EXECUTIVE EMPLOYMENT AGREEMENT
This EXECUTIVE EMPLOYMENT AGREEMENT (“Agreement”) is made and entered into as of
this ___ day of __________, 2008, by and between Grand River Bank, a Michigan state bank (“Bank”), and
Elizabeth C. Bracken, an individual resident of the State of Michigan (“Executive”).
WHEREAS , the Executive has considerable experience, expertise and training in management related
to banking and services offered by the Bank;
WHEREAS , the Bank desires for the Executive to be employed as the Chief Financial Officer and
Senior Vice President of Operations of the Bank, and Executive desires to accept employment, subject to and on
the terms and conditions set forth in this Agreement; and
WHEREAS , both the Bank and the Executive have read and understood the terms and provisions set
forth in this Agreement and have been afforded a reasonable opportunity to review this Agreement with their
respective legal counsel.
NOW, THEREFORE , in consideration of the mutual promises and covenants set forth in this
Agreement, the Executive and the Bank agree as follows:
This Agreement shall become effective (the “Effective Date”) upon the date that the Bank opens
for business and, subject to Paragraph 2 below, will expire and terminate by its own terms five years after the
Effective Date, unless earlier terminated as provided herein.
Both the Bank and the Executive acknowledge and agree that the parties may agree to continue
the employment relationship upon such terms as they may mutually agree. Following the initial five-year term, this
Agreement automatically shall renew annually for an additional one (1) year term unless either party elects to
terminate this Agreement by sending written notice of non-renewal at least thirty (30) days prior to the expiration
of the then current term. Both parties acknowledge and agree that, in the event this Agreement does not renew,
this Agreement shall terminate aut