <U>Spouse&#146;s Interest</U>. Any asserted interest in the benefits under this
Plan held by a spouse who predeceases the Participant will automatically revert to the Participant and are not transferable by such spouse in any manner, including but not limited to such spouse&#146;s will, nor will such interest pass under the
laws of intestate succession. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">10 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">12.14 <U>Incompetent</U>. If the Committee determines in its discretion that a benefit under this Plan is
to be paid to a minor, a person declared incompetent or to a person incapable of handling the disposition of that person&#146;s property, the Committee may direct payment in accordance with the relevant provisions of the Employees Retirement Savings
Plan of Provident Bank, which are incorporated herein by reference. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">12.15 <U>Withholding of Taxes.</U> The Company will withhold from all
benefit payments all federal, state and local income, employment and other taxes that the Company determines are required to be withheld under applicable law. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">12.16 <U>Distribution in the Event of Taxation</U>. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(a) If any portion of a Participant&#146;s benefit
under this Plan becomes taxable to the Participant prior to the time it would otherwise be payable due to failure of the Plan to satisfy Code Section&nbsp;409A, a Participant may apply to the Committee for a distribution of that portion of his
benefit that has become taxable. Within 90 days after the Committee determines that a portion of the Participant&#146;s benefit has become taxable, the Company will make a lump sum distribution to the Participant in an amount equal to the taxable
portion of his benefit (which amount will not exceed a Participant&#146;s accrued benefit under the Plan). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(b) If any portion of a
Participant&#146;s benefit under this Plan becomes subject to FICA tax before it is paid to the Participant, then notwithstanding the timing and method of benefit payment otherwise in effect for the Participant, the Committee may direct that future
benefit payments be accelerated so as to pay the Participant&#146;s share of applicable FICA tax. Payments may also be accelerated so as to pay any income tax withholding obligation that arises due to acceleration for FICA purposes. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(c) Any distributions or payments under subsections (a)&nbsp;and (b)&nbsp;will reduce the remaining benefits to be paid under this Plan. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">IN WITNESS WHEREOF, Provident Bank has caused this Plan document to be executed by its duly authorized officer on
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 2008. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="top" COLSPAN="3"><FONT FACE="Times New Roman" SIZE="2"><B>PROVIDENT BANK</B></FONT></TD></TR>
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<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">By:</FONT></TD>
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<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
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