EMPLOYMENT AGREEMENT EXTENSION
Exhibit
99.1
EMPLOYMENT
AGREEMENT EXTENSION
THIS EMPLOYMENT AGREEMENT
EXTENSION (the “Extension”) is entered into as of the 17th day of April,
2008 (the “Effective Date”), by and between Tower Financial Corporation,
an Indiana corporation (the “Company”) and Xxxxxxx X. Xxxxxx, a resident
of Xxxxx County, Indiana (the “Employee”).
WHEREAS, the Company wishes to
extend the original employment agreement (the “Original Agreement”) dated,
August 23, 2006 for an additional two year term, under the same terms and
conditions as the Original Agreement.
WHEREAS, the Employee wishes
to be employed by the Company for the extended two year term, under the same
terms and conditions as the Original Agreement dated August 23,
2006.
NOW, THEREFORE, for and in
consideration of the foregoing recitals and of the mutual covenants and
agreements set forth herein, the parties, intending to be legally bound hereby,
agree as follows:
1. Term. The term of
the original agreement shall continue in full force and effect through and
including June 30, 2010.
2. Release. In order
to receive (A) the discretionary bonus in Paragraph 6 (d) (ii) or, (B) any
benefits described in Paragraph 6 (e) that are in addition to what Employee
would otherwise be entitled by law, Employee agrees to execute (and not
thereafter revoke within the time permitted by law) a valid and enforceable full
release and waiver of claims prepared by the Company’s counsel.
3. Continuation of
Agreement. All the remaining terms and conditions of the
Original Agreement not in conflict with this agreement shall remain in full
force and effect for the Term.
IN WITNESS
WHEREOF, the parties have
executed this Extension as of the date first above written and agree that the
effective date of the extension will be at the end of the expiration date of the
original term, July 1, 2008.
|
TOWER FINANCIAL
CORPORATION
|
||||
|
By:
|
/s/Xxxxxxx
Xxxxxxx
|
By:
|
/s/ Xxxxxxx X.
Xxxxxx
|
|
|
Its:
|
Chair, Compensation
Committee
|
|||
|
Date:
|
April 17,
2008
|
Date:
|
April 17,
2008
|
|
