FIRST AMENDMENT TO EMPLOYMENT AGREEMENT
EXHIBIT
10.14
FIRST
AMENDMENT TO
This
First Amendment to the Executive Employment Agreement between the parties is
dated as of January 2, 2006, between LINCOLN STATE BANK, A Wisconsin
Corporation ("Employer") and XXXXXX X. XXXXXXXX (the "Executive"), a
resident of the state of Wisconsin.
RECITALS
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A.
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The
parties entered into an Employment Agreement dated January 2, 1996
(the "Agreement");
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B.
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The
parties herewith desire to amend the Agreement in accordance with
the
terms of this First Amendment.
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AGREEMENTS
In
consideration of the promises and mutual covenants contained herein and in
the
Agreement, the parties agree as follows:
1. The
following Paragraphs of the Agreement shall be amended as follows:
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A.
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Paragraph
Three, Position and Duties, shall be amended to provide that Executive
shall cease serving in the capacity of President and Chief Executive
Officer of Employer as of January 1, 2006 and shall serve in a
capacity as described herein. Executive shall assist and take
direction from the Chairman / CEO of Merchants relating to duties
involving sustaining and advancing the growth of Merchants through
acquisition, the raising of capital resources and other related
areas. Executive shall also participate in activities involving
relationships with investment bankers providing services to Merchants,
as
well as other activities which the Chairman / CEO of Merchants shall
direct Executive to perform. All other provisions of said
Paragraph Three shall remain in force and be of their original
affect.
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2. All
other provisions of the Agreement shall remain in force and be of their original
affect.
IN
WITNESS WHEREOF, the undersigned have duly executed this First
Amendment as of the date first above written.
[Signatures
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EXECUTIVE
/s/
Xxxxxx X.
Xxxxxxxx
Xxxxxx
X. Xxxxxxxx
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LINCOLN
STATE BANK
By: /s/
Xxxxxxxx
Xxxxxxxxx
Name: Xxxxxxxx
Xxxxxxxxx
Title: Chairman
of the Board of Directors
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ASSIGNMENT
OF EXECUTIVE EMPLOYMENT AGREEMENT
Lincoln
State Bank, herein referred to as assignor, a Wisconsin corporation organized
and existing under the laws of the State of Wisconsin, with its principal office
located at 0000 Xxxxx Xxxxx Xxxxxx, Xxxxxxxxx, XX, for value received
hereby assigns, orders, and transfers to Merchants and Manufacturers
Bancorporation, Inc., a corporation organized and existing under the laws of
the
State of Wisconsin, with its principal office located at 0000 Xxxxx
Xxxxxxxxx Xxxxx, Xxx Xxxxxx, XX, all the rights, title, and interest
of assignor in and to the Executive Employment Agreement made as of
January 2, 1996, between Assignor and Xxxxxx X. Xxxxxxxx, said
Executive Employment Agreement is incorporated in this assignment by
reference.
The
assignment shall be binding on and inure to the benefit of the parties to this
assignment and their successors and assigns.
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IN
WITNESS WHEREOF, Lincoln State Bank has caused this assignment to be
executed at Milwaukee, WI, this 1st day of January, 2006.
LINCOLN
STATE BANK
By:
/s/ Xxxxxxxx
Xxxxxxxxx
ACCEPTANCE
Merchants
and Manufacturers Bancorporation, Inc. assignees, named in the above assignment,
accepts the above Executive Employment Agreement by assignment and agrees to
each and all of the covenants and conditions in such Executive Employment
Agreement.
MERCHANTS
AND MANUFACTURERS
BANCORPORATION,
INC.
By:
/s/ Xxxxxxx X.
Xxxxx
CONSENT
OF EXECUTIVE
Xxxxxx X.
Xxxxxxxx, the named Executive in the above Executive Employment Agreement hereby
consents to the above assignment and acknowledges the validity of the assignment
under the terms and conditions of the Executive Employment
Agreement.
/s/
Xxxxxx X.
Xxxxxxxx
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