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EXHIBIT 10.3
ADDENDUM TO SECOND RESTATED EMPLOYMENT AGREEMENT
This Addendum to the Second Restated Employment Agreement is dated
this 14th day of May, 1998 (the "Effective Date"), between American Bank of
Bradenton ("Employer"), whose address is 0000 Xxxxxx Xxxx Xxxx, Xxxxxxxxx,
Xxxxxxx 00000 and Xxxxxx X. Xxxx ("Employee"), whose address is 000 Xxxxx Xxxx,
Xxxxxxx, Xxxxxxx 00000.
WITNESSETH:
WHEREAS, Employer and Employee have entered into a Second Restated
Employment Agreement dated June 30, 1995, whereby Employee agreed to develop
and operate a wholesale residential mortgage loan department of Employer;
WHEREAS, Employee is currently employed by Employer under the terms
and conditions of the Second Restated Employment Agreement;
WHEREAS, the parties desire to amend certain provisions of the Second
Restated Employment Agreement by the terms of this Addendum;
NOW, THEREFORE, in consideration of the mutual covenants contained
herein, and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, Employer and Employee agree as follows:
1. Employment. Employer hereby employs Employee, and Employee
hereby accepts the employment, upon the terms and conditions of the Second
Restated Employment Agreement as amended by this Addendum. To the extent that
this Addendum conflicts with the Second Restated Employment Agreement, this
Addendum shall control. The Second Restated Employment Agreement shall continue
accept as modified herein.
2. Term. The initial term of this Agreement shall be four (4)
years. Thirty (30) days prior to the first anniversary of this Addendum, either
party may give the other written notice that this Agreement shall not be
renewed upon the lapse of the original four (4) year term. If no notice of
termination is given thirty (30) days prior to the first anniversary, the term
shall automatically be extended annually on a three (3) year revolving basis
unless one or both parties shall give written notice to the other of an intent
to terminate thirty (30) days prior to an anniversary date. Once a timely
written notice of termination is delivered, this Agreement shall terminate
three (3) years after the anniversary date following the notice of termination.
For example, should Employer give Employee written notice of its intent not to
renew thirty (30) days prior to the first anniversary of this Addendum, this
Agreement shall terminate at the end of the original four (4) year term. If
thirty (30) days prior to the second anniversary of this Addendum, Employer
shall give Employee written notice of its intent to terminate, this Agreement
shall terminate three (3) years from the second anniversary date. Notice as
specified by this provision shall be in writing, sent certified mail to the
other party at its last known address.
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3. Change of Control. If Employer changes its name or a single entity
acquires fifty percent (50%) or more of Employer's outstanding shares, Employer
shall immediately pay Employee a lump sum payment equal to the amount of
Employee's previous annual compensation as shown on Employee's W-2 wage
statement. This Agreement shall not be affected by the payment required by this
provision.
4. Binding Effect. The Second Restated Employment Agreement and
this Addendum shall be binding upon Employer, its successors,
successors-in-interest, assigns and any purchaser of a controlling interest in
shares and/or of Employer's assets, and shall be disclosed to any
prospective purchaser of a controlling interest in Employer's shares and/or
assets prior to any such purchase.
5. Commission Rebates. If Employee has been paid commissions on any
loan for which payments are ninety (90) days past due, Employee shall return
the commissions earned on the non-accruing loan. Employee shall not be entitled
to a return of the commissions until the subject loan becomes current for ninety
(90) days or is sold.
WITNESSES EMPLOYER:
as to Employer: AMERICAN BANK OF BRADENTON
/s/ XXXXX X. XXXX By: /s/ XXXXXX XXXXXXX
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Print Name: Xxxxxx X. Xxxxxxx
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WITNESSES EMPLOYEE:
as to Employee:
/s/ XXXXX XXXXXX /s/ XXXXXX X. XXXX
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Print Name: Xxxxx Xxxxxx Xxxxxx X. Xxxx
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/s/ XXXXXXX XXXX
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Print Name: Xxxxxxx Xxxx
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