SECOND AMENDMENT TO EXECUTIVE EMPLOYMENT AGREEMENT
EXHIBIT
10.7
SECOND
AMENDMENT TO
This
Second Amendment to the Executive Employment Agreement dated as of July 26,
2001, between Merchants and Manufacturers Bancorporation, Inc., a Wisconsin
corporation ("Employer") and Xxxxxxx X. Xxxxx ("Executive").
RECITALS
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A.
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The
parties entered into an executive employment agreement dated
January 2, 1996 (the
"Agreement");
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B.
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The
parties entered into the First Amendment to the Agreement as of
June 25, 1997 (the "First
Amendment");
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C.
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Because
Executive has ceased to perform duties at General Automotive Manufacturing
Company, as of January 28, 2000, and does not anticipate resuming
such duties in the future, the parties desire to further amend the
Agreement by rescinding the First Amendment in its
entirety.
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AGREEMENT
In
consideration of the promises and mutual covenants contained herein and in
the
Agreement and First Amendment, the parties agree as follows:
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1.
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The
First Amendment is hereby rescinded in its entirety effective as
of
January 28, 2000.
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2.
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The
second sentence of Section 3 of the Agreement reading "As such, he is
presently serving in the capacity of Chairman of the Board of directors
and Chief Executive Officer of Employer ("Corporate Position"),"
is hereby
deleted and the following sentence is inserted in lieu thereof: "Executive
is presently serving in the capacity of Chairman of the Board of
Directors
("Corporate Position")." The effective date of this change is
the actual date on which Executive relinquished the title of "Chief
Executive Officer."
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3.
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All
other provisions of the Agreement shall remain in full force and
effect.
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4.
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The
effective date of this Second Amendment to the Agreement shall be
the date
indicated in the first paragraph of this Second Amendment, notwithstanding
the actual date of execution by any
party.
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IN
WITNESS WHEREOF, the undersigned have duly executed this Second Amendment
as of the date first above written.
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EXECUTIVE;
/s/
Xxxxxxx X.
Xxxxx
Xxxxxxx
X. Xxxxx
MERCHANTS
AND MANUFACTURERS
BANCORPORATION,
INC.
By:
/s/ Xxxxx
Xxxxxxx
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