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Exhibit 10.2
FIRST AMENDMENT TO EMPLOYMENT AGREEMENT
This FIRST AMENDMENT TO EMPLOYMENT AGREEMENT, made and entered into as
of this 28th day of September, 1998, by and between CITIZENS FIRST CORPORATION,
a Kentucky corporation ("Employer"), and XXXX XXXXXX, an individual ("Xxxxxx").
For and in consideration of the mutual terms, conditions and benefits
to be obtained by the parties to this First Amendment to Employment Agreement,
the receipt and sufficiency of which the parties hereby acknowledge, Employer
and Xxxxxx agree to amend the Employment Agreement between them dated September
14, 1998 as follows:
Employer and Xxxxxx hereby revoke Paragraph 2 and Paragraph 14 of the
Employment Agreement and replace these paragraphs with the following language:
2. TERM OF EMPLOYMENT. This Employment Agreement and Cohron's
employment hereunder shall commence on and be effective as of August 1, 1998
(the "Commencement Date"), and continue through July 31, 2001, subject to
renewal and to termination in accordance with the terms of this Employment
Agreement. On August 1, 2001, this Employment Agreement will be automatically
renewed for a new three year term, subject to renewal and to termination in
accordance with the terms of this Employment Agreement, unless either Employer,
by action of its Board of Directors, or Xxxxxx gives written notice to the other
party hereto at least 60 days prior to the renewal date that it does not intend
to renew this Employment Agreement. Cohron's initial term of employment and any
subsequent renewal thereof shall hereinafter be referred to as the "Term." If
this
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Employment Agreement is not renewed as specified herein, all of Cohron's
rights to compensation and fringe benefits shall terminate at the end of the
Term.
14. TERMINATION OTHERWISE. All provisions of the Employment Agreement
to the contrary notwithstanding, Cohron's employment may be terminated, upon
delivery to Xxxxxx of 60 days notice of termination, at any time during the
Term, with or without cause, if the Employer's Board of Directors, for any
reason whatsoever, determines that such employment should be terminated. It is
understood that Xxxxxx has no continuing right to employment by Employer, and
that Employer may, therefore, terminate Cohron's employment at any time of its
choosing, and for any reasons which are satisfactory to it. If notice is
delivered pursuant to this Paragraph 14 that Cohron's employment is terminated,
then Xxxxxx shall be entitled to receive all compensation and fringe benefits to
which she is otherwise entitled (and which would otherwise accrue) under this
Employment Agreement during the period of 60 days following delivery of such
notice. At the conclusion of such period of 60 days, Cohron's employment in the
Position shall be terminated and the only rights to compensation and fringe
benefits which Xxxxxx shall thereafter have under this Employment Agreement
shall be: (a) the right to receive from Employer, on the next scheduled salary
payment date, the value of fringe benefits accruing to Xxxxxx under this
Agreement as of the effective date of the termination (subject to the terms and
conditions of any plan or agreement pursuant to which such benefits are made
available) and (b) the right to receive from Employer the total amount of the
salary, at the annual rate then in effect, equal to the number of months of
Cohron's service under the Term but in no event
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to exceed twelve (12) months (such total amount being referred to as "Severance
Pay"). For purposes of this Paragraph 14, the Term shall begin anew on each
occasion that this Employment Agreement is renewed.
All other terms and conditions contained in the Employment Agreement
remain unchanged and in full force and effect.
IN WITNESS WHEREOF, the parties hereto have executed this First
Amendment to Employment Agreement as of the day and year first above written.
CITIZENS FIRST CORPORATION
BY: /s/XXXXX X. XXXXX
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/s/ XXXX XXXXXX
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XXXX XXXXXX
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