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Exhibit 10(f)
FIRST AMENDMENT TO EMPLOYMENT AGREEMENT
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THIS FIRST AMENDMENT TO EMPLOYMENT AGREEMENT (the "First Amendment")
is made and entered into as of August 27, 1998 by and between COLONIAL TRUST
COMPANY, an Arizona corporation with its principal place of business in
Phoenix, Arizona (the "Corporation") and JOHN K. JOHNSON, a resident of the
State of Arizona ("Employee").
RECITALS
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WHEREAS, the Corporation and Employee are parties to an Employment
Agreement dated July 1, 1996 (the "Employment Agreement"); and
WHEREAS, the parties wish to amend the Employment Agreement in certain
respects.
NOW, THEREFORE, the parties hereby agree as follows:
AGREEMENT
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1. Paragraph 3 of the Employment Agreement is hereby amended to extend
the term of the Employment Agreement to June 30, 2001.
2. Paragraph 4(a) of the Employment Agreement is hereby amended to
increase Employee's base salary to $90,000.00 per year effective as of the date
hereof.
3. The Employment Agreement shall remain in full force and effect in
its original form, except as specifically modified herein.
COLONIAL TRUST COMPANY
BY /s/ Lynn R. Camp
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Lynn R. Camp
Its Chairman of the Board
CORPORATION
/s/ John K. Johnson
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John K. Johnson
EMPLOYEE
