EXHIBIT 10.3
AMENDMENT TO EMPLOYMENT AGREEMENT
THIS AGREEMENT entered into as of the 25th day of June, 1998, by and between
North Pointe Financial Services, Inc., a corporation incorporated under the laws
of Michigan ("NPFS"), Xxxxx X. Xxxxxxx ("Executive") and Queensway Financial
Holdings Limited, a corporation incorporated under the laws of Ontario
("Queensway").
W I T N E S S E T H :
WHEREAS, NPFS and the Executive entered into an employment agreement made as of
the 1st day of October, 1993 (the "Agreement"):
AND WHEREAS the parties hereto wish to amend the Agreement.
NOW, THEREFORE, the parties agree as follows:
1. Section 2 of the Agreement shall be amended to provide that the term of
employment shall be for a term of five (5) years from June 25, 1998.
2. Queensway hereby guarantees to the Executive all of the obligations of
NPFS under the Agreement including without limitation payment of all
amounts payable thereunder when due
3. The Executive waives his rights with respect to his ability to terminate
the Agreement pursuant to Section 8 as a result of the change of control
of NPFS that has occurred in connection with its entry into an Agreement
and Plan of Merger with North Pointe Acquisition Corp.
4. Section 1C of the Agreement shall be deleted.
5. Section 4.2 of the Agreement and Plan of Merger shall be deemed to be
added to the Agreement.
6. It is acknowledged that the salary of the Executive during the term of his
employment shall not be less than $400,000 per annum.
7. Section 6(f) is amended to add the words, "bonus or other amounts referred
to in the Agreement" after the words "payment of base salary" in the
second line thereof.
8. In all other respects, the parties hereto confirm the terms and conditions
of the Agreement.
9. This Agreement shall be governed and construed in accordance with the laws
of the State of Michigan.
IN WITNESS WHEREOF, the parties have executed this Agreement effective as of
June 25, 1998.
NORTH POINTE FINANCIAL SERVICES, INC.
By:_________________________________
By:_________________________________
__________________________ ____________________________________
Witness XXXXX X. XXXXXXX
QUEENSWAY FINANCIAL HOLDINGS LIMITED
By: /s/ Xxxx Xxxxxxx
--------------------------------
Its Director of Finance
By:_________________________________
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