FIRST CLOVER LEAF BANK FIRST AMENDMENT TO EMPLOYMENT AGREEMENT WITH WILLIAM D. BARLOW
EX-10.3 4 form8k_exh103-092713.htm AMENDMENT TO EMPLOYMENT AGREEMENT BARLOW form8k_exh103-092713.htm
FIRST CLOVER LEAF BANK
FIRST AMENDMENT TO
EMPLOYMENT AGREEMENT
WITH WILLIAM D. BARLOW
WHEREAS, First Clover Leaf Bank (the “Bank”) entered into an employment agreement (the “Agreement”) with William D. Barlow (the “Executive”), effective August 19, 2011; and
WHEREAS, the title of the Executive has been changed from “Senior Vice President and Senior Commercial Lender” to “Executive Vice President and Chief Lending Officer,” effective September 24, 2013, and
WHEREAS, Section 12 of the Agreement provides that the Agreement may be modified by an instrument in writing signed by the parties.
NOW THEREFORE, the Agreement is hereby amended as follows:
1. The first sentence of Section 1 of the Agreement is hereby amended to read as follows:
“Effective September 24, 2013, the Executive shall serve as the Executive Vice President and Chief Lending Officer.”
2. Section 3(a) of the Agreement is hereby amended to add the following at the end thereof:
“Effective as of January 1, 2013, the Executive’s Base Salary is $198,640.
3. The remainder of the Agreement shall remain in full force and effect.
IN WITNESS WHEREOF, the Bank has adopted this Amendment, on the date set forth below.
FIRST CLOVER LEAF BANK
September 24, 2013 By/s/ Gerry Schuetzenhofer
Date Gerry Schuetzenhofer
Chairman of the Board
EXECUTIVE
September 24, 2013 /s/ William D. Barlow
Date William D. Barlow
