First Amendment to Employment Agreement between Mackinac Financial Corporation and David Crimmins

Summary

This amendment, dated January 12, 2005, updates the employment agreement between Mackinac Financial Corporation and David Crimmins. The main change is to clarify that Mr. Crimmins will be granted options to purchase 20,000 shares of the company's common stock within one year of the agreement's effective date, with terms set in a separate stock option agreement. All other terms of the original employment agreement remain in effect unless they conflict with this amendment.

EX-10.3 4 k97716exv10w3.txt FIRST AMENDMENT, BETWEEN DAVID C. CRIMMINS FIRST AMENDMENT TO EMPLOYMENT AGREEMENT (DAVID CRIMMINS) This First Amendment (the "Amendment"), dated as of the 12th day of January, 2005, by and among MACKINAC FINANCIAL CORPORATION (f/k/a NORTH COUNTRY FINANCIAL CORPORATION), a Michigan corporation (the "Company"), and DAVID CRIMMINS ("Employee"). WITNESSETH: WHEREAS, the Company and Employee are parties to that certain Employment Agreement dated December 15, 2004 (the "Employment Agreement"); and WHEREAS, the parties desire to amend the Employment Agreement, on the terms and conditions set forth herein. NOW, THEREFORE, in consideration of the premises and the mutual undertakings set forth herein the parties hereto agree as follows: 1. The second sentence of Section 4(c) of the Employment Agreement captioned "Certain Benefits" is hereby deleted in its entirety and replaced with the following: Specifically, on or within one (1) year after the Effective Date, Employee shall be awarded options to purchase 20,000 shares of the Company's Common Stock (adjusted for a 1 for 20 reverse stock split to be effective on the Effective Date) on such terms and conditions specified in an appropriate stock option agreement (the "Option Agreement") and the Plan. 2. Capitalized terms not otherwise defined herein shall have the meaning ascribed to such term in the Employment Agreement. 3. In the event there is a conflict between the terms of the Employment Agreement and the terms of this Amendment, the terms of this Amendment shall control. 4. The Employment Agreement, as hereby amended, shall continue in full force and effect, to the fullest extent not inconsistent with this Amendment. IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written. MACKINAC FINANCIAL CORPORATION By /s/ Paul D. Tobias ----------------------------------------- Paul D. Tobias Its: Chairman and Chief Executive Officer /s/ David Crimmins -------------------------------------------- David Crimmins -2-