EXHIBIT 10.1
EMPLOYMENT AGREEMENT
THIS EMPLOYMENT AGREEMENT (hereinafter referred to as this "AGREEMENT")
is entered into as of the 15th day of December, 1996, by and between Home
City Federal Savings Bank of Springfield, a savings bank chartered under the
laws of the United States (hereinafter referred to as the "EMPLOYER"), and
▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇, an individual (hereinafter referred to as the "EMPLOYEE");
WITNESSETH:
WHEREAS, the EMPLOYEE is currently employed as the President and Chief
Executive Officer of the EMPLOYER;
WHEREAS, as a result of the skill, knowledge and experience of the
EMPLOYEE, the Board of Directors of the EMPLOYER desires to retain the
services of the EMPLOYEE as the President and Chief Executive Officer of the
EMPLOYER;
WHEREAS, the EMPLOYEE desires to continue to serve as the President and
Chief Executive Officer of the EMPLOYER; and
WHEREAS, the EMPLOYEE and the EMPLOYER desire to enter into this
AGREEMENT to set forth the terms and conditions of the employment relationship
between the EMPLOYER and the EMPLOYEE;
NOW, THEREFORE, in consideration of the premises and mutual covenants
herein contained, the EMPLOYER and the EMPLOYEE hereby agree as follows:
1. Employment and Term.
(a) Term. Upon the terms and subject to the conditions of this
AGREEMENT, the EMPLOYER hereby employs the EMPLOYEE, and the EMPLOYEE hereby
accepts employment, as the President and Chief Executive Officer of the
EMPLOYER. The TERM of this AGREEMENT shall commence on the effective date of
the EMPLOYER's conversion from mutual to stock form and shall end thirty-six
(36) months thereafter, subject to extension pursuant to subsection (b) of
this Section 1 (hereinafter, including any such extensions, referred to as the
"TERM"), and to earlier termination as provided herein.
(b) Extension. Prior to each anniversary of the date of this
AGREEMENT, the Board of Directors of the EMPLOYER shall review this AGREEMENT
and document its approval of this AGREEMENT in the board minutes. In
connection with such annual review, the TERM shall be extended for a one-year
period beyond the then-effective expiration date, provided the Board of
Directors of the EMPLOYER determines in a duly adopted resolution that this
AGREEMENT should be extended. Any such extension shall be subject to the
written consent of the EMPLOYEE.
2. Duties of EMPLOYEE.
(a) General Duties and Responsibilities. The EMPLOYEE shall serve as
the President and Chief Executive Officer of the EMPLOYER. Subject to the
direction of the Board of Directors of the EMPLOYER, the EMPLOYEE shall have
responsibility for the general management and control of the business and
affairs of the EMPLOYER and shall perform all duties and shall have all powers
which are commonly incident to the office of President and Chief Executive
Officer or which, consistent therewith, are delegated to him by the Board of
Directors. Such duties shall include, but not be limited to, (1) managing the
day-to-day operations of the EMPLOYER, (2) managing the efforts of the
EMPLOYER to comply with applicable laws and regulations, (3) marketing of the
EMPLOYER and its services, (4) supervising other employees of the EMPLOYER,
(5) providing prompt and accurate reports to the Board of Directors of the
EMPLOYER regarding the affairs and conditions of the EMPLOYER, and (6) making
recommendations to the Board of Directors of the EMPLOYER concerning the
strategies, capital structure, tactics, and general operations of the
EMPLOYER.
(b) Devotion of Entire Time to the Business of the EMPLOYER. The
EMPLOYEE shall devote his entire productive time, ability and attention during
normal business hours throughout the TERM to the faithful performance of his
duties under this AGREEMENT. The EMPLOYEE shall not directly or indirectly
render any services of a business, commercial or professional nature to any
person or organization other than the EMPLOYER and Home City Financial
Corporation and their subsidiaries and affiliates without the prior written
consent of the Board of Directors of the EMPLOYER; provided, however, that the
EMPLOYEE shall not be precluded from (i) reasonable participation in
community, civic, charitable or similar organizations; or (ii) the pursuit of
personal investments which do not interfere or conflict with the performance
of the EMPLOYEE's duties to the EMPLOYER. Nothing in this section shall limit
the EMPLOYEE's right to invest in securities of any business that does not
provide services or products of the type or competing with those provided by
the EMPLOYER or its subsidiaries or affiliates.
3. Compensation, Benefits and Reimbursements.
(a) Salary. The EMPLOYEE shall receive during the TERM an annual
salary payable in equal installments not less often than monthly. The amount
of such annual salary shall be $88,000 until changed by the Board of Directors
of the EMPLOYER in accordance with Section 3(b) of this AGREEMENT.
(b) Annual Salary Review. On or before each anniversary of the
effective date of this AGREEMENT, the annual salary of the EMPLOYEE shall be
reviewed by the Board of Directors of the EMPLOYER and may be maintained or
increased, in its discretion, based upon the EMPLOYEE's individual performance
and the overall profitability and financial condition of the EMPLOYER. The
results of the annual salary review shall be reflected in the minutes of the
appropriate meetings of the Board of Directors of the EMPLOYER.
(c) Expenses. In addition to any compensation received under Section
3(a) or (b) of this AGREEMENT, the EMPLOYER shall pay or reimburse the
EMPLOYEE for all reasonable travel, entertainment and miscellaneous expenses
incurred in connection with the performance of his duties under this
AGREEMENT. Such reimbursement shall be made in accordance with the existing
policies and procedures of the EMPLOYER pertaining to reimbursement of
expenses to senior management officials.
(d) Employee Benefit Programs.
(i) During the TERM, the EMPLOYEE shall be entitled to
participate in all formally established employee benefit, bonus, pension
and profit-sharing plans and similar programs that are maintained by the
EMPLOYER from time to time, including programs in respect of group health,
disability or life insurance, and all employee benefit plans or programs
hereafter adopted in writing by the Board of Directors of the EMPLOYER, for
which senior management personnel are eligible, including any employee
stock ownership plan, stock option plan or other stock benefit plan (here-
inafter collectively referred to as the "BENEFIT PLANS"). Notwithstanding
any statement to the contrary contained elsewhere in this Agreement, the
EMPLOYER may discontinue or terminate at any time any such BENEFIT PLANS,
now existing or hereafter adopted, to the extent permitted by the terms of
such plans and applicable law, and shall not be required to compensate the
EMPLOYEE for such discontinuance or termination; and
(ii) After the termination of the employment of the EMPLOYEE in
accordance with Section 4(a) of this AGREEMENT, for any reason other than
JUST CAUSE (as defined hereinafter), the EMPLOYER shall provide, until both
the EMPLOYEE and his spouse become sixty-five (65) years of age, or the
earlier date the EMPLOYEE obtains substantially equivalent coverage from
another full-time employer, substantially the same health insurance benefits
as are available to retired employees of the EMPLOYER on the date of this
AGREEMENT; provided, however, that all premiums for such benefits shall be paid
by the EMPLOYEE and/or his spouse after the EMPLOYEE's termination; provided
further, however, that the EMPLOYER'S obligation under this Section 3(d)(ii)
shall terminate in the event that the EMPLOYER no longer makes available an
employee group health insurance program which permits the EMPLOYER to make
coverage available for retirees.
(e) Vacation and Sick Leave. The EMPLOYEE shall be entitled, without
loss of pay, to be absent voluntarily from the performance of his duties under
this AGREEMENT, subject to the following conditions:
(i) The EMPLOYEE shall be entitled to annual vacation and
annual sick leave in accordance with the policies periodically established
by the Board of Directors of the EMPLOYER for senior management officials
of the EMPLOYER; and
(ii) In addition to paid vacations and sick leave, the EMPLOYEE
shall be entitled, without loss of pay, to absent himself voluntarily from
the performance of his employment with the EMPLOYER for such additional
period of time and for such valid and legitimate reasons as the Board may,
in its discretion, determine, and the Board may grant to the EMPLOYEE a
leave or leaves of absence, with or without pay, at such time or times and
upon such terms and conditions as such Board, in its discretion, may
determine.
4. Termination of Employment.
(a) General. The employment of the EMPLOYEE shall terminate at any
time during the TERM (i) at the option of the EMPLOYER upon the delivery by
the EMPLOYER of written notice of employment termination to the EMPLOYEE, or
(ii) at the option of the EMPLOYEE upon the delivery by the EMPLOYEE of
written notice of termination to the EMPLOYER if, unless consented to in
writing by the EMPLOYEE, (A) the present capacity or circumstances in which
the EMPLOYEE is employed are materially changed (including, without
limitation, a material reduction in responsibilities or authority, or the
assignment of duties or responsibilities substantially inconsistent with those
normally associated with EMPLOYEE's position described in Section 2(a) of this
AGREEMENT), (B) the EMPLOYEE is no longer the President and Chief Executive
Officer of the EMPLOYER and HCFC, (C) the EMPLOYEE is required to move his
personal residence, or perform his principal executive functions, more than
thirty-five (35) miles from his primary office as of the date of the
commencement of the TERM of this AGREEMENT, or (D) the EMPLOYER otherwise
breaches this AGREEMENT in any material respect.
(b) Termination for JUST CAUSE. In the event that the EMPLOYER
terminates the employment of the EMPLOYEE before the expiration of the TERM
because of the EMPLOYEE's personal dishonesty, incompetence, willful
misconduct, breach of fiduciary duty involving personal profit, intentional
failure or refusal to perform the duties and responsibilities assigned in this
AGREEMENT, willful violation of any law, rule, regulation (other than traffic
violations or similar offenses) or final cease-and-desist order, conviction of
a felony or for fraud or embezzlement, or material breach of any provision of
this AGREEMENT (hereinafter collectively referred to as "JUST CAUSE"), the
EMPLOYEE shall not receive, and shall have no right to receive, any
compensation or other benefits for any period after such termination.
(c) Termination in Connection with a CHANGE OF CONTROL.
(i) In the event that, in connection with a CHANGE OF CONTROL
(including, without limitation, a termination other than for JUST CAUSE within
six months prior to a CHANGE OF CONTROL) or after a CHANGE OF CONTROL, the
employment of the EMPLOYEE is terminated by the EMPLOYER for any reason other
than JUST CAUSE before the expiration of the TERM, then the following shall
occur:
(A) The EMPLOYER shall promptly pay to the EMPLOYEE or
to his beneficiaries, dependents or estate an amount equal to the product
of three multiplied by the greater of the annual salary set forth in
Section 3(a) of this AGREEMENT or the annual salary payable to the
EMPLOYEE as a result of any annual salary review in accordance with
Section 3 (b) of this AGREEMENT;
(B) The EMPLOYEE, his dependents, beneficiaries and
estate shall continue to be covered under all BENEFIT PLANS in which the
EMPLOYEE is a participant immediately prior to the CHANGE OF CONTROL of
the EMPLOYER at the EMPLOYER's expense as if the EMPLOYEE were still
employed under this AGREEMENT until the earliest of the expiration of the
TERM or the date on which the EMPLOYEE is included in another employer's
benefit plans as a full-time employee and shall be entitled thereafter to
the benefits described in Section 3(d)(ii) of this AGREEMENT; and
(C) The EMPLOYEE shall not be required to mitigate the
amount of any payment provided for in this AGREEMENT by seeking other
employment or otherwise, nor shall any amounts received from other
employment or otherwise by the EMPLOYEE offset in any manner the
obligations of the EMPLOYER hereunder, except as specifically stated in
subparagraph (B).
(ii) In the event that, within six months prior to or within one
year after a CHANGE OF CONTROL, the employment of the EMPLOYEE is terminated
by the EMPLOYEE in accordance with Section 4(a)(ii) of this AGREEMENT before
the expiration of the TERM, then the following shall occur:
(A) The EMPLOYER shall promptly pay to the EMPLOYEE or
to his beneficiaries, dependents or estate an amount equal to the product
of three multiplied by the average of the annual compensation paid to the
EMPLOYEE during the most recent five taxable years;
(B) The EMPLOYEE, his dependents, beneficiaries and
estate shall continue to be covered under all BENEFIT PLANS in which the
EMPLOYEE is a participant immediately prior to the CHANGE OF CONTROL of
the EMPLOYER at the EMPLOYER's expense as if the EMPLOYEE were still
employed under this AGREEMENT until the earliest of the expiration of
the TERM or the date on which the EMPLOYEE is included in another
employer's benefit plans as a full-time employee and shall be entitled
thereafter to the benefits described in Section 3(d)(ii) of this
AGREEMENT; and
(C) The EMPLOYEE shall not be required to mitigate the
amount of any payment provided for in this AGREEMENT by seeking other
employment or otherwise, nor shall any amounts received from other
employment or otherwise by the EMPLOYEE offset in any manner the
obligations of the EMPLOYER hereunder, except as specifically stated in
subparagraph (B).
In the event that payments pursuant to this subsection (c) would result
in the imposition of a penalty tax pursuant to Section 280G(b)(3) of the
Internal Revenue Code of 1986, as amended, and the regulations promulgated
thereunder (hereinafter collectively referred to as "SECTION 280G"), such
payments shall be reduced to the maximum amount which may be paid under
SECTION 280G without exceeding such limits. Payments pursuant to this
subsection (c) also may not exceed applicable limits established by the Office
of Thrift Supervision (hereinafter referred to as the "OTS"). In the event a
reduction in payments is necessary in order to comply with the requirements of
this AGREEMENT relating to the limitations of SECTION 280G or applicable OTS
limits, the EMPLOYEE may determine, in his sole discretion, which categories
of payments are to be reduced or eliminated.
(d) Termination Without CHANGE OF CONTROL. In the event that the
employment of the EMPLOYEE is terminated by the EMPLOYER or is terminated by
the EMPLOYEE in accordance with Section 4(a)(ii) of this AGREEMENT before the
expiration of the TERM other than (i) for JUST CAUSE or (ii) in connection
with or after a CHANGE OF CONTROL, the EMPLOYER shall be obligated (A) to pay
to the EMPLOYEE, his designated beneficiaries or his estate, for the remainder
of the TERM, the salary set forth in Section 3(a) of this AGREEMENT or the
salary payable to the EMPLOYEE as a result of any annual salary review in
accordance with Section 3(b) of this AGREEMENT; (B) to provide to the
EMPLOYEE, at the EMPLOYER's expense, health, life, disability, and other
benefits as provided in Section 3(d)(i) of this Agreement, until the
expiration of the TERM or until the earlier date the EMPLOYEE obtains
substantially equivalent coverage from another full-time employer; and (C) to
provide to the EMPLOYEE the benefits set forth under Section 3(d)(ii) of this
AGREEMENT. In the event that payments pursuant to this subsection (d) would
result in the imposition of a penalty tax pursuant to SECTION 280G, such
payments shall be reduced to the maximum amount which may be paid under
SECTION 280G without exceeding those limits. Payments pursuant to this
subsection also may not exceed the applicable limits established by the OTS.
In the event a reduction in payments is necessary in order to comply with the
requirements of this AGREEMENT relating to the limitations of SECTION 280G or
applicable OTS limits, the EMPLOYEE may determine, in his sole discretion,
which categories of payments are to be reduced or eliminated.
(e) Death of the EMPLOYEE. The TERM shall automatically terminate
upon the death of the EMPLOYEE. In the event of such death, the EMPLOYEE's
estate shall be entitled to receive the compensation due the EMPLOYEE through
the last day of the calendar month in which the death occurred, except as
otherwise specified herein.
(f) "Golden Parachute" Provision. Any payments made to the EMPLOYEE
pursuant to this AGREEMENT or otherwise are subject to and conditioned upon
their compliance with 12 U.S.C. & sect;1828(k) and any regulations promulgated
thereunder.
(g) Definition of "CHANGE OF CONTROL". A "CHANGE OF CONTROL" shall
mean any one of the following events: (i) the acquisition of ownership or
power to vote more than 25% of the voting stock of the EMPLOYER or HCFC; (ii)
the acquisition of the ability to control the election of a majority of the
directors of the EMPLOYER or HCFC; (iii) during any period of two consecutive
years, individuals who at the beginning of such period constitute the Board of
Directors of the EMPLOYER or HCFC cease for any reason to constitute at least
two-thirds thereof; provided, however, that any individual whose election or
nomination for election as a member of the Board of Directors was approved by
a vote of at least two-thirds of the directors then in office shall be
considered to have continued to be a member of the Board of Directors; or (iv)
the acquisition by any person or entity of "conclusive control" of the
EMPLOYER within the meaning of 12 C.F.R. §574.4(a), or the acquisition by
any person or entity of "rebuttable control" within the meaning of 12 C.F.R.
§574.4(b) that has not been rebutted in accordance with 12 C.F.R.
§574.4(c). For purposes of this paragraph, the term "person" refers to
an individual or corporation, partnership, trust, association, or other
organization, but does not include the EMPLOYEE and any person or persons with
whom the EMPLOYEE is "acting in concert" within the meaning of 12 C.F.R. Part
574.
(h) Legal Fees. EMPLOYER shall promptly pay all legal fees and
expenses which EMPLOYEE may incur as a result of EMPLOYEE or EMPLOYER
contesting the validity or enforceability of this AGREEMENT if a court of
competent jurisdiction renders a final decision in favor of EMPLOYEE with
respect to any such contest, or to the extent agreed to by EMPLOYER and
EMPLOYEE in an agreement of settlement with respect to any such contest.
5. Special Regulatory Events. Notwithstanding Section 4 of this
AGREEMENT, the obligations of the EMPLOYER to the EMPLOYEE shall be as follows
in the event of the following circumstances:
(a) If the EMPLOYEE is suspended and/or temporarily prohibited from
participating in the conduct of the EMPLOYER's affairs by a notice served
under Section 8(e) (3) or (g) (1) of the Federal Deposit Insurance Act
(hereinafter referred to as the "FDIA"), the EMPLOYER's obligations under this
AGREEMENT shall be suspended as of the date of service of such notice, unless
stayed by appropriate proceedings. If the charges in the notice are
dismissed, the EMPLOYER shall (i) pay the EMPLOYEE all of the compensation
withheld while the obligations in this AGREEMENT were suspended and (ii)
reinstate any of the obligations that were suspended.
(b) If the EMPLOYEE is removed and/or permanently prohibited from
participating in the conduct of the EMPLOYER's affairs by an order issued
under Section 8(e) (4) or (g) (1) of the FDIA, all obligations of the EMPLOYER
under this AGREEMENT shall terminate as of the effective date of such order;
provided, however, that vested rights of the EMPLOYEE shall not be affected by
such termination.
(c) If the EMPLOYER is in default as defined in Section 3(x)(1) of
the FDIA, all obligations under this AGREEMENT shall terminate as of the date
of default; provided, however, that vested rights of the EMPLOYEE shall not be
affected.
(d) All obligations under this AGREEMENT shall be terminated, except
to the extent of a determination that the continuation of this AGREEMENT is
necessary for the continued operation of the EMPLOYER, (i) by the Director of
the OTS, or his or her designee at the time that the Federal Deposit Insurance
Corporation enters into an agreement to provide assistance to or on behalf of
the EMPLOYER under the authority contained in Section 13(c) of the FDIA or
(ii) by the Director of the OTS, or his or her designee, at any time the
Director of the OTS, or his or her designee, approves a supervisory merger to
resolve problems related to the operation of the EMPLOYER or when the EMPLOYER
is determined by the Director of the OTS to be in an unsafe or unsound
condition. No vested rights of the EMPLOYEE shall be affected by any such
action.
6. Consolidation, Merger or Sale of Assets. Nothing in this AGREEMENT
shall preclude the EMPLOYER from consolidating with, merging into, or
transferring all, or substantially all, of its assets to another corporation
that assumes all of the EMPLOYER's obligations and undertakings hereunder.
Upon such a consolidation, merger or transfer of assets, the term "EMPLOYER"
as used herein, shall mean such other corporation or entity, and this
AGREEMENT shall continue in full force and effect.
7. Confidential Information. The EMPLOYEE acknowledges that during his
employment he will learn and have access to confidential information regarding
the EMPLOYER and its customers and businesses. The EMPLOYEE agrees and
covenants not to disclose or use for his own benefit, or the benefit of any
other person or entity, any confidential information, unless or until the
EMPLOYER consents to such disclosure or use or such information becomes common
knowledge in the industry or is otherwise legally in the public domain. The
EMPLOYEE shall not knowingly disclose or reveal to any unauthorized person any
confidential information relating to the EMPLOYER, its parent, subsidiaries or
affiliates, or to any of the businesses operated by them, and the EMPLOYEE
confirms that such information constitutes the exclusive property of the
EMPLOYER. The EMPLOYEE shall not otherwise knowingly act or conduct himself
(a) to the material detriment of the EMPLOYER, its subsidiaries, or
affiliates, or (b) in a manner which is inimical or contrary to the interests
of the EMPLOYER.
8. Nonassignability. Neither this AGREEMENT nor any right or interest
hereunder shall be assignable by the EMPLOYEE, his beneficiaries, or legal
representatives without the EMPLOYER's prior written consent; provided,
however, that nothing in this Section 8 shall preclude (a) the EMPLOYEE from
designating a beneficiary to receive any benefits payable hereunder upon his
death, or (b) the executors, administrators, or other legal representatives of
the EMPLOYEE or his estate from assigning any rights hereunder to the person
or persons entitled thereto.
9. No Attachment. Except as required by law, no right to receive payment
under this AGREEMENT shall be subject to anticipation, commutation,
alienation, sale, assignment, encumbrance, charge, pledge or hypothecation or
to execution, attachment, levy, or similar process of assignment by operation
of law, and any attempt, voluntary or involuntary, to effect any such action
shall be null, void and of no effect.
10. Indemnification; Insurance.
(a) Indemnification. The EMPLOYER agrees to indemnify the EMPLOYEE
and his heirs, executors, and administrators to the fullest extent permitted
under applicable law and regulations, including, without limitation 12 U.S.C.
Section 1828(k), against any and all expenses and liabilities reasonably
incurred by the EMPLOYEE in connection with or arising out of any action, suit
or proceeding in which the EMPLOYEE may be involved by reason of his having
been a director or officer of the EMPLOYER or any of its subsidiaries, whether
or not the EMPLOYEE is a director or officer at the time of incurring any such
expenses or liabilities. Such expenses and liabilities shall include, but
shall not be limited to, judgments, court costs and attorney's fees and the
cost of reasonable settlements. The EMPLOYEE shall be entitled to
indemnification in respect of a settlement only if the Board of Directors of
the EMPLOYER has approved such settlement. Notwithstanding anything herein to
the contrary, (i) indemnification for expenses shall not extend to matters for
which the EMPLOYEE has been terminated for JUST CAUSE, and (ii) the
obligations of this Section 10 shall survive the TERM of this AGREEMENT.
Nothing contained herein shall be deemed to provide indemnification prohibited
by applicable law or regulation.
(b) Insurance. During the TERM, the EMPLOYER shall provide the
EMPLOYEE (and his heirs, executors, and administrators) with coverage under a
directors' and officers' liability policy at the EMPLOYER's expense, at least
equivalent to such coverage provided to directors and senior officers of the
EMPLOYER.
11. Binding Agreement. This AGREEMENT shall be binding upon, and inure to
the benefit of, the EMPLOYEE and the EMPLOYER and their respective permitted
successors and assigns.
12. Amendment of AGREEMENT. This AGREEMENT may not be modified or
amended, except by an instrument in writing signed by the parties hereto.
13. Waiver. No term or condition of this AGREEMENT shall be deemed to
have been waived, nor shall there be an estoppel against the enforcement of
any provision of this AGREEMENT, except by written instrument of the party
charged with such waiver or estoppel. No such written waiver shall be deemed
a continuing waiver, unless specifically stated therein, and each waiver shall
operate only as to the specific term or condition waived and shall not
constitute a waiver of such term or condition for the future or as to any act
other than the act specifically waived.
14. Severability. If, for any reason, any provision of this AGREEMENT is
held invalid, such invalidity shall not affect the other provisions of this
AGREEMENT not held so invalid, and each such other provision shall, to the
full extent consistent with applicable law, continue in full force and
effect. If this AGREEMENT is held invalid or cannot be enforced, then any
prior Agreement between the EMPLOYER (or any predecessor thereof) and the
EMPLOYEE shall be deemed reinstated to the full extent permitted by law, as if
this AGREEMENT had not been executed.
15. Headings. The headings of the paragraphs herein are included solely
for convenience of reference and shall not control the meaning or
interpretation of any of the provisions of this AGREEMENT.
16. Governing Law; Regulatory Authority. This AGREEMENT has been executed
and delivered in the State of Ohio and its validity, interpretation,
performance, and enforcement shall be governed by the laws of the State of
Ohio, except to the extent that federal law is governing. References to the
OTS included herein shall include any successor primary federal regulatory
authority of the EMPLOYER.
17. Effect of Prior Agreements. This AGREEMENT contains the entire
understanding between the parties hereto and supersedes any prior employment
agreement between the EMPLOYER or any predecessor of the EMPLOYER and the
EMPLOYEE.
18. Notices. Any notice or other communication required or permitted
pursuant to this AGREEMENT shall be deemed delivered if such notice or
communication is in writing and is delivered personally or by facsimile
transmission or is deposited in the United States mail, postage prepaid,
addressed as follows:
If to the EMPLOYER:
Home City Federal Savings Bank of Springfield
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If to the EMPLOYEE:
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IN WITNESS WHEREOF, the EMPLOYER has caused this AGREEMENT to be executed
by its duly authorized officer, and the EMPLOYEE has signed this AGREEMENT,
each as of the day and year first above written.
Attest: HOME CITY FEDERAL SAVINGS BANK
OF SPRINGFIELD
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________________________________ By_________________________________
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Chairman of the Board
Attest:
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