UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Current Report Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): April 14, 2005
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Old Line Bancshares, Inc.
(Exact Name of Registrant as Specified in its Charter)
Maryland 000-50345 20-0154352
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(State of Incorporation) (Commission (I.R.S. Employer
File Number) Identification No.)
2995 Crain Highway
Waldorf, Maryland 20601
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(Address of Principal Executive Offices) (Zip Code)
Registrant's Telephone Number, Including Area Code: 301-645-0333
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N/A
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(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-k filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
____ Written communication pursuant to Rule 425 under the Securities
Act (17 CFR 230.425)
____ Soliciting material pursuant to Rule 14a-12 under the Exchange
Act (17 CRF 240.14a-12)
____ Pre-commencement communications pursuant to Rule 14d-2(b) under
the Exchange Act (17 SFR 240.14d-2 (b))
____ Pre-commencement communications pursuant to Rule 13e-4 (c) under
the Exchange Act (17 CFR 240.13e- 4 (c))
ITEM 1.01. ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
On April 14, 2005, Pointer Ridge Office Investment, LLC ("Pointer Ridge")
executed a contract with Waverly Construction & Management Company Inc.
("Waverly") to begin construction of an approximately 40,000 square foot
commercial office building at the intersection of Pointer Ridge Road and Route
301 in Bowie, Maryland. Old Line Bancshares, Inc. ownership percentage in
Pointer Ridge is 50% and four other members hold the remaining 50% ownership.
Frank Lucente, a director of Old Line Bancshares, Inc. and Old Line Bank,
controls twenty five percent of Pointer Ridge and controls the manager of
Pointer Ridge.
The contract stipulates that Waverly will begin work within seven (7) calendar
days of the receipt of (1) notice to proceed from Pointer Ridge; (2) grading
permit; (3) building permit; (4) fully executed contract; (5) written
verification of funding for project being in place. Waverly agrees to achieve
substantial completion of the entire work not later than 254 calendar days from
the date of commencement. The contract sum is Four Million One Hundred Eight
Thousand and No/100 Dollars ($4,108,000).
OLD LINE BANCSHARES, INC.
April 19, 2005 By: /s/James W. Cornelsen
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James W. Cornelsen, President
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