Contract
10.6
Data Processing Services
Agreement, Contract Modification and Addendums dated December 30, 2003 between
New Commerce BanCorp and
Xxxx Xxxxx & Associates, Inc.
Exhibit 10.6
xxxx xxxxx
CONTRACT MODIFICATION
& ASSOCIATES INC. [logo]
DATE: December 30, 2003
OFFICE ADDRESS:
XXXX XXXXX & ASSOCIATES, INC.
000 XXXXXXX 00 • P. O. XXX 000 XXXXXX, XX 00000
NAME AND ADDRESS OF
CLIENT:
NEW COMMERCE BANK, NATIONAL ASSOCIATION
000 Xxx Xxxxxxxx Xx
Xxxxxxxxxx,
Xxxxx Xxxxxxxx 00000
WHEREAS, XXXX XXXXX & ASSOCIATES, INC. (XXX) entered into a Data Processing Services Agreement (Agreement) dated December 30, 2003, with NEW COMMERCE BANK, NATIONAL ASSOCIATION (Client).
NOW THEREFORE, XXX and Client mutually contract and agree that said Agreement is modified as follows:
1. The “DATA PROCESSING SERVICES AGREEMENT” is changed and modified as follows:
A. In Section “2. TERM OF AGREEMENT”:
1. In the first subparagraph revise the first sentence to read as follows:
| “The original term of this agreement shall be for five (5) years with a commencement date of May 17, 2004.” |
2. Following the last subparagraph add the following paragraph:
| “After XXX has processed Client under this Agreement for thirty-six (36) months, Client may a) license XXX CIF 20/20™ in-house core processing software and item processing software at the then current standard XXX list price, b) contract with XXX for installation services relating thereto, and c) purchase from XXX all necessary hardware for operating same. If Client has performed the foregoing in its entirety and given XXX at least a six (6) month advance written notice of its intention to move in-house following the aforesaid thirty-six (36) month period of processing then XXX will permit this Agreement to be terminated without an early termination fee and no deconversion costs. Client shall treat the foregoing as a matter of the strictest confidentiality as provided for under this Agreement.” |
In witness whereof, the parties have caused this CONTRACT MODIFICATION to be executed by their duly authorized representatives.
| XXX: | Client: | |
| XXXX XXXXX & ASSOCIATES, INC. | NEW COMMERCE BANK, NATIONAL ASSOCIATION | |
| By: /s/ Xxxx Xxxx | By: /s/ Xxxxx X. Xxxxxxx , | |
| Xxxx Xxxx | Xxxxx X. Xxxxxxx | |
| Print/Type Name | Print/Type Name | |
| Title: President | Title: President & CEO | |
| Date: January 2, 2004 | Date: December 31, 2003 |
