EX-10.1
from 10-Q
5 pages
Position: President and Chief Executive Officer Location: The Bank’s Offices, Currently Located in Ft. Lee, New Jersey, Subject to Reasonable Travel. Compensation: Base Salary — $375,000 Annual Base Salary Payable Pursuant to the Bank’s Ordinary Payroll Practices. Annual Bonus — You Shall Be Eligible to Receive an Annual Discretionary Bonus at the Sole Discretion of the Board of Directors and Its Compensation Committee. You Must Be Employed by the Bank at the Time Any Bonus Is Paid to Be Eligible to Receive Any Such Bonus. Stock Options. You May Be Eligible to Participate in Equity Arrangements as May Be Approved by the Shareholders of the Bank in Such Amounts, and Pursuant to Such Terms, as Shall Be Authorized by the Board in Its Sole Discretion. Time Off. You Shall Be Entitled to Five Weeks Paid Vacation Per Calendar Year. Such Time Off Must Be Taken at a Time Reasonably Convenient to Bank and Must Be Approved by the Bank in Advance. Expenses: The Bank Shall Reimburse You for Customary Business Expenses. Benefits: You Will Be Eligible to Receive Benefits, Including Health, Vision, Dental and Life Insurance Benefits in Accordance With the Policies Developed by the Bank and Approved by the Board of Directors. At-Will Employment Your Employment With the Bank Is “At Will”, Which Means That You Retain the Option, as Does the Bank, of Ending Your Employment With the Bank at Any Time for Any Reason or for No Reason, Regardless of Cause, With or Without Prior Notice
12/34/56
