Exhibit 10.16
FIRST AMENDMENT TO
AMENDED AND RESTATED
CHICOPEE SAVINGS BANK
THREE-YEAR EMPLOYMENT AGREEMENT
First Amendment, dated as of
December 31, 2008 (the “Amendment”), to the
Amended and Restated Employment Agreement, effective as of
July 19, 2006, and subsequently amended and restated effective
as of November 20, 2008 (as amended, the
“Agreement”), by and between Chicopee Savings Bank (the
“Bank”) and William J. Wagner (the
“Executive”). Capitalized terms which are not defined
herein shall have the same meaning as set forth in the
Agreement.
W I T N E S S E T H:
WHEREAS, the parties desire to amend
the Agreement to comply with the final regulations issued in April
2007 by the Internal Revenue Service under Section 409A of the
Internal Revenue Code of 1986, as amended (the “Code”);
and
WHEREAS, pursuant to Section 21
of the Agreement, the parties to the Agreement desire to amend the
Agreement;
NOW, THEREFORE, in consideration of
the premises, the mutual agreements herein set forth and such other
consideration the sufficiency of which is hereby acknowledged, the
Bank and the Executive hereby agree as follows:
Section 1. Amendment to
Section 11(c)(i) of the Agreement . Section 11(c)(i)
of the Agreement is hereby amended and restated to read in its
entirety as follows:
“(i) The Board or Executive
may terminate Executive’s employment after having determined
Executive has a Disability. For purposes of this Agreement,
“Disability” means the Executive (i) is unable to
engage in any substantial gainful activity by reason of any
medically determinable physical or
