ex10-1.htm


    Exhibit
10.1

     

    AMENDMENT
TO EMPLOYMENT AGREEMENT

     

    This
Amendment dated April 26, 2010 (the “Amendment”) to the Employment Agreement
(the “Agreement”) dated August 20, 2008, by and between Republic First Bank (the
“Bank”), a wholly owned subsidiary of Republic First Bancorp, Inc. (the
“Company”), and Andrew J. Logue (“Employee”).

     

    WHEREAS, the parties thereto
desire to change the scope and certain terms of the Agreement.

     

    NOW, THEREFORE, in
consideration of their mutual promises set forth below and intending to be
legally bound hereby, the parties agree as follows:

     

    1.           Section
1 of the Agreement is deleted and the following inserted in its
place:

     

    The Bank hereby employs the Employee as
President and Chief Operating Officer of the Bank, effective upon the execution
of this Amendment, or as soon as practicable hereafter following the receipt of
any applicable regulatory approvals.  Employee agrees and accepts such
position, subject to the general supervision, advice and direction of the Chief
Executive Officer of the Bank and further subject to the terms and conditions of
the Agreement and this Amendment thereto.  If Employee’s promotion by
the Bank does not promptly receive all applicable regulatory approvals, this
Amendment will be void ab
initio.

     

    2.           The
first sentence of Section 2 is deleted and the following inserted in its
place:

     

    Employee shall perform such duties
customarily performed by the President and Chief Operating Officer, and such
additional duties as may be assigned from time to time by the Chief Executive
Officer of the Bank.

     

    3.           Section
3A is deleted and the following inserted in its place:

     

    Base
Salary.  Employee shall
receive a base salary at the rate of $265,000 per annum payable in equal
installments in accordance with Bank’s usual practice, to be reviewed annually
by the Board of Directors of the Bank (the “Board”).

     

    4.           The
following sentence is added to Section 4:

     

    In addition to the option grant in the
Agreement, and subject to the approval of the Compensation Committee of the
Board of Directors of the Company, Employee shall be entitled to a grant of
options to purchase an additional 20,000 shares of the Company’s common stock at
the price approved by the Compensation Committee and in accordance with the
terms of the Company’s Amended and Restated Stock Option Plan and Restricted
Stock Plan and the Company’s policy for granting options to officers and
employees.

     

     

    
      
         


      

      
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    IN
WITNESS WHEREOF, the Bank has caused this Amendment to the Agreement to be
executed by its duly authorized officer, and Employee has executed this
Amendment to the Agreement, in each case on April 26, 2010.

     

    
      
        	
                Date:   
      May 3,
      2010                                     
      

              	
                 

              	
                BANK:

              
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	
                By:

              	
                /s/
      Harry D. Madonna

                Harry D.
    Madonna

              
	 
      	 
      	
                 

              	
                President
      and Chief Executive Officer

              
	 
      	 
      	 
      	 
      
	
                Date:   
      May 3,
      2010                                    
      

              	
                 

              	
                EMPLOYEE:

              
	 
      	 
      	 
      	 
      
	 
      	 
      	
                /s/
      Andrew J. Logue

              
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      


      



     

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