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EXHIBIT 10.12
AMENDMENT TO MANAGEMENT SEVERANCE AGREEMENT
WHEREAS, Second Bancorp, Incorporated, and _______________
(the "Executive"), parties to a Management Severance Agreement dated as of June
1, 1993 (the "Agreement"), now desire to amend that Agreement for the purposes
of (i) increasing the amount of Severance Compensation (as defined in the
Agreement) payable thereunder, and (ii) adding disability insurance coverage to
the Benefits (as defined in the Agreement) due the Executive thereunder;
NOW, THEREFORE, to effect the foregoing, the Agreement is
hereby amended in the following respects.
1. Subsections 5(a)(i) and (ii) of the Agreement are
hereby deleted in their entirety and replaced with
the following:
"(i) three times his/her annual base salary in effect
on the date of his/her severance from the
Corporation, or (ii) if applicable, three times
his/her annual base salary just prior to the Change
in Control (the 'Severance Compensation'),".
2. The phrase "twelve (12) consecutive monthly
installments" in or about line 21 of Section 5 of the
Agreement is hereby deleted and replaced with
"thirty-six (36) consecutive monthly installments".
3. The phrase "first anniversary date" found in subpart
(z) of the definition of "Severance Period" in
Section 5 of the Agreement is hereby deleted and
replaced with "third anniversary date".
4. The phrase "and life insurance plans but specifically
excluding any disability insurance plan" beginning in
line 5 of Section 6 of the Agreement is hereby
deleted and replaced with "disability and life
insurance plans".
Except as specifically amended hereby, the Agreement remains
in full force and unaffected hereby.
IN WITNESS WHEREOF, this Amendment to Management Severance
Agreement has been executed at Warren, Ohio, on ____________________, 1995, and
is effective as of that date.
SECOND BANCORP, INCORPORATED
By: ____________________________ ____________________________________
Xxxx X. Xxxxx Executive -
Chairman & President
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