FORM OF FIRST AMENDMENT TO EMPLOYMENT AGREEMENT
EXHIBIT 10(f)
FORM OF FIRST AMENDMENT
TO
WHEREAS, Seacoast Financial Services Corporation, a Massachusetts corporation (the “Holding Company”) and the parent company for Compass Bank for Savings, a Massachusetts chartered savings bank, with its executive offices in New Bedford, Massachusetts (the “Bank,” and together with the Holding Company, the “Employers”) and the undersigned executive of the Bank (the “Executive”) are parties to that certain Employment Agreement dated November 20, 1998 (the “Employment Agreement”); and
WHEREAS, the Employers and the Executive desire to amend the Employment Agreement in accordance with Section 14.10 thereof;
NOW, THEREFORE, the Employers and the Executive, intending to the legally bound, do hereby agree to amend the Employment Agreement as follows:
1. Section 7.4 of the Employment Agreement is amended by adding the following subsection 7.4(h) to the end of subsection 7.4(g) thereof:
“(h) The relocation of the Executive’s place of employment to a location more than 35 miles from each of (x) the Employers’ present main offices and (y) the Executive’s residence.”
2. Section 9.2 of the Employment Agreement is amended by deleting such section thereof in its entirety and replacing it with the following:
“9.2 Lump Sum Severance Payment. A lump sum severance payment equal to three times the average of the sum of the Executive’s W-2 compensation plus contributions made on the Executive’s behalf to the Bank’s Employee Stock Ownership Plan and 401(k) Plan for the three calendar years preceding the date of termination.”
3. Section 9.4 of the Employment Agreement is amended by deleting such section thereof in its entirety.
4. The Employment Agreement is amended by adding a new Section 15 immediately following Section 14 as follows:
“15. Excise Taxes. In the event that the Executive shall have imposed upon him the tax which is imposed by Section 4999 of the Internal Revenue Code of 1986, as amended (the “Code”) or by any successor provision, by reason of any payment or benefit which the Executive has received from the Holding Company or any Subsidiaries, the Holding Company shall pay as additional compensation to the Executive that
amount which, after taking into account all taxes (including any tax which shall be imposed by Code Section 4999) imposed upon such amount by any federal, state or local government, shall be equal to the amount of said tax imposed by Code Section 4999.”
5. Except as so amended, the Employment Agreement in all other respects is hereby confirmed.
IN WITNESS WHEREOF, the Holding Company and the Executive have executed this Amendment as of the 4th day of December, 2003.
| SEACOAST FINANCIAL SERVICES CORPORATION | ||
| By: | ||
| Title: President and CEO | ||
| EXECUTIVE | ||
| Name: | ||
