Employment Term Sheet for Richard J. DeVries as President, CEO, and Director of Monarch Community Bancorp, Inc. and Monarch Community Bank

Contract Categories: Human Resources › Employment Agreements
Summary

This agreement outlines the terms of employment for Richard J. DeVries as President, CEO, and Director of Monarch Community Bancorp, Inc. and Monarch Community Bank. Mr. DeVries will receive a $220,000 annual salary, a $7,200 board retainer, $300 per meeting, and a $25,000 signing bonus in restricted stock (subject to regulatory approval). The term is one year, with reimbursement for reasonable expenses, standard employee benefits, 20 days of paid leave, and coverage of professional development costs.

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EX-10.1 2 k49429exv10w1.htm EX-10.1 exv10w1
Exhibit 10.1
Employment Term Sheet
for
Richard J. DeVries
     
Positions:
  President, CEO and Director of Monarch Community Bancorp, Inc. (“Bancorp”) President, CEO and Director of Monarch Community Bank (“Bank”)
 
    
Duties:
  Perform services and duties of the President and CEO of Bancorp and the Bank and perform such other reasonable services and duties of an executive, professional or administrative nature as may from time to time be assigned by the Boards of Directors of Bancorp or the Bank
 
    
Base Salary:
  $220,000 annually
 
    
Board Retainer and Meeting Fees
  $7,200 annually for Bancorp and Bank $300 per meeting
 
    
Term:
  1 year
 
    
Signing Bonus:
  $25,000 of Bancorp restricted stock. Such restricted stock will be forfeited if the Interagency Notices of Change in Director or Senior Executive Officer filed by Bancorp and the Bank are not approved by the Federal Deposit Insurance Corporation, the Federal Reserve Bank of Chicago, and the Michigan Office of Financial and Insurance Regulation
 
    
Expenses:
  Reimbursement of all reasonable expenses incurred in performing services
 
    
Other Fringe Benefits:
  Entitled to receive benefits under any fringe benefit policy available to and on the same terms as other employees
 
    
Paid Leave Time:
  Entitled to 20 days of paid annual leave time and legal holidays
 
    
Conferences and Continuing Education:
  Reimbursement of reasonable expenses to attend appropriate banking conventions and professional development meetings

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