Amendment to Employment Agreement Between EFC Bancorp, Inc. and James J. Kovac

Contract Categories: Human Resources › Employment Agreements
Summary

EFC Bancorp, Inc. and James J. Kovac have agreed to amend their existing employment agreement, originally effective April 3, 1998. This amendment, effective February 15, 2005, clarifies how Mr. Kovac's benefits will be calculated if there is a change in control of the company. Specifically, it states that Mr. Kovac will receive three times his highest annual taxable compensation from the past three years. The amendment is signed by both parties and their witnesses.

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EX-10.2 3 kovacexb102.txt 1 AMENDMENT TO THE EFC BANCORP, INC. EMPLOYMENT AGREEMENT WITH JAMES J. KOVAC WHEREAS, James J. Kovac (the "Executive") entered into an employment agreement with EFC Bancorp, Inc. (the "Company") effective April 3, 1998 (the "Agreement"); and WHEREAS, the Company and the Executive desire to amend the Agreement to clarify the methodology used to determine the benefits the Executive would receive under the Agreement in the event of a change in control of the Company; and WHEREAS, Section 14 of the Agreement provides that the Agreement may be amended or modified by means of a written instrument signed by the parties. NOW, THEREFORE, the Company and the Executive hereby agree to amend the Agreement as follows: Effective February 15, 2005, Section 5(c)(ii) of the Agreement shall be deleted in its entirety and replaced with the following new Section 5(c)(ii): "(ii) three (3) times Executive's highest taxable year's annual compensation over the last three (3) calendar years." 2 IN WITNESS WHEREOF, the Company has caused this Amendment to the Agreement to be executed by its duly authorized officer, and Executive has signed this Amendment, on the 15th day of February, 2005. ATTEST: EFC BANCORP, INC. /s/ Ursula Wilson /s/ Peter A. Traeger - -------------------- ------------------------------------ Ursula Wilson Peter A. Traeger For the Board of Directors WITNESS: EXECUTIVE /s/ Eric Wedeen /s/ James J. Kovac - -------------------- ------------------------------------ Eric Wedeen James J. Kovac