1
AMENDMENT TO THE EFC BANCORP, INC.
EMPLOYMENT AGREEMENT
WITH XXXXX X. XXXXX
WHEREAS, Xxxxx X. Xxxxx (the "Executive") entered into an employment
agreement with EFC Bancorp, Inc. (the "Company") effective April 3, 1998 (the
"Agreement"); and
WHEREAS, the Company and the Executive desire to amend the Agreement to
clarify the methodology used to determine the benefits the Executive would
receive under the Agreement in the event of a change in control of the Company;
and
WHEREAS, Section 14 of the Agreement provides that the Agreement may be
amended or modified by means of a written instrument signed by the parties.
NOW, THEREFORE, the Company and the Executive hereby agree to amend the
Agreement as follows:
Effective February 15, 2005, Section 5(c)(ii) of the Agreement shall be
deleted in its entirety and replaced with the following new Section 5(c)(ii):
"(ii) three (3) times Executive's highest taxable year's annual
compensation over the last three (3) calendar years."
2
IN WITNESS WHEREOF, the Company has caused this Amendment to the
Agreement to be executed by its duly authorized officer, and Executive has
signed this Amendment, on the 15th day of February, 2005.
ATTEST: EFC BANCORP, INC.
/s/ Xxxxxx Xxxxxx /s/ Xxxxx X. Xxxxxxx
-------------------- ------------------------------------
Xxxxxx Xxxxxx Xxxxx X. Xxxxxxx
For the Board of Directors
WITNESS: EXECUTIVE
/s/ Xxxx Xxxxxx /s/ Xxxxx X. Xxxxx
-------------------- ------------------------------------
Xxxx Xxxxxx Xxxxx X. Xxxxx
