AMENDMENT TO LETTER AGREEMENT
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This Amendment To Letter Agreement (this "Amendment") is entered into by
and between Wauwatosa Savings Bank (the "Bank") and Xxxxxxx X. Xxxxxx ("Xxxxxx")
this 19th day of December, 2006.
Recitals
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1. The Bank and Xxxxxx entered into a Letter Agreement with respect to
Xxxxxx'x employment with the Bank, dated October 25, 2005 (the "Agreement"); and
2. Effective January 1, 2007, Xxxxxx has been elected President and Chief
Executive Officer of the Bank and its holdings companies Wauwatosa Holdings,
Inc. ("WH") and Lamplighter Financial, MHC (the "MHC"); and
3. The parties to the Agreement wish to amend the Agreement to reflect the
changes in Xxxxxx'x responsibilities and certain aspects of his compensation.
Agreement
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Upon the foregoing recitals and for good and valuable consideration, it is
agreed that the Agreement shall be amended as set forth below. Except as
expressly amended and modified herein, the terms and provisions of the Agreement
shall remain of full force and effect. In the event of any ambiguity or
disagreement between the terms and provisions of the Agreement and this
Amendment, the terms and provisions of this Amendment shall control.
1. Effective January 1, 2007, Xxxxxx shall be employed as President and
Chief Executive Officer of the Bank, WH and the MHC. Xxxxxx'x continuation of
employment in these positions is subject to the articles and bylaws of the Bank,
WH and the MHC and to his annual reelection and appointment to such positions by
the Board of Directors of the Bank, WH and the MHC.
2. Effective January 1, 2007, Xxxxxx'x aggregate base salary for serving in
the positions listed in paragraph 1 above will be $360,000.00, and Xxxxxx shall
be further eligible to receive an annual bonus, payable in cash and/or stock
options and/or restricted stock grants of WH stock, all as may be determined by
the Boards of Directors of the Bank and WH in their sole discretion.
To signify their agreement to the terms and provisions of this Amendment,
the parties have executed this Amendment as of the date first set forth above.
Wauwatosa Savings Bank
By: /s/ Xxxxxx X. Xxxxxxxx /s/ Xxxxxxx X. Xxxxxx
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Xxxxxx X. Xxxxxxxx Xxxxxxx X. Xxxxxx
CEO and Chairman of the Board
Wauwatosa Holdings, Inc.
By: /s/ Xxxxxx X. Xxxxxxxx
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Xxxxxx X. Xxxxxxxx
CEO and Chairman of the Board
Lamplighter Financial, MHC
By: /s/ Xxxxxx X. Xxxxxxxx
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Xxxxxx X. Xxxxxxxx, Chairman
CEO and Chairman of the Board
