Exhibit 10.3
AMENDMENT NO. 1 TO AGREEMENT
THIS AMENDMENT NO. 1 (this "Amendment") is made as of June 10, 1997, and
amends that certain Agreement dated as of November 22, 1995 (the "Agreement") by
and between Covenant Bank (formerly Covenant Bank for Savings) (the "Company")
and Xxxxxxx X. Xxxxxxx (the "Employee").
For good and valuable consideration the receipt and sufficiency of which
are hereby acknowledged, and intending to be legally bound, the parties hereby
amend the Agreement as follows:
1. Covenant Bancorp, Inc. (the "Parent") hereby joins in and agrees
that it shall be liable, jointly and severally with the Company, for all
obligations of the Company under the Agreement. The parties hereto hereby
agree that the events with respect to the Company which constitute a
"Change in Control" or a "Potential Change in Control" shall also
constitute a Change in Control or Potential Change in Control,
respectively, when they occur with respect to the Parent.
IN WITNESS WHEREOF, the undersigned have executed this Amendment effective
as of the day and year first above written.
EMPLOYEE: COVENANT BANK
/s/ Xxxxxxx X. Xxxxxxx By: /s/ Xxxxxxx X. Xxxxx, Xx.
---------------------------- --------------------------------
XXXXXXX X. XXXXXXX Name: Xxxxxxx X. Xxxxx, Xx.
Title: President
COVENANT BANCORP, INC.
By: /s/ Xxxxxxx X. Xxxxx, Xx.
--------------------------------
Name: Xxxxxxx X. Xxxxx, Xx.
Title: President
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PHLEGAL: #329774 v1 (72G#01!.WPD)
