Exhibit 10.7
AMENDMENT TO
__________________
EMPLOYMENT AGREEMENT
Pursuant to Section 7(b) of the Employment Agreement entered into
between West Suburban Bancorp, Inc. and [__________________] dated May 1, 1997
(the "Agreement"), the parties hereby amend the Agreement as follows:
1. Section 4(g)(i) of the Agreement is amended to read as follows:
"(i) In the event of a Change in Control (as defined below) and the
termination of the Executive's employment or this Agreement under either A or B
below, the Executive shall be entitled to a lump sum payment equal to three (3)
times the sum of his annual base salary then payable and the average of his most
recent three (3) years' annual bonus amounts, if any, subject to the limitations
set forth below. The Employer shall also continue to provide coverage for the
Executive under the employer sponsored life and disability insurance programs
for three (3) years following such termination, and the medical benefit program
until the earlier of his Medicare eligibility date or the date the Executive
elects to become covered under another employer sponsored medical benefit plan
or program. Payments under this paragraph shall be subject to the limits of
subparagraph (g)(ii) below.
The following shall constitute termination under this paragraph:
A. The Executive terminates his employment by a written notice to
that effect delivered to the Board within twenty-four (24) months after
the Change in Control.
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B. This Agreement is terminated by the Employer or its successor
either in contemplation of or after the Change in Control."
2. The remaining provisions of the Agreement shall remain in full force and
effect.
This amendment to the Agreement is hereby agreed to and accepted by the
parties thereto effective as of the 21st day of January, 1999.
WEST SUBURBAN BANCORP, INC. [EXECUTIVE]
By:____________________________ _______________________________
Title:_________________________
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