<PAGE>
Exhibit 10.1
AGREEMENT
(C. JAMES BESS)
This
Agreement (the "Agreement"), dated as of the 5th day of February
2007
(the "Effective Date"), by and among MACKINAC FINANCIAL
CORPORATION, a Michigan
corporation (the "Company"), and C. JAMES BESS ("Bess").
W I T N E S S E T H:
WHEREAS, the Company and the Bess are parties to an Amended and
Restated
Employment Agreement dated July 15, 2005 (the "Existing
Agreement"); and
WHEREAS, the parties desire to terminate the Existing Agreement as
of the
Effective Date.
NOW,
THEREFORE, in consideration of the premises and the mutual
undertakings set forth herein the parties hereto agree as
follows:
1.
Resignation and Termination. As of the Effective Date, Bess
hereby
resigns any and all positions with the Company and its wholly-owned
subsidiary,
mBank (the "Bank") and any other affiliate of either the Company
and the Bank,
including, without limitation, as member of any board of directors.
As of the
Effective Date, Bess no longer be an employee of the Company or the
Bank of any
affiliate thereof. Except as otherwise provided in the Existing
Agreement and
Section 3 of this Agreement, as of the Effective Date the Existing
Agreement
shall be considered terminated and of no further force or
effect.
2.
Termination Payment; Health Insurance. In consideration of the
agreements contained herein, on the Effective Date, the Company
shall pay to
Bess $33,173.13. As provided in Section 9(b) of the Existing
Agreement, through
June 30, 2007, Bess shall be eligible to
<PAGE>
participate in the health insurance program as
