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EXHIBIT 10 (i)
AMENDMENT TO SEVERANCE PAYMENT AGREEMENT
This Amendment to Severance Payment Agreement ("Amendment") is made
and entered into as of August 28, 1995, by and among ST. XXXX BANCORP, INC.
(the "Company"), ST. XXXX FEDERAL BANK FOR SAVINGS (the "Bank") and XXXXXX X.
XXXXXXX (the "Employee").
WHEREAS, the Company, the Bank and the Employee have entered into a
Severance Payment Agreement, dated as of December 21, 1992, as amended (the
"Agreement"); and
WHEREAS, the parties hereto desire to amend the Agreement in certain
respects;
NOW, THEREFORE, it is AGREED as follows:
1. The first sentence of the first paragraph of Section 2(c) of
the Agreement is hereby amended to add the following two events to the end of
the sentence:
"; or (ix) the Company or the Bank enters into a binding agreement
with respect to any merger or consolidation of the Company or the Bank
other than (A) a merger or consolidation which would result in the
voting securities of the Company outstanding immediately prior thereto
continuing to represent (either by remaining outstanding or by being
converted into voting securities of the another person) more than 80%
of the combined voting power of the voting securities of the Company
(or such other person) outstanding immediately after such merger or
consolidation, or (B) a merger or consolidation effected to implement
a recapitalization of the Company (or similar transaction) in which no
person acquires more than 25% of the combined voting power of the
Company's then outstanding securities, provided that a change in
control will not be deemed to have occurred under this clause (ix) if
the Board of Directors of the Company has made a determination (by
resolution adopted by the affirmative vote of at least two-thirds
(2/3) of the members of the Board in office immediately prior to such
transaction) that such action does not or will not constitute a change
in control, and further provided that a change in control shall no
longer be deemed to have occurred upon the termination of such
agreement for any reason whatsoever; or (x) the Company or the Bank
enters into a binding agreement with respect to any merger or
consolidation of the Company or the Bank with any other person (or a
subsidiary of a person) having total consolidated assets as of the
date of its most recently prepared quarterly balance sheet in an
amount that is at least 60% of the Company's total consolidated assets
at such date, provided that a change in control will not be deemed to
have occurred under this clause (x) if the Board of Directors of the
Company has made a determination (by resolution adopted by the
affirmative vote of at least two-thirds (2/3) of the members of the
Board in office immediately prior to such transaction) that such
action does not or will not constitute a change in control, and
further provided that a change in control shall no longer be deemed to
have occurred upon the termination of such agreement for any reason
whatsoever."
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2. Except as amended hereby, the Agreement shall continue and
shall remain in full force and effect in all respects.
3. This Amendment may be executed by the parties hereto in
separate counterparts, each of which when so executed and delivered shall be
an original, but all of such counterparts shall together constitute but one and
the same instrument.
IN WITNESS WHEREOF, the parties have executed this Amendment or have
caused this Amendment to be executed on their behalf, as of the date first
above written.
ATTEST: ST. XXXX BANCORP, INC.
_______________________ By__________________________________
Xxxxxx X. Xxxxxx
Chairman of the Board
ATTEST: ST. XXXX FEDERAL BANK FOR SAVINGS
_____________________________ By_________________________________
Xxxxxx X. Xxxxxx
Chairman of the Board
EMPLOYEE
______________________________________________
XXXXXX X. XXXXXXX
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AMENDMENT TO SEVERANCE PAYMENT AGREEMENT
This Amendment to Severance Payment Agreement ("Amendment") is made
and entered into as of August 28, 1995, by and among ST. XXXX BANCORP, INC.
(the "Company"), ST. XXXX FEDERAL BANK FOR SAVINGS (the "Bank") and XXXXXX X.
XXXX (the "Employee").
WHEREAS, the Company, the Bank and the Employee have entered into a
Severance Payment Agreement, dated as of December 21, 1992, as amended (the
"Agreement"); and
WHEREAS, the parties hereto desire to amend the Agreement in certain
respects;
NOW, THEREFORE, it is AGREED as follows:
1. The first sentence of the first paragraph of Section 2(c) of
the Agreement is hereby amended to add the following two events to the end of
the sentence:
"; or (ix) the Company or the Bank enters into a binding agreement
with respect to any merger or consolidation of the Company or the Bank
other than (A) a merger or consolidation which would result in the
voting securities of the Company outstanding immediately prior thereto
continuing to represent (either by remaining outstanding or by being
converted into voting securities of the another person) more than 80%
of the combined voting power of the voting securities of the Company
(or such other person) outstanding immediately after such merger or
consolidation, or (B) a merger or consolidation effected to implement
a recapitalization of the Company (or similar transaction) in which no
person acquires more than 25% of the combined voting power of the
Company's then outstanding securities, provided that a change in
control will not be deemed to have occurred under this clause (ix) if
the Board of Directors of the Company has made a determination (by
resolution adopted by the affirmative vote of at least two-thirds
(2/3) of the members of the Board in office immediately prior to such
transaction) that such action does not or will not constitute a change
in control, and further provided that a change in control shall no
longer be deemed to have occurred upon the termination of such
agreement for any reason whatsoever; or (x) the Company or the Bank
enters into a binding agreement with respect to any merger or
consolidation of the Company or the Bank with any other person (or a
subsidiary of a person) having total consolidated assets as of the
date of its most recently prepared quarterly balance sheet in an
amount that is at least 60% of the Company's total consolidated assets
at such date, provided that a change in control will not be deemed to
have occurred under this clause (x) if the Board of Directors of the
Company has made a determination (by resolution adopted by the
affirmative vote of at least two-thirds (2/3) of the members of the
Board in office immediately prior to such transaction) that such
action does not or will not constitute a change in control, and
further provided that a change in control shall no longer be deemed to
have occurred upon the termination of such agreement for any reason
whatsoever."
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2. Except as amended hereby, the Agreement shall continue and
shall remain in full force and effect in all respects.
3. This Amendment may be executed by the parties hereto in
separate counterparts, each of which when so executed and delivered shall be
an original, but all of such counterparts shall together constitute but one and
the same instrument.
IN WITNESS WHEREOF, the parties have executed this Amendment or have
caused this Amendment to be executed on their behalf, as of the date first
above written.
ATTEST: ST. XXXX BANCORP, INC.
_____________________________ By_______________________________
Xxxxxx X. Xxxxxx
Chairman of the Board
ATTEST: ST. XXXX FEDERAL BANK FOR SAVINGS
_____________________________ By________________________________
Xxxxxx X. Xxxxxx
Chairman of the Board
EMPLOYEE
_________________________________
XXXXXX X. XXXX
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AMENDMENT TO SEVERANCE PAYMENT AGREEMENT
This Amendment to Severance Payment Agreement ("Amendment") is made
and entered into as of August 28, 1995, by and among ST. XXXX BANCORP, INC.
(the "Company"), ST. XXXX FEDERAL BANK FOR SAVINGS (the "Bank") and XXXXXXXX X.
XXXXXXXX (the "Employee").
WHEREAS, the Company, the Bank and the Employee have entered into a
Severance Payment Agreement, dated as of December 21, 1992, as amended (the
"Agreement"); and
WHEREAS, the parties hereto desire to amend the Agreement in certain
respects;
NOW, THEREFORE, it is AGREED as follows:
1. The first sentence of the first paragraph of Section 2(c) of
the Agreement is hereby amended to add the following two events to the end of
the sentence:
"; or (ix) the Company or the Bank enters into a binding
agreement with respect to any merger or consolidation of the
Company or the Bank other than (A) a merger or consolidation
which would result in the voting securities of the Company
outstanding immediately prior thereto continuing to represent
(either by remaining outstanding or by being converted into
voting securities of the another person) more than 80% of the
combined voting power of the voting securities of the Company
(or such other person) outstanding immediately after such
merger or consolidation, or (B) a merger or consolidation
effected to implement a recapitalization of the Company (or
similar transaction) in which no person acquires more than 25%
of the combined voting power of the Company's then outstanding
securities, provided that a change in control will not be
deemed to have occurred under this clause (ix) if the Board of
Directors of the Company has made a determination (by
resolution adopted by the affirmative vote of at least
two-thirds (2/3) of the members of the Board in office
immediately prior to such transaction) that such action does
not or will not constitute a change in control, and further
provided that a change in control shall no longer be deemed to
have occurred upon the termination of such agreement for any
reason whatsoever; or (x) the Company or the Bank enters into
a binding agreement with respect to any merger or
consolidation of the Company or the Bank with any other person
(or a subsidiary of a person) having total consolidated assets
as of the date of its most recently prepared quarterly balance
sheet in an amount that is at least 60% of the Company's total
consolidated assets at such date, provided that a change in
control will not be deemed to have occurred under this clause
(x) if the Board of Directors of the Company has made a
determination (by resolution adopted by the affirmative vote
of at least two-thirds (2/3) of the members of the Board in
office immediately prior to such transaction) that such action
does not or will not constitute a change in control, and
further provided that a change in control shall no longer be
deemed to have occurred upon the termination of such agreement
for any reason whatsoever."
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2. Except as amended hereby, the Agreement shall continue and
shall remain in full force and effect in all respects.
3. This Amendment may be executed by the parties hereto in
separate counterparts, each of which when so executed and delivered shall be an
original, but all of such counterparts shall together constitute but one and
the same instrument.
IN WITNESS WHEREOF, the parties have executed this Amendment or have
caused this Amendment to be executed on their behalf, as of the date first
above written.
ATTEST: ST. XXXX BANCORP, INC.
____________________________ By_________________________________
Xxxxxx X. Xxxxxx
Chairman of the Board
ATTEST: ST. XXXX FEDERAL BANK FOR SAVINGS
____________________________ By_________________________________
Xxxxxx X. Xxxxxx
Chairman of the Board
EMPLOYEE
____________________________________
XXXXXXXX X. XXXXXXXX
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AMENDMENT TO SEVERANCE PAYMENT AGREEMENT
This Amendment to Severance Payment Agreement ("Amendment") is made
and entered into as of August 28, 1995, by and among ST. XXXX BANCORP, INC.
(the "Company"), ST. XXXX FEDERAL BANK FOR SAVINGS (the "Bank") and XXXXXX X.
XXXXX (the "Employee").
WHEREAS, the Company, the Bank and the Employee have entered into a
Severance Payment Agreement, dated as of December 21, 1992, as amended (the
"Agreement"); and
WHEREAS, the parties hereto desire to amend the Agreement in certain
respects;
NOW, THEREFORE, it is AGREED as follows:
1. The first sentence of the first paragraph of Section 2(c) of
the Agreement is hereby amended to add the following two events to the end of
the sentence:
"; or (ix) the Company or the Bank enters into a binding
agreement with respect to any merger or consolidation of the
Company or the Bank other than (A) a merger or consolidation
which would result in the voting securities of the Company
outstanding immediately prior thereto continuing to represent
(either by remaining outstanding or by being converted into
voting securities of the another person) more than 80% of the
combined voting power of the voting securities of the Company
(or such other person) outstanding immediately after such
merger or consolidation, or (B) a merger or consolidation
effected to implement a recapitalization of the Company (or
similar transaction) in which no person acquires more than 25%
of the combined voting power of the Company's then outstanding
securities, provided that a change in control will not be
deemed to have occurred under this clause (ix) if the Board of
Directors of the Company has made a determination (by
resolution adopted by the affirmative vote of at least
two-thirds (2/3) of the members of the Board in office
immediately prior to such transaction) that such action does
not or will not constitute a change in control, and further
provided that a change in control shall no longer be deemed to
have occurred upon the termination of such agreement for any
reason whatsoever; or (x) the Company or the Bank enters into
a binding agreement with respect to any merger or
consolidation of the Company or the Bank with any other person
(or a subsidiary of a person) having total consolidated assets
as of the date of its most recently prepared quarterly balance
sheet in an amount that is at least 60% of the Company's total
consolidated assets at such date, provided that a change in
control will not be deemed to have occurred under this clause
(x) if the Board of Directors of the Company has made a
determination (by resolution adopted by the affirmative vote
of at least two-thirds (2/3) of the members of the Board in
office immediately prior to such transaction) that such action
does not or will not constitute a change in control, and
further provided that a change in control shall no longer be
deemed to have occurred upon the termination of such agreement
for any reason whatsoever."
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2. Except as amended hereby, the Agreement shall continue and
shall remain in full force and effect in all respects.
3. This Amendment may be executed by the parties hereto in
separate counterparts, each of which when so executed and delivered shall be an
original, but all of such counterparts shall together constitute but one and
the same instrument.
IN WITNESS WHEREOF, the parties have executed this Amendment or have
caused this Amendment to be executed on their behalf, as of the date first
above written.
ATTEST: ST. XXXX BANCORP, INC.
_____________________________ By_________________________________
Xxxxxx X. Xxxxxx
Chairman of the Board
ATTEST: ST. XXXX FEDERAL BANK FOR SAVINGS
_____________________________ By_________________________________
Xxxxxx X. Xxxxxx
Chairman of the Board
EMPLOYEE
____________________________________
XXXXXX X. XXXXX
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