Summary of Officer Bonus Arrangements for Registrant and Bank Executives

Summary

This agreement outlines the bonus plan for officers of the Registrant and the Bank. Eligible officers may receive a bonus based on a percentage of their base salary, determined by the company's return on average assets for the year ending November 30. Bonuses range from 2% to 20% of salary, with no bonus paid if the return is below 1.25%. Officers must be employed at the time of payment to receive the bonus. The Board of Directors can change or end the plan at any time.

EX-10.4 11 exh1042008.txt SUMMARY OF EXECUTIVE BONUS ARRANGEMENTS 8 Exhibit 10.4 SUMMARY OF OFFICER BONUS ARRANGEMENTS DESCRIPTION The officers of the Registrant and the Bank are eligible for a bonus calculated as a percentage of each officer's base salary. Executive officers of the Registrant participate in the plan on the same basis as all other participating officers. The bonus is approved by the Board of Directors and the specific percentage award is determined based upon the Registrant's return on average assets for the twelve-month period ending on November 30. If the return on assets is less than one and one quarter percent (1.25%), no cash bonuses are paid under the plan. The threshold bonus is 2% of salary, and the maximum is 20% of salary. If the Registrant were to achieve a one and one half percent (1.50%) return on average assets, officers would receive a bonus of 10% of salary. OTHER PROVISIONS If an officer's employment is terminated for any reason before the bonus is paid, the officer forfeits all rights to the bonus. This bonus arrangement does not give any officer the right to be retained in the employment of the Registrant and does not affect the right of the Registrant to terminate, with or without cause, any officer's employment at any time. The Registrant has the right to withhold from any compensation payable to an officer, or to cause the officer (or the executor or administrator of his or her estate or his or her distributee) to make payment of any federal, state, local or foreign taxes required to be withheld with respect to any payment. The Board of Directors may amend, alter, suspend or discontinue the bonus arrangements as it shall at any time or from time to time determine in its sole discretion.