Exhibit 10(iii)
EMPLOYMENT AGREEMENT
This EMPLOYMENT AGREEMENT, made this 5th day of November,
1984, by and between JERSEY SHORE STATE BANK, a corporation
organized and existing under the laws of the Commonwealth of
Pennsylvania, with its principal place of business being situate
in the Borough of Jersey Shore, County of Lycoming and
Commonwealth of Pennsylvania, (hereinafter referred to as
"BANK").
A N D
XXXXXX X. XXXXXXXX, of the Borough of Jersey Shore, County of
Lycoming and Commonwealth of Pennsylvania, (hereinafter referred
to as "EMPLOYEE").
W I T N E S S E T H:
WHEREAS, Bank desires to employ EMPLOYEE for the rendition of
services to BANK; and
WHEREAS, EMPLOYEE is desirous of accepting said employment
for the rendition of said banking services.
NOW, THEREFORE, in consideration of the mutual covenants
and agreements herein contained, the parties hereto do hereby
agree as follows:
1. Employment.
BANK employs EMPLOYEE and EMPLOYEE accepts employment upon the
terms and conditions as hereinafter set forth.
2. Term.
The term of this agreement shall be for a period of five
(5) years, commencing on the 29th day of October, 1984.
3. Compensation.
(a) BANK agrees to pay EMPLOYEE a salary of Thirty Six
Thousand and 00/100 Dollars ($36,000.00) per year, payable in
equal monthly installments, or as BANK and EMPLOYEE mutually
agree otherwise.
(b) BANK agrees to grant EMPLOYEE an additional Two
Thousand and 00/1000 Dollars ($2,000.00) increase, per annum, on
or before the 90th day after EMPLOYEE commences employment under
this contract.
(c) During January of 1985 and during each January
thereafter BANK will conduct an annual review of EMPLOYEE in
accordance with BANK's personnel manual for the purpose of
determining the amount of increase in compensation to be paid to
EMPLOYEE for the ensuring year.
4. Duties.
BANK shall describe and set forth to EMPLOYEE the duties
that said EMPLOYEE is to render to BANK. EMPLOYEE agrees to
serve in the capacity, or capacities, as described by BANK, at
its discretion.
5. Benefits.
(a) BANK agrees to provide EMPLOYEE with all of the
benefits, insurance, vacation, etc., as heretofore set forth in
the Employee Handbook, which is marked Exhibit "A," attached
hereto, and incorporated by reference.
(b) Additional benefits to EMPLOYEE will be set forth
under Exhibit "B," attached hereto, made a part hereto and
incorporated by reference.
6. Termination.
This Employment Agreement shall automatically renew at the
end of the term as hereinabove set forth unless either party
gives written notice to the other of its intent not to renew the
contract at least thirty (30) days prior to the end of the term.
7. Binding Effect.
This agreement contains the entire understanding between
BANK and EMPLOYEE. It shall not be changed or terminated
orally. All the terms and conditions of this agreement shall be
binding upon and inure to the benefit of and be enforceable by
the successors and assigns and assignees of BANK and EMPLOYEE.
This agreement shall be governed by, construed and enforced in
accordance with the laws of the Commonwealth of Pennsylvania.
8. Counterparts.
This agreement may be executed simultaneously in two or
more counterparts, each of which shall be deemed an original,
but all of which together shall constitute one and the same
instrument.
9. Severability.
Should any part, term or provision of this agreement be
decided by the courts to be illegal or in conflict with any
applicable law, the validity of the remaining portions or
provisions shall not be affected thereby.
10. Waiver.
Any waiver by either party of any performance due hereunder
from the other party shall not constitute a waiver of any prior,
subsequent or different performance. Neither party shall be
deemed to have waived any performance due hereunder from the
other party unless such waiver be expressly stated in writing
and executed by the waiving party.
11. Captions.
The captions or paragraph headings set forth herein are for
convenience only and do not constitute a part of this agreement.
IN WITNESS WHEREOF, the parties hereto have executed this
agreement as of the date first above written.
BANK:
JERSEY SHORE STATE BANK
/s/ Xxxxxxxx X. Xxxxx
EMPLOYEE:
/s/ Xxxxxx X. Xxxxxxxx
ADDITIONAL BENEFITS TO EMPLOYEE
UNDER PARAGRAPH 5(b) OF AGREEMENT
(1) EMPLOYEE will be granted ten (10) days paid
vacation during calendar year 1984;
(2) During calendar year 1985 and thereafter EMPLOYEE
will be granted at least three (3) weeks paid vacation per year;
(3) BANK will pay for an individual golf membership
for EMPLOYEE and a social membership for EMPLOYEE'S family at
the Clinton County Club or a comparable alternate chosen by
EMPLOYEE;
(4) BANK will provide EMPLOYEE with a company car to
be used by EMPLOYEE for purposes related to the BANK'S business.
All expenses related to said car will be paid by BANK;
(5) If at any time during the term of this contract
or any extension or renewal hereby BANK terminates or fails to
extend or renew the contract with EMPLOYEE, BANK shall at the
time of termination pay to EMPLOYEE six times the total monthly
compensation then being received by EMPLOYEE.
