AMENDMENT TO
EMPLOYMENT AGREEMENT
FIRST AMENDMENT dated December 17, 1997 to Employment Agreement, dated
as of October 1, 1994, between California Federal Bank, A Federal Savings
Bank (formerly known as First Nationwide Bank, A Federal Savings Bank) (the
"Company") and Xxxxxx X. Xxxx (the "Executive").
WHEREAS, the parties entered into an Employment Agreement dated as of
October 1, 1994 (the "Employment Agreement"); and
WHEREAS, the parties wish to make certain amendments to the Employment
Agreement.
NOW THEREFORE, the parties agree as follows:
1. Section 3 is hereby amended by deleting "October 1, 1994 through
December 31, 1997" and inserting in lieu thereof "January 1, 1998 through
December 31, 2000".
2. Section 4(a) is hereby amended by deleting the number "$750,000" and
inserting in lieu thereof "$1,000,000".
3. Section 4(e) is hereby amended in its entirety by deleting the text
and inserting in lieu thereof the following:
"(e) Paid Time Off. During the Term, the Executive shall be
entitled to paid time off ("PTO") of five weeks taken in
accordance with the PTO policy of the Company during each
year of the Term."
4. The parties agree that except as expressly amended hereby, the
Agreement as amended hereby shall be in full force and effect.
IN WITNESS WHEREOF, the parties have executed this Agreement as of the
date first above written.
CALIFORNIA FEDERAL BANK,
A FEDERAL SAVINGS BANK
By: /s/ Xxxx X. Xxxx
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Xxxx X. Xxxx XX
President and Chief operating
Officer
/s/ Xxxxxx X. Xxxx
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Xxxxxx X. Xxxx
