AMENDMENT TO EMPLOYMENT AGREEMENT
This Amendment to Employment Agreement amends the Employment Agreement
made and entered into as of October 6, 1998 by and among Permanent Bancorp,
Inc., Permanent Bank and Xxxxxx X. Xxxxxxxxxx.
1. The first sentence of Section 1 of the Employment
Agreement is hereby amended to read as follows: "The
Employee will be employed solely as Chairman of the Board
of the Bank, such position to last until January 1, 1999,
and shall additionally be employed as Chairman of the
Board and Chief Executive Officer of the Holding Company
until the end of his employment hereunder as provided in
Section 4."
2. Section 4 of the Employment Agreement is hereby amended
to read as follows: "The term of employment under this
Agreement shall be from October 6, 1998 until, subject to
earlier termination as provided herein, the first to occur
of either of the following: (1) the last day of the month
in which the Agreement dated December 20, 1999 among the
Holding Company, the Bank, Old National Bancorp, Old
National Bank and Merger Corporation I (the "Merger
Agreement") is terminated, or (2) as of the Effective Time
(as defined in the Merger Agreement). Notwithstanding the
foregoing, if the Merger Agreement is terminated prior to
April 1, 2000, the term of employment under this Agreement
shall expire on April 1, 2000. Other than as provided
herein, the Employment Agreement shall continue in full
force and effect and remain unchanged pursuant to its
terms."
IN WITNESS WHEREOF, the parties have executed this Amendment as of this
20th day of December, 1999.
PERMANENT BANCORP, INC.
By: /s/ Xxxxxx X. Xxxxx
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Name: Xxxxxx X. Xxxxx
Title: President
PERMANENT BANK
By: /s/ Xxxxxx X. Xxxxx
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Name: Xxxxxx X. Xxxxx
Title: Chairman, President and
Chief Executive Officer
EMPLOYEE
By: /s/ Xxxxxx X. Xxxxxxxxxx
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Xxxxxx X. Xxxxxxxxxx