Exhibit 10.3
AMENDMENT TO EMPLOYMENT AGREEMENT
July 15, 1998
Reference is made to that certain Employment Agreement dated September 12,
1994 and amended by amendments dated March 31, 1996 and April 28, 1997, between
Springfield Institution for Savings and ("SIS") and Xxxx X. Xxxxxxx ("Employee")
(the "Employment Agreement")
This Amendment is intended to amend certain provisions contained in the
Employment Agreement, and is being entered into as of the date set forth above
by and among SIS and Employee. The Employment Agreement as and to the extent
amended by this Amendment, is and shall continue to be in full force and effect
and shall be affected by this Amendment only to the extent specified herein.
In consideration of the premises and mutual premises and covenants
contained herein, and other good and valuable consideration, the receipt and
adequacy of which is hereby acknowledged, the parties hereby agree as follows:
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1. The first sentence of Section 4(a) (Termination Benefits) of the
Employment Agreement shall be and hereby is amended and restated in its entirety
to read as follows:
Upon the termination of the Executive's employment by the Bank as described
in Section 3(a) hereof, the Bank shall be obligated to make a lump sum severance
payment, within thirty (30) days of such termination to the Executive, or in the
event of his subsequent death, his beneficiary or beneficiaries, or his estate,
as the case may be, in an amount equal to the sum of two (2) year's salary (at
the then applicable annual salary of the Executive) plus twice the annual bonus
received by the Executive with respect to the most recent year ended prior to
the termination of the Executive's employment as to which the Executive received
a bonus
2. The first sentence of Section 4(b) (Termination Benefits) of the
Employment Agreement shall be and hereby is amended and restated in its entirety
to read as follows:
Upon the termination of the Executive's employment by the Bank as described
in Section 3(b) hereof, the Bank shall be obligated to make a lump sum severance
payment, within thirty (30) days of such termination to the Executive, or in the
event of his subsequent death, his beneficiary or beneficiaries, or his estate,
as the case may be, in an amount equal to the sum of one (1) year's salary (at
the then applicable annual salary of the Executive) plus an amount equal to the
bonus received by the Executive with respect to the most recent year ended prior
to the termination of the Executive's employment as to which the Executive
received a bonus.
IN WITNESS WHEREOF, SIS has caused this Amendment to be executed and
delivered by its duly authorized officers and Employee has executed and
delivered this Amendment in his individual capacity, all as of the day and year
first above written.
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SPRINGFIELD INSTITUTION FOR SAVINGS
/s/ F. Xxxxxxx Xxxxxxxx, Jr.
Name: F. Xxxxxxx Xxxxxxxx, Jr.
Title: President & CEO
/s/ Xxxx X. Xxxxxxx
Xxxx X. Xxxxxxx
