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GLBZ > SEC Filings for GLBZ > Form 8-K on 10-Jan-2014All Recent SEC Filings

Show all filings for GLEN BURNIE BANCORP



Entry into a Material Definitive Agreement

Item 1.01. Entry into a Material Definitive Agreement.

On January 9, 2014, The Bank of Glen Burnie, a wholly owned subsidiary of Glen Burnie Bancorp (the "Bank") appointed Andrew J. Hines as Chief Lending Officer effective March 1, 2014.

Mr. Hines has 20 years of experience in the commercial lending industry, served in the United States Navy from 1984 to 1993, and in the United States Navy Reserves from 1993 to 1999, achieving the rank of Lieutenant Commander. He received a Bachelor of Science degree from Cornell University in 1984, and a Masters of Business Administration from Rollins College in 1993.

Under the terms of Mr. Hines' employment, he will receive an annual base salary of $136,500 effective March 1, 2014, subject to merit increases in the discretion of management, plus benefits. In addition, he is eligible to receive incentive compensation in accordance with the policies of the Bank for its executive officers if certain performance goals are met. Mr. Hines' employment may be terminated by either party at any time.

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