EXTENTION OF PRESIDENT EMPLOYMENT AGREEMENT
Exhibit 99
EXTENTION OF PRESIDENT EMPLOYMENT AGREEMENT
This EXTENSION OF PRESIDENT EMPLOYMENT AGREEMENT (hereinafter this “Extension”) is made this 22nd day of January 2009, between XXXXXXX X. XXXXXX, an individual residing at 0000 Xxxxxxxxxxxxx Xxxxx, Xxxxxxxxxxxxx, Xxxxxxxx 00000 (“Xx. Xxxxxx”) and CommerceFirst Bancorp, Inc., a Maryland Corporation, with its principal place of business at 0000 Xxxx Xxxxxx, Xxxxx 000, Xxxxxxxxx, Xxxxxxxx 00000, its successors, and assigns (hereinafter the “Company”).
RECITALS
WHEREAS, the Company entered into a President Employment Agreement with Xx. Xxxxxx on August 1, 1999 which expired on August 1, 2004 (hereinafter the “Employment Agreement”); and
WHEREAS, by agreement the Company and Xx. Xxxxxx extended the Employment Agreement, as amended, from August 1, 2004 until August 15, 2009; and
WHEREAS, by agreement the Company and Xx. Xxxxxx amended the terms of the Employment Agreement pursuant to a First Amendment of President Employment Agreement executed in May, 2008; and
WHEREAS, the Company and Xx. Xxxxxx desire to extend the Employment Agreement, as amended, on the terms, covenants, and conditions hereinafter set forth.
NOW THEREFORE, for the reasons set forth above and in consideration of the mutual promises and agreements set forth below, the Company and Xx. Xxxxxx agree as follows:
1.1 Extension of Employment Agreement. The Company and Xx. Xxxxxx hereby agree to extend the Employment Agreement from August 15, 2009 until August 15, 2014. All other terms and conditions of the Employment Agreement shall remain in full force and effect, except as may be applicable due to the Company’s bank subsidiary’s commencement of operations.
IN WITNESS WHEREOF, this Agreement has been executed by the Company and Xx. Xxxxxx as of the day and year first above written.
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COMPANY: |
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By: |
/s/Xxxxxx X. Xxxxx |
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1-26-2009 |
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Xxxxxx X. Xxxxx |
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Chairman of the Compensation Committee |
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XX. XXXXXX: |
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/s/ Xxxxxxx X. Xxxxxx |
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1-22-2009 |
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Xxxxxxx X. Xxxxxx |
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