AMENDMENT NO. 1
TO
CHANGE-IN-CONTROL SEVERANCE AGREEMENT AMONG
COASTAL BANCORP, INC.
COASTAL BANC SSB
AND
XXXX X. XXXXXXX
AMENDMENT, dated as of May 31, 1999, by and among Coastal Bancorp, Inc.,
(the "Corporation"), Coastal Banc ssb, a wholly owned subsidiary of the
Corporation (the "Bank") and Xxxx X. Xxxxxxx (the "Executive") to the Change-
In-Control Severance Agreement (the "Agreement"), dated as of June 25, 1998.
Hereinafter, the Corporation and the Bank are referred to collectively as the
"Employers."
WHEREAS, in accordance with Section 8 of the Agreement, the Executive and
the Employers desire to revise the Agreement to provide for an extension and
automatic renewal feature.
NOW, THEREFORE, in consideration of the foregoing, and intending to be
legally bound hereby, the Executive and the Employers hereto agree as follows:
The "Effective Date" of the Agreement, as amended hereby, shall be May 31,
1999.
Section 4 is hereby amended in its entirety to read as follows:
4. Term of Agreement
-------------------
The term of this Agreement shall be to and through May 31, 2002, subject to
earlier termination as provided herein. Beginning on June 1, 1999, and on each
day thereafter, the term of this Agreement shall be extended for a period of one
day in addition to the then-remaining term, provided that the Employers have not
given notice to the Executive in writing at least 30 days prior to such day that
the term of this Agreement shall not be extended further. Reference herein to
the term of this Agreement shall refer to both such initial term and such
extended terms. The Board of Directors of the Corporation shall review on a
periodic basis (and no less frequently than annually) whether to permit further
extensions of the term of this Agreement. As part of such review, the Board of
Directors shall consider all relevant factors, including the Executive's
performance hereunder, and shall either expressly approve further extensions of
the time of this Agreement or decide to provide notice to the contrary."
IN WITNESS WHEREOF, this Amendment has been executed by the Executive and
the Employers' respective officers thereunto duly authorized as of the date
first above written.
Attest: COASTAL BANCORP, INC.
/s/Xxxxx X. Xxxxxxx By:/s/Xxxxxx X. Xxxxx
--------------------- --------------------
Secretary Name: Xxxxxx X. Xxxxx
Title: Chairman of the Board and
Chief Executive Officer
By:/s/Xxxxx X. Xxxxx
-------------------
Name: Xxxxx X. Xxxxx
Title: Chairman, Compensation Committee
Attest: COASTAL BANC SSB
/s/Xxxxx X. Xxxxxxx By:/s/Xxxxxx X. Xxxxx
--------------------- --------------------
Secretary Name: Xxxxxx X. Xxxxx
Title: Chairman of the Board and
Chief Executive Officer
By:/s/Xxxxx X. Xxxxx
-------------------
Name: Xxxxx X. Xxxxx
Title: Chairman, Compensation Committee
Witness: EXECUTIVE
/s/Xxxxxx X. Xxxxxxx /s/Xxxx X. Xxxxxxx
---------------------- --------------------
Xxxxxx X. Xxxxxxx Xxxx X. Xxxxxxx
Xx. Executive Vice President/
Chief Lending Officer
AMENDMENT NO. 1
TO
CHANGE-IN-CONTROL SEVERANCE AGREEMENT AMONG
COASTAL BANCORP, INC.
COASTAL BANC SSB
AND
XXXXXXXXX X. XXXXX
AMENDMENT, dated as of May 31, 1999, by and among Coastal Bancorp, Inc.,
(the "Corporation"), Coastal Banc ssb, a wholly owned subsidiary of the
Corporation (the "Bank") and Xxxx X. Xxxxxxx (the "Executive") to the Change-
In-Control Severance Agreement (the "Agreement"), dated as of June 25, 1998.
Hereinafter, the Corporation and the Bank are referred to collectively as the
"Employers."
WHEREAS, in accordance with Section 8 of the Agreement, the Executive and
the Employers desire to revise the Agreement to provide for an extension and
automatic renewal feature.
NOW, THEREFORE, in consideration of the foregoing, and intending to be
legally bound hereby, the Executive and the Employers hereto agree as follows:
The "Effective Date" of the Agreement, as amended hereby, shall be May 31,
1999.
Section 4 is hereby amended in its entirety to read as follows:
4. Term of Agreement
-------------------
The term of this Agreement shall be to and through May 31, 2002, subject to
earlier termination as provided herein. Beginning on June 1, 1999, and on each
day thereafter, the term of this Agreement shall be extended for a period of one
day in addition to the then-remaining term, provided that the Employers have not
given notice to the Executive in writing at least 30 days prior to such day that
the term of this Agreement shall not be extended further. Reference herein to
the term of this Agreement shall refer to both such initial term and such
extended terms. The Board of Directors of the Corporation shall review on a
periodic basis (and no less frequently than annually) whether to permit further
extensions of the term of this Agreement. As part of such review, the Board of
Directors shall consider all relevant factors, including the Executive's
performance hereunder, and shall either expressly approve further extensions of
the time of this Agreement or decide to provide notice to the contrary."
F:\ACCTEXE\XXXXXXX\WORD\CWCORRES\EXECAGMTS\AMEND1GARY.DOC
IN WITNESS WHEREOF, this Amendment has been executed by the Executive and
the Employers' respective officers thereunto duly authorized as of the date
first above written.
Attest: COASTAL BANCORP, INC.
/s/Xxxxx X. Xxxxxxx By:/s/Xxxxxx X. Xxxxx
--------------------- --------------------
Secretary Name: Xxxxxx X. Xxxxx
Title: Chairman of the Board and
Chief Executive Officer
By:/s/Xxxxx X. Xxxxx
-------------------
Name: Xxxxx X. Xxxxx
Title: Chairman, Compensation Committee
Attest: COASTAL BANC SSB
/s/Xxxxx X. Xxxxxxx By:/s/Xxxxxx X. Xxxxx
--------------------- --------------------
Secretary Name: Xxxxxx X. Xxxxx
Title: Chairman of the Board and
Chief Executive Officer
By:/s/Xxxxx X. Xxxxx
-------------------
Name: Xxxxx X. Xxxxx
Title: Chairman, Compensation Committee
Witness: EXECUTIVE
/s/Xxxxxx X. Xxxxxxx /s/Xxxxxxxxx X. Xxxxx
---------------------- -----------------------
Xxxxxx X. Xxxxxxx Xxxxxxxxx X. Xxxxx
Xx. Executive Vice President/
Chief Financial Officer
