MERCANTILE BANCORP, INC. AMENDMENT TO EMPLOYMENT AGREEMENT
Exhibit 10.3
AMENDMENT TO EMPLOYMENT AGREEMENT
This Amendment to Employment Agreement (“Amendment”) is made as of this 15th day of
July, 2008, by and between Mercantile Bancorp, Inc., a Delaware corporation (“Company”) with its
principal office located at Quincy, Illinois, and Xxxxxx X. Xxxx, of Quincy, Illinois (“Employee”).
WHEREAS, Company and Employee entered into an Employment Agreement effective as of January 1,
2008 the “Employment Agreement”); and
WHEREAS, Company and Employee wish to amend the Employment Agreement to provide for an
increase in Employee’s incentive compensation plan; and
NOW, THEREFORE, in consideration of the mutual promises, covenants, and conditions set forth
herein, and the performance of each, and other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, Company and Employee hereby agree to amend the
Employment Agreement as follows:
1. Section 3.2 is hereby deleted and inserted in lieu thereof is the following:
“Incentive bonus. In addition to the base salary as provided in Section 3.1
above, Company shall pay Employee an annual incentive bonus in an amount up to forty
percent (40%) of base salary in accordance with the incentive compensation plan
established by the Compensation Committee and Board of Directors of Company during
2008. The bonus shall be prorated for any partial year. Further, Employee must be
employed on December 31 of each year to be entitled to a bonus for such year.”
2. This Amendment is effective January 1, 2008.
3. Except as set forth in this Amendment, the Employment Agreement shall remain
unaltered and in full force and effect according to its terms and conditions.
IN WITNESS WHEREOF, this Amendment to the Employment Agreement has been executed by Company
and Employee as of the date first above written.
| MERCANTILE BANCORP, INC. | ||||||
| By: Name: |
/s/ Xxx X. Xxxxxxxx
|
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| Title: | President & CEO | |||||
| /s/ Xxxxxx X. Xxxx
|
