EXHIBIT 10.8
AMENDMENT TO EMPLOYMENT CONTRACT
This Amendment Number Three to Employment Contract ("Amendment") is
entered into as of December 29, 1997, by and among BSB BANCORP, INC. (the
"Corporation"), a Delaware corporation, its wholly-owned subsidiary BSB BANK &
TRUST COMPANY, as successor to Binghamton Savings Bank ("Employer"), and XXXX X.
XXXXXXXX, ("Executive").
WITNESSETH:
WHEREAS, the Corporation, Employer and Executive have heretofore entered
into an Employment Contract (the "Employment Contract"), dated as of November 2,
1990; and
WHEREAS, the parties desire to amend the Agreement; and
WHEREAS, the parties desire to amend the Employment Contract to provide
for a change in the Termination Provisions of the Employment Contract;
NOW, THEREFORE, the Employers and the Executive hereby agree that the
Employment Contract shall be amended as follows:
1. Section 12(ii)(a) of the Agreement, is amended to read as
follows:
(a) On or before the Executive's last day of employment with the
Employers, the Employers shall pay to the Executive as compensation for
services rendered to the Employers, a lump sum cash amount (subject to
any applicable payroll or other taxes required to be withheld) equal to
2.99 times the highest annual compensation paid to the Executive by the
Employers for any of the three calendar years ending with the year of
the Executive's termination, provided that, at the option of the
Executive, the cash amount required to be paid hereby shall be paid by
the Employers in equal monthly installments over the thirty (30) months
succeeding the Date of Termination, payable on the first day of each
such month. For purposes of this paragraph 12(ii)(a), highest annual
compensation shall consist of only Executive's base salary and any
performance incentive plan award, provided that, if no performance
incentive plan award has been granted since the Change of Control, then,
for the purposes of calculating the payments required by this paragraph
12(ii), it shall be assumed that the Executive earned a performance
incentive plan award in each of the three calendar years ending with the
year of the Executive's termination equal to the average of the
performance incentive plan awards earned for each of the three fiscal
years preceding the Change of Control.
2. In all other respects, the Agreement shall continue in full
force and effect.
IN WITNESS WHEREOF, Executive has hereunto set his hand, and the
Corporation and Employer have caused this Amendment to be executed in their
names and on their behalves, all as of the day and year first above written.
BSB BANCORP, INC.
ATTEST: /s/ Xxxxx X. Xxxxxxxxx By: /s/ Xxxxx X. Small
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(Corporate Secretary) Xxxxx X. Small
Executive Vice President
BSB BANK & TRUST COMPANY
ATTEST: /s/ Xxxxx X. Xxxxxxxxx By: /s/ Xxxxx X. Small
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(Corporate Secretary) Xxxxx X. Small
Executive Vice President
EXECUTIVE
/s/ Xxxx X. XxXxxxxx
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Xxxx X. XxXxxxxx
