EXHIBIT 10.24
AMENDMENT TO
AGREEMENT REGARDING POST-EMPLOYMENT
RESTRICTIVE COVENANTS
THIS "AMENDMENT" is made effective as of May 30, 2002, by and between
COVEST BANCSHARES, INC. (the "Company"), COVEST BANC, NATIONAL ASSOCIATION (the
"Bank") and XXXX X. XXXXXX ("Executive").
W I T N E S S E T H
WHEREAS, Company, Bank and Executive have previously entered in that
certain Agreement Regarding Post-Employment Restrictive Covenants effective
as of April 27, 1999 (the "Agreement"); and
WHEREAS, Company, Bank and Executive wish to amend the Agreement to
change and modify the scope of the Agreement.
NOW THEREFORE, in consideration of the promises and mutual covenants
herein contained, and for other good and valuable consideration, the receipt
and sufficiency of which consideration is mutually acknowledged by the
parties, it is hereby agreed as follows:
Section 3 is amended to read as follows:
3. NON-COMPETITION.
During the term of his employment and for the period ending upon the later of
(a) twelve (12) months after the date Executive's employment with the Company
and its affiliates terminates, or (b) the date the Executive receives the final
payment of any severance payments under the Employment Agreement (the "Non-
Compete Period"), the Executive shall not: (y) in the Immediate Territory, as
defined below (except in his capacity as an officer or director of the Company
or its affiliate), (i) engage or participate in the business of an institution
insured by the Federal Deposit Insurance Corporation or the National Credit
Union Administration (an "Insured Institution"), (ii) engage or participate in,
be employed by or render services to any Insured Institution or any affiliate
thereof engaged in lending activities, or (iii) directly or indirectly become
interested in any Insured Institution or any affiliate thereof engaged in
lending activities referred to in clause (ii) above in any capacity, including
without limitation, as an individual, partner, shareholder, lender, officer,
director, principal, agent or trustee, provided, however, that the Executive may
own, directly or indirectly, solely as an investment, securities of any Insured
Institution or affiliate thereof if Executive is not a controlling person of
such entity, or a member of a group which controls such entity and Executive
does not own more than 5% of any class of equity securities of such entity; and
(z) in the General Territory, as defined below (except in his capacity as an
officer or director of the Company or its affiliate), engage in any activity in
violation of subsection (y) hereof, provided that Executive will not be in
breach of this subparagraph (z) if he is employed or retained in any other
capacity by an Insured Institution and if his duties are consistent with the
duties of a chief financial officer, investment officer or other senior
accounting or financial officer and he does not directly or indirectly, solicit,
induce or encourage any customer of the Company or its affiliates, as of the
date immediately preceding the date of the termination of Executive's
employment, to terminate its relationship with the Company or its affiliates.
For purposes hereof: (I) "Immediate Territory" shall mean the area within a
two (2) mile radius of the main office of the Company; and (II) "General
Territory" shall mean the area within a twenty-five (25) mile radius of the main
office of the Company, but not including any portion of the Immediate Territory.
IN WITNESS WHEREOF, the parties have caused this Amendment to be duly
executed at Des Plaines, Illinois on the date above set forth.
COVEST BANCSHARES, INC.
By:
Its President and Chief Executive Officer
COVEST BANC, NATIONAL ASSOCIATION
By:
Its President and Chief Executive Officer
XXXX X. XXXXXX
Address:
