EXHIBIT 10.7
AMENDMENT NUMBER 1 TO THE AGREEMENT
AMONG
PITTSBURGH HOME SAVINGS BANK
AND
XXXXXX X. XXXXXXX
WHEREAS, Pittsburgh Home Savings Bank, a Pennsylvania-chartered savings
bank (the "Savings Bank") and Xxxxxx X. Xxxxxxx (the "Executive") entered into
an Agreement dated July 25, 1996 in connection with his employment with the
Savings Bank (the "Employer");
WHEREAS, the Employer desires to consider and review extension of the
term of employment under the Agreement on or before the end of each calendar
year rather than prior to each annual anniversary date; and
WHEREAS, Section 11 of the Agreement provides that no provisions of the
Agreement may be modified, waived or discharged unless such waiver, modification
or discharge is agreed to in writing signed by the Executive and such officer or
officers as may be specifically designated by the Board of Directors of the
Employer to sign on their behalf.
NOW, THEREFORE, BE IT RESOLVED, in consideration of the mutual
covenants herein set forth, the Employer and the Executive do hereby agree that
Section 2(a) of the Agreement is modified to read as set forth below:
(a) The Employer hereby employs the Executive as Senior Vice President
and Executive hereby accepts said employment and agrees to render such
services to the Employer on the terms and conditions set forth in this
Agreement. The term of employment under this Agreement shall be for two
years, effective December 31, 1997. Beginning with the year ended
December 31, 1998, upon approval of the Board of Directors of the
Employer, the term of employment for the Executive shall be extended
for an additional year, and on each calendar year end thereafter such
that at any time the remaining term of this Agreement shall be from one
to two years. Prior to each calendar year end hereafter, the Board of
Directors of the Employer shall consider and review (with appropriate
corporate documentation thereof, and after taking into account all
relevant factors, including the Executive's performance hereunder)
extension of the term under this Agreement, and the term shall continue
to extend each year if the Board of Directors approves such extension
unless the Executive gives written notice to the Employer of the
Executive's election not to extend the term, with such written notice
to be given not less than thirty (30) days prior to any such calendar
year end. References herein to the term of this Agreement shall refer
both to the initial term and successive terms.
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IN WITNESS WHEREOF, the parties have duly executed this Amendment
Number 1 to the Agreement as of this 23rd day of April 1998.
PITTSBURGH HOME SAVINGS BANK
Attest:
By: /s/ J. Xxxxx Xxxxxx
-----------------------------------
/s/ Xxxx X. Xxxxxx J. Xxxxx Xxxxxx
------------------------------ Chairman, President and Chief
Xxxx X. Xxxxxx, Secretary Executive Officer
EXECUTIVE
By: /s/ Xxxxxx X. Xxxxxxx
-----------------------------------
Xxxxxx X. Xxxxxxx
