Exhibit 10.24
July 15,
2009
Mr. David R.
Milligan
Senior Vice
President
West
Bank
1601 22
nd Street
West Des
Moines, IA 50266
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Re:
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Employment as
Interim Chief Executive Officer of West Bancorporation,
Inc.
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Dear
David:
On behalf of
the Board of Directors of West Bancorporation, Inc. (the
“Company”), I am pleased to offer you employment with
the Company as its Interim Chief Executive Officer.
1. Your employment by the Company
will commence July 15, 2009 (the “Effective
Date”).
2. As Interim Chief Executive
Officer, you will report to the Board of Directors of the Company
(the “Board”), and perform the duties customarily
associated with such position, including such specific duties as
the Board may from time to time assign to you. You will be expected
to perform faithfully and loyally and to the best of your abilities
the duties assigned to you and to devote your full business time,
attention and effort to the affairs of the Company and its
subsidiaries, and use your reasonable best efforts to promote the
interests of the Company and its subsidiaries.
3. Your base salary will be paid, in
accordance with the Company’s regular payroll practices, at
an annual rate of $250,000 (less any withholdings and deductions
required by law or authorized by you).
4. You will be entitled to those
employee benefits and perquisites which the Company from time to
time generally makes available to its executive officers
(“Benefits”). The Company reserves the right
to modify, amend, suspend, or terminate any or all such employee
benefit plans and policies at any time. At the time you
cease to be an employee of West Bancorporation, Inc. or West Bank,
you shall be entitled to the same retiree health insurance benefit
that you had before you rejoined West Bank as an employee in March
2009.
5. You will be reimbursed for all
proper and reasonable expenses incurred by you in the performance
of your duties in accordance with the policies of the
Company.
6. Your employment by the Company
will terminate following the appointment by the Board of a new
Chief Executive Officer, and at the request of the Board you will
be expected to cooperate in the transition of your duties and
responsibilities to the new Chief Executive Officer.
7. Subject to the approval of the
Company’s Board of Directors, you will be appointed to serve
on the Executive Committee of the Board. Subject to the
approval of the West Bank Board of Directors, you will be appointed
to serve as Chairman and Chief Executive Officer of West
Bank.
8. From and after the Effective Date
and through and including the date that is one year after the
effective date of your termination of employment, you will not do
any of the following, directly or indirectly, without the prior
written consent of the Board:
