SECOND AMENDMENT TO EMPLOYMENT AGREEMENT
Exhibit 10.1
SECOND AMENDMENT
TO
TO
THIS SECOND AMENDMENT TO EMPLOYMENT AGREEMENT is entered into as of the 17th day of
July, 2010, by and between PSB Group, Inc., a bank holding company organized under the laws of the
State of Michigan (the “Company”), Peoples State Bank, a banking association chartered under the
laws of the State of Michigan (the “Bank”) and Xxxxx X. Xxxxxxxx (“Executive”).
WITNESSETH:
WHEREAS, the parties hereto entered into that certain Employment Agreement dated April 26,
2010, as amended by that certain First Amendment to Employment Agreement dated Jun 30, 2010
(collectively, the “Employment Agreement”); and
WHEREAS, the parties hereto desire to further amend the Employment Agreement, upon the terms
and conditions set forth herein;
NOW, THEREFORE, in consideration of the premises and the mutual covenants set forth herein,
the parties hereto hereby amend the Employment Agreement as follows:
1. The last sentence of Section 13 that provides “In the event any such approval is not
finally obtained by July 14, 2010, this Agreement shall be terminated and of no further force or
effect,” is hereby deleted in its entirety.
2. Except as expressly modified as set forth herein, all of the remaining terms, conditions
and provisions of the Employment Agreement are hereby ratified and confirmed and shall remain in
full force and effect.
IN WITNESS WHEREOF, the parties hereto have executed this Second Amendment to Employment
Agreement as of the date first written above.
PSB GROUP, INC.
By:
|
/s/ Xxxxx X. Xxxxxx
|
/s/ Xxxxx X. Xxxxxxxx
|
| PEOPLES STATE BANK |
||||
| By: | /s/ Xxxxx X. Xxxxxx | |||
| Its: Senior Vice President and CFO | ||||
