Exhibit 10.17 First Amendment to Employment Agreement
FIRST AMENDMENT TO EMPLOYMENT AGREEMENT
This FIRST AMENDMENT TO EMPLOYMENT AGREEMENT, made and entered into as
of this____ day of October, 2000, by and between CITIZENS FIRST CORPORATION, a
Kentucky corporation ("Employer"), and MATTHEW TODD KANIPE, an individual
("Kanipe").
For and in consideration of the mutual terms, conditions and benefits
to be obtained by the parties to this First Amendment to Employment
Agreement, the receipt and sufficiency of which the parties hereby
acknowledge, Employer and Kanipe agree to amend the Employment
Agreement between them dated October 18, 1999 as follows:
Employer and Kanipe hereby revoke Paragraph 4, Paragraph 5, Paragraph
7, and Paragraph 11 of the Employment Agreement and replace these paragraphs
with the following language:
4. Specific Description of Authority. In the position, Kanipe shall
have the day-to-day responsibility for marketing and managing the trust,
investment, and insurance relationships on behalf of Citizens First Bank. Kanipe
shall additionally observe such directions and restrictions as the Employer may
from time to time confer or impose upon him. Kanipe shall report directly to the
Employer's President and Chief Executive Officer.
5. Compensation. For all services rendered or to be rendered by Kanipe
for Employer during the Term, Employer shall pay, and Kanipe hereby agrees to
accept, compensation as follows: Beginning on October 1, 2000, Kanipe shall
receive a salary at an annualized rate of $60,000.00 per year, payable in equal
bi-weekly installments. Kanipe's salary any calendar year after 2001 shall be at
the annualized rate established by Employer at the commencement of each such
year.
7. Vacation and Sick Leave.
Kanipe shall be entitled to the following weeks of paid vacation:
10/1/00-09/30/01 3 weeks
10/1/01-09/30/02 3 weeks
Vacation shall be taken only at those times that have been approved in advance
by Employer. At least five days of vacation must be taken consecutively each
year.
Kanipe shall additionally be entitled to 12 days of paid sick leave
annually except that if Kanipe becomes entitled to receive benefits under any
disability policy provided by the Employer, all rights to sick leave
compensation shall end at that time. Sick leave shall only be taken if Kanipe is
incapacitated by illness or injury from performing his duties in the Position
and shall not be utilized as additional vacation time.
Unused vacation time shall not accrue from year-to-year. Sick leave
may be carried over from year-to-year, but Kanipe agrees that he will not be
compensated for any unused sick leave upon termination of the Employment
Agreement.
11. Termination Otherwise. The above provisions of the Employment
Agreement to the contrary notwithstanding, Kanipe's employment may be
terminated, upon delivery to Kanipe of 60 days notice of termination, at any
time during the Term, for any reason whatsoever, with or without cause, if
Employer determines that such employment should be terminated.
It is understood that Kanipe has no continuing right to employment by Employer,
and that Employer may, therefore, terminate Kanipe's employment at any time of
its choosing, and for any reasons which are satisfactory to it. If notice is
delivered pursuant to this Paragraph 11 that Kanipe's employment is terminated,
then Kanipe shall be entitled to receive all compensation and fringe benefits to
which he is otherwise entitled (and which would otherwise accrue) under this
Employment Agreement during the period of 60 days following delivery of such
notice. At the conclusion of such period of 60 days, Kanipe's employment in the
Position shall be terminated and the only rights to compensation and fringe
benefits which Kanipe shall thereafter have under this Employment Agreement
shall be: (a) the right to receive from Employer, on the next scheduled salary
payment date, the value of fringe benefits accruing to Kanipe under this
Agreement as of the effective date of the termination (subject to the terms and
conditions of any plan or agreement pursuant to which such benefits are made
available) and (b) the right to receive from Employer the total amount of the
salary, at the annual rate then in effect, equal to the number of months of
Kanipe's service under the Term but in no event to exceed twelve (12) months
(such total amount being referred to as "Severance Pay"). For purposes of this
Paragraph 11, the Term shall begin anew on each occasion that this Employment
Agreement is renewed.
All other terms and conditions contained in the Employment Agreement
remain unchanged and in full force and effect. IN WITNESS WHEREOF, the
parties hereto have executed this First Amendment to Employment
Agreement as of the day and year
first above written.
CITIZENS FIRST CORPORATION
BY:________________________________
MARY COHRON, President and
Chief Executive Officer
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MATTHEW TODD KANIPE
