Employment Agreement Addendum between Matrix Capital Bank and Gary Lenzo

Contract Categories: Human Resources › Employment Agreements
Summary

Matrix Capital Bank and Gary Lenzo have signed an addendum to their original employment agreement. This addendum increases Mr. Lenzo's annual salary to $175,000, with potential annual increases as determined by the Board of Directors. It also extends his employment as President and CEO for an additional twelve months, subject to performance evaluation, with the new term ending January 1, 2004.

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EX-10.4 5 form10qex4_050201.txt Exhibit 10.4 EMPLOYMENT AGREEMENT ADDENDUM THIS EMPLOYMENT AGREEMENT ADDENDUM, is a supplement to the original EMPLOYMENT AGREEMENT dated January 1, 1995, by and between MATRIX CAPITAL BANK, (hereinafter referred to as the "Bank") and GARY LENZO (hereinafter referred to as the "Employee"). WHEREAS, the Employee has heretofore been employed by the Bank as President and Chief Executive Officer, and WHEREAS, THE Bank wishes to assure itself of the services of the Employee as outlined in Section 5. Term of the original Employment Agreement, and WHEREAS, the parties desire by this writing to set forth the continued employment relationship of the Bank and the Employee. NOW THEREFORE, it is agreed to amend Section 2. Base Compensation and Section 5. Term as follows: ------------------ ---- 2. Base Compensation. The Bank agrees to pay the Employee during the term of this Addendum, a salary at the rate of $175,000 per annum payable in cash not less frequently than twice monthly and shall be increased annually in such an amount as the Board of Directors may determine. 5. Term. This Addendum extends the period of employment an additional twelve (12) months, per performance evaluation by the Board of Directors, as outlined in the original Employment Contract, thereby extending the term of said Employment Agreement to January 1, 2004. IN WITENESS WHEREOF, the parties have executed this Employment Agreement Addendum, on the 14th day of December 2000. MATRIX CAPITAL BANK By: /s/ D. Mark Spencer Name: D. Mark Spencer Its: Chairman By: /s/ Gary Lenzo Name: Gary Lenzo