EMPLOYMENT AGREEMENT EXTENSION
Exhibit 10(l)
EMPLOYMENT AGREEMENT EXTENSION
This EMPLOYMENT AGREEMENT EXTENSION (hereinafter referred to as this “AGREEMENT EXTENSION”),
is entered into effective the 31st day of March, 2008, by and between the Franklin Savings and Loan
Company, a savings and loan association incorporated under the laws of the State of Ohio
(hereinafter referred to as the “EMPLOYER”) and Xxxx X. Xxxxx, an individual (hereinafter referred
to as the “EMPLOYEE”);
WITNESSETH:
WHEREAS, the EMPLOYEE is currently employed as the Vice President of the EMPLOYER; and
WHEREAS, the EMPLOYER and the EMPLOYEE are parties to an employment agreement dated December
20, 2004 (the “EMPLOYMENT AGREEMENT”); and
WHEREAS, Section 1 of the EMPLOYMENT AGREEMENT provides that the Board of Directors of the
EMPLOYER may extend the term of the EMPLOYMENT AGREEMENT for a one-year term beyond the then
effective expiration date, provided the Board has determined that the EMPLOYMENT AGREEMENT should
be extended; and
WHEREAS, as a result of the skill, knowledge, performance and experience of the EMPLOYEE, the
Board of Directors of the EMPLOYER has determined that the EMPLOYMENT AGREEMENT should be extended
for an additional one-year term; and
WHEREAS, the EMPLOYEE desires to continue to serve as the Vice President of the EMPLOYER and
consents to the extension of the EMPLOYMENT AGREEMENT;
NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained, the
EMPLOYER and the EMPLOYEE hereby agree as follows:
1. Extension of Term of Employment Agreement. The term of the EMPLOYMENT AGREEMENT is
extended for a one year period and shall end on December 20, 2011 (the “EXTENDED TERM”).
2. Effect of Prior Agreements. All of the terms and conditions of the EMPLOYMENT
AGREEMENT shall remain in full force and effect during the EXTENDED TERM.
IN WITNESS WHEREOF, the EMPLOYER has caused this AGREEMENT EXTENSION to be executed by its
duly authorized officer, and the EMPLOYEE has consented to and signed this AGREEMENT EXTENSION,
each as of the day and year first above written.
| Attest: |
EMPLOYER: Franklin Savings and Loan Company |
||||
| /s/ Xxxxxxxx Xxxxxx | By: | /s/ Xxxxxxxx Xxxxxxx | |||
| Xxxxxxxx Xxxxxx | Name: | Xxxxxxxx X. Xxxxxxx | |||
| Title: | President | ||||
| Attest: |
EMPLOYEE: |
||||
| /s/ Xxxxxxxx Xxxxxx | /s/ Xxxx X. Xxxxx | ||||
| Xxxxxxxx Xxxxxx | Xxxx X. Xxxxx | ||||
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