FIRST AMENDMENT TO EMPLOYMENT AGREEMENT FOR GREGORY C. LAROCCA
Exhibit 10.2
This First Amendment (“Amendment”) to the Employment Agreement by and between Northwest
Savings Bank (“Bank”) and Northwest Bancshares, Inc., (“Company”) and Xxxxxxx X. XxXxxxx
(“Executive”) dated September 1, 2007 (“Agreement”) is made effective July 1, 2010.
WHEREAS, Section 4(c) of the Agreement currently provides that, in the event the Executive’s
employment is involuntarily terminated or is voluntarily terminated for “Good Reason” (as defined
in the Agreement), the Executive would be entitled to severance pay as well as 18 months of
continued life insurance and non-taxable medical and dental coverage substantially identical to the
coverage maintained by the Employer for Executive prior to his termination; and
WHEREAS, the Company, the Bank and the Executive wish to amend Section 4(c) to provide that,
in the event the Executive’s employment is involuntarily terminated or is voluntarily terminated
for “Good Reason” (as defined in the Agreement), the Executive would be entitled to severance pay
as well as 36 months of continued life insurance and non-taxable medical and dental coverage
substantially identical to the coverage maintained by the Employer for Executive prior to his
termination.
NOW THEREFORE, Section 4(c) of the Agreement is hereby amended to read as follows:
(c) Upon the occurrence of an Event of Termination, the Employer will cause
to be continued life insurance and non-taxable medical and dental coverage
substantially identical to the coverage maintained by the Employer for Executive
prior to his termination. Such coverage shall continue for 36 months from the
Date of Termination unless Executive obtains other employment following
termination of employment under which substantially similar benefits are provided
and in which Executive is eligible to participate.
IN WITNESS WHEREOF, the Company, the Bank and the Executive have signed this Amendment on the
dates set forth below.
| NORTHWEST SAVINGS BANK | ||||||
July 1, 2010
|
By: | /s/ Xxxxxxx X. Xxxxxx | ||||
Date
|
Xxxxxxx X. Xxxxxx, President and | |||||
| Chief Executive Officer | ||||||
| NORTHWEST BANCSHARES, INC. | ||||||
July 1, 2010
|
By: | /s/ Xxxxxxx X. Xxxxxx | ||||
Date
|
Xxxxxxx X. Xxxxxx, President and | |||||
| Chief Executive Officer | ||||||
| EXECUTIVE: | ||||||
July 1, 2010
|
By: | /s/ Xxxxxxx X. XxXxxxx | ||||
Date
|
Xxxxxxx X. XxXxxxx | |||||
