EXHIBIT 10.11
AMENDMENT NO. 1
This Amendment No. 1 is made this 22nd day of March, 1999, to Amended
and Restated Severance Agreement and is by and between Franklin Bank, National
Association ("Franklin") and Xxxxxxxx Xxxxxxxxx, (the "Officer").
WHEREAS, Franklin and Officer entered into that certain Amended and
Restated Severance Agreement dated November 21, 1995, (the "Amended and Restated
Severance Agreement"), and
WHEREAS, at the time of the Amended and Restated Severance Agreement,
Officer was a Vice President of Franklin, and at the date of this Amendment No.
1, Officer is a Senior Vice President of Franklin ("Change in Position").
NOW, THEREFORE, in consideration of the mutual covenants herein
contained and for other good and valuable consideration, receipt of which is
hereby acknowledged, the parties hereto hereby agree to amend the Amended and
Restated Severance Agreement as follows:
1. INCREASE IN MULTIPLIER. Paragraph 4(2) of the Amended and
Restated Severance Agreement is hereby amended by changing the
multiplier of Officer's gross compensation from .5 to 1.5 (the
increase in the multiplier resulting from Officer's Change in
Position).
2. EXISTING AGREEMENT. Except as modified by this Amendment No.
1, the terms and conditions of the Amended and Restated
Severance Agreement shall continue in full force and effect.
FRANKLIN:
FRANKLIN BANK, NATIONAL ASSOCIATION
By:
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Its:
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OFFICER:
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Xxxxxxxx Xxxxxxxxx
Senior Vice President
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