Exhibit 10.3(a)
Amendment to Employment Agreement between Flushing Financial Corporation
and Xxxxxxx X. Xxxxxxx.
AMENDMENT AGREEMENT
This AMENDMENT AGREEMENT ("Agreement") is made and entered into as of the 18th
day of June 1996, by and between Flushing Financial Corporation, a Delaware
Corporation having its executive offices at 000-00 Xxxxxxxx Xxxxxxxxx,
Xxxxxxxx, Xxx Xxxx 00000 (the "Holding Company") and Xxxxxxx X. Xxxxxxx,
residing at Xxx Xxxxxxx Xxxxx, Xxxx Xxxx, Xxx Xxxx 00000 ("Officer").
The Holding Company and the Officer agree that, effective as of the date
hereof, the employment agreement entered into between the Holding Company and
the Officer as of November 21, 1995 (the "Employment Agreement"), is hereby
amended as provided herein.
1. The second sentence of Section 2(a) of the Employment Agreement is amended
to read as follows:
"The Employment Period shall be for a term commencing on the day on which the
conversion of Flushing Savings Bank, FSB ("Bank") from the mutual to stock
form of ownership becomes effective (the "Effective Date of the Conversion")
and ending on the third anniversary of such date, plus such extensions as are
provided pursuant to section 2(b) of this Agreement."
2. Section 7(b)(iii) of the Employment Agreement is amended to read as
follows:
"continued group life, disability, health (including medical and major
medical) and accident insurance benefits, in addition to that provided
pursuant to section 7(b)(ii), to the extent necessary to provide coverage for
the Officer for a period of 36 month ("Severance Period"). Such coverage
shall be equivalent to that to which the Officer would have been entitled if
he had continued working for the Bank and the Holding Company during the
Severance Period at the highest annual rate of Current Salary achieved during
the Employment Period; and"
3. Except as it may be amended as provided herein, the Employment Agreement
shall continue in full force and effect in accordance with its original terms.
IN WITNESS WHEREOF, the parties have signed this Agreement as of the date and
year first above written.
FLUSHING FINANCIAL CORPORATION
/s/ Xxxxxxx X. Xxxxxxx By: /s/ Xxxxx X. XxXxxxxxx
---------------------- ----------------------
Officer
Xxxxxxx X. Xxxxxxx Name: Xxxxx X. XxXxxxxxx
Title: President and CEO
