Document:

EX-10.3

 Exhibit 10.3 

Amendment to the 

Employment Agreement between 

Fraternity Community Bancorp, Inc. and Thomas K. Sterner 

WHEREAS, Fraternity Community Bancorp, Inc. (the “Company) and Thomas K. Sterner (the “Executive) are parties to an amended and
restated Employment Agreement dated as of September 2, 2013 (the “Agreement); 
 WHEREAS, the parties desire to modify the
Agreement pursuant to Section 8.8 thereof to make certain changes the parties deem necessary and appropriate; 
 NOW, THEREFORE, in
consideration of the mutual covenants herein contained, the parties hereby agree as follows: 
 First Change 

Section 1.3(b) is revised to read as follows: 

(b) The current term of the Agreement expires on September 2, 2017. On each September 2nd during the term of this Agreement,
the term shall be extended for an additional year, so that the remaining term of the Agreement again becomes thirty-six (36) months from the applicable anniversary date, unless either the Company or the Executive gives proper written notice at
least sixty (60) days prior to the anniversary date of their intention not to extend the Agreement. 
 Second Change 

Section 3(b) is revised to read as follows: 

“Disability. By delivery of written notice thirty (30) days in advance to the Executive, the Company may terminate the
Executive’s employment due to the Executive’s Disability (as defined below). For purposes of this Agreement, “Disability” shall mean a physical or mental condition due to which the Executive shall have been absent from his duties
on a full-time basis for a twelve (12) consecutive month period. The Executive’s employment shall be deemed to have terminated as a result of Disability on the date provided in the notice of termination provided to the Executive by the
Company. The Executive shall not be considered Disabled, however, if the Executive has returned to employment on a full-time basis within thirty (30) days of receiving such notice. Upon termination of the Executive’s employment under this
Section 3.1(b), the Company shall continue to pay the Executive’s Base Salary for a period of six (6) months at its full rate and, thereafter, at the rate of two-thirds (2/3) of the Executive’s Base Salary through the
earliest to occur of (i) the Executive’s death or (ii) the date on which the then current term of the Agreement would have expired but for the termination of the Executive’s employment pursuant to this paragraph 3.1(b); provided,
however, that the amount of any payments by the Company to the Executive under this Section 3.1(b) shall be reduced by the amount, if any, payable to the Executive during the same period under any disability benefit plan of the Company or its
subsidiaries covering the Executive at the time of his termination.” 

 Third Change 

Clause (x)(1) of Section 3.4((e) is revised to read as follows: 

“(1) any reduction of the Executive’s Base Salary, (unless the reduction is part of a company-wide restructuring of
compensation)” 
 In all other respects, the terms of the Agreement are hereby ratified and confirmed. This Amendment may executed by
the parties in counterparts. 
 [signature page follows] 

 IN WITNESS WHEREOF, the parties have executed this Amendment, effective as of November 18, 2014.

  

			
	 FRATERNITY COMMUNITY BANCORP, INC.

	
	 /s/ William D. Norton

	Name:	 	William D. Norton
	Title:	 	 Chairman of the Compensation Committee of

the Board of Directors

	
	 /s/ Thomas K. Sterner

	Thomas K. SternerEX-10.4

 Exhibit 10.4 

Amendment to the 

Employment Agreement between 

Fraternity Community Bancorp, Inc. and Richard C. Schultze 

WHEREAS, Fraternity Community Bancorp, Inc. (the “Company) and Richard C. Schultze (the “Executive) are parties to an amended and
restated Employment Agreement dated as of September 2, 2013 (the “Agreement); 
 WHEREAS, the parties desire to modify the
Agreement pursuant to Section 8.8 thereof to make certain changes the parties deem necessary and appropriate; 
 NOW, THEREFORE, in
consideration of the mutual covenants herein contained, the parties hereby agree as follows: 
 First Change 

Section 1.3(b) is revised to read as follows: 

(b) The current term of the Agreement expires on September 2, 2017. On each September 2nd during the term of this Agreement,
the term shall be extended for an additional year, so that the remaining term of the Agreement again becomes thirty-six (36) months from the applicable anniversary date, unless either the Company or the Executive gives proper written notice at
least sixty (60) days prior to the anniversary date of their intention not to extend the Agreement. 
 Second Change 

Section 3(b) is revised to read as follows: 

“Disability. By delivery of written notice thirty (30) days in advance to the Executive, the Company may terminate the
Executive’s employment due to the Executive’s Disability (as defined below). For purposes of this Agreement, “Disability” shall mean a physical or mental condition due to which the Executive shall have been absent from his duties
on a full-time basis for a twelve (12) consecutive month period. The Executive’s employment shall be deemed to have terminated as a result of Disability on the date provided in the notice of termination provided to the Executive by the
Company. The Executive shall not be considered Disabled, however, if the Executive has returned to employment on a full-time basis within thirty (30) days of receiving such notice. Upon termination of the Executive’s employment under this
Section 3.1(b), the Company shall continue to pay the Executive’s Base Salary for a period of six (6) months at its full rate and, thereafter, at the rate of two-thirds (2/3) of the Executive’s Base Salary through the
earliest to occur of (i) the Executive’s death or (ii) the date on which the then current term of the Agreement would have expired but for the termination of the Executive’s employment pursuant to this paragraph 3.1(b); provided,
however, that the amount of any payments by the Company to the Executive under this Section 3.1(b) shall be reduced by the amount, if any, payable to the Executive during the same period under any disability benefit plan of the Company or its
subsidiaries covering the Executive at the time of his termination.” 

 Third Change 

Clause (x)(1) of Section 3.4((e) is revised to read as follows: 

“(1) any reduction of the Executive’s Base Salary (unless the reduction is part of a company-wide restructuring of
compensation)” 
 In all other respects, the terms of the Agreement are hereby ratified and confirmed. This Amendment may executed by
the parties in counterparts. 
 [signature page follows] 

 IN WITNESS WHEREOF, the parties have executed this Amendment, effective as of November 18, 2014.

  

			
	 FRATERNITY COMMUNITY BANCORP, INC.

	
	 /s/ William D. Norton

	Name:	 	William D. Norton
	Title:	 	 Chairman of the Compensation Committee of

the Board of Directors

	
	 /s/ Richard C. Schultze

	Richard C. Schultzeex10-1.htm

Exhibit 10.1

 

AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT

 

     This AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT (“Amendment”) is entered into as of November 13, 2014 by and between Mobivity Holdings Corp., a Nevada corporation (the “Company”), and Tom Tolbert, an individual (“Employee”).

 

R E C I T A L

 

     A. The parties hereto have previously entered into that certain Employment Agreement dated May 20, 2013 (the “Employment Agreement”).

 

     B. The parties hereto desire to amend the Employment Agreement as set forth below.

 

A G R E E M E N T

NOW, THEREFORE, in consideration of the mutual covenants, promises and agreements contained herein, the parties agree as follows:

1. Section 2(a) of the Employment Agreement is hereby amended by deleting it in its entirety and replacing it with the following new Section 2(a):

 

	 	"(a) Subject to the terms hereof, the Company hereby employs Employee as Senior Vice President Business Development, and Employee accepts such employment with the Company on the terms set forth in this Agreement. In such capacity, the scope of Employees responsibilities shall include large account lead generation and sales and the executive manager of various Company’s accounts. Employee shall report directly to the President of the Company and shall perform the duties appropriate to such office or position, and such other duties and responsibilities commensurate with such position as are assigned to him from time to time by the President, Board or their designees.”	 

 

2. Sections 3(a) and 3(b) of the Employment Agreement are hereby amended by deleting them in their entirety and replacing them with the following new Sections 3(a) and 3(b):

 

	 	 
“(a) Base Salary. In consideration of the services rendered by Employee, and subject to the terms and conditions hereof, the Company shall pay Employee during the Term an annual base salary of at least $120,000 (the “Base Salary”). The Base Salary shall be subject to increase, if at all, based on an annual salary review by the Board commencing on December 31, 2014, and each 12 month period thereafter. The Base Salary shall be payable in accordance with the Company’s payroll practices as in effect from time to time.

(b) Bonus. In addition to the Base Salary, the Company shall pay Employee a Bonus of: (i) fifteen percent (15%) of collected revenues on all new accounts acquired by the Company from the date of this Amendment primarily through the efforts of Employee, provided that the bonus in this subpart (i) shall only be paid on collected revenue during the initial term of the customer agreement with the Company, and (ii) five percent (5%) of all collected revenue on all customer accounts as of the date of this Amendment that are renewed by the customer primarily through the efforts of Employee, provided that the bonus in this subpart (ii) shall only be paid on collected revenue during periods of renewal subsequent to the current term of such account as of the date of this Amendment.”

	 

 

 

 

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3. Section 1(d) shall be deleted in its entirety in light of the fact that the term “Quarterly Gross Revenue” has been deleted from the Agreement. Section 3(f) shall be deleted in its entirety in acknowledgement that the stock options referred therein have been issued pursuant to that Incentive Stock Option Agreement dated June 17, 2013 between the Company and Employee.

4. This Amendment may be executed simultaneously in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

5. Except as set forth in this Amendment, all other provisions of the Employment Agreement shall remain in full force and effect.

IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the day and year first above written.

 

	 	“COMPANY” 
  

 

MOBIVITY HOLDINGS CORP.,

a Nevada corporation

  

 

By:                                                                             

Dennis Becker, Chief Executive Officer

“EMPLOYEE”

 
 

By:                                                                               

Tom Tolbert, an individual

 

 

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