CONSULTING AGREEMENT
Exhibit 10.1
This Consulting Agreement is made this twenty-fourth day of April between Provident Bank and ▇▇▇▇ ▇. ▇▇▇.
| Purpose: | To benefit from the expertise and background of ▇▇. ▇▇▇ after he retires from Provident Bank. ▇▇. ▇▇▇’▇ experience and significant presence in the Washington Metro business community makes him uniquely qualified to assist Provident in continuing to grow the business in that region. | |
| Services: | ▇▇. ▇▇▇ will provide consulting services for approximately 1,000 hours per year. Business development activities as well as customer interface will be ▇▇. ▇▇▇’▇ primary focus. | |
| Compensation: | ▇▇. ▇▇▇ will be paid $115,000 per year. His post retirement benefits remain the same. | |
| Term: | The initial term of consulting services under this agreement will be a period commencing on the date of ▇▇. ▇▇▇’▇ retirement. At the end of twelve months the agreement will be evaluated. If Provident and ▇▇. ▇▇▇ desire, the agreement will be renewed for an additional twelve months. | |
| Termination: | This agreement can be terminated at any time by Provident Bank or ▇▇. ▇▇▇. This agreement constitutes the full and complete agreement of the parties and it may be modified or amended only by a written instrument signed by the parties. | |
| Date: April 25, 2006 | /s/ ▇▇▇▇ ▇. ▇▇▇ | |
| ▇▇▇▇ ▇. ▇▇▇ | ||
| Date: April 25, 2006 | /s/ ▇▇▇▇ ▇. ▇▇▇▇▇▇ | |
| ▇▇▇▇ ▇. ▇▇▇▇▇▇ | ||