Exhibit 10.2
February 23, 2006
CONFIDENTIAL
Board of Directors
LSB Corporation
Dear Members of the Board:
I would be comfortable performing my duties as President and Chief Executive
Officer of LSB Corporation and Xxxxxxxx Xxxxxxx Bank (the "Company") without the
security of an employment agreement. In light of the Boards' action on January
10, 2006, not to renew all other existing employment agreements, I think it
appropriate that we mutually agree to terminate my Employment Agreement, dated
November 1, 2005.
Following such termination, I shall continue to perform the duties of President
and Chief Executive Officer of the Company pursuant to your appointment, and
subject to removal by you at any time.
Until changed by you, my compensation will remain as at present. In all other
respects I will be subject to and governed by the Bank's benefits, policies and
procedures applicable to senior officers and employees generally.
If the foregoing is acceptable to the Company, kindly so indicate by signing and
dating the enclosed duplicate original copy of this letter, which shall be kept
in the permanent records and minute books of the Company to memorialize the
termination of the Employment Agreement.
Very truly yours.
/S/ XXXXXX X. XXXXXXXX
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Xxxxxx X. Xxxxxxxx
President & Chief Executive Officer
Enclosure
Accepted and Agreed
LSB CORPORATION
XXXXXXXX SAVINGS BANK
By /S/ XXXXXX X. XXXXX
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Xxxxxx X. Xxxxx, Chairman of the Board
Dated: February 23, 2006
