EXECUTIVE EMPLOYMENT AGREEMENT
THIS EMPLOYMENT AGREEMENT (this "Agreement") is made and entered into as of July 29, 2002
("Effective Date") between MILLENNIUM BANK, a national banking association (the "Bank"), and Anita L.
A. Executive wishes to pursue employment by the Bank as Executive Vice President, Credit Administration.
B. In order to provide Executive continued incentive to remain in its services, the Bank desires to provide
Executive with compensation security under the conditions set forth in this Agreement.
C. The Bank and the Executive wish to define their relationship and ensure continued employment on the terms
and conditions of this Agreement.
The Bank and Executive hereby agree as follows:
1. PURPOSE OF AGREEMENT
The purpose of this Agreement is to define the relationship between the Bank, as employer of Executive, and
Executive, as an employee of the Bank.
During the term of this Agreement, Executive shall serve as the Executive Vice President, Credit Administration
of the Bank and perform the tasks incident to this position. The Executive shall report to the Chief Executive
Officer of the Bank. Executive's position is full-time and Executive shall devote as much time as may be necessary
to perform Executive's duties.
3. TERM OF EMPLOYMENT
The Bank agrees to employ the Executive and the Executive hereby agrees to serve the Bank in accordance with
the terms and conditions set forth herein, for an initial term of three (3) years commencing on the Effective Date of
this Agreement; subject, however, to earlier termination as expressly provided herein.
The initial three (3) year term of employment shall be extended for three
(3) additional years at the end of the initial three (3) year term, and then again after each successive term
thereafter. However, either party may terminate this Agreement at the end of the initial three (3) year term, or at
the end of any successive three (3) year terms