EXHIBIT 10
FORM OF EMPLOYMENT AGREEMENT
THIS AGREEMENT, made this 30th day of September, 1996, by and between
Workingmen's Savings Bank, F.S.B., hereinafter referred to as the Employer and
Xxxxxx X. Xxxxxxxxx, of Pittsburgh, Pennsylvania, hereinafter referred to as the
Employee.
Witnesseth, in consideration of the mutual covenants contained, it is
agreed as follows:
1. The Employer will continue to employ the full-time services of the
Employee in the position of the President of the Employer for the period
commencing from the date hereof until June 30, 1999.
2. The Employer will pay to the Employee a gross salary as determined
from time to time by its Board of Directors. Such salary shall be paid on a
bi-weekly basis with the deduction therefrom of all mandated withholding taxes
and such additional deductions as may be mutually agreed upon.
3. The Employee shall devote his full time to the appointed position.
The Employee shall perform the duties assigned by the Board of Directors and
conduct himself in accordance with the terms of this Agreement. It is hereby
agreed by the parties hereto that the Employer's Employment Agreement, its
Employee's Handbook, its By-laws and the policies and regulations duly
prescribed by the Board of Directors are incorporated herein by reference
thereto and thus form a part of this Agreement. The Employee acknowledges that
he has read and is familiar with the documents referred to herein and the duties
and obligations imposed therein. In the event that any provision of the
Employer's Employee Handbook is in conflict with this Agreement, the provisions
hereof shall bond the parties.
4. The parties hereto may terminate this Agreement at any time by mutual
consent. The Employer's Board of Directors may terminate Employee's employment
at any time, but any termination by the Board of Directors other than
termination for just cause shall not prejudice the Employee's right to
compensation or other benefits under this Agreement. The Employee shall have no
right to receive compensation or other benefits for any period after termination
for cause. Termination for cause shall include termination because of the
Employee's personal dishonesty, incompetence, willful misconduct, breach of
fiduciary duty involving personal profit, intentional failure to perform stated
duties, willful violation of any law, rule or regulation (other than traffic
violations or similar offenses) or final cease and desist order, or material
breach of any provision of this Agreement.
5. This Agreement is subject to the limitations and requirements
prescribed under 12 CFR 563.39 and any amendments thereof, to the extent that
said limitations and requirements do not affect any vested rights of the
contracting parties hereto.
