2008 Executive Officer Salary and Bonus Arrangements for MainStreet Financial Corporation and MainStreet Savings Bank
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Summary
This document outlines the 2008 base salaries and bonus arrangements for executive officers of MainStreet Financial Corporation and MainStreet Savings Bank. David L. Hatfield, President and CEO, will receive a base salary of $152,074, and James R. Toburen, Senior Vice President and CFO, will receive $87,500. Additionally, the company will pay a bonus equal to one week's salary to all officers and employees in December 2008.
EX-10.7 2 ex10-7.htm ex10-7.htm
Exhibit 10.7
Named Executive Officer Salary and Bonus Arrangements for 2008
Base Salaries
The base salaries in 2008 for the executive officers of MainStreet Financial Corporation (the "Company") and MainStreet Savings Bank, FSB (the "Bank") who will be named in the compensation table that will appear in the Company's upcoming 2008 annual meeting proxy statement are as follows:
| Name and Title | Base Salary |
| | |
| David L. Hatfield President and Chief Executive Officer of the Company and the Bank | $152,074 |
| James R. Toburen Senior Vice President and Chief Financial Officer of the Company and the Bank | $ 87,500 |
Description of 2008 Bonus Plan
The Company has a long standing policy to pay a bonus of one week's salary to all officers and employees in December of each year.
