AGREEMENT BETWEEN ROMA FEDERAL SAVINGS BANK AND
XXXXXXX X. XXXXXXX, EXECUTIVE VICE-PRESIDENT
This Agreement is made by and between Xxxxxxx X. Xxxxxxx (Xxxxxxx), residing at
0 Xxxxxxxxxx Xxxxx, Xxxxxxxx, XX 00000 and Roma Federal Savings Bank having its
principal place of business at 000 Xxxxxxxx Xxxxxx, Xxxxxxx, XX 00000 (the
"Bank").
WHEREAS, Xxxxxxx has been a member of the Bank's Board of Directors (the
"Board") for 32 years, having served as Chairman for the past 11 years;
WHEREAS, Xxxxxxx has been an employee of the Bank for more than 25 years and
currently serves as Executive Vice-President.
WHEREAS, Xxxxxxx has indicated his desire to continue providing the Bank with
his services but wishes to reduce his time commitment as a full time officer and
employee of the Bank and;
WHEREAS, the Bank wishes to continue to benefit from the service, experience and
talent of Xxxxxxx;
NOW THEREFORE, in consideration of the mutual promises contained in this
Agreement, intending to be legally bound, Xxxxxxx and the Bank agree as follows:
1. Terms
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a. Effective July 1, 2002 and continuing through June 30, 2005
Xxxxxxx'x work commitment will consist of approximately twenty
(20) hours per week or the equivalent of approximately fifty
(50) percent of the regularly scheduled work week or at such
other times as required and requested by the President & Chief
Executive Officer or the Board;
b. Effective July 1, 2005 and continuing through June 30,
2007, Xxxxxxx will make himself available at reasonable times,
upon reasonable notice, to provide counsel and advice to the
Executive Officers and the Board when requested;
c. Beginning July 1, 2002 and continuing through June 30,
2003, Xxxxxxx'x annual base salary will be fixed at ninety
(90) percent of his current base salary:
d. Beginning July 1, 2003 and continuing through June 30,
2004, Xxxxxxx'x annual base salary will be fixed at eighty
(80) percent of his current base salary;
e. Beginning July 1, 2004 and continuing through June 30,
2005, Xxxxxxx'x annual base salary will be fixed at seventy
(70) percent of his current base salary;
f. Beginning July 1, 2005 and continuing through June 30,
2007, Xxxxxxx'x annual base salary will be fixed at fifty (50)
percent of his current base salary;
g. In the event of Xxxxxxx'x death prior to June 30, 2007, the
Bank will pay to his estate the aggregate of all unpaid salary
from the date of death through June 30, 2007;
h. Any payments due Xxxxxxx'x estate under the terms of (g)
above will be payable according to the following schedule:
i. in the year of death the aggregate unpaid
salary from the date of death until June 30
of the year specified in either (c), (d),
(e), or (f) will be paid within 60 days of
death;
ii. Subsequently, any annual salary still unpaid
will be paid in quarterly installments in
each of the year(s) between June 30
following the date of death and June 30,
2007.
i. During his term of employment, Xxxxxxx will be eligible for
all benefits and perquisites provided to employees and
executive management employees of the Bank, including bonuses.
2. Acknowledgment of Understanding
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Xxxxxxx affirms that he has read this Agreement and
understands it fully and intends to be legally bound by its
terms. Xxxxxxx further affirms that he has had a full and fair
opportunity to consult with an attorney of his choice to help
him understand the interpretation, application and legal
effect of this Agreement and that he voluntarily has agreed to
and signed it.
3. Entire Agreement
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The terms and conditions of this Agreement constitute the full
and complete understandings, agreements, and promises of the
parties and there are no oral or written understandings,
agreements, promises, or inducements made or offered other
than those expressly set forth in writing in this Agreement.
4. Interpretation
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The terms of this Agreement shall be governed by, and
construed in accordance with the laws of the State of New
Jersey.
5. Waiver of Breach
----------------
Failure of the Bank to demand strict compliance with any of
the terms, covenants or condition hereof shall not be deemed a
waiver of such term, covenant or condition, nor shall any
waiver or relinquishment by the Bank of any right or power
hereunder at any one time or more times be deemed a waiver or
relinquishment of such right or power at any other time or
times.
6. Successors and Assigns
----------------------
This Agreement is binding on Xxxxxxx to include his agents,
heirs, executors and assigns, as well as, the Bank to include
its successors and assigns.
IN WITNESS WHEREOF, I have signed this Agreement on this 26th day of June 2002.
Roma Federal Savings Bank
By: /s/Xxxxx X. Xxxxxxx
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Xxxxx X. Xxxxxxx
President & CEO
Dated: 6/26/2002
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/s/Xxxx X. Xxxxxxxx
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Sworn to and subscribed
Before me this 26th day of June, 2002
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/s/Xxxxxxx X. Xxxxxxx
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Notary Public Xxxxxxx X. Xxxxxxx
Executive Vice President
My commission expires
Dated: 6/26/2002
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Xxxx X. Xxxxxxxx
Notary Public of New Jersey
My Commission Expires Nov. 30, 2004
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