AMENDMENT TO EMPLOYMENT AGREEMENT
Exhibit 10.2
AMENDMENT TO EMPLOYMENT AGREEMENT
This AMENDMENT TO EMPLOYMENT AGREEMENT (“Amendment”) dated July 16, 2014, amends that certain Employment Agreement entered into by and between STERLING BANCORP, INC., a Michigan corporation (the “Company”), STERLING BANK AND TRUST, FSB, (the “Bank”) and their affiliated entities (collectively “Employer”) with their principal offices located at Xxx Xxxxx Xxxxxx, 00xx Xxxxx, Xxxxxxxxxx, XX 00000, and Xxxx Xxxx, who resides at 0 Xxxxxxxx Xxxx, Xxxxxxxxx, Xx 00000 (the “Executive”), dated July 2, 2008 (the “Agreement”).
1. Paragraph 2 of the Agreement, entitled “Term,” is hereby removed in its entirety and replaced as follows:
Term. Subject to the provisions for earlier termination as hereinafter provided, the term of this Employment Agreement will begin on the date hereof and will continue for two (2) years hereafter (the “Initial Term of Employment”). Except as provided in paragraph 14 of this Agreement, which is mandated by Federal statute, this Agreement may be terminated as hereinafter provided. Annually, the Board of Directors of the Employer shall review this Agreement. Upon the approval of the Board of Directors, this Agreement will be automatically renewed for a successive one (1) year term unless either party sends written notice of termination to the other party within sixty days prior to the expiration of this Agreement or any renewals hereof. The Initial Term of Employment together with any renewal periods will hereinafter be referred to as the “Term of Employment.” The nonrenewal of the term of this Agreement by the Employer will not be a termination without Cause (as defined in Section 8(d)).
2. The Employer’s address for noticing purposes, as defined in Paragraph 21 of the Agreement, is deleted in its entirety and replaced as follows:
Xxx Xxxxx Xxxxxx, 00xx Xxxxx
Xxxxxxxxxx, XX 00000
Attn: Corporate Counsel
3. This Amendment is made effective retroactively to July 2, 2008.
IN WITNESS WHEREOF, the Parties have executed this Amendment as of July 16, 2014.
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STERLING BANK AND TRUST, FSB |
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EXECUTIVE | |||
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By: |
/s/ Xxxxxx Xxxx |
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By: |
/s/ Xxxxxx Xxxx |
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By: |
/s/ Xxxx Xxxx |
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Xxxxxx Xxxx |
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Xxxxxx Xxxx |
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Xxxx Xxxx |
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Its: |
Vice President |
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Its: |
Executive Vice President |
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