FIRST AMENDMENT TO SEVERANCE LETTER BY AND BETWEEN WELLESLEYSeverance Letter by and Between Wellesley • November 7th, 2019 • Wellesley Bancorp, Inc. • Savings institutions, not federally chartered
WHEREAS, Wellesley Bank (the "Bank") issued a severance letter dated May 23, 2016 to Ralph L. Letner ("Executive") which sets forth the severance benefits the Executive is entitled to in the event Executive: (i) is terminated without Cause absent a Change in Control, (ii) is terminated without cause within 12 months following a Change in Control or (iii) voluntarily terminates employment within 12 months following a Change in Control as a result of not being offered a comparable position with a successor (the "Severance Letter");
FIRST AMENDMENT TO SEVERANCE LETTER BY AND BETWEEN WELLESLEY BANK AND Michael W. DvorakSeverance Letter by and Between Wellesley • November 7th, 2019 • Wellesley Bancorp, Inc. • Savings institutions, not federally chartered
WHEREAS, Wellesley Bank (the "Bank") issued a severance letter dated May 23, 2016 to Michael W. Dvorak ("Executive") which sets forth the severance benefits the Executive is entitled to in the event Executive: (i) is terminated without Cause absent a Change in Control, (ii) is terminated without cause within 12 months following a Change in Control or (iii) voluntarily terminates employment within 12 months following a Change in Control as a result of not being offered a comparable position with a successor (the "Severance Letter");
