Exhibit 10.2
FIRST AMENDMENT TO
EMPLOYMENT AGREEMENT
First Amendment, dated as of
September 23, 2008 (the “Amendment”), to the Employment
Agreement, dated as of February 26, 2008 (as amended, the
“Agreement”), by and between The LaPorte Savings Bank
(the “Bank”) and Lee A. Brady (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 by the
Internal Revenue Service under Section 409A of the Internal
Revenue Code of 1986, as amended (the “Code”);
and
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. Deletion of
Section 4(a)(ii)(D) of the Agreement .
Section 4(a)(ii)(D) of the Agreement, which provides for
“a liquidation or dissolution of the Bank”, is hereby
deleted in its entirety.
Section 2.
Effectiveness . This Amendment shall be deemed effective as
of February 26, 2008, above written, as if executed on such
date. Except as expressly set f
