EXHIBIT 10.23
AMENDMENT TO
COVEST BANCSHARES, INC.
EMPLOYMENT AGREEMENT
THIS "AMENDMENT" is made effective as of May 30, 2002, by and between
CoVest Bancshares, Inc. (the "Company"), COVEST BANC, NATIONAL ASSOCIATION (the
"Bank") and XXXX X. XXXXXX ("Executive").
W I T N E S S E T H
WHEREAS, Company, Bank and Executive have previously entered in that
certain Employment Agreement effective as of April 27, 1999 (the
"Agreement"); and
WHEREAS, Company, Bank and Executive wish to amend the Agreement to
extend certain benefits to the Executive; and
WHEREAS, the Board of Directors of the Company has authorized amendment
and renewal of the Agreement.
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:
1. The Period of Employment is extended for twelve (12)
additional months as of April 27, 2002.
2. Section 3(e) is amended by adding the following to the end
of such section:
"Notwithstanding the foregoing, in the event of the termination of the
Executive's employment with the Company and the Bank under circumstances
constituting an Event of Termination (as defined in Paragraph 4(b) below),
the Company, or its successor, shall: (i) continue Executive's health
insurance coverage comparable to his coverage as of the date of termination
of Executive's until Executive attains age sixty-five (65); (ii) shall not
require Executive to pay any greater amount of the premium for such coverage
as Executive shall be paying as of the date of his termination of employment;
and (iii) shall 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:
Its President and Chief Executive Officer
COVEST BANC, NATIONAL ASSOCIATION
By:
Its President and Chief Executive Officer
XXXX X. XXXXXX
Address:
