EXHIBIT 10.7
Amendment No. 1 To Employment Agreement
Amendment No. 1, dated as of June 3, 2002, by and between The
Berkshire Bank, a New York banking corporation ("Employer"), and Xxxxx Xxxxxx
("Employee"), to the Agreement, dated as of January 1, 2001, 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 June 30, 2005; 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. 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. 1 has been executed and
delivered by the parties hereto as of the date first above written.
THE BERKSHIRE BANK
By: /s/ Xxxxx Xxxxxx
----------------------------
President and CEO
/s/ Xxxxx Xxxxxx
----------------------------
31
