Exhibit 10.3
AMENDMENT TO EMPLOYMENT AGREEMENT
This Amendment to Employment Agreement ("Amendment") is entered into by and
among Xxxxxxxx Financial, Inc., a New Hampshire chartered corporation
("Xxxxxxxx"), The Berlin City Bank, a New Hampshire chartered bank and wholly
owned subsidiary of Xxxxxxxx with its principal office located in New Hampshire
(Xxxxxxxx and The Berlin City Bank are hereinafter collectively referred to as
the "Employer"), and Xxxxxxx X. Xxxxxxxx (the "Executive").
WHEREAS, the Employer and the Executive are parties to an Employment
Agreement dated September 30, 1997 (the "Employment Agreement"); and
WHEREAS, the Employer and the Executive have determined that it is in their
mutual best interest to amend the Employment Agreement as set forth below;
NOW, THEREFORE, the Employer and the Executive agree as follows:
The Employment Agreement is amended by adding the following to the
end of Section 7(d) ("Noncompetition and Nonsolicitation"):
Notwithstanding the foregoing, in the event that the Executive
becomes entitled to Termination Benefits pursuant to Section 6(f)
("Termination Following a Change of Control"), this Section 7(d)
shall not apply to the Executive with respect to the Executive's
activities during any period following the termination of the
Executive's employment.
This Amendment shall be effective as of January 1, 1999 (the
"Effective Date").
IN WITNESS WHEREOF, this Amendment has been executed as a sealed instrument
by the Employer, by its duly authorized officer, and by the Executive, as of the
Effective Date.
XXXXXXXX FINANCIAL, INC.
Attest:
By: Xxxxxxxx X. Xxxxx
-------------------
By: /S/ Xxxxxx X. Xxxx Name: Xxxxxxxx X. Xxxxx
-------------------- Title: Vice Chairman
Name: Xxxxxx X. Xxxx
Title: Senior Executive Vice President
and Chief Financial Officer
THE BERLIN CITY BANK
By: /S/ Xxxxxxx X. Xxxxxxxx
-------------------
Name: Xxxxxxx X. Xxxxxxxx
Title: President and Chief
Executive Officer
EXECUTIVE
/S/ Xxxxxxx X. Xxxxxxxx
----------------------
Xxxxxxx X. Xxxxxxxx
