FIRST AMENDMENT TO
EMPLOYMENT AGREEMENT
(XXXXX XXXXXXXX)
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 XXXXXXXX ("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 second sentence of Section 4(c) of the Employment Agreement
captioned "Certain Benefits" is hereby deleted in its entirety and replaced with
the following:
Specifically, on or within one (1) year after the Effective
Date, Employee shall be awarded options to purchase 20,000 shares
of the Company's Common Stock (adjusted for a 1 for 20 reverse
stock split to be effective on the Effective Date) 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 Xxxxxxxx
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Xxxxx Xxxxxxxx
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