EX-10.7
from 10-K
~5
pages
Confidentiality and Non-Competition Agreement This Confidentiality and Non-Competition Agreement Is Made This 3o±~day of April, 2001 Between F&M Bancorp, a Maryland Corporation, Home Federal Savings Bank, a Savings Bank (Together or Separately Hereinafter Referred to as the "Employers") and Richard W. Phoebus, Sr., (The "Executive"). Whereas, the Executive Is Presently an Executive Officer of the Employers; and Whereas, in Order to Secure the Executive's Agreement to Certain Confidentiality and Non-Competition Provisions, the Parties Desire to Specify the Monetary Sums Which Shall Be Due the Executive at the Time the Executive's Employment With the Employers Is Terminated; and Whereas, the Parties Entered Into an "Agreement" Dated November 16, 1999, Which Said Agreement Shall Be Superseded and Replaced With This Confidentiality and Non-Competition Agreement. Now Therefore, in Consideration of the Promises and the Mutual Agreements Herein Contained, the Parties Hereby Agree as Follows: 1. November 1999 Agreement Superseded. the Agreement Entered Into by the Parties on November 16, 1999 Is Superseded and Replaced by This Agreement. the November 16, 1999 Agreement Shall Be of No Further Force or Effect. 2. Competition; Confidential Information
12/34/56
