Document:

Unassociated Document

     

    Exhibit
      10.22

    

    AMENDMENT
      TO EMPLOYMENT AGREEMENT

    

    This
      Amendment is made and entered into as of the 1st
      day of
      March, 2007, by and between THE BANK OF SOUTHERN CONNECTICUT, and SOUTHERN
      CONNECTICUT BANCORP, INC., having its principal place of business in New Haven,
      Connecticut (hereafter referred to as the "Employer") and JOSEPH V. CIABURRI,
      residing in Guilford, Connecticut (hereafter referred to as
      "Employee").

     

     WITNESSETH

     

    WHEREAS,
      the Employer and the Employee entered into an Employment Agreement dated January
      23, 2001 (the "Agreement"), which was amended on October 20, 2003 and again
      amended on February 25, 2004; and

     

    WHEREAS,
      it is in the interests of both parties to amend the Employment
      Agreement;

     

    NOW,
      THEREFORE, in consideration of the promises and the mutual covenants herein
      contained, the parties hereto, intending to be legally bound, do hereby mutually
      covenant and agree as follows: 

     

    1.
      Paragraph 2 of the Agreement shall be amended to read as follows:

     

    2.
      Term
      of Employment:
      The
      Term of Employment shall commence on March 1, 2007 and shall end on June 30,
      2007. This Agreement shall not be extended. On June 30, 2007, Employee shall
      resign from his employment as Employer’s Chairman of the Board and Chief
      Executive Officer, and shall take the title of Chairman Emeritus. Employee’s
      retirement announcement shall be made at the Annual Shareholders' Meeting,
      and
      it shall be reported at an 

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    appropriate
      time in a Form 8-K. 

     

    3.
      Paragraph 4 of the Agreement shall be amended to read as follows:

     

    4.
      Compensation
      Including Stock Granted in Exchange for Options:
      During
      the Term of Employment to June 30, 2007, the Employer shall pay to the Employee
      as compensation for the services to be rendered by him hereunder the following:
       

     

    (a)
      The
      Employer shall pay to the Employee a base salary of SIXTY-NINE THOUSAND EIGHT
      HUNDRED THIRTY-THREE ($69,833.00) DOLLARS for this period of employment from
      March 1, 2007 to and including June 30, 2007. Such compensation shall be payable
      in accordance with the normal payroll practices of Employer.

     

    (b)
      The
      Employer shall exchange the 115,500 stock options presently held by Employee
      for
      shares of stock, to be based on a formula mutually agreed upon between the
      parties no later than July 1, 2007. Employee may exercise his options or
      exchange them, however, at any time. The Employee will be solely responsible
      for
      all costs, including all taxes of any nature, which arise due to this exchange.
      The Employer will not be responsible for any payment of any expense related
      to
      this exchange.

     

    5.
      Paragraph 9 of the Agreement shall be deleted, as the parties have agreed to
      enter into a new Consulting Agreement.

     

    6.
      Paragraph 10 of the Agreement shall be amended to read as follows:

     

    7.
      Notices:
      All
      notices under this Agreement shall be in writing. Any notice from Employee
      shall
      be provided both to the Vice-Chairman of the Board, 

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Elmer
      Laydon, and to the Secretary of the Bank (or their successors) and shall be
      effective and delivered in person or mailed by registered or certified mail.
      Any
      notice from Employer shall be effective when delivered in person or to
      Employee's last known address by registered or certified mail.

     

    8.
      In all
      other respects the Employment Agreement dated January 23, 2001, as amended,
      is
      hereby ratified and confirmed.     

    

    IN
      WITNESS WHEREOF, Employer has caused this Agreement to be executed by
      a duly
      authorized officer and Employee has hereunto set his hand, the day first above
      written.

    

    Dated
      at
      New Haven, Connecticut, this1st day of March, 2007.

     

    
      
        	
                Witnesses:

              	 	
                Bank:

              
	 	 	 
	 	 	 
	
                 

              	 	
                 

              
	 	 	
                The
                  Bank of Southern Connecticut, Inc

              
	 	 	
                Southern
                  Connecticut Bancorp, Inc.

              

      

      

       

      

      
        	
                Witnesses:

              	 	
                Employee:

              
	 	 	 
	
                 

              	 	
                 

              
	 	 	
                Joseph
                  V. CiaburriUnassociated Document

    Exhibit
      10.23

    

    CONSULTING
      AGREEMENT

    

    This
      Agreement is made and entered into as of the 1st
      day of
      March, 2007, by and between The Bank of Southern Connecticut and Southern
      Connecticut Bancorp, Inc., having its principal place of business in New Haven,
      Connecticut (hereafter referred to as "Bank") and Joseph V. Ciaburri, residing
      in Guilford, Connecticut (hereafter referred to as "Consultant").

     

    WITNESSETH

     

    WHEREAS,
      the Consultant is experienced in the operation and management of a bank,
      and

     

    WHEREAS,
      Bank desires to secure the services of the Consultant on the terms herein set
      forth; and

     

    WHEREAS,
      the Consultant is willing to enter into this Agreement on said
      terms;

     

    NOW,
      THEREFORE, in consideration of the promises and the mutual covenants herein
      contained, the parties hereto, intending to be legally bound, do hereby mutually
      covenant and agree as follows:

     

    1.
      Employment:
      Bank
      agrees to hire and utilize the services of the Consultant as an independent
      contractor.

     

    2.
      Term
      of Employment:
      Bank
      agrees to employ Consultant as an independent contractor from July 1, 2007
      through December 31, 2010.

     

    3.
      Duties:
      Consultant's job duties will be subject to the direction of the Board of
      Directors only. Generally, however, Consultant will be a ceremonial

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    representative,
      or "Good Will Ambassador" of the Bank. Consultant will remain a Director, by
      election at the Annual Meeting of Southern Connecticut Bancorp, Inc. Consultant
      will make his own schedule and his hours shall be flexible.

     

    4.
      Compensation:
      Beginning July 1, 2007 and ending December 31, 2010, Consultant shall be paid
      the annualized rate of ONE HUNDRED TWO THOUSAND ($102,000) DOLLARS for his
      services. Therefore, Consultant will be paid FIFTY-ONE THOUSAND ($51,000)
      DOLLARS from July 1, 2007 to December 31, 2007, and ONE HUNDRED TWO THOUSAND
      ($102,000) DOLLARS annually thereafter. He will be paid on a monthly basis,
      with
      no tax withholdings. As an independent contractor, Consultant will be solely
      responsible for payment of all taxes. Consultant shall make no claims for
      reimbursement of expenses, and will not be eligible for vacation pay, sick
      time
      or personal time. In addition to the above, Bank will transfer title to the
      2004
      Mercedes motor vehicle to Consultant, on or about July 1, 2007. Consultant
      will
      be responsible for paying all expenses of transfer, including any taxes of
      any
      nature, and Consultant agrees that there shall be no charges assumed by
      Bank.

     

    5.
      Termination
      Of Consulting Agreement:
      Bank,
      by a majority of the independent Directors of Southern Connecticut Bancorp,
      Inc., shall have the right in its sole discretion to terminate this Agreement,
      with or without cause. The independent Directors are those Directors who are
      not
      employees or consultants of the Bank. Upon such termination, which shall be
      given to Consultant in writing, Consultant will resign as a Director of Southern
      Connecticut Bancorp, Inc. effective upon his receipt of the compensation due
      

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    him
      under
      this section. In the event of the termination of this Agreement, Consultant
      shall be entitled to receive one hundred percent (100%) of the balance of the
      compensation under this Agreement which is owing to him for the time remaining
      between his termination notice and December 31, 2010, in a lump sum. Said lump
      sum will be paid no later than ten (10) business days from the date Consultant
      executes the release of claims referred to in paragraph 6, below.

     

    This
      Consulting Agreement will also terminate upon Consultant's death or total
      disability. Consultant shall be "totally disabled" if he is unable to engage
      in
      the functions required by this Agreement on a substantially full-time basis
      by
      reason of any medically determinable physical or mental impairment, for the
      period of twelve (12) continuous months. Upon termination due to death or total
      disability, Bank shall have no liability for further payments under this
      Agreement.

     

    6.
      Release
      of Claims:
      As a
      condition of receiving the lump sum payable under paragraph 5 above, Consultant
      agrees to release and withdraw, on a form acceptable to Bank, any and all claims
      of any nature, known or unknown. Bank agrees to tender said release to
      Consultant simultaneously with any notice of termination.

     

    7.
      Administrative:
      Bank
      will afford Consultant an office as well as limited, reasonable secretarial
      and
      administrative help as reasonably needed.

     

    8.
      Notices.
      All
      notices under this Agreement shall be in writing. Any notice from Employee
      shall
      be provided both to the Vice-Chairman of the Board, Elmer Laydon, and to the
      Secretary of the Bank (or their successors) and shall 

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    be
      effective and delivered in person or mailed by registered or certified mail.
      Any
      notice from Employer shall be effective when delivered in person or to
      Employee's last known address by registered or certified mail. 

     

    9.
      Successors
      and Assigns.
      The
      Rights and obligations of the Bank under this Agreement shall inure to the
      benefit of and shall be binding upon the successors and assigns of the Bank,
      including, without limitation, any corporation, individual or other person
      or
      entity which may acquire all or substantially all of the assets and business
      of
      Bank, or any division of the Bank or with or into which the Bank may be
      consolidated or merged or any surviving corporation in any merger involving
      the
      Bank.

     

    Similarly,
      the rights and obligations of the Consultant shall be continued and binding
      on
      the Consultant as required in this Agreement.

     

    10.
      Arbitration.
      Any
      dispute which may arise between the parties hereto shall be submitted to binding
      arbitration in accordance with the Employment Rules of the American Arbitration
      Association provided that any such dispute shall first be submitted to the
      Bank’s Board of Directors in an effort to resolve such dispute without resort to
      arbitration. In any dispute which is submitted to arbitration, the arbitration
      costs and attorney’s fees and expenses of the prevailing party shall be paid by
      the other party.

     

    11.
      Severability.
      If any
      of the terms or conditions of this Agreement shall be declared void or
      unenforceable by any court or administrative body or competent jurisdiction,
      such term of condition shall be deemed severable from the remainder of this
      Agreement, and the other terms and conditions of this 

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Agreement
      shall continue to be valid and enforceable.

     

    12.
      Construction.
      This
      Agreement shall be construed under the laws of the State of Connecticut. Words
      of the masculine gender mean and include correlative words of the feminine
      gender. Section headings are for convenience only and shall be considered a
      part
      of the terms and provisions of the Agreement.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    IN
      WITNESS WHEREOF, Bank has caused this Agreement to be executed by a duly
      authorized officer and Consultant has hereunto set his hand, the day first
      above
      written.

    

    Dated
      at
      New Haven, Connecticut, this1st day of March, 2007.

    

    

    
      	
              Witnesses:

            	 	
              Bank:

            
	 	 	 
	 	 	 
	
               

            	 	
               

            
	 	 	
              The
                Bank of Southern Connecticut, Inc

            
	 	 	
              Southern
                Connecticut Bancorp, Inc.

            
	 	 	 
	 	 	 
	 	 	 
	
              Witnesses:

            	 	
              Consultant:

            
	 	 	 
	
               

            	 	
               

            
	 	 	
              Joseph
                V. Ciaburri

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