THIRD AMENDMENT OF AMENDED AND RESTATED EMPLOYMENT AGREEMENTEmployment Agreement • May 6th, 2011 • State Bancorp Inc • State commercial banks
This Third Amendment of Amended and Restated Employment Agreement (“Amendment”) is made and entered into as of April 21, 2011 by and among State Bancorp, Inc., a New York corporation (the “Company”), State Bank Of Long Island, a banking corporation organized and operating under the laws of the State of New York (the “Bank”) and Thomas M. O’Brien, an individual (the “Executive”).
CHANGE OF CONTROL EMPLOYMENT AGREEMENTChange of Control • May 6th, 2011 • State Bancorp Inc • State commercial banks • New York
The Board of Directors of the Company (the “Board”) has determined that it is in the best interests of the Company and its shareholders to assure that the Company will have the continued dedication of the Executive, notwithstanding the possibility, threat or occurrence of a Change of Control (as defined below) of the Company. The Board believes it is imperative to diminish the inevitable distraction of the Executive by virtue of the personal uncertainties and risks created by a pending or threatened Change of Control and to encourage the Executive’s full attention and dedication to the Company currently and in the event of any threatened or pending Change of Control, and to provide the Executive with compensation and benefits arrangements upon a Change of Control which ensure that the compensation and benefits expectations of the Executive will be satisfied and which are competitive with those of other corporations. Therefore, in order to accomplish these objectives, the Board has caus
