Amendment to Executive Employment Agreement between Business First Bank and Steven Champney
This amendment updates the employment agreement between Business First Bank and Steven Champney, effective March 5, 2010. Steven Champney, as Chief Financial Officer, will now report directly to Jude Melville, Chief Strategy Officer, instead of the CEO and Board. The amendment clarifies that this change does not reduce Champney's authority or duties. The Bank agrees to maintain his compensation at or above the level of other senior executives, except for the CEO or one designee. Compensation includes salary, bonus, stock options, car allowance, benefits, and severance provisions.
EXHIBIT 10.4
M E M O R A N D U M
| TO: | Steven Champney | |
| EVP – Chief Financial Officer | ||
| FROM: | Jude Melville | |
| EVP – Chief Strategy Officer | ||
| DATE: | March 5, 2010 | |
| RE: | Executive Employment Agreement Amendment | |
This memorandum serves as an amendment to your existing “Executive Employment Agreement” dated September 1, 2008. This amendment is effective immediately upon execution between BUSINESS FIRST BANK and Steven Champney.
Steven Champney agrees to amend the “Executive Employment Agreement - 3. Position and Duties” and begin reporting directly to Jude Melville instead of the CEO and the Board of Directors of the Bank. This amendment is intended to streamline organizational reporting and efficiencies and is in no way a reduction of authority or change in duties of any kind.
In consideration of this amendment, the Bank agrees to maintain all compensation of any kind at or above those levels of all other senior executive officers with the exception of the CEO and/or a single designee of Business First Bank.
Compensation components include, but are not limited to:
| Base Salary | $239,200.17 | |
| Bonus | To be determined annually | |
| Stock Options and other Bank ownership | Future grants only | |
| Car allowance | $894 | |
| Benefits | (standard executive benefits to include country club membership and dues) | |
| Severance Provision | Equal to other senior executives |
| BUSINESS FIRST BANK | ||||||||
| By: | /s/ Jude Melville | Date: | 3-5-10 | |||||
| Jude Melville – Executive Vice President | ||||||||
| /s/ Steven Champney | Date: | 3-5-10 | ||||||
| Steven Champney – CFO and Executive Vice President | ||||||||
