EMPLOYMENT AGREEMENTEmployment Agreement • September 27th, 2006 • Tib Financial Corp. • State commercial banks • Florida
This Employment Agreement (the “Agreement”) is made effective as of ______September 27______, 2006 by and between TIB Financial Corp. (the “Holding Company”), TIB Bank of the Keys (the “Bank”), and Stephen J. Gilhooly (the “Executive”).
EDWARD V. LETT CHIEF EXECUTIVE OFFICER & PRESIDENTTib Financial Corp. • September 27th, 2006 • State commercial banks
This letter is to confirm our understanding regarding your employment agreement and certain changes that we will be implementing at the holding company level. As you know, we will be hiring a new Chief Financial Officer at the holding company. You will remain as Chief Financial Officer of TIB Bank of the Keys. We understand that if and when we implement the change in the Chief Financial Officer position at the holding company, this would give you the right to exercise the “good reason” termination under Section 8(b) of your current Employment Agreement. As I have indicated to you previously, both I and the board are very much interested in you continuing to serve as Chief Financial Officer of the Bank. We would like you to have the time to decide following the change in the holding company officer position whether you would like to continue with your current employment agreement, without prejudice to the good reason termination provision.
