Amendment No. 1 to the Employment Agreement By and Between Beverly Bank, Beverly Financial, Inc. and Michael R. Wheeler
Exhibit 10.2
Amendment No. 1
to the
Employment Agreement By and Between Xxxxxxx Bank, Xxxxxxx Financial, Inc.
and
Xxxxxxx X. Xxxxxxx
The Employment Agreement by and between Beverly Cooperative Bank and Xxxxxxx X. Xxxxxxx, effective April 18, 2013 (the “Employment Agreement”), is hereby amended as follows:
| 1. | For purposes of clarification and to add Xxxxxxx Financial, Inc. as a party to the Employment Agreement, the first paragraph of the Employment Agreement is hereby amended and restated as follows contingent upon the Conversion: |
“This EMPLOYMENT AGREEMENT (“Agreement”) is made effective as of April 18, 2013 by and between BEVERLY BANK, a Massachusetts co-operative bank having its executive offices at 000 Xxxxx Xxxxxx, Xxxxxxx, Xxxxxxxxxxxxx 00000 (“Bank”), BEVERLY FINANCIAL, INC. (“Company”) and XXXXXXX X. XXXXXXX (“Executive”).”
| 2. | Section 13A (Guaranty) is added to the Employment Agreement, contingent upon and effective as of the date of the Conversion: |
“Section 13A. Guaranty.
Contingent upon and effective as of the date of the Conversion, Xxxxxxx Financial, Inc. hereby agrees to guarantee the payment of all amounts, and the performance of all other obligations, due from the Bank in accordance with the terms of this Agreement. For the purpose of this Section 13A, “Conversion” shall mean the reorganization of Xxxxxxx Financial, MHC from a mutual holding company to Xxxxxxx Financial, Inc., a stock holding company form of organization.”
IN WITNESS WHEREOF, the Bank and the Company have caused this Amendment No. 1 to the Employment Agreement By and Between Xxxxxxx Bank, Xxxxxxx Financial, Inc. and Xxxxxxx X. Xxxxxxx to be executed and the Executive has hereunto set his hand, all on the dates set forth below.
EXECUTIVE
| ________________ | By: |
| ||||
| Date | Xxxxxxx X. Xxxxxxx | |||||
| XXXXXXX BANK | ||||||
| ________________ | By: |
| ||||
| Date | Duly Authorized Officer of Beverly Bank | |||||
| XXXXXXX FINANCIAL, MHC | ||||||
| ________________ | By: |
| ||||
| Date | Duly Authorized Officer of Xxxxxxx Financial, MHC | |||||
