AMENDMENT TO EMPLOYMENT AGREEMENT
EXHIBIT 10.7
AMENDMENT
TO
WHEREAS, The Home Savings and Loan Company of Youngstown, Ohio (the “Company”) previously
entered into an Employment Agreement with Xxxxx X. Xxxxx (the “Executive”) effective as of May 19,
2008 (the “Agreement”); and
1. A new Subsection 7(d) is added as follows:
“In addition to the events provided in Subsections (a), (b) and (c) of this Section 7, in
the event and to the extent the terms and conditions of this Agreement are subject to
regulatory approval and/or may be nullified or rendered inoperative or inapplicable by
operation of applicable law, the Agreement shall be effective only to extent permissible
under such regulatory and/or other legal requirements, but to the fullest extent as may be
permissible thereunder.”
2. A new Section 21 is added to the end of the Agreement as follows:
10.7-1
service” under
Treas. Reg. Section 1.409A-1(n), then such delay shall only be applied to the extent such
amounts, when added to all other amounts required to be taken into account under the
“separation pay” limitation of Treas. Reg. Section 1.409A-1(b)(9)(iii), would, if paid
within such period, exceed the Specified Employee’s Statutory Maximum (as hereinafter
defined). Payment of any delayed amounts shall be made as soon as is administratively
practicable after the expiration of such six (6) month period.
(i) For purposes of this Agreement, “Separation from Service” shall mean a “separation
from service” by the Executive with respect to the Company within the meaning of Treas. Reg.
Section 1.409A-1(h)(1).
(ii) For purposes of this Agreement, “Specified Employee” shall mean any person
identified as such as of the relevant time under Treas. Reg. Section 1.409A-1(i); provided,
however, that a person’s “officer” status for purposes of the application of the rules
referenced thereunder may be construed by the Company in a manner consistent with preventing
a possible or inadvertent violation of the Specified Employee restrictions of Code Section
409A.
(iii) For purposes of this Agreement, “Statutory Maximum” shall, with respect to a
Specified Employee, mean the “two (2) times the lesser of” amount described in Treas. Reg.
1.409A-1(b)(9)(iii)(A).”
10.7-2
THE HOME SAVINGS AND LOAN COMPANY OF YOUNGSTOWN, OHIO
By: | /s/ Xxxxxxx X. XxXxx
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Chairman and Chief Executive Officer | ||||||
Date: | December 22, 2008 | |||||
By: | /s/ Xxxxx X. Xxxxx
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Date: | December 22, 2008 | |||||
10.7-3