AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT
Exhibit
10.16
AMENDMENT
NO. 1 TO
This
Amendment is dated as of the 7th day of August 2007 between Xxxx Xxxxx
(“Executive”) and Greater Community Bank, a New Jersey
Corporation. This Amendment memorializes a verbal agreement entered
into between the parties in February 2007 and is intended to be effective
February 3, 2007.
RECITALS
WHEREAS,
Executive and the Company are parties to an Employment Agreement dated January
1, 2005 (the “Agreement”); and
WHEREAS,
the Agreement
currently provides that the Executive's salary may be increased after an annual
review; and
WHEREAS,
the parties
wish to modify the salary provision;
NOW
THEREFORE, in consideration of the mutual promises contained in this
Amendment, the Parties intending to be legally bound, agree as
follows:
1. Salary Paragraph
4(a) of the Employment Agreement shall be modified to read as
follows:
Effective
February 3, 2007, the Company shall pay the Executive an annual salary of
$182,300.00 payable in the manner consistent with the payroll practices for
the
executive officers of the Company. Future increases to the
Executive’s earnings are anticipated to be generated by production
bonuses. Greater Community Bank may make future adjustments to the
Executive’s base salary at its sole discretion.
2. No
Further Amendment. Except as expressly provided in this
Amendment, the terms and conditions of the Agreement are and remain in full
force and effect.
IN
WITNESS WHEREOF the Parties have caused this Amendment this 7th day of
August 2007.
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Dated:
August 7, 2007
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/s/
Xxxx Xxxxx
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Xxxx
Xxxxx
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Dated:
August 7, 2007
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GREATER
COMMUNITY BANK
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/s/Xxxxxxx
X. Xxxxx, Xx.
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Xxxxxxx
X. Xxxxx, Xx.
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Chairman,
President and Chief Executive
Officer
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