AMENDMENT #2 TO EMPLOYMENT AGREEMENT
Exhibit 10
AMENDMENT #2 TO EMPLOYMENT AGREEMENT
This AMENDMENT #2 TO EMPLOYMENT AGREEMENT (this “Amendment”) made as of this 31st day of March 2005, by and between SOMERSET HILLS BANK, headquartered at 000 Xxxxxxxxxx Xxxx, Xxxxxxxxxxxxx XX 00000 (“Bank”) and XXXXXX XXXXX, an individual, residing at 00 Xxxxxx Xxxxxx, Xxxxxxxxxx XX 00000 (the “Executive”).
WITNESSETH:
WHEREAS, pursuant to that certain Employment Agreement dated as of May 15, 1998, as amended March 1, 2004, (“Employment Agreement”), by and between Bank and Executive, the Executive has been employed as the Executive Vice President and Chief Financial Officer of the Bank; and
WHEREAS, the Bank and the Executive desire to further modify the terms of the Employment Agreement for the purposes set forth herein.
NOW, THEREFORE, in consideration of the mutual terms, promises and undertakings herein contained, the parties hereto, intending to be legally bound, agree as follows:
| 1. | Paragraph
1.1, Term of Employment, shall be modified as follows: |
| (a) |
The term of the Employment Agreement is hereby extended to March 31, 2006, and
renewed annually thereafter, unless either the Bank or the Executive shall
notify the other party in writing, prior to February 1 of the given year, of its
intention not to renew the Employment Agreement (the “Employment
Period”). |
| 2. | Paragraph 7.7 (d), Termination, shall be amended: |
| (a) | by deleting the reference to “one (1) times the average base salary” in Line 6 and replacing it with “two (2) times the average base salary”. |
| 3. | Paragraph
7.7(e), Termination, shall be deleted in its entirety and
replaced with the following:
Section |
| (a) | If
Employee shall terminate his employment for good reason as defined in subpart (A) or (C)
of 7.7(a) hereof, the Employer shall pay as severance to Employee an amount
equal to the Employee’s base salary at that time, such payment to be made
in substantially equal semi-monthly payments on the fifteenth and last days of
each month, or if these days are non-business days, the immediately preceding
business day, commencing with the month in which the date of termination occurs
and continuing over a period of one year. |
| (b) | If
employment of the Employee is terminated for other than just cause pursuant
to Section 7.1 hereof prior to a change in control of the Employer, the
Employer shall pay as severance to Employee an amount equal to two times
the Employee’s base salary at that time, such payment to be made in
substantially equal semi-monthly payments on the fifteenth and last days
of each month, or if these days are non-business days, the immediately
preceding business day, commencing with the month in which the date of
termination occurs and continuing over a period of two years. |
| 4. | Modification.
All other terms and conditions of the Employment Agreement shall remain in
full force and effect, except as modified herein. All capitalized terms
not defined herein shall have the meanings ascribed to them in the
Employment Agreement. |
IN WITNESS WHEREOF, the parties hereto have cahsed this Amendment #2 to be executed, as of the date and year first stated above.
| SOMERSET HILLS BANK By: /s/ Xxxxxxx X. XxXxxxx, Xx. Xxxxxxx X. XxXxxxx, Xx. President and Chief Executive Officer /s/ Xxxxxx Xxxxx Xxxxxx Xxxxx |
