Exhibit 10(b)
REVISION AND ADDENDUM TO EMPLOYMENT AGREEMENT
ORIGINALLY DATED MAY 25, 2001 BETWEEN AFFILIATED BANK AND
XXXXX X. XXXXXX
EFFECTIVE MARCH 26, 2003
Pursuant to a resolution by the Affiliated Bank Board of Directors section four
(4) regarding compensation in the management contract is amended. The amendment
specifically chagnes only the compensation parameters and increases the
compensation threshold. Section 4 of the existing contract reflects a salary
increase schedule that provides for a salary increase for each $200,000 of
pre-tax income and does not reflect salary parameters beyond $1,000,000 in
pre-tax earnings. This amendment increases that parameter from $1,000,000 in
pre-tax earnings to $2,000,000 in pre-tax earnings. Therefore, the only changes
to the management contract include the following added to section 4:
(v) $187,000 per year in the event that the Bank's pre-tax
earnings for the calendar year most recently ended are at
least $1,200,000.
(vi) $202,000 per year in the event that the Bank's pre-tax
earnings for the calendar year most recently ended are at
least $1,400,000.
(vii) $217,000 per year in the event that the Bank's pre-tax
earnings for the calendar year most recently ended are at
least $1,600,000.
(viii) $232,000 per year in the event that the Bank's pre-tax
earnings for the calendar year most recently ended at least
$1,800,000.
(ix) $247,000 per year in the event that the Bank's pre-tax
earnings for the calendar year most recently ended are at
least $2,000,000.
Affiliated Bank
/s/Xxxxxxx Xxxx Xxx April 18, 2003
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Xxxxxxx Xxxx Xxx Date
Employee
/s/Xxxxx X. Xxxxxx April 18, 2003
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Xxxxx X. Xxxxxx Date
