Exhibit 10.29
Amendment to CoVest Bancshares, Inc. Employment Agreement
This Amendment is made effective as of July 28, 2003, by and between CoVest
Bancshares, Inc. (the "Company"), CoVest Banc, National Association
(the "Bank") and J. Xxxxxx Xxxxxx, Xx. ("Executive").
WITNESSETH
Whereas, Company, Bank and Executive have previously entered in that certain
Employment Agreement effective as of December 31, 1999, and have previously
amended the same (as amended, the "Agreement"); and
WHEREAS, Company, Bank and Executive wish further to amend the Agreement to
clarify certain provisions thereof;
NOW THEREFORE, in consideration of the promises and mutual covenants herein
contained, and for other good and valuable consideration, the receipt and
sufficiency of which consideration is mutually acknowledged by the parties, it
is hereby agreed as follows:
1. Section 2 is amended to read and appear as follows:
"PERIOD OF EMPLOYMENT AUTOMATIC EXTENSION. The period of Senior Vice
President's employment under this Agreement (the "Period of Employment") shall
commence upon the Effective Date hereof and shall continue for a period of
twelve (12) full calendar months thereafter, subject to extension as provided
herein or to earlier termination as provided in Paragraph 4 below. The Period
of Employment shall be automatically extended for twelve (12) additional months
on each anniversary date of the Effective Date unless, no later than such
anniversary date, either the Board of the Company or a duly authorized
committee thereof (the "Board") on behalf of the Company, or Senior Vice
President gives written notice to the other, that the Period of Employment
shall not be so extended; provided, however, that in no event shall the Period
of Employment extend beyond the date Senior Vice President attains age sixty-
five (65). Notwithstanding anything in this Agreement to the contrary, if at
any time during the Period of Employment there is a Change in Control (as
defined in Paragraph 4), the Period of Employment shall automatically extend to
a date which is the first to occur of (a) the date which is twelve (12) months
from the date of the Change in Control, and (b) the date Senior Vice President
attains age sixty-five (65)."
IN WITNESS WHEREOF, the parties have caused this Amendment to be duly executed
at Des Plaines, Illinois on the date above set forth.
CoVest Bancshares, Inc.
By: /s/ XXXXX X. XXXXXXX
Xxxxx X. Xxxxxxx
President and Chief Executive Officer
CoVest Banc, National Association
By: /s/ XXXXX X. XXXXXXX
Xxxxx X. Xxxxxxx
President and Chief Executive Officer
By: /s/ J. XXXXXX XXXXXX, XX.
J. Xxxxxx Xxxxxx, Xx.
