Terms of Employment Arrangement between Slavie Federal Savings Bank and Philip E. Logan
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Summary
Slavie Federal Savings Bank employs Philip E. Logan on an at-will basis with a starting salary of $125,840 as of January 1, 2009. Mr. Logan is eligible for annual salary increases and bonuses as determined by the Compensation Committee. He is entitled to all benefits available to full-time employees and receives additional compensation for attending board meetings, similar to other board members. The agreement also notes bonuses and compensation received for 2008. There are no fixed terms or guarantees beyond these provisions.
EX-10.3 2 v144501_ex10-3.htm
Exhibit 10.3
Terms of Employment Arrangement
between Slavie Federal Savings Bank
and Philip E. Logan
Mr. Logan is employed on an at-will basis at a rate of pay of $125,840.00 as of January 1, 2009. Mr. Logan 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. Mr. Logan received a bonus of $46,453.67 for 2008, which was paid in March, 2009.
Mr. Logan is also compensated for his attendance at board meetings at the same rate as other board members. Mr. Logan received $27,550.00, including a $6,000.00 bonus, for his service as a director during 2008.
