EXECUTIVE EMPLOYMENT AGREEMENT
This
EXECUTIVE
EMPLOYMENT AGREEMENT
(“Agreement”) is made and entered into as of this 17th day of December, 2005, by
and between CITY
CENTRAL BANCORP, INC. (F/K/A DE NOVO HOLDINGS, INC.),
a
Michigan corporation (hereafter the “Company”) and XXXXXX
X. XXXXX,
a
resident of West Bloomfield Township, Michigan (hereafter the
“Executive”).
WHEREAS,
the
Executive has considerable experience, expertise and training in management
related to banking and services offered by the Company and to be offered through
a proposed subsidiary bank, City Central Bank (“Bank”); and
WHEREAS,
the
Company desires and intends to cause the Executive to be employed as President
and Chief Executive Officer of both the Bank and the Company pursuant to the
terms and conditions set forth in this Agreement;
WHEREAS,
both
the Company and the Executive have read and understood the terms and provisions
set forth in this Agreement, and have been afforded a reasonable opportunity
to
review this Agreement with their respective legal counsel; and
WHEREAS,
both
the Company and the Executive has agreed to certain changes to this Agreement
since the date the Agreement was executed, which changes are contained in this
amended and restated agreement.
NOW,
THEREFORE,
in
consideration of the mutual promises and covenants set forth in this Agreement,
the Executive and the Company agree as follows:
1. This
Agreement shall continue in full force and effect for a period beginning on
the
date the Bank opens for business (“Hire Date”) and will expire and terminate by
its own terms on the later of September 30, 2009 or as of a date three (3)
years
after the date that the Hire Date (“Expiration Date”) unless either party elects
to terminate this Agreement prior to the Expiration Date, in accordance with
the
TERMINATION
provisions
set forth below.
2. Both
the
Company and the Executive acknowledge and agree that, subsequent to the
Expiration Date, the parties may agree to continue the employment relationship
upon such terms as they may mutually agree. Following the initial term, this
Agreement shall automatically renew annually for an additional one (1) year
term
unless either party elects to terminate the Agreement by sending written notice
of non-renewal at least thirty (30) days prior to the expiration of the then
current term. Both parties acknowledge and agree that, in the event that the
Agreement does not renew, this Agreement shall automatically terminate upon
the
expiration of the then current term without any additional liability or
obligation on the part of either party, except as expressly provided herein.
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3. All
payments of salary and other compensation to the Executive shall be payable
in
accordance with the ordinary payroll and other policies and procedures of the
Company or the Bank, as applicable.
a. For
the
first year after the Opening Date, the Executive will receive a base salary
of
$140,000.00, payable on a semi-monthly basis in equal amounts of $5833.33 and
appropriately prorated for partial months at the commencement and end of the
term of the Agreement..
b. During
the remaining term of this Agreement, the Executive’s annual base salary shall
be reviewed by the Company’s Board of Directors as of the 31st
day of
December of each subsequent year, as provided in Section 6 of this Agreement;
provided, however, in no event shall the Executive’s base salary be less than
the base salary and benefits stated in sections 3, 4 and 5.
c. Before
the Opening Date, a disinterested majority of the Board of Directors of the
Company will consider the adoption of an executive discretionary performance
based bonus plan.
d. At
conclusion of the initial stock offering of the Company, the Company shall
grant
to the Executive a number of options to purchase shares of common stock of
the
Company having a term of ten (10) years from the date of the grant of such
options. Such options, upon the grant of the options, will enable the Executive
to purchase a number of shares of Company common stock equal to a minimum of
33,000 shares or three percent (3%) of the total number of shares of common
stock issued in the initial stock offering. The exercise price for the stock
options to be received by the Executive shall be equal to the offering price
of
the Company common stock in its initial offering. The terms of the Company’s
stock option plan shall control in the event of any conflict with the terms
of
this Agreement. The options shall be evidenced by a stock option agreement,
which shall have such terms as are consistent with those set forth above and
such additional terms as may be set forth in the stock option agreement or
the
stock option plan pursuant to which the options are granted.
Both
the
Company and the Executive acknowledge that such compensation and the other
covenants and agreements of the Company contained herein are fair and adequate
compensation for the Executive’s services, and for the mutual promises described
below.
e. The
Company or Bank shall also provide the Executive with a salary continuation
plan, with such terms as are approved by Executive and the Board of Directors
of
the Bank or the Company, as the case might be. The Company shall also permit
Executive to participate in any 401K plan established by the Company or the
Bank.
f. The
Company or Bank shall also provide the Executive with term life insurance
coverage in an amount not less than $500,000 and having a term not less than
ten
years.
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4. The
Company and the Executive acknowledge and agree that the Company shall provide
the Executive with the use of an automobile or a car allowance of not less
than
$750 per month. If the executive uses his own car, he will make the Company
or
Bank additional insured on his insurance policy. The Company shall also
reimburse the Executive for all reasonable expenses, including, but not limited
to, membership dues, travel expenses, lodging expenses, meals and entertainment
expenses, including without limitation, all reasonable expenses incurred in
the
performance of his duties and obligations under this Agreement, provided,
however, that the Executive shall be required to submit receipts or other
acceptable documentation to the Cashier, Chief Financial Officer or other
appropriate bank officer to verify such expenses prior to any reimbursements.
The Company or the Bank shall pay, or reimburse Executive, for membership fees
and monthly membership dues, up to a maximum amount of $500 per month at country
club or business club, which must be acceptable to the Board of
Directors.
5. The
Company and the Executive acknowledge and agree that, subject to the provisions
of Paragraph 7 of this Agreement, the Executive shall be entitled to receive
as
partial consideration for this Agreement, and the Company or the Bank shall
be
obligated to provide, employee and dependent health insurance, employee and
dependent dental insurance, paid sick leave and four (4) weeks of paid vacation
per year, and any additional benefits provided to all Bank employees all in
accordance with the Bank’s employment policies.
6. The
Company and the Executive acknowledge that, during the term of employment of
the
Executive pursuant to this Agreement, the Executive’s compensation will be
subject to an annual review in consistance safe and sound banking practices
and
in the discretion of the Board of Directors of the Company.
7. The
Executive acknowledges and agrees that any employee benefits provided to the
Executive by the Company incident to the Executive’s employment are governed by
the applicable plan documents, summary plan descriptions or employment policies,
and may be modified, suspended or revoked at any time, in accordance with the
terms and provisions of the applicable documents.
8. The
Company shall have the right to deduct from any payment of compensation to
Executive hereunder any federal, state or local taxes required by law to be
withheld with respect to such payments and any other amounts specifically
authorized to be withheld or deducted by Executive.
9. The
Executive acknowledges and agrees that he shall be employed as President and
Chief Executive Officer of both the Bank and of the Company. The Executive
covenants and agrees that he will faithfully devote his best efforts and his
primary focus to his positions with the Company, the Bank and their respective
subsidiaries.
10. The
Executive acknowledges and agrees that the duties and responsibilities of the
Executive required by his positions as President and Chief Executive Officer
of
both the Bank and the Company are wholly within the discretion of their
respective Boards of Directors, and may be modified, or new duties and
responsibilities imposed by the Company’s Board of Directors, at any time,
without the approval or consent of the Executive. However, these new duties
and
responsibilities may not constitute immoral or unlawful acts. In addition,
the
new duties and responsibilities must be consistent with the Executive’s role as
President or Chief Executive Officer of a financial
institution.
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11. The
Executive acknowledges and agrees that, during the term of this Agreement,
he
has a fiduciary duty of loyalty to the Company, and that he will not engage
in
any activity during the term of this Agreement, which will or could, in any
significant way, harm the business, business interests, or reputation of the
Company.
12. The
Executive acknowledges and agrees that he will not, at any time during the
existence of the employment relationship between the Company or Bank, directly
or indirectly engage in competition with the Company or Bank, and the Executive
will not on his own behalf, or as another’s agent, employee, partner,
shareholder or otherwise, engage in any of the same or similar duties and/or
responsibilities required by the Executive’s positions with the Company and the
Bank, other than as an employee of the Company or the Bank pursuant to this
Agreement, or as specifically approved by the Board of Directors.
The
Executive covenants and agrees that for a period of one year subsequent to
a
voluntary termination of this Agreement by the Executive, other than as a result
of a “constructive termination” as defined in Paragraph 17, the Executive shall
not directly or indirectly engage in competition with the Company or the Bank,
within Oakland County (herein after referred to as the “post voluntary
termination non compete area”) and the Executive will not on his own behalf, or
as another’s agent, employee, partner, shareholder or otherwise, engage, within
the post voluntary termination non compete area in any of the same or similar
duties and/or responsibilities required by the Executive’s positions with the
Company or the Bank. The Executive acknowledges and agrees that the rights
provided by this Paragraph to the Company are cumulative with other rights
granted the Company under this Agreement. The Company covenants and agrees
that
if it chooses to enforce the provisions of this Paragraph, the Executive shall
be entitled to payment of $140,000.00 or the equivalent of the Executive’s then
current annual salary, whichever is greater, less statutory payroll deductions,
payable in twenty-four (24) equal disbursements in accordance with the Company’s
ordinary payroll policies and procedures, beginning with the first payroll
after
the termination becomes effective.
If
the
Company believes, in good faith after consultation with its counsel, that
Executive is in violation or breach of this Agreement, the Company may refuse
to
make further non-compete payments under this Paragraph 12 and may seek full
restitution of all non-compete payments previously paid by the Company to
Executive up to and including the date of such violation or breach by
Executive.
The
Executive also acknowledges and agrees that in exchange for the non competition
agreement set forth in this Paragraph, the Executive will receive substantial,
valuable consideration including: (i) confidential trade secret and proprietary
information relating to the identity and special needs of the Company’s and
Bank’s current and prospective customers, the Company’s and Bank’s current and
prospective services, the Company’s and Bank’s business projections and market
studies, the Company’s and Bank’s business plans and strategies, the Company’s
and Bank’s studies and information concerning special services unique to the
Company and the Bank; (ii) employment; and (iii) compensation and benefits
as described in this Agreement.
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Executive
acknowledges and agrees that the non-competition restriction set forth above
is
ancillary to an otherwise enforceable agreement and supported by independent
valuable consideration as required by law. Executive further acknowledges and
agrees that the limitations as to time, geographical area, and scope of activity
to be restrained by this Paragraph are reasonable and acceptable to him, and
do
not impose any greater restraint than is reasonably necessary to protect the
goodwill and other business interests of the Company and the Bank. Executive
acknowledges and agrees that the primary purpose of the restrictive covenants
contained herein is to protect the proprietary information and goodwill of
the
Company and the Bank.
Executive
acknowledges and agrees that if, at some later date, a court of competent
jurisdiction determines that the non-competition agreement set forth in this
Paragraph does not meet the criteria set forth by law, this paragraph may be
reformed by the court and enforced to the maximum extent permitted under the
laws of the State of Michigan.
If
Executive is found to have violated any of the provisions of the non competition
covenants contained herein, Executive agrees that the restrictive period of
each
covenant so violated shall be extended by a period of time equal to the period
of such violation by Executive. It is the intent of this Paragraph that the
running of the restrictive period of any covenant shall be tolled during any
period of violation of such covenant so that the Company may obtain the full
and
reasonable protection for which it contracted and so that Executive may not
profit by breach thereof.
13. The
Executive covenants and agrees that, for a period of one year subsequent to
the
termination of this Agreement, whether such termination occurs at the insistence
of the Company or the Executive, the Executive shall not: (i) recruit, hire,
or
attempt to recruit or hire, directly or by assisting others, any other employees
of the Company or the Bank (for purposes of this covenant, “other employees”
shall refer to employees who are still actively employed by, or doing business
with, the Company at the time of the attempted recruiting or hiring) nor shall
the Executive contact or communicate with any other employees of the Company
or
the Bank for the purpose of inducing other employees to terminate their
employment with the Company of the Bank or (ii) solicit, directly or by
assisting others, the banking business of any customers of the Company or the
Bank as of the date of such termination.
The
Executive acknowledges and agrees that in exchange for the execution of the
noninterference agreement set forth above, the Executive will receive
substantial, valuable consideration including: (i) confidential trade secret
and
proprietary information relating to the identity and special needs of the
Company’s and Bank’s current and prospective customers, the Company’s and Bank’s
current and prospective services, the Company’s and Bank’s business projections
and market studies, the Company’s and Bank’s business plans and strategies, the
Company’s and Bank’s studies and information concerning special services unique
to the Company and the Bank; (ii) employment; and (iii) compensation and
benefits as described in this Agreement. The Executive acknowledges and agrees
that this constitutes fair and adequate consideration for the execution of
the
noninterference agreement set forth above.
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14. In
the
event that the Executive violates any of the provisions set forth in this
Agreement relating to NONINTERFERENCE
and
NONCOMPETITION,
the
Executive acknowledges and agrees that the Company may suffer immediate and
irreparable harm. Consequently, the Executive acknowledges and agrees that
the
Company shall be entitled to immediate injunctive relief, either by temporary
or
permanent injunction, to prevent such a violation.
15. The
Executive acknowledges and agrees that the Board of Directors of the Company
reserves the right to terminate this Executive Agreement, for any reason, by
providing the Executive with thirty (30) days’ written notice of the
termination, delivered in person, or by certified U.S. mail to the Executive’s
last known address reflected in the Company’s personnel records. Such notice
shall be effective upon personal delivery or three days after mailing by
certified mail. However, if the Agreement is terminated at the Company’s
insistence without “good cause” as defined in this Agreement, the Company
covenants and agrees to provide the Executive with the SEVERANCE
set
forth
below in this Agreement.
16. The
Executive acknowledges and agrees that the Company may terminate this Agreement
at any time, without notice, for any “good cause” defined as the
following:
(a) The
determination of the Board of Directors, in the exercise of its reasonable
judgment, that the Executive has violated any provision of this Agreement or
is
grossly negligent in the performance of his duties hereunder, and fails to
cure
such violation or the effects of such gross negligence within a reasonable
period after written notice to the Executive by the Company specifying in
reasonable detail the alleged violation;
(b) In
the
event the Executive is indicted for a felony, or a misdemeanor involving moral
turpitude;
(c) Notice
of
intent (such as a “15 day letter”) to pursue the suspension or removal of
Executive by bank regulatory authorities;
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(d) The
Board
of Directors, in the exercise of its reasonable judgment and in good faith,
that
the executive’s job performance is substantially unsatisfactory and the
executive has failed to cure such performance within a reasonable period after
written notice to the executive by the Bank specifying in reasonable detail
the
nature of the unsatisfactory performance.
17. The
Company acknowledges and agrees that the Executive reserves the right to
terminate this Agreement at any time, for any reason, with or without cause,
by
providing thirty (30) days written notice, by personal delivery or certified
United States mail, to the Company at its principal business address of the
Executive’s intention to terminate this Agreement. Such notice shall be
effective upon personal delivery or three days after mailing by certified mail.
In the event that the Executive does so because of a “constructive termination”
as defined in this Agreement, the Company covenants and agrees to provide the
Executive with the SEVERANCE
set
forth below in this Agreement. “Constructive termination” shall mean any
circumstance pursuant to which Executive’s compensation is diminished, his job
title is changed to a position of lesser importance, or his responsibilities
are
materially reduced. If Executive voluntarily terminates the Agreement (i.e.,
resigns), the Executive shall be entitled to receive any accrued base salary
up
to and including the effective date of resignation, plus accrued bonuses, any
other earned compensation, rights to stock options, pension credits, unused
vacation time, employer match of 401k contributions, profit sharing plan and
any
other employee and/or management benefits earned up to and including the
resignation date.
18. The
Executive acknowledges and agrees that in the event of the Executive’s death,
this Agreement will terminate immediately, without notice, on the date of the
Executive’s death. The Executive acknowledges and agrees that, in the event of
his death, the Company will pay to the Executive’s estate all compensation
including but not limited to base salary, plus bonuses, director’s fees, rights
to stock options, pension credits, unused vacation time, employer match of
401k
contributions, profit sharing plan, and non-qualified deferred compensation
plan, due and owing through the date of the Executive’s death. To the maximum
extent, and for the term, permitted by the health benefit provisions of the
Consolidated Omnibus Budget Reconciliation Act (COBRA) of 1986, if Executive
dies during the term of this Agreement and while in the employ of the Bank,
the
Bank shall provide or maintain health insurance benefits, at the Bank’s expense,
for Executive’s immediate family.
19. The
Executive acknowledges and agrees that this Agreement will terminate
immediately, without notice, in the event the Executive becomes physically
or
mentally disabled, as defined by 29 C.F.R. § 1630.2(g)(1), and cannot
perform the essential functions of his position, with or without reasonable
accommodation for the period designated by the Executive’s disability insurance
after which disability payments will begin.
20. The
Executive acknowledges and agrees that in the event of termination of this
Agreement, for whatever reason, whether at the insistence of the Executive
or at
the insistence of the Company, the Executive will return to the Company within
seventy-two (72) hours of the time when notice of termination is communicated
by
either party, or sooner if requested by the Company, any and all equipment,
literature, documents, data, information, order forms, memoranda,
correspondence, customer and prospective customer lists, customer’s orders,
records, cards or notes acquired, compiled or coming into the Executive’s
knowledge, possession or control in connection with his activities as an
employee of the Company or the Bank, as well as all machines, parts, equipment
or other materials received from the Company or the Bank or from any of its
customers, agents or suppliers, in connection with such
activities.
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21. The
parties acknowledge that the Executive has agreed to assume the position of
President and Chief Executive Officer of both the Company and the Bank and
to
enter into this Agreement based on his confidence in the current owners of
the
Company and the direction of the Company provided by the current Board of
Directors. If the Company should undergo a “Change of Control,” as defined
below, and there is a material change in the Executive’s responsibilities,
duties, terms or location of employment, then the Executive, at his option,
may
notify the Company at any time within sixty (60) days following such Change
of
Control, by personal delivery or certified U.S. mail, that he intends to
terminate this Agreement based upon the Change of Control. Notice of termination
shall be effective upon delivery or three (3) days after mailing by certified
mail.
In
the
event that Executive is terminated by the Company or the Bank within sixty
(60)
days following such change in control for any reason other than for Good Cause,
Executive shall be entitled to elect to receive as severance the lump sum amount
determined pursuant to Paragraph 22 upon written notice to the Company or the
Bank, in which case the severance provisions of Paragraph 24 shall not
apply.
22. In
the
event that the Executive elects to terminate this Agreement based upon a Change
in Control, the Company covenants and agrees to pay to the Executive as
severance compensation, 1.99 times the Executive’s then current annual salary,
less statutory payroll deductions as defined in section 280G(b)3 of the Internal
Revenue Code of 1986, as amended (“Code”) within 30 days of such
notice.
In
the
event that any compensation payable under this Agreement is determined to be
a
“parachute payment” subject to the excise tax imposed by Section 4999 of the
Code or any successor provision (the “Excise Tax”), the Bank agrees to pay to
the Executive an additional sum (the “Gross Up”) in an amount such that the net
amount retained by the Executive, after receiving both the payment and the
Gross
Up and after paying: (i) any Excise Tax on the payment and the Gross Up, and
(ii) any federal, state, and local income taxes on the Gross Up, is equal to
the
amount of the payment.
For
purposes of determining the Gross Up, the Executive shall be deemed to pay
federal, state, and local income taxes at the highest marginal rate of taxation
in his filing status of the calendar year in which the payment is to be made
bases upon the Executive’s domicile on the date of the event that triggers the
Excise Tax. The determination of whether such Excise Tax is payable and the
amount of such Excise Tax shall be based upon the opinion of tax counsel
selected by the Bank, subject to the reasonable approval of the Executive.
If
such opinion is not finally accepted by the Internal Revenue Service, then
appropriate adjustments shall be calculated (with additional Gross Up determined
based on the principals outlined in the previous paragraph, if applicable) by
such tax counsel based upon the final amount of Excise Tax so applicable, within
thirty (30) days after such calculations are completed, but in no event later
than April 1st of the year following the event that triggers the Excise Tax.
Such compensation shall be payable in equal disbursements in accordance with
the
Bank’s ordinary payroll policies and procedures. The Executive will also
continue to receive his automobile allowance provided by the Company or the
Bank
for a period of twelve (12) months following the date of termination. The
Executive will also be permitted to retain in his own name the country club
and
business club membership provided for in this Agreement. The Company agrees
in
such instance to pay for the Executive’s country club and business club dues for
one year after the termination of this Agreement.
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23. As
used
in this Agreement, a “Change of Control” shall be deemed to have occurred in any
of the following instances:
(a) A
reorganization, merger, consolidation or other corporate transaction involving
the Company, in each case, with respect to which the shareholders of the
Company, immediately prior to such transaction do not, immediately after the
transaction, own more than fifty percent (50%) of the combined voting power
of
the reorganized, merged or consolidated company’s then outstanding voting
securities;
(b) the
Company or the Bank sells, transfers or assigns all or substantially all of
its
assets to any third party; or
(c) there
is
an acquisition of more than twenty percent (30%) of the outstanding voting
securities of the Company or the Bank pursuant to any transaction or combination
of transactions by any person, entity or group within the meaning of such terms
in the Securities Exchange Act of 1934, as amended;
Notwithstanding
anything contained herein to the contrary, if Executive’s employment is
terminated and he reasonably demonstrates that such termination was at the
request of a third party who has indicated an intention of taking steps
reasonably calculated to effect a Xxxxx in Control and who effects a Change
in
Control, or such termination otherwise occurred in connection with, or in
anticipation of, a Change in Control which actually occurs, then for all
purposes hereof, a Xxxxx in Control shall be deemed to have occurred on the
day
immediately prior to the date of such termination of his
employment.
24. The
Executive and the Company acknowledge and agree that, if the Company elects
to
terminate this Agreement at any time prior to the Expiration Date, for any
reason other than “good cause” as defined in this Agreement, the Executive shall
be entitled to severance pay. Such severance pay shall be equal to 100% of
the
Executive’s then current annual salary, less statutory payroll deductions,
payable in twelve (24) equal disbursements in accordance with the Company’s
ordinary payroll policies and procedures, beginning on the date that the notice
of termination becomes effective.
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25. The
Executive acknowledges and agrees that each covenant and/or provision of this
Agreement shall be enforceable independently of every other covenant and/or
provision. Furthermore, the Executive acknowledges and agrees that, in the
event
any covenant and/or provision of this Agreement is determined to be
unenforceable for any reason, the remaining covenants and/or provisions will
remain effective, binding and enforceable.
26. The
parties acknowledge and agree that the failure of either to enforce any
provision of this Agreement shall not constitute a waiver of that particular
provision, or of any other provisions of this Agreement.
27. The
Executive acknowledges and agrees that this Agreement may be assigned by the
Company to any successor-in-interest and shall inure to the benefit of, and
be
fully enforceable by, any successor and/or assignee; and this Agreement will
be
fully binding upon, and may be enforced by the Executive against, any successor
and/or assignee of the Company.
28. The
Executive acknowledges and agrees that his obligations, duties and
responsibilities under this Agreement are personal and shall not be assignable,
and that this Agreement shall be enforceable by the Executive only. In the
event
of the Executive’s death, this Agreement shall be enforceable by the Executive’s
estate, executors and/or legal representatives, only to the extent provided
herein.
29. Both
parties acknowledge and agree that the law of the State of Michigan will govern
the validity, interpretation and effect of this Agreement, and any other dispute
relating to, or arising out of, the employment relationship between the Company
and the Executive.
30. Both
parties acknowledge and agree that this Agreement and the other agreements
and
plans referenced herein constitute the complete and entire agreement between
the
parties; that the parties have executed this Agreement based upon the express
terms and provisions set forth herein; that the parties have not relied on
any
representations, oral or written, which are not set forth in this Agreement;
that no previous agreement, either oral or written, shall have any effect on
the
terms or provisions of this Agreement; and that all previous agreements, either
oral or written, related to this subject matter are expressly superseded and
revoked by this Agreement.
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31. Both
parties acknowledge and agree that the covenants and/or provisions of this
Agreement may not be modified by any subsequent agreement unless the modifying
agreement; (i) is in writing; (ii) contains an express provision
referencing this Agreement; (iii) is signed by the Executive; and
(iv) is approved by a disinterested majority of the Board of Directors of
the Company.
32. During
the term of this Agreement, the Company shall indemnify the Executive against
all judgments, penalties, fines, amounts paid in settlement and reasonable
expenses (including, but not limited to, attorneys’ fees) relating to his
employment by the Company to the fullest extent permissible under the Company’s
Articles of Incorporation and the Bank’s Articles of Association and may
purchase such indemnification insurance as the Board of Directors may from
time
to time determine.
33. The
Executive and the Company acknowledge and agree that both parties have been
accorded a reasonable opportunity to review this Agreement with legal counsel
prior to executing the agreement. The Executive acknowledges that he is not
represented by Jenkens & Xxxxxxxxx, P.C. in connection with the preparation
and negotiation of this Agreement, and that Jenkens & Xxxxxxxxx, P.C.
represents the Company.
34. Any
and
all notices of documents or other notices required to be delivered under the
terms of this Agreement shall be addressed to each party as
follows:
EXECUTIVE:
Name: Xxxxxx
X.
Xxxxx
Address:
0000 Xxxxxxxxxx Xxxx, Xxxx Xxxxxxxxxx, XX 00000
COMPANY:
City
Central Bancorp, Inc. (F/K/A De Novo Holdings, Inc.)
X.X.
Xxx
000000
Xxxx
Xxxxxxxxxx, XX 00000-0000
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EXECUTED
ON THIS DATE FIRST WRITTEN ABOVE IN _________, ________.
“EXECUTIVE” | |||
/s/ Xxxx Xxxxxxxxxx | /s/ Xxxxxx X. Xxxxx | ||
WITNESS |
Xxxxxx X. Xxxxx |
“COMPANY” | |||
CITY CENTRAL BANCORP, INC.(F/K/A DE NOVO HOLDINGS, INC. | |||
/s/ Xxxx Xxxxxxxxxx | /s/ Xxxxxxxx Xxxxx 12/17/05 | ||
WITNESS |
Name: Xxxxxxxx Xxxxx |
||
Chairman, Personnel Committee |
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