TERRITORIAL SAVINGS BANK FIRST AMENDMENT TO AMENDED AND RESTATED EXECUTIVE DEFERRED INCENTIVE AGREEMENT WITH VERNON HIRATA
Exhibit 10.7
TERRITORIAL SAVINGS BANK
FIRST AMENDMENT TO
AMENDED AND RESTATED
EXECUTIVE DEFERRED INCENTIVE AGREEMENT
WITH XXXXXX XXXXXX
WHEREAS, Territorial Savings Bank (the “Bank”) has entered into an amended and restated executive deferred incentive agreement (the “Agreement”) with Xxxxxx Xxxxxx (the “Executive”) as of January 1, 2008; and
WHEREAS, in connection with the Bank’s conversion from a federally chartered stock savings bank to a Hawaii-chartered savings bank, the Bank wishes to amend the Agreement, effective June 25, 2014, in order to reflect this charter change and to update the definition of “change in control;” and
WHEREAS, pursuant to Section 10.1 of the Agreement, the Bank may amend the Agreement at any time.
NOW THEREFORE, the Agreement is hereby amended as follows:
1. The introductory paragraph of the Agreement is hereby amended to provide as follows:
“THIS AMENDED AND RESTATED EXECUTIVE DEFERRED INCENTIVE AGREEMENT (the “Agreement”) is entered into as of January 1, 2008, by and between TERRITORIAL SAVINGS BANK, a Hawaii-chartered savings bank located in Honolulu, Hawaii (the “Bank”), and XXXXXX XXXXXX (the “Executive”).”
2. Section 1.4(a) of the Agreement is hereby amended to read as follows:
(a) There occurs a change in control of the Bank within the meaning of the Home Owners Loan Act of 1933, as applied to the Bank (at 12 C.F.R. Part 174) (or any successor regulation), as if it were a federally chartered institution.
IN WITNESS WHEREOF, the Bank and the Executive have adopted this Amendment, on the date set forth below.
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TERRITORIAL SAVINGS BANK | |
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9/24/14 |
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/s/ Xxxx Xxxxxxxx |
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Compensation Committee Chairman |
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EXECUTIVE | |
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9/24/14 |
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/s/ Xxxxxx Xxxxxx | |
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Xxxxxx Xxxxxx | |
