FIRST AMENDMENT TO EMPLOYMENT AGREEMENT
This First Amendment to Employment Agreement, made and dated as of
March 31, 1997, by and between MFB Financial (formerly Mishawaka Federal
Savings), a federal savings bank ("Employer"), and Xxxxxxx X. Xxxxxxxx, Xx., a
resident of St. Xxxxxx County, Indiana ("Employee"), amends the Employment
Agreement entered into by and between the Employer and Employee dated as of
March 24, 1994 (the "Employment Agreement") as follows:
1. Paragraph 3 of the Employment Agreement is amended to provide:
"3. The term of this Agreement shall begin April 1, 1997 (the
"Effective Date") and shall end on the date which is three years
following such date; provided, however, that such term shall be
extended for an additional month on the first day of each month
succeeding April 1, 1997, so as to continue to maintain a three-year
term and shall continue to be so extended if Employer's Board of
Directors determines by resolution to extend this Agreement prior to
each anniversary of the Effective Date. If either party hereto gives
written notice to the other party not to extend this Agreement in any
given month or if the Board does not determine to extend the Agreement
prior to each anniversary of the Effective Date, no further extension
shall occur and the term of this Agreement shall end three years
subsequent to the first day of the month in which such notice not to
extend is given or three years subsequent to the anniversary as of
which the Board does not elect to continue extending this Agreement
(such term, including any extension thereof shall herein be referred to
as the "Term"). Notwithstanding the foregoing, this Agreement shall
automatically terminate (and the Term of this Agreement shall thereupon
end) without notice when Employee attains 65 years of age."
2. All other terms of the Employment Agreement remain in full force and
effect and are unchanged by this Amendment to Employment Agreement.
IN WITNESS WHEREOF, the parties have caused this Amendment to
Employment Agreement to be executed and delivered as of the day and year first
above set forth.
MFB FINANCIAL
By: /s/ Xxxxxxx X. Xxxxxx
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Xxxxxxx X. Xxxxxx, President
"Employer"
/s/ Xxxxxxx X. Xxxxxxxx, Xx.
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Xxxxxxx X. Xxxxxxxx, Xx.
"Employee"
