EXHIBIT 10.23
October 17, 0000
Xxxxxxxxxx Xxxx Xxxxxxxxxxx
Xxxxxxxxxx Xxxx xx Xxxx Xxxxxxxx
0000 Xxxxx Xxxxxx Xxxxxx XX
Xxxxxxx, Xxxxxxxx 00000
Re: Amendment to Employment Agreement dated October 18, 2001
Ladies and Gentlemen:
This letter confirms our agreement reached today regarding the
Employment Agreement dated as of October 18, 2001 by and among you and me (the
"Employment Agreement"). We have agreed that Section 8.5(d) of the Employment
Agreement is amended effective immediately by deleting its current text and
substituting the following text in its place:
"(d) any term life insurance policies without any cash
surrender value, or any term life insurance policies having a cash
surrender value that is under $10,000 in aggregate amount, owned by the
Bank or the Company and insuring the life of the Employee, to the
extent they may be practically assigned or transferred to the Employee
without any adverse affect on the Bank or the Company, and which upon
assignment or transfer to the Employee the cash surrender value of the
policy is paid by the Employee to the Bank or the Company, whichever is
the owner of the policy, plus"
I understand and agree that my execution of this letter is in part to
induce you to increase my annual base salary for 2003 under the Employment
Agreement, and to make the Employment Agreement more closely reflect our mutual
intent.
Except as specifically amended by this letter, all of the terms of the
Employment Agreement remain in full force and effect. This letter may be
executed in counterparts, and is governed by Michigan law.
/s/ Xxxxxx X. Xxxxxxxx
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(signature)
Xxxxxx Xxxxxxxx
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(print or type Employee's name)
MERCANTILE BANK CORPORATION
By: /s/ Xxxxxx X. Xxxxxxx, Xx.
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Its: Chairman & Chief Executive Officer
MERCANTILE BANK OF WEST MICHIGAN
By: /s/ Xxxxxx X. Xxxxxxx, Xx.
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Its: Chairman
