Exhibit 10.7
EMPLOYMENT AGREEMENT
THIS EMPLOYMENT AGREEMENT ADDENDUM, is a supplement to the original EMPLOYMENT
AGREEMENT dated January 1, 1995, by and between MATRIX CAPITAL BANK,
(hereinafter referred to as the "Bank") and XXXX XXXXX (hereinafter referred to
as the "Employee").
WHEREAS, the Employee has heretofore been employed by the Bank as President and
Chief Executive Officer, and
WHEREAS, the Bank wishes to assure itself of the services of the Employee as
outlined in Section 5. Term of the original Employment Agreement, and
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WHEREAS, the parties desire by this writing to set forth the continued
employment relationship of the Bank and the Employee.
NOW THEREFORE, it is agreed to amend Section 2. Base Compensation and Section 5.
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Term as follows:
2. Base Compensation. The Bank agrees to pay the Employee during the term of
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the Addendum, a salary at the rate of $175,000 per annum payable in cash not
less frequently than twice monthly and shall be increased annually in such
an amount as the Board of Directors may determine.
5. Term. This Addendum extends the period of employment an additional twelve
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(12) months, per performance evaluation by the Board of Directors, as
outlined in the original Employment Contract, thereby extending the term of
said Employment Agreement to January 1, 2003.
IN WITNESS WHEREOF, the parties have executed this Employment Agreement
Addendum, on the 14th day of December 1999.
MATRIX CAPITAL BANK
By: /s/
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Name: D. Xxxx Xxxxxxx
Its: Chairman
By: /s/
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Name: Xxxx Xxxxx
