Exhibit 10.8
Amendment
to
Employment Security Agreement
This agreement made February 24, 1999 amends the Employment Security
Agreement dated March 31, 1997 (the "Employment Security Agreement"), between
Bank West Financial Corporation, a Michigan corporation (the "Corporation"),
Bank West, a Michigan savings bank and wholly owned subsidiary of the
Corporation (the "Bank") and Xxxxx X. Xxxxxxx, Xxxxxx X. Xxxxx, Xxxxx X. Xxxxxx
(the "Executive"). The Corporation and the Bank are referred to collectively as
the "Employers" in this agreement.
The Employment Security Agreement is amended as follows:
1. Section 4 of the Employment Security Agreement is amended in its
entirety to read as follows:
4. Mitigation of Benefits
(a) The Executive shall be required to mitigate the
amount of any benefits enumerated in Subsection (a) of Section
2, entitled "Benefits Upon Terminiation", of the Employment
Security Agreement, by diligently seeking other employment
consistent and comparable with the Executive's current
position or earnings from self-employment, provided, however,
that Executive shall not be required to accept comparable
employment located beyond a fifty (50) mile radius of the City
of Grand Rapids, Kent County, Michigan. Those benefits shall
be reduced by an amount equal to one hundred percent (100%) of
the total base salary earned by the Executive from such other
employment or earnings from self-employment during the twenty
four (24) months following the first business day of the month
following the Date of Termination. In no event, however, shall
the Executive be required to pay back to the Employers
pursuant to this provision any amount in excess of the amount
payable under Section 2(a).
(b) The Executive's failure to make good faith
efforts to diligently and continuously seek other employment,
as reasonably determined in the exercise of utmost good faith
by the Boards of Directors of the Employers, shall be a breach
of this Employment Security Agreement. In such case the
Employers shall notify the Executive in writing and provide
the Executive with thirty (30) days to take appropriate
corrective action. The notice shall state the basis for the
breach and what corrective action must be taken. If the
Executive fails to do so, the Employers' obligations under
this Employment Security Agreement shall terminate upon the
first day following the expiration of the thirty (30) day
notice.
3. Section 11 of the Employment Security Agreement is amended in its
entirety to read as follows:
11. Term of Agreement. Unless extended as provided in this
Section 11, this Employment Security Agreement shall terminate on March
30, 2001. Prior to March 31, 2000 and each March 30 after that (the
"anniversary date"), the Boards of Directors of the Employers shall
consider, review and, if appropriate, explicitly approve a one-year
extension of the remaining term of this Employment Security Agreement.
The term of this Employment Security Agreement shall continue to extend
each year if the Boards of Directors approve the extension. If the
Boards of Directors elect not to extend the term, they shall give
written notice of the decision to the Executive not less than thirty
(30) days prior to the anniversary date.
Except as expressly amended above, all other terms and conditions of
the original Employment Security Agreement dated March 30, 1995 shall remain in
effect without change.
Witness: Bank West Financial Corporation
By: /s/ Xxxxx Xxxxxxxxx By /s/ Xxxxxx X. Xxxxxxxxxx
------------------- ------------------------
Xxxxx Xxxxxxxxx Xxxxxx X. Xxxxxxxxxx
Its Chairman
Witness: Bank West
By: /s/ Xxxxx Xxxxxxxxx By /s/ Xxxxxx X. Xxxxxxxxxx
------------------- ------------------------
Xxxxx Xxxxxxxxx Xxxxxx X. Xxxxxxxxxx
Its Chairman
Executive
/s/ Xxxxx X. Xxxxxxx
--------------------
Xxxxx X. Xxxxxxx
/s/ Xxxxxx X. Xxxxx
-------------------
Xxxxxx X. Xxxxx
/s/ Xxxxx X. Xxxxxx
-------------------
Xxxxx X. Xxxxxx
