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AMENDMENT TO THE EFC BANCORP, INC.
THREE-YEAR CHANGE IN CONTROL AGREEMENT
WITH XXX X. XXXXXXXX, XX.
WHEREAS, Xxx X. Xxxxxxxx, Xx. (the "Executive") entered into a change
in control agreement with EFC Bancorp, Inc. (the "Company") effective April 3,
1998 (the "Agreement"); and
WHEREAS, the Company and the Executive desire to amend the Agreement to
clarify the methodology used to determine the benefits the Executive would
receive under the Agreement in the event of a change in control of the Company;
and
WHEREAS, Section 9 of the Agreement provides that the Agreement may be
amended or modified by means of a written instrument signed by the parties.
NOW, THEREFORE, the Company and the Executive hereby agree to amend the
Agreement as follows:
Effective February 15, 2005, the first sentence of Section 3(a) of the
Agreement shall be deleted in its entirety and replaced with the following new
sentence:
"Upon the occurrence of a Change in Control, followed at any time
during the term of this Agreement by the voluntary or involuntary termination of
Executive's employment, other than for Termination for Cause, the Holding
Company shall be obligated to pay Executive, or in the event of his subsequent
death, his beneficiary or beneficiaries, or his estate, as the case may be, a
sum equal to three (3) times Executive's highest taxable year's annual
compensation over the last three (3) calendar years."
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IN WITNESS WHEREOF, the Company has caused this Amendment to the
Agreement to be executed by its duly authorized officer, and Executive has
signed this Amendment, on the 15th day of February 2005.
ATTEST: EFC BANCORP, INC.
/s/ Xxxxxx Xxxxxx /s/ Xxxxx X. Xxxxxxx
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Xxxxxx Xxxxxx Xxxxx X. Xxxxxxx
For the Board of Directors
WITNESS: EXECUTIVE
/s/ Xxxx Xxxxxx /s/ Xxx X. Xxxxxxxx, Xx.
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Xxxx Xxxxxx Xxx X. Xxxxxxxx, Xx.
