Common use of Amendments to the Employment Agreements Clause in Contracts

Amendments to the Employment Agreements. Each of Section 5(c) of the Bank Employment Agreement and Section 5(c) of the Company Employment Agreement is hereby amended, effective as of the date of this Agreement, by revising the second sentence of such section to read in its entirety as follows: “In determining Executive’s average annual compensation, annual compensation shall include Base Salary and any other taxable income, including but not limited to amounts related to the granting, vesting or exercise of restricted stock or stock option awards, commissions, bonuses, pension, profit sharing and employee stock ownership plan contributions or benefits (whether pursuant to a tax-qualified plan or a deferred compensation arrangement and whether or not taxable), severance payments, retirement benefits, director or committee fees and fringe benefits paid or to be paid to Executive or paid for Executive’s benefit during any such year, except that compensation in 2003 shall not include amounts related to (1) any granting or vesting of restricted stock awards after October 31, 2003, (2) the granting, vesting or exercise of stock options, (3) the income resulting from the disqualifying disposition of shares received upon the exercise of incentive stock options, (4) any payment to the Executive in 2003 of a bonus for services rendered in 2003, or (5) any other income (whether taxable or not) not included in the amounts shown under “Severance Calculation” on Exhibit 1 attached hereto.”

Amendments to the Employment Agreements. Each of Section 5(c) of the --------------------------------------- Bank Employment Agreement and Section 5(c) of the Company Employment Agreement is hereby amended, effective as of the date of this Agreement, by revising the second sentence of such section to read in its entirety as follows: “"In determining Executive’s 's average annual compensation, annual compensation shall include Base Salary and any other taxable income, including but not limited to amounts related to the granting, vesting or exercise of restricted stock or stock option awards, commissions, bonuses, pension, profit sharing and employee stock ownership plan contributions or benefits (whether pursuant to a tax-qualified plan or a deferred compensation arrangement and whether or not taxable), severance payments, retirement benefits, director or committee fees and fringe benefits paid or to be paid to Executive or paid for Executive’s 's benefit during any such year, except that compensation in 2003 shall not include amounts related to (1) any granting or vesting of restricted stock awards after October 31, 2003, (2) the granting, vesting or exercise of stock options, (3) the income resulting from the disqualifying disposition of shares received upon the exercise of incentive stock options, (4) any payment to the Executive in 2003 of a bonus for services rendered in 2003, or (5) any other income (whether taxable or not) not included in the amounts shown under “"Severance Calculation” " on Exhibit 1 attached hereto.”"