to Employment Agreement (this “Amendment”) dated February 15th,
2004, by and between FirstBank (the “Bank”), a federally chartered stock
savings bank, its parent holding company, Access Anytime BanCorp, Inc., a
Delaware corporation (the “Company”), and Norman R. Corzine (the
“Officer”). The Officer is Executive
Vice President, Chief Investment Officer, and a Director (Vice Chairman) of the
Bank and has been duly elected to these positions. Also, the Officer is Chairman, Chief Executive Officer, and a
Director of the Company and has been duly elected to these positions. Any capitalized term used and not otherwise
defined herein shall have the meaning assigned to such term in the Employment Agreement
(as defined below).
THEREFORE, in consideration of the premises and respective agreements contained
herein and for other good and valuable consideration, the parties agree to
amend the Employment Agreement as follows:
1. Term. The term of this Agreement shall be extended
for a period one (1) year through December 31, 2006.
(a) Section 4(a) shall be
revised to reflect that the annual salary of the Officer shall be not less than
One Hundred Eighty Thousand Dollars ($180,000) per annum.
(b) The last sentence of
Section 4(b) shall be deleted in its entirety and replaced with the
following: “The allocation of the
Board’s Discretionary Bonus for 2003 performance shall be at least Twenty-Five
Thousand Dollars ($25,000).”
3. Termination by the Officer.
(a) Section 6,
Termination by the Officer, shall be deleted in its entirety and replaced with
“6. Termination by the Officer.
(a) Good Reason. The Officer may terminate his employment for
good reason if:
(i) any other corporation or entity
acquires all or substantially all of the business of the Bank/Company;
(ii) he is not re-elected an officer;
(iii) he is assigned duties inconsistent
with his duties as an officer or inconsistent with his experience; or
(iv) he elects to retire.
(b) Termination for
Good Reason. The Officer shall
exercise his right to terminate his employment for Good Reason by giving the
Bank/Company prompt written notice of termination specifying in reasonable
detail the circumstances constituting such Good Reason and specifying such date
of termination as the Officer shall determine.
(c) Compensation and
Benefits Due Officer. In the event
of a termination for Good Reason, the Bank/Company shall pay to the Officer
salary and employee benefits for the balance of the term of the Agreement and
after the term of the Agreement, the Bank/Company shall continue to cover
Employee and dependent under the Company health/life benefit plan. The portion of the premium paid by the
Officer shall be withhold from any deferred compensation paid to the Officer
after termination of employment or if none, shall be paid personally by the
(d) Change in Control. If the Good Reason for the Officer’s termination
of his employment is that another corporation or entity acquires all or
substantially all of the business of the Bank/Company, Officer may request that
he be paid a balance due Officer under Section 4(a) for the remaining term of
the Agreement in cash or stock at closing, or paid out over the remainder of
the term of the Agreement.”
Agreement incorporates all other terms and conditions of the Employment
Agreement, as previously amended, except as modified herein.
WHEREOF, the parties have executed this Agreement on the date first above