Amendment No. 1 to Severance Agreement between Prudential Savings Bank and Jeffrey T. Hanuscin
This amendment updates the severance agreement between Prudential Savings Bank and Jeffrey T. Hanuscin, the Bank’s Vice President and Controller. Effective November 13, 2015, it revises the definition of "Base Salary" to clarify that it refers to the annual amount paid to Mr. Hanuscin for his services, which may be adjusted by the Board of Directors. All other terms of the original agreement remain unchanged.
Exhibit 10.21
AMENDMENT NO. 1
to the
PRUDENTIAL SAVINGS BANK
SEVERANCE AGREEMENT
THIS AMENDMENT NO. 1 (the “Amendment”) to the Severance Agreement between Prudential Savings Bank, a Pennsylvania-chartered, stock-form savings bank (the “Bank”), and Jeffrey T. Hanuscin (the “Executive”) dated May 6, 2015 (the “Agreement”), is hereby effective as of November 13, 2015.
WHEREAS, the Executive is presently employed as the Vice President and Controller of the Bank;
WHEREAS, effective May 6, 2015, the Executive and the Bank entered into the Agreement which provided for, among other things, severance benefits under certain circumstances as set forth in the Agreement;
WHEREAS, the Bank wishes to clarify certain provisions of the Agreement;
WHEREAS, the Bank and the Executive desire to amend the Agreement to reflect the mutually agreed upon revision to the Agreement; and
WHEREAS, the Executive is willing to serve the Bank on the terms and conditions set forth in the Agreement, as amended by this Amendment.
NOW THEREFORE, in consideration of the premises and the mutual agreements herein contained, the Bank and the Executive do hereby agree to amend the Agreement as follows:
1. Section 1(b) of the Agreement be and hereby is rescinded and deleted and replaced in its entirety by the following:
1(b) Base Salary. “Base Salary” shall mean the amount per calendar year that the Bank pays Executive for his services, which amount may be adjusted from time to time as determined by the Board of Directors, subject to the provisions hereof.
2. All other sections and provisions in the Agreement shall continue in full force and effect and are incorporated by reference into this Amendment.
[signature page follows]
IN WITNESS WHEREOF, the parties have executed this Amendment No. 1 to the Agreement as of the date first written above.
ATTEST: | PRUDENTIAL SAVINGS BANK | ||
By: /s/ Regina Wilson | By: /s/ Joseph R. Corrato | ||
Name: Regina Wilson | Joseph R. Corrato | ||
Title: Corporate Secretary | President/Chief Executive Officer | ||
EXECUTIVE | |||
By: /s/ Jeffrey T. Hanuscin | |||
Jeffrey T. Hanuscin |