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Exhibit 10.2
EMPLOYMENT AGREEMENT EXTENSION
This EMPLOYMENT AGREEMENT EXTENSION (hereinafter referred to as this "AGREEMENT
EXTENSION"), is entered into effective the 1st day of January, 2001, by and
between Bridgeport Savings and Loan Association, a savings and loan association
incorporated under Ohio law (hereinafter referred to as the "EMPLOYER") and Xxx
X. Xxxxxxx, an individual (hereinafter referred to as the "EMPLOYEE");
WITNESSETH
WHEREAS, the EMPLOYEE is currently employed as the President and Managing
Officer of the EMPLOYER; and
WHEREAS, the EMPLOYER and the EMPLOYEE are parties to an employment
agreement dated January 1, 1999 (the "EMPLOYMENT AGREEMENT"); and
WHEREAS, Section 1(b) of the EMPLOYMENT AGREEMENT provides that the Board
of Directors of the EMPLOYER may extend the term of the EMPLOYMENT AGREEMENT for
a one-year term beyond the then effective expiration date, provided the Board
has determined that the EMPLOYMENT AGREEMENT should be extended; and
WHEREAS, as a result of the skill, knowledge and experience of the
EMPLOYEE, the Board of Directors of the EMPLOYER has determined that the
EMPLOYMENT AGREEMENT should be extended; and
WHEREAS, the EMPLOYEE desires to continue to serve as the President and
Managing Officer of the EMPLOYER and to consent to the extension of the
EMPLOYMENT AGREEMENT;
NOW, THEREFORE, in consideration of the premises and mutual covenants
herein contained, the EMPLOYER and the EMPLOYEE hereby agree as follows:
1. EXTENSION OF TERM OF EMPLOYMENT AGREEMENT. The term of the EMPLOYMENT
AGREEMENT is extended for a one year period and shall end on December 31, 2003
(the "EXTENDED TERM"), unless extended by the EMPLOYER with the consent of the
EMPLOYEE as provided in subsection (b) of Section 1 of the EMPLOYMENT AGREEMENT.
2. EFFECT OF PRIOR AGREEMENTS. All of the terms and conditions of the EMPLOYMENT
AGREEMENT shall remain in full force and effect during the EXTENDED TERM.
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IN WITNESS WHEREOF, the EMPLOYER has caused this AGREEMENT EXTENSION to
be executed by its duly authorized officer, and the EMPLOYEE has consented to
and signed this AGREEMENT EXTENSION, each as of the day and year first above
written.
Attest: Bridgeport Savings and Loan Association
/s/ Xxxx X. Xxxxxxx By:/s/ Xxxxxx X. Xxxxxx
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Xxxx X. Xxxxxxx Xxxxxx X. Xxxxxx, its Chairman
Attest:
/s/ Xxxxxxxx Xxxxxx /s/ Xxx X. Xxxxxxx
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Xxxxxxxx Xxxxxx Xxx X. Xxxxxxx
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