Fifth Amendment to Severance Agreement between Robert W. Dowens, Sr. and The Town Bank
This amendment extends the term of the Severance Agreement between Robert W. Dowens, Sr. and The Town Bank, originally dated December 4, 2002. The only change is to update the agreement's expiration date from September 30, 2006, to December 31, 2006. All other terms of the original agreement remain unchanged and in effect.
Exhibit 10.2
FIFTH AMENDMENT TO SEVERANCE AGREEMENT
MADE AS OF DECEMBER 4, 2002
Robert W. Dowens, Sr. (the “Employee”) and The Town Bank, formerly known as The Town Bank of Westfield (the “Bank”) have previously entered into a Severance Agreement made as of December 4, 2002, as amended (the “Agreement”). The parties have agreed that the term of that Agreement should be extended and, accordingly, agree:
| (1) | The reference to September 30, 2006 in Paragraph 2 of the Agreement is hereby amended to read December 31, 2006. |
| (2) | Except for that change, the Agreement shall remain in full force and effect and the parties hereby ratify and affirm all terms of the Agreement. |
WITNESS:
| /s/ EDWIN WIJTASZEK | /s/ ROBERT W. DOWENS, SR. | |
| ROBERT W. DOWENS, SR., EMPLOYEE |
| ATTEST: | THE TOWN BANK |
| /s/ ZACK HUGHES | BY: /s/ JOSEPH F.X. O’SULLIVAN | |
| JOSEPH F.X. O’SULLIVAN, CHAIRMAN OF THE BOARD OF DIRECTORS |
September 20, 2006
