AMENDMENT TO
EMPLOYMENT AGREEMENT
Dated as of January 1, 1995
This Agreement dated as of January 1, 1995 (the "Amendment") is among
Xxxxxx United Bank (the "Bank"), HUBCO, Inc. ("HUBCO"), and Xxxxxxx X. Xxxxxxx
("Xxxxxxx"), and amends the Employment Agreement dated November 7, 1989 (the
"Employment Agreement") among the same parties.
WHEREAS, the parties wish to amend the Employment Agreement,
It Is Hereby agreed as follows:
1. Whenever "Base Salary" is referred to in the Employment Agreement, it shall
be defined as W-2 compensation, which shall include, but not be limited to,
salary, bonuses, restricted stock awards, and other items of taxable income
included on the W-2 issued by HUBCO or the Bank.
2. "Average annual compensation" shall be computed based upon W-2 compensation.
3. Except as set forth herein, the Employment Agreement shall remain in full
force and effect.
IN WITNESS WHEREOF, HUBCO and the Bank have executed this Amendment by
their duly authorized officers and Xxxxxxx has executed this Amendment as his
own voluntary act.
HUBCO, INC.
By: -----------------------------------
Xxxxxxx X. Xxxxxxx, President & CEO
By: -----------------------------------
Xxxxx X. Xxxxxxxxx, Chairman
XXXXXX UNITED BANK
By: -----------------------------------
Xxxxxxx X. Xxxxxxx, President & CEO
By: -----------------------------------
Xxxxx X. Xxxxxxxxx, Chairman
AGREED TO AND ACCEPTED:
--------------------------------
Xxxxxxx X. Xxxxxxx, Employee
