Exhibit 10.16
EMPLOYMENT AGREEMENT
BETWEEN
OGDENSBURG FEDERAL SAVINGS AND LOAN ASSOCIATION
AND
XXXXXX X. XXXXXX
FIRST AMENDMENT
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WHEREAS, on January 13, 0000, Xxxxxxxxxx Xxxxxxx Savings
and Loan Association (the "Association") entered into an
employment agreement (the "Agreement") with Xxxxxx X. Xxxxxx
(the "Employee"); and
WHEREAS, the Agreement provided for a three-year term; and
WHEREAS, pursuant to Section 6 of the Agreement, on each
annual anniversary date of the effective date of the Agreement,
such term may be extended for an additional one-year period
beyond the then-effective expiration date, provided the Board of
Directors determines in a duly adopted resolution that the
performance of the Employee met the Board's requirements and
standards; and
WHEREAS, the Board of Directors has determined that the
Employee's performance has met its requirements and standards.
NOW, THEREFORE, the Agreement shall be amended to extend
the Employee's term of employment for an additional one-year
period beyond the previous expiration date.
Nothing contained herein shall be held to alter, vary or
affect any of the terms, provisions, or conditions of the
Agreement other than as stated above.
WHEREFORE, the undersigned hereby approve this First
Amendment to the Agreement effective as of the 12th day of
January, 2000.
EMPLOYEE
Witnessed by:
/s/ Xxxxxx X. Xxxxxx /s/ Xxxxxx X. Xxxxxx
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Xxxxxx X. Xxxxxx
OGDENSBURG FEDERAL SAVINGS
& LOAN ASSOCIATION
Witnessed by:
/s/ Xxxxxx X. Xxxxxx By Xxxxxx X.Xxxxxxxxx
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Secretary Its Chairman of the Board
