EXHIBIT 10.1
Amendment No. 3 To Employment Agreement
Amendment No. 3 dated as of July 31, 2007, by and between The
Berkshire Bank, a New York banking corporation ("Employer"), and Xxxxx Xxxxxx
("Employee"), to the Agreement, dated as of May 1, 1999, between Employer and
Employee (the "Employment Agreement").
W I T N E S S E T H:
WHEREAS, Employer and Employee entered into the Employment
Agreement; and
WHEREAS, Employer and Employee wish the amend the terms of the
Employment Agreement with respect to the term thereof.
NOW, THEREFORE, in consideration of the covenants herein
contained, the parties hereto hereby agree as follows:
1. Paragraph 3 of the Employment Agreement shall be amended to
read in its entirety as follows:
"3. Term of Employment. The employment by Employer of Employee
pursuant hereto shall commence as of the date hereof and,
subject to the provisions of paragraph 4 hereof, shall
terminate on April 30, 2010; provided, however, that
Employee's employment hereunder shall be automatically renewed
for up to three additional periods of one year each unless
Employee or Employer notifies the other, not less than 60 days
nor more than 90 days prior to the expiration of Employee's
then current employment period, that he or it elects not to
extend Employee's employment hereunder beyond the expiration
date of the then current employment period."
2. The increases in Employee's base salary set forth in
Section 2.1 of the Employment Agreement shall be applicable for the periods of
employment May 1, 2008 to April 30, 2009 and May 1, 2009 to April 30, 2010,
respectively, and, if the Employee's employment is extended beyond April 30,
2010 as set forth in the amended Paragraph 3, for each year thereafter.
3. Except as otherwise amended hereby, the Employment
Agreement shall continue in full force and effect unamended from and after the
date hereof.
IN WITNESS WHEREOF, this Amendment No. 3 has been executed and
delivered by the parties hereto as of the date first above written.
THE BERKSHIRE BANK
By: /s/ Xxxxx Xxxx
---------------------------
Xxxxx Xxxx
Chairman of the Board
/s/ Xxxxx Xxxxxx
---------------------------
Xxxxx Xxxxxx
