FIRST FRANKLIN CORP
EX-10.4
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<TYPE>EX-10.4
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<FILENAME>l36498aexv10w4.htm
<DESCRIPTION>EX-10.4
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<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;10.4</B>
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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>EMPLOYMENT AGREEMENT EXTENSION</B></U>
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THIS EMPLOYMENT AGREEMENT EXTENSION (this &#147;AGREEMENT EXTENSION&#148;) is entered into effective the
13<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> day of May, 2009, by and between The Franklin Savings and Loan Company, a savings
and loan association organized under the laws of the State of Ohio (the &#147;EMPLOYER&#148;), and Lawrence J
Spitzmueller (the &#147;EMPLOYEE&#148;).
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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>WITNESSETH</U>:
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the EMPLOYEE is currently employed as the Vice President of the Employer; and
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the EMPLOYER and the EMPLOYEE are parties to an Employment Agreement dated December
20, 2004, and amended December&nbsp;30, 2008 (the &#147;AGREEMENT&#148;); and
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the current expiration date of the AGREEMENT is December&nbsp;20, 2011 and
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, Section&nbsp;1 of the AGREEMENT provides that the EMPLOYER&#146;s BOARD may extend the term of
the AGREEMENT; and
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, as a result of the skill, knowledge, performance and experience of the EMPLOYEE, the
BOARD of the EMPLOYER has determined that the AGREEMENT should be extended; and
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the EMPLOYEE desires to continue to serve as the Vice President of the EMPLOYER and
consents to the extension of the AGREEMENT;
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained, the
EMPLOYER and the EMPLOYEE hereby agree as follows:
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;<U>Extension of EMPLOYMENT TERM</U>. The EMPLOYMENT TERM of the AGREEMENT is hereby
extended and the AGREEMENT shall terminate and expire on March&nbsp;31, 2012.
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;<U>Effect of Prior Agreements</U>. All of the terms and conditions of the AGREEMENT shall
remain in full force and effect during the EMPLOYMENT TERM, as extended by this AGREEMENT
EXTENSION.
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;<U>Definitions</U>. Capitalized terms used in this AGREEMENT EXTENSION without definition
shall have the meanings given to such terms in the AGREEMENT.
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<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;REMAINDER OF PAGE INTENTIONALLY BLANK; SIGNATURES FOLLOW&#093;
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<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the EMPLOYER has caused this AGREEMENT EXTENSION to be executed by its
duly authorized officer, and the EMPLOYEE has consented to and signed this AGREEMENT EXTENSION,
each as of the date first above written.
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<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD width="45%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
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    <TD width="5%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
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<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>EMPLOYER</B><br><br>FRANKLIN SAVINGS AND LOAN COMPANY
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD colspan="2" align="left" valign="top"><b>EMPLOYEE</b><br><br>/s/
Lawrence J. Spitzmueller
</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD colspan="2" align="left" valign="top" style="border-top: 1px solid #000000">
Name: Lawrence J Spitzmueller</TD>
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<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
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    <TD valign="top">By:&nbsp;&nbsp;</TD>

<TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/
Gretchen J. Schmidt

&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Gretchen J. Schmidt &nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Its: President&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
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    <TD colspan="5">&nbsp;</TD>
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<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
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