EMPLOYMENT AGREEMENT EXTENSION
Exhibit 10.1
THIS EMPLOYMENT AGREEMENT EXTENSION (this “AGREEMENT EXTENSION”) is entered into effective the
13th day of May, 2009, by and between The Franklin Savings and Loan Company, a savings
and loan association organized under the laws of the State of Ohio (the “EMPLOYER”), and Xxxxxx X
Xxxxxxx (the “EMPLOYEE”).
WITNESSETH:
WHEREAS, the EMPLOYEE is currently employed as the Chairman of the Board of Directors of the
Employer; and
WHEREAS, the EMPLOYER and the EMPLOYEE are parties to an Employment Agreement dated October
23, 2000, and amended December 30, 2008 (the “AGREEMENT”); and
WHEREAS, the current expiration date of the AGREEMENT is July 1, 2011 and
WHEREAS, Section 1 of the AGREEMENT provides that the EMPLOYER’s BOARD may extend the term of
the AGREEMENT; and
WHEREAS, as a result of the skill, knowledge, performance and experience of the EMPLOYEE, the
BOARD of the EMPLOYER has determined that the AGREEMENT should be extended; and
WHEREAS, the EMPLOYEE desires to continue to serve as the Chairman of the Board of Directors
of the EMPLOYER and consents to the extension of the AGREEMENT;
NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained, the
EMPLOYER and the EMPLOYEE hereby agree as follows:
1. Extension of EMPLOYMENT TERM. The EMPLOYMENT TERM of the AGREEMENT is hereby
extended and the AGREEMENT shall terminate and expire on March 31, 2012.
2. Effect of Prior Agreements. All of the terms and conditions of the AGREEMENT shall
remain in full force and effect during the EMPLOYMENT TERM, as extended by this AGREEMENT
EXTENSION.
3. Definitions. Capitalized terms used in this AGREEMENT EXTENSION without definition
shall have the meanings given to such terms in the AGREEMENT.
[REMAINDER OF PAGE INTENTIONALLY BLANK; SIGNATURES FOLLOW]
IN WITNESS WHEREOF, the EMPLOYER has caused this AGREEMENT EXTENSION to be executed by its
duly authorized officer, and the EMPLOYEE has consented to and signed this AGREEMENT EXTENSION,
each as of the date first above written.
EMPLOYER FRANKLIN SAVINGS AND LOAN COMPANY |
EMPLOYEE /s/ Xxxxxx X Xxxxxxx |
|||
| Name: Xxxxxx X Xxxxxxx | ||||
| By: | /s/ Xxxxxx X. Xxxxxxx | |||
| Xxxxxx X Xxxxxxx | ||||
| Its: Senior Vice President | ||||
