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EXHIBIT 10.3
AMENDMENT TO EMPLOYMENT AGREEMENT
This Amendment to Employment Agreement is made and entered into as of this
28th day of August, 2000, by and between The Savings Bank, an Ohio state
chartered commercial bank (the "Bank"), and Xxxxxxx X. Xxxx (the "Employee").
WHEREAS, the Bank and the Employee previously entered into an Employment
Agreement dated as of January 28, 2000 (the "Agreement"), pursuant to which the
Employee agreed to continue to act as President and CEO of the Bank;
WHEREAS, The Bank and the Employee desire to amend the Agreement as set
forth herein.
NOW, THEREFORE, in consideration of the premises and the mutual covenants
herein set forth, the parties hereto mutually agree as follows:
1. Modification of Section 3(f)(v). Section 3(f)(v) of the Agreement shall be
modified by renumbering it as 3(f)(iv) and subsection A of that subsection
shall be deleted in its entirety and replaced by the following language:
"(A) the acquisition of ownership or power to vote more than 35% of
the voting stock of the Bank;"
2. Renumbering of Section 3(f). Subsections (vi) and (vii) of Section 3(f) of
the Agreement shall be renumbered as subsections (v) and (vi),
respectively.
3. Otherwise Unmodified. Except as set forth herein, the Agreement shall
remain unmodified and in full force and effect.
IN WITNESS WHEREOF, the Bank and the Employee have signed this Amendment to
Employment Agreement as of the date and year first above written.
The Savings Bank
By: /s/ Xxxxxx X. Xxxxxx
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Name: Xxxxxx X. Xxxxxx
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Title: Chairman
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/s/ Xxxxxxx X. Xxxx
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Xxxxxxx X. Xxxx
