AMENDMENT TO
EMPLOYMENT AGREEMENT
DATED AS OF JANUARY 1, 1995
This Agreement dated as of January 1, 1995 (the "Amendment") is among
Xxxxxx United Bank (the "Bank"), HUBCO, Inc. ("HUBCO"), and X. Xxxx Van
Borkulo-Xxxxx ("Van Borkulo-Xxxxx"), and amends the Employment Agreement dated
May 24, 1990 (the "Employment Agreement") among the same parties.
WHEREAS, the parties wish to amend the Employment Agreement and to extend
the Term thereof,
It Is Hereby agreed as follows:
1. The term of the Employment shall be extended through December 31, 1998.
2. Whenever "Base Salary" is referred to in the Employment Agreement, it shall
be defined as W-2 compensation, which shall include, but not be limited to,
salary, bonuses, restricted stock awards, and other items of taxable income
included on the W-2 issued by HUBCO or the Bank.
3. "Average annual compensation" shall be computed based upon W-2 compensation.
3. Except as set forth herein, the Employment Agreement shall remain in full
force and effect.
IN WITNESS WHEREOF, HUBCO and the Bank have executed this Amendment by
their duly authorized officers and Van Borkulo-Xxxxx has executed this Amendment
as her own voluntary act.
HUBCO, INC.
/s/ XXXXXXX X. XXXXXXX
By: -----------------------------------
Xxxxxxx X. Xxxxxxx,
President & C.E.O.
/s/ XXXXX X. XXXXXXXXX
By: -----------------------------------
Xxxxx X. Xxxxxxxxx,
Chairman
XXXXXX UNITED BANK
/s/ XXXXXXX X. XXXXXXX
By: -----------------------------------
Xxxxxxx X. Xxxxxxx,
President & C.E.O.
/s/ XXXXX X. XXXXXXXXX
By: -----------------------------------
Xxxxx X. Xxxxxxxxx,
Chairman
AGREED TO AND ACCEPTED:
/s/ X. XXXX VAN BORKULO-XXXXX
-----------------------------------
X. Xxxx Van Borkulo-Xxxxx, Employee
