October 31, 2007 Mr. David M. Bradley 13321 Douglas Parkway Urbandale, Iowa 50323 Re: Novation of Employment Agreements Dear Mr. Bradley:
Exhibit
10.18
October
31, 2007
Xx.
Xxxxx
X. Xxxxxxx
00000
Xxxxxxx Xxxxxxx
Xxxxxxxxx,
Xxxx 00000
Re:
Novation of Employment Agreements
Dear
Xx.
Xxxxxxx:
Reference
is made to the Employment
Agreement, made and entered into as of March 20, 1996 by and between First
Federal Savings Bank of Iowa (formerly known as First Federal Savings Bank
of
Fort Dodge) (the “Bank”) and you (the “Bank Employment Agreement”) and the
Employment Agreement, made and entered into as of March 20, 1996 by and between
North Central Bancshares, Inc. (the “Company”) and you (the “Company Employment
Agreement”).
We
hereby confirm that, in addition to
your current position as Chairman of the Board of the Company and the Bank,
you
have been re-elected to the positions of President and Chief Executive Officer
of the Company and Chief Executive Officer of the Bank, and all elements of
your
compensation and benefits have been restored to the level commensurate with
those positions, all effective immediately upon the effectiveness of Xxxx X.
Xxxxxxxx'x resignation from such positions. We further agree that (1)
your not having performed the duties of President and Chief Executive Officer
of
the Company and/or Chief Executive Officer of the Bank for the period beginning
July 1, 2007 and ending with the date of your re-election does not constitute,
and we hereby waive any right we might otherwise have to cite it as, grounds
for
the Company or the Bank to terminate your employment for “cause” within the
meaning of the Company Agreement and the Bank Agreement and (2) the assignment
of such positions to others during such period, and adjustments to your
compensation in effect during such period do not alone or collectively
constitute, and you hereby waive any right that you might otherwise have to
cite
them as, grounds for you to terminate your employment with the Bank and the
Company and claim severance benefits under the Bank Agreement and the Company
Agreement.
To
the extent described in the
preceding paragraph, this letter shall constitute a waiver and modification
of
our respective rights as contemplated by sections 21 and 25 of the Company
Agreement and the Bank Agreement.
If
you are in agreement with the terms
of this letter, kindly so indicate by countersigning in the space provided
and
returning the countersigned letter to C. Xxxxxx Xxxxxxxxx.
Very
truly yours,
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North
Central Bancshares, Inc.
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First
Federal Savings Bank of Iowa
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/s/
Xxxxxx X. Xxxxxxxxx
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/s/
C. Xxxxxx Xxxxxxxxx
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Name
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Name
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Compensation
Committee Chairman
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President
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Title
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Title
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Agreed
to and accepted on October
31, 2007
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/s/
Xxxxx X. Xxxxxxx
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Xxxxx
X. Xxxxxxx
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