AMENDMENT TO EXECUTIVE EMPLOYMENT AGREEMENT
THIS AMENDMENT to an Executive Employment Agreement, dated September 1,
1997, is made this 20th day of October, 1999, between PFC BANK, a Pennsylvania
business corporation located at Fourth Street and Ford Avenue, P. O. Xxx 000,
Xxxx Xxxx, Xxxxxxxxxxxx 00000, (the "Bank") and PEOPLES FINANCIAL CORP., INC., a
Pennsylvania business corporation located at Fourth Street and Ford Avenue,
X.X. Xxx 000, Xxxx Xxxx, Xxxxxxxxxxxx 00000, (the "Corporation") and X. X.
XXXXXXXXX, an adult individual residing in Pennsylvania (the "Executive").
WHEREAS, the Bank and Corporation desire to extend from August 31, 2000 to
August 31, 2001 the term under which X. X. Xxxxxxxxx shall serve as President
and Chief Executive Officer of the Bank and the Corporation under the terms and
conditions set forth in the Executive Employment Agreement, dated September 1,
1997 and hereinafter amended;
WHEREAS, the Executive desires to serve the Bank and the Corporation in an
executive capacity under the terms and conditions set forth in the Executive
Employment Agreement, dated September 1, 1997 and hereinafter amended;
NOW, THEREFORE, in consideration of the mutual covenants and agreements set
forth herein and intending to be legally bound thereby, the parties agree to
amend the Executive Employment Agreement, dated September 1, 1997, as follows
with all other terms and provisions unmodified:
1. Term of Employment
The term of employment set forth in Section 1 of the Executive Employment
Agreement, dated September 1, 1997, ending on August 31, 2000, is extended
to August 31, 2001, subject, however, to prior termination as set forth in
the Executive Employment Agreement dated September 1, 1997.
2. Disability Benefit
In addition to the Bank's disability benefit, as set forth in Section 4(e)
of the Executive Employment Agreement dated September 1, 1997, the Bank, in
the event Executive is fully or partially disabled, shall pay to the
Executive, or upon his demise, to his wife Xxxxx Xxxxxxxxx, until September
1, 2001, a gross monthly sum of $1,200.00 . The terms "fully or partially
disabled" shall have the meaning attributed to them in the current Bank
group disability program, or if said Bank group disability program is
terminated, in the Bank's employment policies, as the same may be amended
from time to time. In the event that Executive dies after becoming
disabled, but prior to receiving all of the monthly sums set forth above,
Executive's wife shall receive any remaining payments due thereunder.
3. Retirement Benefit
Commencing on September 1, 2001, or such earlier date in the event the
Executive terminates his employment for Good Reason as that term is defined
in Section 9(d) of the Executive Employment Agreement dated September
1, 1997, the Bank shall pay to the Executive or, upon his death, to his
wife, Xxxxx Xxxxxxxxx, until her death payments then terminate, a 100%
Joint and Survivor Benefit consisting of a gross monthly sum of $1,200.00.
In no event shall the Executive or his wife receive both a Disability
Benefit and
Retirement Benefit, as provided in this Amendment to the Executive Employment
Agreement.
ATTEST: PFC BANK
/s/ Xxxxxxx Xxxxxxxxx /s/ Xxxxx Xxxxx
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Xxxxxxx Xxxxxxxxx, Secretary Xxxxx Xxxxx, Chairman of the Board
ATTEST: PEOPLES FINANCIAL CORP., INC.
/s/ Xxxxxxx Xxxxxxxxx /s/ Xxxxx Xxxxx
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Xxxxxxx Xxxxxxxxx, Secretary Xxxxx Xxxxx, Chairman of the Board
WITNESS:
/s/ Xxxxx X. Xxxxx /s/ X.X. Xxxxxxxxx
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Xxxxx X. Xxxxx X. X. Xxxxxxxxx
