Consulting Agreement between Provident Bank and Enos K. Fry

Summary

Provident Bank and Enos K. Fry have entered into a consulting agreement effective upon Mr. Fry's retirement. Mr. Fry will provide approximately 1,000 hours of consulting services per year, focusing on business development and customer relations, in exchange for $115,000 annually. The agreement initially lasts for twelve months, with the option to renew for another year upon mutual agreement. Either party may terminate the agreement at any time. Mr. Fry's post-retirement benefits remain unchanged.

EX-10.1 2 dex101.htm CONSULTING AGREEMENT Consulting Agreement

Exhibit 10.1

CONSULTING AGREEMENT

This Consulting Agreement is made this twenty-fourth day of April between Provident Bank and Enos K. Fry.


Purpose:		To benefit from the expertise and background of Mr. Fry after he retires from Provident Bank. Mr. Fry’s experience and significant presence in the Washington Metro business community makes him uniquely qualified to assist Provident in continuing to grow the business in that region.

Services:		Mr. Fry will provide consulting services for approximately 1,000 hours per year. Business development activities as well as customer interface will be Mr. Fry’s primary focus.

Compensation:		Mr. Fry will be paid $115,000 per year. His post retirement benefits remain the same.

Term:		The initial term of consulting services under this agreement will be a period commencing on the date of Mr. Fry’s retirement. At the end of twelve months the agreement will be evaluated. If Provident and Mr. Fry desire, the agreement will be renewed for an additional twelve months.

Termination:		This agreement can be terminated at any time by Provident Bank or Mr. Fry. This agreement constitutes the full and complete agreement of the parties and it may be modified or amended only by a written instrument signed by the parties.


Date: April 25, 2006		/s/ Enos K. Fry
		Enos K. Fry

Date: April 25, 2006		/s/ Gary N. Geisel
		Gary N. Geisel