Exhibit 10.27
Amendment to CoVest Bancshares, Inc. Employment Agreement
This Amendment is made effective as of July 28, 2003, by and between CoVest
Bancshares, Inc. (the "Company"), CoVest Banc, National Association (the
"Bank") and Xxxxx X. Xxxxxxx ("Executive").
WITNESSETH
Whereas, Company, Bank and Executive have previously entered in that certain
Employment Agreement effective as of January 20, 1999, and have previously
amended the same (as amended, the "Agreement"); and
WHEREAS, Company, Bank and Executive wish further to amend the Agreement to
clarify certain provisions thereof;
NOW, THEREFORE, in consideration of the promises and mutual covenants herein
contained, and for other good and valuable consideration, the receipt and
sufficiency of which consideration is mutually acknowledged by the parties, it
is hereby agreed as follows:
2. Section 3(e) is amended to read as follows:
"(e) BENEFIT PLANS. Except as set forth below, Executive shall be eligible to
participate in or receive benefits under any benefit plans and arrangements of
the Company and Bank in which executive officers of the Company and the Bank
are generally entitled to participate including, but not limited to, the
profit sharing/401(k) plan, health-and-accident plans, medical coverage,
disability or any other benefit plans or arrangements, subject to and on a
basis consistent with the terms, conditions and overall administration of such
plans and arrangements applicable to executive officers of the Company and the
Bank generally. Notwithstanding the foregoing, in the event of (i) the
termination of Executive's employment with the Company and the Bank (other
than by the Company for Cause (as defined in Paragraph 4(d) of this
Agreement)) after the fifth anniversary of the Effective Date, or (ii) the
termination of Executive's employment with the Company and Bank under
circumstances constituting an Event of Termination (as defined in Paragraph
4(b) of this Agreement), the Company, or its successor, shall: (x) continue
Executive's health insurance coverage comparable to the coverage as of the
date of termination of Executive's employment until the earlier of the date
Executive (A) would be eligible for coverage under Medicare, or any successor
to the Medicare program, or (B) reaches the age of 67; (y) not require
Executive to pay any greater amount for such coverage as Executive shall be
paying as of the date of his termination of employment; and (z) permit
Executive to add dependents to such coverage at the same cost, if any, paid by
similarly situated senior executives for dependent coverage."
IN WITNESS WHEREOF, the parties have caused this Amendment to be duly executed
at Des Plaines, Illinois on the date above set forth.
CoVest Bancshares, Inc.
By: /s/ XXXXX X. XXXXXXX, XX.
Xxxxx X. Xxxxxxx, Xx.
Chairman of the Board
CoVest Banc, National Association
By: /s/ XXXXX X. XXXXXXX, XX.
Xxxxx X. Xxxxxxx, Xx.
Chairman of the Board
By: /s/ XXXXX X. XXXXXXX
Xxxxx X. Xxxxxxx
