EXHIBIT 10.4
[UNITED FINANCIAL MORTGAGE CORP. LETTERHEAD]
June 1, 2003
Mr. Xxxx Xxxxx
000 Xxxxxxx Xxxx Xxxx
Xxxx Xxxxx, XX 00000-4700
RE: BANK ACQUISITION
Via Email
Dear Xxxx:
This is in response to your suggestion of compensation to SRJC, Inc. and
yourself personally as you pursue on behalf of United Financial Mortgage Corp.
("UFM"), finding, helping acquire and overseeing a federally chartered Saving
Bank. This agreement should be approved by the board of directors and I am
prepared to present it to them. In principal, the form of compensation will be
$5,000 per month paid to SRJC, Inc. as a consulting fee during each month that
SRJC provides services. In return, you as its President will be responsible and
take the lead in the effort to find a suitable target institution to approach,
oversee the regulatory application and negotiate the acquisition price.
Notwithstanding the foregoing, SRJC shall not be entitled to receive more than
$55,000 in consulting fees during any twelve months period. In addition, if SRJC
is successful in identifying a suitable acquisition target, we anticipate
agreeing to provide SRJC the following additional compensation (1) Upon the
consummation of the acquisition, you will personally or your assigned, will be
awarded 1% of the deal value in the form of "in the money stock options" in UFM
or the surviving entity common stock, fully vested and unrestricted and (2) you
will also be offered at least the position of Chairman of the Board of the bank
and the position necessary to oversee the operation of the bank at a "comparable
at market compensation package".
I will talk to you soon.
Sincerely
UNITED FINANCIAL MORTGAGE CORP.
Xxxxx Xxxxxxxx
President & CEO
CC: File
