Exhibit 10.14
AMENDMENT TO EMPLOYMENT AGREEMENT
This Amendment to Employment Agreement by and among Xxxx X. Xxxxxxxx
(the "Executive"), BSB Bancorp, Inc. (the "Corporation"), a Delaware
corporation, and BSB Bank & Trust Company, a New York-chartered commercial bank
(the "Bank"), is entered into this 31st day of May, 2000, effective as of March
27, 2000.
WHEREAS, the parties have entered into an Employment Agreement dated
as of January 25, 1999 (the "Employment Agreement");
WHEREAS, at a meeting on March 27, 2000, the boards of directors of
the Corporation and the Bank (collectively, the "Employers") approved and
authorized amendments to the Employment Agreement to extend the term thereof to
March 31, 2002 and to require the Employers to obtain the express agreement of
any acquiror to assume the Employment Agreement in connection with any
acquisition transaction involving the Employers; and
WHEREAS, the parties desire to amend the Employment Agreement to
implement the amendments approved by the boards of directors of the Employers at
such meeting;
NOW, THEREFORE, the Employers and the Executive hereby agree that the
Employment Agreement shall be amended as follows:
1. Section 5 of the Employment Agreement is amended to substitute
"March 31, 2002" for "December 31, 2001".
2. Section 12 of the Employment Agreement is amended to add a new
subsection 12(i) at the end thereof, to read as follows:
(i) Express Agreement of Successor Required. The Employers will
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require any successor (whether direct or indirect, by purchase,
merger, consolidation or otherwise) to all or substantially all of the
business or assets of the Employers to expressly agree to honor this
Agreement without modification and to perform the respective
obligations of the Employers hereunder.
3. In all other respects, the Employment Agreement shall remain in
full force and effect.
IN WITNESS WHEREOF, the parties have executed this Amendment to
Employment Agreement effective as of the date first above written.
BSB BANCORP, INC.
ATTEST: /s/ Xxxxx X. Xxxxxxxxx By: /s/ Xxxxxx X. Xxxxx
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Xxxxx X. Xxxxxxxxx Xxxxxx X. Xxxxx
(Secretary) Acting President and
Chief Executive Officer
BSB BANK & TRUST COMPANY
ATTEST: /s/ Xxxxx X. Xxxxxxxxx By: /s/ Xxxxxx X. Xxxxx
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Xxxxx X. Xxxxxxxxx Xxxxxx X. Xxxxx
(Secretary) Acting President and
Chief Executive Officer
EXECUTIVE
/s/ Xxxx X. Xxxxxxxx
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Xxxx X. Xxxxxxxx
