Amendment No. 4 To Employment Agreement
Exhibit
10.13
Amendment
No. 4 To Employment Agreement
Amendment No. 4, dated as of November
10, 2009, 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").
WITNESSETH:
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:
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"3.
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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, 2012; 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."
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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, 2010 to April 30, 2011 and May 1, 2011 to
April 30, 2012, respectively, and, if the Employee's employment is extended
beyond April 30, 2012 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.
4 has been executed and delivered by the parties hereto as of the date first
above written.
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THE
BERKSHIRE BANK
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By:
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/s/ Xxxxx Xxxx
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Xxxxx
Xxxx
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Chairman
of the Board
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/s/ Xxxxx Xxxxxx
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XXXXX
XXXXXX
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