Exhibit 10.7 - Amendment to Change in Control Agreement

 

 

AMENDMENT TO AGREEMENT

 

 

     This Amendment (the "Amendment") to the Agreement is made and entered as of
this 7th day of May, 2002 by and between THREE RIVERS BANCORP, INC. (the
"Company") a Pennsylvania corporation having its principal place of business at
2681 Mosside Boulevard, Monroeville, Pennsylvania 15146, and W. HARRISON VAIL
(the "Executive");

 

     WHEREAS, the Company and the Executive are parties to an Agreement (the
"Agreement") made as of the 1st day of April, 2000 which obligates the Company,
and its successors and assigns, to provide certain compensation and benefits to
the Executive following a Change in Control with respect to the Company and the
subsequent termination of Executive's employment;

 

     WHEREAS, the Company and Executive desire that the Agreement be amended to
clarify certain provisions of the Agreement and to extend the term of benefit
installment payments made pursuant to the Agreement from eighteen (18) months to
thirty-six (36) months.

 

     NOW THEREFORE, in consideration of the premises and mutual covenants
contained in the Agreement and herein, the parties hereto agree as follows:

 

I.  Defined Terms.  All capitalized terms set forth in this Amendment but not
otherwise defined herein shall have the respective meanings ascribed to such
terms in the Agreement.

 

II.  Amendment To Section 5(a) of Agreement.  Section 5(a) of the Agreement is
deleted in its entirety and the following is inserted in its place.

 

          (a)  the Executive shall select, in his absolute discretion, and
receive either (i) monthly installments equal to one thirty-sixth (1/36) of an
amount equal to 1.5 times the following:  (x) During the initial three-year term
of this Agreement (the "Initial Term") commencing on the date hereof, the
highest combined base salary and bonus paid or payable to the Executive by the
Company and any affiliate thereof in the then current year or in any one of the
last five fiscal years preceding the Executive's delivery of a notice of
termination; or (y) after the expiration of the Initial Term, the quotient
obtained by dividing the sum of the combined salary and bonuses paid or payable
to the Executive by the Company and any affiliate thereof in the five years
preceding the Executive's delivery of a notice of termination by five, such
monthly installments shall be payable for a period of three years (the "Payment
Period") commencing on the first day of the first calendar month after
Executive's delivery of notice of termination, or (ii) a one time lump sum
payment equal to the non-discounted sum of the payments provided for in Section
5(a)(i) immediately above;

 

III.  Amendment to Section 5 of the Agreement.  Section 5 of the Agreement is
amended by inserting the following as the final paragraph of Section 5.

 

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     As used in this Section 5 of the Agreement, the term "affiliate" shall
include any company that at any time was controlled by, controlling or under
common control with the Company.

 

IV.  Effect on Other Provisions of the Agreement.  Except as amended in this
Amendment, each other provision of the Agreement shall remain in full force and
effect.

 

     IN WITNESS WHEREOF, the parties have caused this Amendment to Agreement to
be executed and delivered as of the date first above written.

 

        WITNESS:     EXECUTIVE                

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      W. Harrison Vail         ATTEST:     THREE RIVERS BANCORP, INC.           
     

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    BY ____________________________________________
TITLE  _________________________________________                

 

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