February 26, 2008
Exhibit 10.1
February
26, 2008
Xxxxxxx
X. Xxxxxx
CEO &
President
Guaranty
Savings Bank
0000
Xxxxxxxx Xxxxxxxxx
Xxxxxxxx,
Xxxxxxxxx, 00000
Dear Xx.
Xxxxxx:
In
furtherance of the provisions and terms of your initial letter of engagement as
Chief Executive Officer and President of Guaranty Savings Bank, dated November
28, 2005, and your subsequent acceptance thereof, and more specifically the
provisions regarding a Change in Control, the Board of Directors has decided and
does hereby agree to the following:
If a
Change in Control occurs during the next two (2) years of your employment as
Chief Executive Officer and President, commencing January 1, 2008, and extending
through December 31, 2009, and your employment is terminated for reasons other
than cause, then you shall be entitled to and receive:
a.
|
Accrued
Base Salary through the date of termination of your employment;
plus
|
b.
|
A
lump sum payment equal to one year’s Base Salary; and
|
c.
|
Any
other benefits to which you may be entitled upon your termination of
employment with Guaranty, in accordance with the terms of the plans and
programs of Guaranty.
|
The above
and foregoing supersedes any and all prior verbal and/or written statements or
communications concerning a Change in Control.
/s/
Xxxxxx X. Xxxx, Xx.
Xxxxxx X.
Xxxx, Xx., Chairman
I hereby
acknowledge and accept the terms and provisions as set forth above on this 29th
day of February ,
2008.
/s/ Xxxxxxx
X. Xxxxxx
Xxxxxxx
X. Xxxxxx