Amendment to Employment Agreement Between Richard B. Boyer and Exchange Underwriters, Inc.

Summary

This amendment updates the employment agreement between Richard B. Boyer and Exchange Underwriters, Inc., effective April 1, 2010. It sets Mr. Boyer's annual base salary at $167,500 and states that future changes to his base salary will not require a formal amendment to the agreement. The amendment is signed by both parties and reflects the company's board decision to adjust compensation terms.

EX-10.3 4 ex-10_3.htm AMENDMENT TO THE EMPLOYMENT AGREEMENT WITH RICHARD B. BOYER ex-10_3.htm

FedFirst Financial Corporation 10-Q

EXHIBIT 10.3

AMENDMENT TO THE EMPLOYMENT AGREEMENT BY AND BETWEEN

RICHARD B. BOYER AND EXCHANGE UNDERWRITERS, INC.

WHEREAS, Richard B. Boyer (the “Executive”) entered into an employment agreement with Exchange Underwriters, Inc., a fully owned subsidiary of First Federal Savings Bank, effective June 1, 2008 (the “Employment Agreement”); and

WHEREAS , the Board of Directors of Exchange Underwriters, Inc. has resolved to amend the Employment Agreement effective April 1, 2010, to reflect an adjustment in the Executive’s annual base salary; and

WHEREAS, the Employment Agreement was further amended to provide that modifications to Executive’s base salary in the future will not require an amendment to the Employment Agreement.

NOW, THEREFORE, the Executive and Exchange Underwriters, Inc. hereby consent to the following:

Effective April 1, 2010, Section 4 of the Employment Agreement shall be deleted in its entirety and replaced with the following new Section 4:

“Exchange agrees to pay Executive an annual salary of $167,500, payable in accordance with the customary payroll practices of Exchange. The Executive’s annual salary, as the same may be modified from time to time, is referred to in this Agreement as the “Base Salary.””

ATTEST:			EXCHANGE UNDERWRITERS, INC.

/s/ Diane Merrick			/s/ John J. LaCarte
Diane Merrick			John J. LaCarte

			/s/ Richard B. Boyer
			Richard B. Boyer