EXHIBIT 10.11(A)
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Amendatory Agreement to the Employment Agreement by and between
MSB Bancorp, Inc. and Xxxxxxx X. Xxxxx, adopted effective
as of September 3, 1996
AMENDATORY AGREEMENT
This AMENDATORY AGREEMENT ("Agreement") is made effective as
of September 3, 1996 by and between MSB Bancorp, Inc. ("Holding Company"), a
corporation organized under the laws of Delaware, with its principal
administrative office at 00 Xxxxxxxx Xxxxxx, Xxxxxx, Xxx Xxxx, and Xxxxxxx X.
Xxxxx ("Executive"). Any reference to "Savings Bank" herein shall mean MSB Bank,
a wholly owned subsidiary of the Holding Company, or any successor thereto.
WITNESSETH:
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WHEREAS, the Holding Company and the Executive entered into an
employment agreement dated September 3, 1994 ("Employment Agreement"), which was
amended effective as of September 3, 1995; and
WHEREAS, the Holding Company and Executive desire to amend the
Employment Agreement, effective as of September 3, 1996; and
NOW, THEREFORE, in consideration of the mutual covenants
herein contained, and upon the other terms and conditions hereinafter provided,
the parties hereby agree as follows:
FIRST. Section 2(a) of the Employment Agreement shall be
amended in its entirety to read as follows:
(a) The period of Executive's employment under this Agreement
("Employment Period") shall be deemed to have commenced as of the date
first above written and shall end on September 2, 2001; PROVIDED,
HOWEVER, that except as provided in Section 2(b), the Employment Period
shall be automatically extended for one (1) additional day each day
following September 3, 1998, unless either Executive or the Holding
Company elects not to extend the Employment Period further by giving
written notice to the other party, in which case the Employment Period
shall be fixed and shall end on the later of the last day of the
Employment Period specified in such notice or the third anniversary of
the date such written notice is given.
SECOND. Section 2(b) of the Employment Agreement shall be
amended by deleting the date referenced therein and replacing it with September
3, 1998.
THIRD. Except as expressly amended herein, the Employment
Agreement shall remain in full force and effect.
IN WITNESS WHEREOF, MSB Bancorp, Inc. has caused this
Agreement to be executed and its seal to be affixed hereunto by its duly
authorized officer and director, and Executive has signed this Agreement, on the
23rd day of August, 1996.
ATTEST: MSB Bancorp, Inc.
/s/ Xxxxx XxXxxx By: /s/ Xxxxx X. Xxxxxx
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(Duly Authorized Director)
Xxxxx X. Xxxxxx
[SEAL]
WITNESS:
/s/ Xxxxx XxXxxx /s/ Xxxxxxx X. Xxxxx
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Xxxxxxx X. Xxxxx
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STATE OF NEW YORK )
: ss.:
COUNTY OF ORANGE )
On this 23rd day of August, 1996, before me personally came
Xxxxx X. Xxxxxx, to me known, who, being by me duly sworn, did depose and say
that he resides at R.D. #4, Xxx 000, Xxxxxx Xxx Xxxx 00000, that he is Director
of MSB BANCORP, INC., the bank holding company described in and which executed
the foregoing instrument; that _he knows the seal of said bank holding company;
that the seal affixed to said instrument is such bank holding company's seal;
that it was so affixed by order of the Board of Directors of said bank holding
company; and that he signed his name thereto by like order.
/s/ Xxxxx XxXxxx
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Notary Public
[NOTARIAL SEAL]
STATE OF NEW YORK )
: ss.:
COUNTY OF ORANGE )
On this 23rd day of August, 1996, before me personally came
Xxxxxxx X. Xxxxx, to me known, and known to me to be the individual described in
the foregoing instrument, who, being by me duly sworn, did depose and say that
he resides at 000 Xxxxxxx Xxxxx, Xxxxxxxxxx, Xxx Xxxx 00000, and that he signed
his name to the foregoing instrument.
/s/ Xxxxx XxXxxx
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Notary Public
[NOTARIAL SEAL]
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