AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT
Exhibit
10.1
AMENDMENT
NO. 1 TO EMPLOYMENT AGREEMENT
This Amendment No. 1 to Employment
Agreement (this “Amendment”) is entered into this 21st day of
January, 2010, by and between American Patriot Financial Group, Inc., a
Tennessee corporation (the “Company”), American Patriot Bank, a Tennessee
state-banking corporation (the “Bank”), and Xxxx Xxxxxx Xxxxx (the
“Executive”).
WHEREAS, the Bank and the Executive are
parties to that certain employment agreement dated August 26, 2009 (the
“Employment Agreement”), pursuant to which the Executive serves as Chief
Executive Officer of the Bank;
WHEREAS, pursuant to Section 2 of the
Employment Agreement, the parties have agreed that, on the date on which the
Company receives the approval of the Federal Reserve Bank of Atlanta for the
hiring of the Executive as an executive officer of the Company or the date after
which the Federal Reserve Bank of Atlanta may no longer object to the
appointment of the Executive as an executive officer of the Company, the Company
would execute an addendum to the Employment Agreement to appoint the Executive
as the Chief Executive Officer of the Company;
WHEREAS, on October 16, 2009, the
Federal Reserve Bank of Atlanta approved the hiring of the Executive as an
executive officer of the Company; and
WHEREAS, the Company, the Bank and the
Executive desire to amend the Employment Agreement to reflect the Executive’s
appointment as the Chief Executive Officer of the Company in addition to his
prior position and duties as Chief Executive Officer of the Bank.
NOW THEREFORE, the parties, intending
to be legally bound, hereby agree as follows:
1. Capitalized
Terms. Capitalized terms used and not otherwise defined herein
shall have the meanings ascribed thereto in the Employment
Agreement.
2. Amendment to Employment
Agreement. Section 3(a) of the Employment Agreement is hereby deleted in
its entirety and replaced by the following:
(a) Chief Executive
Officer. During the Term, the Executive shall serve as Chief
Executive Officer of the Company and the Bank performing duties commensurate
with the position and such additional duties as the Company’s or the Bank’s
Board of Directors or a committee thereof (collectively referred to as the
“Board”) shall determine. Executive agrees to abide by all by-laws,
policies, practices, procedures or rules of the Company and the
Bank. The Executive shall primarily perform his duties under this
Agreement at the Bank’s offices in Greeneville, Tennessee.
3. Except
as expressly modified hereby, the Employment Agreement shall remain in full
force and effect.
4. This
Amendment may be executed in counterparts, each of which will be deemed an
original, but all of which shall constitute one and the same
instrument.
[remainder
of page intentionally left blank]
IN WITNESS WHEREOF, the parties hereto
have caused this Amendment No. 1 to be executed as of the date first above
written.
|
By:
|
/s/ Xxxxxxx X. Xxxxx
|
|
|
Name:
|
Xxxxxxx X. Xxxxx
|
|
|
Title:
|
Chairman
|
|
|
AMERICAN
PATRIOT BANK
|
||
|
By:
|
/s/ Xxxxxxx X. Xxxxx
|
|
|
Name:
|
Xxxxxxx X. Xxxxx
|
|
|
Title:
|
Chairman
|
|
|
EXECUTIVE
|
||
|
/s/ Xxxx Xxxxxx
Xxxxx
|
||
|
Xxxx
Xxxxxx Xxxxx
|
||
