EXHIBIT 10.3
Extension of Employment Agreement
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This Extension (this "Extension") is made and entered into as of February 7,
2008 (the "Effective Date") by and between Centrue Financial Corporation, Inc.,
a Delaware corporation (the "Employer"), and Xxxxxx X. Xxxxxxxx (the
"Executive").
This Extension constitutes an amendment to Employment Agreement between
the Executive and Employer dated January 31, 2007 (the "Agreement"). Except as
indicated otherwise below, the terms of the Agreement shall remain in effect and
the Term of the Agreement as described in Section 1 of the Agreement is extended
for a period of one (1) year beginning January 31, 2008 and ending January 31,
2009, upon execution of this document by both parties.
Section 3(a) of the Agreement is hereby amended to provide as follows:
(a). Effective January 1, 2008, the Executive shall receive an
aggregate annual minimum Base Salary of $172,000 payable in
installments in accordance with the regular payroll schedule of the
Bank ("Base Salary"). Such Base Salary shall be subject to review
annually commencing in 2008 and shall be maintained or increased during
the term of this Agreement in accordance with the Employer's
established management compensation policies and plans.
IN WITNESS WHEREOF, the parties have executed this Extension as of the date
first above written.
CENTRUE FINANCIAL CORPORATION XXXXXX X. XXXXXXXX
By: /s/ XXXXXX X. XXXXXX /s/ XXXXXX X. XXXXXXXX
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Its: President & CEO
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