Exhibit 10.10
FIRST AMENDMENT TO EMPLOYMENT AGREEMENT
This First Amendment to Employment Agreement ("First Amendment")
is made as of the 31st day of December 1997, by and between RIDGESTONE
BANK, Brookfield, Wisconsin, a state chartered bank ("Bank") and XXXXXXX
X. XXXXX ("Executive").
WHEREAS, Executive and Bank are currently parties to an
Employment Agreement ("Agreement"), dated as of December 31, 1996,
pursuant to which Executive serves as Vice President of the Bank; and
WHEREAS, Executive and Bank desire to amend the Agreement as
described herein.
NOW, THEREFORE, for good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, it is hereby agreed
that:
1. Paragraph 2 of the Agreement is hereby amended to read in
its entirety as follows:
Unless employment has sooner terminated in accordance with
paragraph 5 of this Agreement, the term of Executive's employment
under this Agreement shall be deemed to commence as of
December 31, 1997, and shall continue until December 31, 2000;
provided, however, that on each December 31st during the term of this
Agreement (except the first day of the Employment Term) the Employment
Term shall automatically be extended for one additional year so that
the Employment Term shall be annually restored to a full three (3)
year term, unless on or before 60 days immediately preceding any such
renewal date, Bank, in connection with an annual performance review
of Executive conducted by the Board of Directors, or for any other
reason, or Executive gives notice to the other that the term shall not
be extended beyond the then current expiration date of the term. The
period of employment is the "Employment Term."
2. The first paragraph of Paragraph 5.d. of the Agreement is
hereby amended to read in its entirety as follows:
d. Compensation for Termination Under Paragraph 5.b. If the
Employment Term is terminated for any of the reasons in paragraph
5.b., Executive shall at Executive's option receive either a lump
sum severance payment, or a series of installment severance payments
for a period of three years commencing on the termination date. The
lump sum payment of cash shall be in a total cash amount (without
making a present value adjustment) equal to three times the sum of (a)
Executive's then current annual base salary, plus (b) the average of
Executive's annual cash bonuses, if any, for the three year ends
immediately preceding the termination date. If Executive elects to
receive installment payments, Executive shall receive the same
amount as would be provided by a lump sum payment, but payment shall
be made in equal installments for a period of three years commencing
on the termination date, on the same dates as Bank's regular payroll
payments are made.
3. The second paragraph of Paragraph 5.d. of the Agreement is
hereby amended to read in its entirety as follows:
Executive shall continue to receive for three (3) years
following the termination date, and not via a lump sum, all other
benefits that Executive was receiving or was entitled to receive
immediately prior to the termination date; provided, however, if it
is impractical to continue a particular benefit (for example, a
benefit plan limits benefits to active employees) Bank shall provide
a reasonably equivalent substitute benefit to Executive or shall pay
in cash to Executive the reasonable equivalent value of the benefit.
4. Except as specifically provided by this First Amendment,
the Agreement shall be otherwise unchanged and shall remain in full force
and effect.
5. This First Amendment shall be governed by the internal laws
of the State of Wisconsin.
IN WITNESS WHEREOF, the parties hereto have executed this First
Amendment as of the day and year first above written.
EXECUTIVE BANK
/s/ Xxxxxxx X. Xxxxx /s/ Xxxx X. Xxxxxx
Xxxxxxx X. Xxxxx By: Xxxx X. Xxxxxx
President
