Exhibit 10(i)
SOUTH BOSTON SAVINGS BANK
000 Xxxx Xxxxxxxx
Xxxxx Xxxxxx, XX 00000-0000
Telephone (000) 000-0000
Fax (000) 000-0000
SEVERANCE AGREEMENT
South Boston Savings Bank, effective as of the date hereunder, hereby enters
into this severance agreement with Xxxxxxx X. XxXxxxx, Vice President. The basic
terms and conditions will be as follows:
Period of Agreement: Two (2) years from the date hereunder or the effective date
of a change of control of Boston Bancorp/South Boston Savings Bank - whichever
is later.
Severance Payment: Two years' compensation, an amount computed as the arithmetic
average of the three (3) most recent calendar years' compensation paid by South
Boston Savings Bank to Xx. XxXxxxx time (2) two.
Form of Payment: Lump sum immediately following a termination of employment of
Xx. XxXxxxx.
Geographic Restrictions on Involuntary Relocation: In the event of a change of
control of Boston Bancorp/South Boston Savings Bank, an involuntary relocation
of Xx. XxXxxxx beyond a 20 miles radius from 000 Xxxx Xxxxxxxx, Xxxxx Xxxxxx,
Xxxxxxxxxxxxx shall result in the payment of severance compensation as described
above.
Restriction on Reduction in Compensation: In the event of a change of control of
Boston Bancorp/South Boston Savings Bank, a reduction in the level of
compensation paid to Xx. XxXxxxx after such change of control, as compared with
the level of compensation paid by South Boston Savings Bank to Xx. XxXxxxx prior
to such change of control, shall result in the payment of severance compensation
as described above.
Agreed to this 1st day of June, 1995:
/s/ Xxxxxxx X. XxXxxxx /s/ Xxxxx X. Xxxxxx
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Officer Xxxxx X. Xxxxxx
Chairman of the Board & Acting
President & Chief Executive Officer
/s/ Xxxxxx X. Xxx
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Xxxxxx X. Xxx
Office of the Chairman, Director &
Senior Vice President
