ADDENDUM To Executive Employment Agreement Between Residential Financial
Services, Inc. and Xxxxx X. Xxxxxx on November 1997
This Addendum to the Executive Employment Agreement is entered into by and
between Residential Financial Services, Inc., and Xxxxx X. Xxxxxx, an
individual ("Xx. Xxxxxx") on this 1st day of July 1998.
Whereas the parties hereto previously executed an Executive employment
Agreement effective November 14, 1997; and
Whereas the parties desire to amend the said agreement;
Now, Therefore in consideration of the mutual promises contained herein, the
Corporation and Xx. Xxxxxx agree as follows:
1. That in addition to the compensation set forth in paragraph 4 that Xx.
Xxxxxx shall receive as additional compensation, 10% of the gross commissions
earned by the Corporation for commercial loans by Xx. Xxxxxx.
(A) That in respect to other commissions generated by the Commercial Loan
division of the Corporation, it is agreed that Xx. Xxxxxx shall receive a
commission equal to the difference between any commission paid to any loan
officer or loan consultant and the sum of 50% of the total commission paid by
the Corporation.
E.g. Loan of $100,000 and commission paid to loan officer is $4000.00 being 40%
of the commission of 10% on the overall transaction; Xx. Xxxxxx is entitled to
$1000.00 Total commission not to exceed 50% in relation to commission of Xx.
Xxxxxx.
Should the commission paid to the loan officer be 50% or more then no
commission is to be earned by Xx. Xxxxxx
2. That said compensation shall be paid by the Corporation to Xx. Xxxxxx within
10 days of payment to the corporation of its compensation.
All of the terms and conditions of the Employment Agreement except as modified
herein shall remain in full force and effect.
IN WITNESS WHEREOF, the parties have executed this addendum as of the date
first above written.
BY: Xxxxx X. Xxxxxx Residential Financial Services, Inc.,
/s/ Xxxxx X. Xxxxxx By: /s/ Xxxxx Xxxxxxx
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Its Pres
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