RESIGNATION COMPENSATION AGREEMENT
Exhibit 10.27
The purpose of this agreement is to document the total resignation compensation of the
former Chief Financial Officer of Reliance Bank, Xxxxx X. Xxxxxxxx. The compensation described
below reflects all accrued vacation time and six weeks salary to be paid to Xxxxx X. Xxxxxxxx as
a result of his tenure as an employee with Reliance Bank The Resignation Compensation is as
follows:
Accrued Vacation: |
$ | 9,692.30 | ||||
Six Weeks Salary: |
$ | 14,538.45 | ||||
Total: |
$ | 24,230.75 | (gross) | |||
The total amount shown above reflects all remaining compensation the former employee, Xxxxx
X. Xxxxxxxx, is entitled to from his employment with Reliance Bank which ended on January 29,
2008. This document indicates that such compensation will be processed and paid as scheduled on
Friday, February 1, 2008. Once such compensation has been paid, no other monies shall be paid to
Xxxxx X. Xxxxxxxx by Reliance Bank as a result of his employment.
Additionally, Reliance Bank will maintain the now currently existing medical and dental
insurance coverage through April 30, 2008. Should Xxxxx X. Xxxxxxxx elect to convert his now
currently existing life insurance coverage through COBRA, Reliance Bank will compensate him for
the premiums through April 30, 2008.
This document reflects the entirety of the Resignation Compensation Agreement between Xxxxx X.
Xxxxxxxx and Reliance Bank.
/s/ Xxxxx X. Xxxxxxxx
|
1/29/08 | |||
Xxxxx X. Xxxxxxxx
|
Date | |||
/s/ Xxxx X. Xxxxxxxxx
|
1/29/08 | |||
Xxxx X. Xxxxxxxxx
|
Date | |||
President and Chief Operating Officer |
