EMPLOYMENT AGREEMENTEmployment Agreement • March 11th, 2004 • Hemlock Federal Financial Corp • Savings institution, federally chartered • Illinois
THIS EMPLOYMENT AGREEMENT (the "Agreement") is made and entered into as of this 9th day of September, 2003, by and between Hemlock Federal Financial Corporation (the "Company") and Maureen G. Partynski (the "Employee"). WHEREAS, the Employee serves as the Chairman and Chief Executive Officer of the Company and of the Company's wholly-owned subsidiary, Hemlock Federal Bank for Savings (the "Bank"); WHEREAS, the Employee has an existing employment agreement entered into as of March 31, 1997 (the "Prior Employment Agreement") with the Bank which she is willing to terminate in consideration of this Agreement becoming effective; WHEREAS, the board of directors of the Company (the "Board of Directors") believes it is in the best interests of the Company and its subsidiaries for the Company to enter into this Agreement with the Employee in order to assure continuity of management of the Company and its subsidiaries; and WHEREAS, the Board of Directors has approved and authoriz
