Terms of Employment Arrangement between Slavie Federal Savings Bank and Charles E. Wagner
Exhibit
10.4
Terms of
Employment Arrangement
between
Slavie Federal Savings Bank
and
Xxxxxxx X. Xxxxxx
Xx.
Xxxxxx is employed on an at-will basis at a rate of pay of $87,360.00 as of
January 1, 2009. Xx. Xxxxxx is also eligible to receive annual salary
increases as determined by the Compensation Committee of the Board of Directors
and an annual bonus as determined by the Compensation Committee of the Board of
Directors. He is also entitled to all benefits available to full-time
employees of Slavie Federal Savings Bank. Xx. Xxxxxx received a bonus
of $23,596.04 for 2008, which was paid in March, 2009.
Xx.
Xxxxxx is also compensated for his attendance at board meetings at the same rate
as other board members. Xx. Xxxxxx received $27,550.00, including a
$6,000 bonus, for his service as a director and $4,050.00 for his service as
board secretary during 2008.
