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Exhibit 10.5
[Lawrence Savings Bank Logo] X.X. Xxx 000
Xxxxxxxx, XX 00000
508-687-1131
December 23, 1992
Xx. Xxxxxx X. Xxxxxxxxx
00 Xxxxxxxxx Xxxxxx
Xxxxxxx, XX 00000
Dear Xxx:
Your employment agreement dated May 9, 1986 is hereby amended as follows:
Section 3 Effective Date and Term is amended by inserting after "hereunder
shall be for three years from the commencement date;" the words "until May 9,
1992 and thereafter be for two years" so that the Section reads "hereunder
shall be for three years from the Commencement Date; until May 9, 1992 and
thereafter be for two years; provided, however, that the term shall be extended
automatically for periods of one year"... etc, etc. (This means that after May
9, 1992 the employment agreement will have a two-year life at each renewal.)
Your employment agreement is further amended by deleting Section 12 Arbitration
of Disputes and adding the following Section 12 Arbitration of Disputes as
follows:
12. Arbitration of Disputes. Any controversy or claim arising out of or
relating to this Agreement or the breach thereof shall be settled by
arbitration in accordance with the laws of the Commonwealth of
Massachusetts by three arbitrators, one of whom shall be appointed by
the Bank, one by the Employee and the third by the first two
arbitrators. If the first two arbitrators cannot agree on the
appointment of a third arbitrator, then the third arbitrator shall be
appointed by the American Arbitration Association in the City of
Boston. Such arbitration shall be conducted in the City of Boston in
accordance with the rules of the American Arbitration Association,
except with respect to the selection of arbitrators which shall be as
provided in this Section 12. Judgment upon the award rendered by the
arbitrators may be entered in any court having jurisdiction thereof.
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XX. X. X. XXXXXXXXX
DECEMBER 23, 1992
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In any arbitration proceeding brought pursuant to this Section 12, or in
any court proceeding to enforce or review an award of the arbitrators, each of
the parties shall pay his or its own legal costs, expenses and attorneys' fees,
provided, that if the issue or one of the issues if there be more than one,
between the parties is whether the termination or dismissal of the Employee was
for cause, and the ultimate conclusion, whether made by the arbitrators, or by
a court (in a proceeding to enforce or review the arbitration award) is that
the termination or dismissal was not for cause, then the Bank shall pay (or the
Employee shall be entitled to recover from the Bank, as the case may be) the
Employee's reasonable legal costs, expenses and attorneys' fees incurred in the
litigation. The provisions of this Section 12 shall apply regardless of whether
the termination or dismissal of the Employee for cause was made after or as a
result of a "change of control."
Execution
Upon execution below by all parties, this Agreement will enter into full force
and effect on the Effective Date as shown below:
XXXXXXXX SAVINGS BANK XXXXXX X. XXXXXXXXX
By: /s/ Xxxx X. Xxxxxx /s/ Xxxxxx X. Perreualt
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Xxxx X. Xxxxxx, Chairman
/s/ Xxxxxx X. Xxxxx
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Xxxxxx X. Xxxxx
/s/ Xxxxxxxxx X. Xxxxxxxxxx
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Xxxxxxxxx X. Xxxxxxxxxx
/s/ Xxxxxx X. Xxxxx
----------------------------
Xxxxxx X. Xxxxx
/s/ Xxxx X. Xxxx
----------------------------
Xxxx X. Xxxx
/s/ Xxxxxxxxx X. Xxxxxxxx
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Xxxxxxxxx X. Xxxxxxxx
/s/ Xxxx X. Xxxxxx
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Xxxx X. Xxxxxx
December 23, 1992
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Effective Date
