Amendment to Employment Agreement between Hamilton Bancorp Inc., Hamilton Bank, N.A., and Juan Carlos Bernace

Summary

This amendment updates the employment agreement between Hamilton Bancorp Inc., Hamilton Bank, N.A., and Juan Carlos Bernace. It changes the terms regarding a performance bonus if a change of control occurs. Under the new terms, if there is a change of control during the agreement's term, Mr. Bernace will receive a bonus equal to his most recent annual compensation. All other terms of the original agreement remain unchanged.

EX-10.5.1 2 g69771ex10-5_1.txt AMENDMENT TO EMPLOYMENT AGREEMENT- BERNACE 1 Exhibit 10.5.1 AMENDMENT TO EMPLOYMENT AGREEMENT THIS AMENDATORY AGREEMENT is dated the 29th day of March, 2001, among Hamilton Bancorp Inc., a Florida corporation, Hamilton Bank, N.A. (the "Bank"), a national banking association located in Miami, Florida (collectively, the "Company"), and Juan Carlos Bernace (the "Executive"). WHEREAS the parties entered into an Employment Agreement dated October 1, 1999 ("Agreement") and desire to amend the Agreement. ACCORDINGLY, the parties hereby agree as follows: 1. The first paragraph of Section 6 is amended to read as follows: "If a Change of Control occurs during the term of this Agreement, the Executive shall be paid a performance bonus equal to the Executive's compensation paid by the Company and its affiliates which was includible in the Executive's gross income during the most recent taxable year ending before the date of the Change of Control." IN WITNESS WHEREOF, the Executive and duly authorized Company officers have signed this Amendatory Agreement. EXECUTIVE: COMPANY: HAMILTON BANCORP INC. - ------------------------- Juan Carlos Bernace By: ------------------------------- Title: Addresses: By: ------------------------------- Title: HAMILTON BANK, N.A. By: ------------------------------- Title: 3750 N.W. 87th Avenue Miami, Florida 33178 By: ------------------------------- Title: