AMENDMENT TO EMPLOYMENT AGREEMENT
Exhibit
10.22
AMENDMENT
TO EMPLOYMENT AGREEMENT
This
Amendment is made and entered into as of the 1st
day of
March, 2007, by and between THE BANK OF SOUTHERN CONNECTICUT, and SOUTHERN
CONNECTICUT BANCORP, INC., having its principal place of business in New Haven,
Connecticut (hereafter referred to as the "Employer") and XXXXXX X. XXXXXXXX,
residing in Guilford, Connecticut (hereafter referred to as
"Employee").
WITNESSETH
WHEREAS,
the Employer and the Employee entered into an Employment Agreement dated January
23, 2001 (the "Agreement"), which was amended on October 20, 2003 and again
amended on February 25, 2004; and
WHEREAS,
it is in the interests 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.
Paragraph 2 of the Agreement shall be amended to read as follows:
2.
Term
of Employment:
The
Term of Employment shall commence on March 1, 2007 and shall end on June 30,
2007. This Agreement shall not be extended. On June 30, 2007, Employee shall
resign from his employment as Employer’s Chairman of the Board and Chief
Executive Officer, and shall take the title of Chairman Emeritus. Employee’s
retirement announcement shall be made at the Annual Shareholders' Meeting,
and
it shall be reported at an
appropriate
time in a Form 8-K.
3.
Paragraph 4 of the Agreement shall be amended to read as follows:
4.
Compensation
Including Stock Granted in Exchange for Options:
During
the Term of Employment to June 30, 2007, the Employer shall pay to the Employee
as compensation for the services to be rendered by him hereunder the following:
(a)
The
Employer shall pay to the Employee a base salary of SIXTY-NINE THOUSAND EIGHT
HUNDRED THIRTY-THREE ($69,833.00) DOLLARS for this period of employment from
March 1, 2007 to and including June 30, 2007. Such compensation shall be payable
in accordance with the normal payroll practices of Employer.
(b)
The
Employer shall exchange the 115,500 stock options presently held by Employee
for
shares of stock, to be based on a formula mutually agreed upon between the
parties no later than July 1, 2007. Employee may exercise his options or
exchange them, however, at any time. The Employee will be solely responsible
for
all costs, including all taxes of any nature, which arise due to this exchange.
The Employer will not be responsible for any payment of any expense related
to
this exchange.
5.
Paragraph 9 of the Agreement shall be deleted, as the parties have agreed to
enter into a new Consulting Agreement.
6.
Paragraph 10 of the Agreement shall be amended to read as follows:
7.
Notices:
All
notices under this Agreement shall be in writing. Any notice from Employee
shall
be provided both to the Vice-Chairman of the Board,
Xxxxx
Xxxxxx, and to the Secretary of the Bank (or their successors) and shall be
effective and delivered in person or mailed by registered or certified mail.
Any
notice from Employer shall be effective when delivered in person or to
Employee's last known address by registered or certified mail.
8.
In all
other respects the Employment Agreement dated January 23, 2001, as amended,
is
hereby ratified and confirmed.
IN
WITNESS WHEREOF, Employer has caused this Agreement to be executed by
a duly
authorized officer and Employee has hereunto set his hand, the day first above
written.
Dated
at
New Haven, Connecticut, this1st day of March, 2007.
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Witnesses:
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Bank:
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The
Bank of Southern Connecticut, Inc
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Southern
Connecticut Bancorp, Inc.
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Witnesses:
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Employee:
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Xxxxxx
X. Xxxxxxxx
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