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Exhibit 10.27
AMENDMENT TO EMPLOYMENT AGREEMENT
THIS AMENDMENT TO EMPLOYMENT AGREEMENT (the "Amendment") is made and
entered into as of this 21st day of November, 1996, by and between Xxxxxxx X.
Xxxxxx (the "Executive") and Capital Bank, a Florida corporation (the
"Company").
WHEREAS, the Executive and the Company desire to amend the Employment
Agreement dated as of January 1, 1996 by and between the Executive and the
Company to modify certain terms thereof (the "Agreement"); and
WHEREAS, the Board of Directors has determined that it is in the best
interest of the Company to amend the Agreement;
NOW, THEREFORE, the parties hereto agree as follows:
1. Section 3.3 of the Agreement is hereby amended by deleting the
first sentence and substituting in lieu thereof as follows:
"3.3 Incentive Compensation. The Executive shall be
entitled to receive incentive compensation ("Incentive Compensation")
during each year of the Initial Term of this Agreement equal to the
amount of incentive compensation for such year determined pursuant to
such Incentive Compensation Plan as may be in effect from time to time
(the "Incentive Compensation Plan").
2. All provisions of the Agreement, except as expressly amended
by this Amendment, shall remain in full force and effect.
IN WITNESS WHEREOF, the Executive and the Company have executed this
Amendment as of the date first above written.
CAPITAL BANK
By: /s/ Xxxxxx X. Xxxxx
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Xxxxxx X. Xxxxx, Chairman of the
Board, Chief Executive Officer and
President
EXECUTIVE
/s/ Xxxxxxx X. Xxxxxx
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Xxxxxxx X. Xxxxxx
