EXHIBIT 10.25
AMENDMENT TO
AGREEMENT REGARDING POST-EMPLOYMENT
RESTRICTIVE COVENANTS
THIS "AMENDMENT" is made effective as of May 30, 2002, by and between
COVEST BANCSHARES, INC. (the "Company"), COVEST BANC, NATIONAL ASSOCIATION (the
"Bank") and J. XXXXXX XXXXXX, XX. ("Executive").
W I T N E S S E T H
WHEREAS, Company, Bank and Executive have previously entered in that
certain Agreement Regarding Post-Employment Restrictive Covenants effective
as of December 31, 1999 (the "Agreement"); and
WHEREAS, Company, Bank and Executive wish to amend the Agreement to
change and modify the scope of the Agreement.
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:
Section 3 is amended to read as follows:
3. NON-COMPETITION.
During the term of his employment and for the period ending upon the later of
(a) twelve (12) months after the date Executive's employment with the Company
and its affiliates terminates, or (b) the date the Executive receives the final
payment of any severance payments under the Employment Agreement (the "Non-
Compete Period"), the Executive shall not in the Territory, as defined below
(except in his capacity as an officer or director of the Company or its
affiliate), (i) engage or participate in the business of an institution insured
by the Federal Deposit Insurance Corporation or the National Credit Union
Administration (an "Insured Institution"), (ii) engage or participate in, be
employed by or render services to any Insured Institution or any affiliate
thereof engaged in lending activities, or (iii) directly or indirectly become
interested in any Insured Institution or any affiliate thereof engaged in
lending activities referred to in clause (ii) above in any capacity, including
without limitation, as an individual, partner, shareholder, lender, officer,
director, principal, agent or trustee, provided, however, that the Executive may
own, directly or indirectly, solely as an investment, securities of any Insured
Institution or affiliate thereof if Executive is not a controlling person of
such entity, or a member of a group which controls such entity and Executive
does not own more than 5% of any class of equity securities of such entity. In
addition, during the Non-Compete Period, Executive will not directly or
indirectly, solicit, induce or encourage any customer of the Company or its
affiliates, as of the date immediately preceding the date of the termination of
Executive's employment, to terminate its relationship with the Company or its
affiliates. For purposes hereof, "Territory" shall mean the area within a two
(2) mile radius of the main office of the Company.
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:
Its President and Chief Executive Officer
COVEST BANC, NATIONAL ASSOCIATION
By:
Its President and Chief Executive Officer
J. XXXXXX XXXXXX, XX.
Address:
