AMENDMENT TO THE EMPLOYMENT AGREEMENT BY AND BETWEEN RICHARD B. BOYER AND EXCHANGE UNDERWRITERS, INC.
EXHIBIT
10.3
AMENDMENT
TO THE EMPLOYMENT AGREEMENT BY AND BETWEEN
XXXXXXX
X. XXXXX AND EXCHANGE UNDERWRITERS, INC.
WHEREAS, Xxxxxxx X. Xxxxx (the
“Executive”) entered into an employment agreement with Exchange Underwriters,
Inc., a fully owned subsidiary of First Federal Savings Bank, effective June 1,
2008 (the “Employment Agreement”); and
WHEREAS , the Board of
Directors of Exchange Underwriters, Inc. has resolved to amend the Employment
Agreement effective April 1, 2010, to reflect an adjustment in the Executive’s
annual base salary; and
WHEREAS, the Employment
Agreement was further amended to provide that modifications to Executive’s base
salary in the future will not require an amendment to the Employment
Agreement.
NOW, THEREFORE, the Executive
and Exchange Underwriters, Inc. hereby consent to the following:
Effective
April 1, 2010, Section 4 of the Employment Agreement shall be deleted in its
entirety and replaced with the following new Section 4:
“Exchange
agrees to pay Executive an annual salary of $167,500, payable in accordance with
the customary payroll practices of Exchange. The Executive’s
annual salary, as the same may be modified from time to time, is referred to in
this Agreement as the “Base Salary.””
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ATTEST:
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EXCHANGE
UNDERWRITERS, INC.
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/s/
Xxxxx Xxxxxxx
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/s/
Xxxx X. XxXxxxx
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Xxxxx
Xxxxxxx
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Xxxx
X. XxXxxxx
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/s/
Xxxxxxx X. Xxxxx
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Xxxxxxx
X. Xxxxx
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