EXHIBIT 10.1
Amendment No. 3 To Employment Agreement
Amendment No. 3, dated as of May 1, 2008, by and between The
Berkshire Bank, a New York banking corporation("Employer"), and Xxxxx
Xxxxxx("Employee"), to the Agreement, dated as of January 1, 2001, between
Employer and Employee (the "Employment Agreement").
W I T N E S S E T H:
WHEREAS, Employer and Employee entered into the Employment
Agreement; and
WHEREAS, Employer and Employee wish to amend the terms of the
Employment Agreement with respect to the term thereof.
NOW, THEREFORE, in consideration of the covenants herein
contained, the parties hereto hereby agree as follows:
1. Paragraph 3 of the Employment Agreement shall be amended to
read in its entirety as follows:
"3. Term of Employment. The employment by Employer of Employee
pursuant hereto shall commence as of the date hereof and, subject to the
provisions of paragraph 4 hereof, shall terminate on June 30, 2010; provided,
however, that Employee's employment hereunder shall be automatically renewed for
up to three additional periods of one year each unless Employee or Employer
notifies the other, not less than 60 days nor more than 90 days prior to the
expiration of Employee's then current employment period, that he or it elects
not to extend Employee's employment hereunder beyond the expiration date of the
then current employment period."
2. Except as otherwise amended hereby, the Employment
Agreement shall continue in full force and effect unamended from and after the
date hereof.
IN WITNESS WHEREOF, this Amendment No. 3 has been executed and
delivered by the parties hereto as of the date first above written.
THE BERKSHIRE BANK
/s/ Xxxxx Xxxxxx
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President and CEO
/s/ Xxxxx Xxxxxx
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Xxxxx Xxxxxx
