EXHIBIT 10(e)
AMENDMENT TO EMPLOYMENT AGREEMENT
BY AND BETWEEN
U.S.B. HOLDING CO., INC. AND UNION STATE BANK
AND
XXXXXX X. XXXXXXXX
MADE AND ENTERED INTO AS OF OCTOBER 25, 2001
WHEREAS, Xx. Xxxxxxxx currently serves U.S.B. Holding Co., Inc. (the
"Company") and Union State Bank (the "Bank") in the capacity of Senior Executive
Vice President, Chief Financial Officer and Assistant Secretary; and
WHEREAS, Xx. Xxxxxxxx, the Company and Bank are party to an Employment
Agreement for such services made and entered into as of November 16, 1998, as
amended November 8, 2000 ("Agreement"); and
WHEREAS, the term of the Agreement expires on November 16, 2001; and
WHEREAS, Xx. Xxxxxxxx is willing to continue to serve the Company and
the Bank in the capacity described above, and the Company and Bank desires Xx.
Xxxxxxxx to serve in such capacity on the same terms and conditions as set forth
in the Agreement, except as otherwise amended and modified as hereinafter set
forth; and
WHEREAS, the Agreement provides in Section 24 that it may be amended or
modified by written agreement signed by the parties;
NOW, therefore, in consideration of the premises and mutual covenants
and conditions hereinafter set forth, the Company, the Bank and Xx. Xxxxxxxx
hereby agree that the Agreement shall be amended in the following respects:
1. Section 2(a) of the Agreement shall be amended, effective as of the
date first above written, to read in its entirety as follows:
SECTION 2(A) EMPLOYMENT PERIOD: REMAINING UNEXPIRED EMPLOYMENT PERIOD
The term of employment shall be extended for a period of three years
beginning on the date of this Amendment to Employment Agreement and
ending on the third anniversary date of this Amendment to Employment
Agreement (an "Anniversary Date"), plus such extensions, if any,
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AMENDMENT TO EMPLOYMENT AGREEMENT BY AND BETWEEN
U.S.B. HOLDING CO., INC., UNION STATE BANK AND XXXXXX X. XXXXXXXX
MADE AND ENTERED INTO AS OF OCTOBER 25, 2001
as are provided in this Agreement or otherwise agreed to by the Board
of Directors of the Company and the Bank.
2. The first sentence of Section 4 of the Agreement shall be amended,
effective as of the date first above written, to read in its entirety
as follows:
SECTION 4 CASH COMPENSATION
In consideration for the services to be rendered by Xx. Xxxxxxxx
hereunder, the Company and the Bank shall together pay him a salary at
an initial annual rate of $225,000.
All of the terms of the Agreement shall remain the same and shall
remain in force through the term of the Agreement as modified by this Amendment
to Employment Agreement.
IN WITNESS WHEREOF, the Company and the Bank have caused this Amendment
to the Agreement to be executed by the duly authorized officers, and Xx.
Xxxxxxxx has hereunto set his hand, all as of the day and year first above
written.
-------------------------------
XXXXXX X. XXXXXXXX
ATTEST: UNION STATE BANK
---------------------------------- --------------------------------
Secretary of Union State Bank By: Name
Title
ATTEST: U.S.B. HOLDING CO., INC.
--------------------------------- --------------------------------
Secretary of U.S.B. Holding Co., Inc. By: Name
Title
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