ASSIGNMENT OF EMPLOYMENT AGREEMENT
EXHIBIT 10.2
THIS,
ASSIGNMENT OF EMPLOYMENT AGREEMENT, made and entered into this 16th day of
June, 1999, by and between RELIANCE BANCSHARES, INC. (“Assignor”), a Missouri corporation and
RELIANCE BANK (“Assignee”), a Missouri chartered bank and joined in and consented to by XXXXX X.
XXX XXXX, (“Executive”), an individual; WITNESSETH:
WHEREAS, Assignor and Executive have heretofore entered into an Employment Agreement dated
July 29, 1998, which Agreement is incorporated herein by reference; and
WHEREAS, the parties hereto desire to assign and transfer said Agreement to the Assignee
which will assume all of the rights, privileges, duties, and obligations of the employer under
said Agreement; and
WHEREAS, the purposes of this Assignment is to memorialize this arrangement as of the
Effective Date hereof.
NOW, THEREFORE, in consideration of the mutual agreements and promises herein contained, the
parties hereto agree as follows:
1. Assignor hereby assigns and transfers the aforesaid Employment Agreement to the Assignee
and the Assignee assumes all of the rights, privileges, duties, and obligations of the employer
contained therein and as of the Effective Date the Assignee shall be considered as the employer of
the Executive.
2. The Executive hereby consents to the Assignment of said Employment Agreement to Assignee
and agrees that the Assignee has assumed the position of employer under said Agreement and further
agrees that all provisions of said Agreement remain binding upon him and will govern and control
his rights, privileges, duties, and obligations under said Agreement.
3. It is agreed by the parties hereto that the Effective Date of this Assignment shall be
April 16, 1999, the date the Assignee commenced business as a bank.
IN WITNESS WHEREOF, the parties hereto have executed this Assignment, as of the day and year
first above written.
| Assignor: | Assignee: | |||||||||
| RELIANCE BANCSHARES, INC. | RELIANCE BANK | |||||||||
By
|
/s/ Fortis X. Xxxxxx | By | /s/ Xxxxxxxx Xxxx | |||||||
| Secretary | Senior Vice President | |||||||||
| Executive: | ||||
| /s/ Xxxxx X. Xxx Xxxx | ||||
| Xxxxx X. Xxx Xxxx |
