Attached files
file | filename |
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10-Q - FORM 10-Q - MONARCH COMMUNITY BANCORP INC | k48549e10vq.htm |
EX-32 - EX-32 - MONARCH COMMUNITY BANCORP INC | k48549exv32.htm |
EX-31.2 - EX-31.2 - MONARCH COMMUNITY BANCORP INC | k48549exv31w2.htm |
EX-31.1 - EX-31.1 - MONARCH COMMUNITY BANCORP INC | k48549exv31w1.htm |
Exhibit 10.1
Amendment #2 To The
Monarch Community Bancorp, Inc.
Monarch Community Bancorp, Inc.
Employment Agreement
THIS AMENDMENT (the Amendment), is made and entered into as of August 20, 2009 by and
between Monarch Community Bancorp, Inc., on its behalf and on behalf of all of its subsidiaries and
affiliated corporations or associations (Affiliates), located at 375 North Willowbrook Road,
Coldwater, Michigan 49036 (collectively referred to as the Company), and Donald L. Denney
(Executive).
WHEREAS, the Executive serves as President and Chief Executive Officer of the Company and the
Companys Affiliate, Monarch Community Bank (the Bank) pursuant to the terms of an employment
agreement dated September 20, 2006 (the Agreement); and
WHEREAS, the Company and the Executive wish to amend the Agreement to provide that the
Executive will be entitled to be paid directors fees on the same terms and conditions that apply to
other members of the Companys and the Banks Board of Directors; and
WHEREAS, except as otherwise provided in this Amendment, the Agreement shall continue in full
force and effect.
NOW, THEREFORE, in consideration of the premises and of the covenants herein and for other
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
Company, the Bank and the Executive agree to amend the Agreement as follows:
1. Effective September 1, 2009, Section 2 of the Agreement is amended to provide as follows:
2. Service on the Boards of Directors. During the Term of this Agreement (as defined in
Section 8 hereof), the Company agrees to nominate Executive as a nominee to serve on the
Companys Board of Directors. During the Term of this Agreement, the Company, in its capacity
as sole shareholder of the Bank, agrees to cause Executive to be elected as a director of the
Bank. Executive shall be entitled to receive fees for serving as a director on the same terms
and conditions that apply to other members of the Board of Directors of the Bank and other
members of the Board of Directors of the Company.
IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first above
written.
MONARCH COMMUNITY BANCORP, INC. | EXECUTIVE | |||||||
By:
|
/s/ Stephen M. Ross | /s/ Donald L. Denney | ||||||
Stephen M. Ross | DONALD L. DENNEY | |||||||
Its: Chairman |