Exhibit 10.16
AMENDMENT TO EMPLOYMENT AGREEMENT
This Amendment is made and entered into as of 20th day of October,
2003, by and between THE BANK OF SOUTHERN CONNECTICUT, INC., and SOUTHERN
CONNECTICUT BANCORP, INC., having its principal place of business in New Haven,
Connecticut (hereinafter referred to as the "Employer") and XXXXXX X. XXXXXXXX,
residing in West Haven, Connecticut (hereinafter referred to as the "Employee").
W I T N E S S E T H
WHEREAS, the Employer and the Employee have entered into an employment
agreement as of January 23, 2001; and
WHEREAS, it is in the interest of both parties to amend the employment
agreement;
NOW, THEREFORE, in consideration of the promises and the mutual
covenants herein contained, the parties hereto, intending to be legally bound,
do hereby mutually covenant and agree as follows:
1. Paragragh 2. of the Agreement shall be amended to read as follows:
2. Term of Employment. The Term of Employment shall commence
on the opening day of operation of the Employer as a bank and shall end on
December 31, 2007; PROVIDED, HOWEVER, that the Employer shall have the right to
terminate the Employee's employment on December 31, 2006 if the Employer
notifies the Employee at least six (6) months prior to the end of such date of
its desire to terminate. The term of Employment shall automatically be extended
at the end of the initial term and each extension thereafter for an additional
twelve (12) month period; provided that either party may serve written notice to
the other at least six (6) months prior to the end of the initial term and each
twelve (12) month extension of its desire that the period of employment not be
further automatically extended, in which event there shall thereafter be no
further automatic extensions. Notwithstanding the foregoing, the term of
Employment shall end if sooner terminated as provided in Section 6.
2. Paragraph 4 (a) shall be amended to read as follows:
(a) Commencing on October 1, 2003 the Employer shall pay the
Employee a base salary at the rate of ONE HUNDRED EIGHTY THOUSAND DOLLARS
($180,000.00) for each twelve (12) months of employment, or such larger sum as
the Board of Directors of Employer may from time to time determine. However the
base salary for each successive twelve month period shall be no less than that
determined under the following subparagraph (b). Such compensation shall be
payable in accordance with normal payroll practices of Employer.
3. In all other respects the employment agreement dated January 23,
2001 is hereby ratified and confirmed.
Witnesses: EMPLOYER:
THE BANK OF SOUTHERN
CONNECTICUT, INC.
/S/ X. Xxxxxxx, October 20, 2003 By /S/ Xxxxx Xxxxxx, October 20, 2003
-------------------------------- ----------------------------------
XXXXX XXXXXX
Its Vice Chairman
Witnesses: EMPLOYER:
SOUTHERN CONNECTICUT BANCORP, INC.
/S/ X. Xxxxxxx, October 20, 2003 By /S/ Xxxxx Xxxxxx, October 20,2003
-------------------------------- ----------------------------------
XXXXX XXXXXX
Its Vice Chairman
EMPLOYEE:
/S/ X. Xxxxxxx, October 20, 2003 /S/ Xxxxxx X. Xxxxxxxx, October 20, 2003
-------------------------------- --------------------------------------
XXXXXX X. XXXXXXXX
STATE OF CONNECTICUT )
) ss.: New Haven
COUNTY OF )
On this the 20th day of Oct, 2003, before me, Xxxxx Xxxxxx,
the undersigned officer, personally appeared
, known to me (or satisfactorily proven) to be the person whose name subscribed
to the within instrument and acknowledged that he executed the same for the
purposes therein contained, as his free act and deed.
/S/ Xxxxx X. Xxxxx
-----------------------------------
Commissioner of the Superior Court/
Notary Public
My commission expires 10/31/03
STATE OF CONNECTICUT )
) ss.: New Haven
COUNTY OF )
On this the 20th day of Oct, 2003, before me, Xxxxxx X.
Xxxxxxxx, the
undersigned officer, personally appeared ,
known to me (or satisfactorily proven) to be the person whose name subscribed to
the within instrument and acknowledged that he executed the same for the
purposes therein contained, as his free act and deed.
/S/ Xxxxx X. Xxxxx, October 20, 2003
------------------------------------
Commissioner of the Superior Court/
Notary Public
My commission expires 10/31/03
STATE OF CONNECTICUT )
) ss.:
COUNTY OF )
On this the day of , 2003, before me,
, the undersigned officer, personally appeared XXXXXX X. XXXXXXXX, known to
me (or satisfactorily proven) to be the person whose name subscribed to the
within instrument and acknowledged that he executed the same for the purposes
therein contained, as his free act and deed.
_____________________________________
Commissioner of the Superior Court/
Notary Public
