Terms of Employment Arrangement between Slavie Federal Savings Bank and Philip E. Logan
Exhibit
10.3
Terms of
Employment Arrangement
between
Slavie Federal Savings Bank
and
Xxxxxx X. Xxxxx
Xx. Xxxxx
is employed on an at-will basis at a rate of pay of $125,840.00 as of January 1,
2009. Xx. Xxxxx 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. Xxxxx received a bonus
of $46,453.67 for 2008, which was paid in March, 2009.
Xx. Xxxxx
is also compensated for his attendance at board meetings at the same rate as
other board members. Xx. Xxxxx received $27,550.00, including a
$6,000.00 bonus, for his service as a director during 2008.
