FIRST AMENDMENT TO
EMPLOYMENT AGREEMENT
(XXXXX X. XXXXXXX)
This First Amendment (the "Amendment"), dated as of the 12th day of
January, 2005, by and among MACKINAC FINANCIAL CORPORATION (f/k/a NORTH COUNTRY
FINANCIAL CORPORATION), a Michigan corporation (the "Company"), and XXXXX X.
XXXXXXX ("Employee").
WITNESSETH:
WHEREAS, the Company and Employee are parties to that certain Employment
Agreement dated December 15, 2004 (the "Employment Agreement"); and
WHEREAS, the parties desire to amend the Employment Agreement, on the
terms and conditions set forth herein.
NOW, THEREFORE, in consideration of the premises and the mutual
undertakings set forth herein the parties hereto agree as follows:
1. The first sentence of Section 4 of the Employment Agreement captioned
"Stock Options" is hereby deleted in its entirety and replaced with the
following:
On or within one (1) year after the Effective Date, Employee
shall be awarded options to purchase 10,000 shares (adjusted for a 1
for 20 reverse stock split to be effective on the Effective Date)
of the Company's Common Stock under the Company's 2000 Stock
Incentive Plan (the "Plan") on such terms and conditions specified
in an appropriate stock option agreement (the "Option Agreement")
and the Plan.
2. Capitalized terms not otherwise defined herein shall have the meaning
ascribed to such term in the Employment Agreement.
3. In the event there is a conflict between the terms of the Employment
Agreement and the terms of this Amendment, the terms of this Amendment shall
control.
4. The Employment Agreement, as hereby amended, shall continue in full
force and effect, to the fullest extent not inconsistent with this Amendment.
IN WITNESS WHEREOF, the parties have executed this Agreement as of the
date first above written.
MACKINAC FINANCIAL CORPORATION
By /s/ Xxxx X. Xxxxxx
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Xxxx X. Xxxxxx
Its: Chairman and Chief Executive Officer
/s/ Xxxxx X. Xxxxxxx
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Xxxxx X. Xxxxxxx
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