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EXHIBIT 10.7
EXECUTION COPY
FIRST AMENDMENT
TO
EMPLOYMENT AGREEMENT
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WHEREAS, Reliance Bancshares, Inc. (the "Company"), Reliance Savings Bank
(the "Bank"), and Xxxxx X. Xxxx (the "Executive") entered into an Employment
Agreement ("Agreement") effective as of the 18th day of April, 1996; and
WHEREAS, the parties are mutually desirous of amending the Agreement in
certain respects; and
WHEREAS, the Boards of Directors of the Bank and the Company have approved
and authorized their entry into this First Amendment to the Agreement;
NOW THEREFORE, in consideration of the mutual covenants and agreements set
forth in the Agreement and set forth below, the Agreement is amended as
follows, effective May 1, 1998:
1. The date in the sentence of the Agreement is amended to be the 18th
day of April, 1996;
2. The following paragraph is added at the end of Section 2 of the
Agreement:
Notwithstanding the preceding provisions of this Section, the current
period of Executive's employment under the Agreement that expires on April 17,
1999, is extended to a period ending on April 17, 2001. The preceding
provisions of this Section shall apply with respect to the adding of an
additional year to the remaining term of employment ending on each date
immediately preceding the anniversary of the Commencement Date.
3. The heading of Section 6 of the Agreement shall be amended to read
"Termination Following a Change In Control."
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4. The portion of Section 6(iii) of the Agreement preceding paragraph (A)
thereof shall be amended as follows:
(iii) Benefits Upon Termination After a Change In Control. If this
Agreement is terminated (1) by Executive for good reason following a change
in control, or (2) by the Employers within twenty-four(24) months of the
effective date of a change in control other that for cause, death, disability
or retirement, then following the Termination Date:
5. The reference to section 5(iii) in Section 7(ii) of the Agreement is
amended to refer to Section 5(iv).
Except as provided above, the provisions of the agreement shall
continue in full force and effect.
IN WITNESS WHEREOF, the undersigned have duly executed this First Amendment
to the Employment Agreement as of this 8th day of May, 1998.
EXECUTIVE:
/s/ Xxxxx X. Xxxx
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Xxxxx X. Xxxx
RELIANCE BANCSHARES, INC.
By:/s/ O. William Held
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O. William Held
RELIANCE SAVINGS BANK
By:/s/ O. William Held
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O. William Held
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