Attached files
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8-K - FORM 8-K - KILLBUCK BANCSHARES INC | k50200e8vk.htm |
Exhibit 10.1
March 14, 2011
Luther E. Proper
Chief Executive Officer
The Killbuck Savings Bank Company
165 North Main Street
Chief Executive Officer
The Killbuck Savings Bank Company
165 North Main Street
Killbuck, Ohio 44637
In re: Transitional Employment
Dear Luther:
This letter is to memorialize the terms of your part time employment which will follow your
retirement as Chief Executive Officer on March 21, 2011. The purpose of the employment is to
assist Craig Lawhead in his capacity as Chief Executive Officer with consultation, support and
assisting with special projects.
The arrangement will be for you to work on a half time basis, and this will generally mean Monday
and Tuesday and until noon on Wednesday; however, your schedule may be flexible so long as it is
clearly communicated to Craig in advance.
Your compensation will be one half of the compensation you are receiving as of March 21, 2011. In
addition, you will be entitled to participate in the same employee benefits as a regular employee.
All authority and responsibility of the chief executive officer will move to Craig on March 22,
2011. You will hold the title of Senior Vice President Administration during the period of this
employment. You will report only to Craig, although you will of course work with other members of
management. It is anticipated that your focus will be in the following areas:
1. | Investment portfolio | ||
2. | SEC filings and related matters | ||
3. | Tax and accounting issues; audit issues | ||
4. | Employee compensation, insurance and benefits | ||
5. | Expansion and acquisition issues | ||
6. | Branch profitability |
Since the purpose of your employment is to aid in Craigs transition to CEO, you will also assist
in other areas Craig might desire.
Luther E. Proper
March 14, 2011
Page two
March 14, 2011
Page two
It is anticipated that you will remain on the Board of Directors, and during your continued
employment, you will of course continue to be considered an inside director.
This part time employment will commence March 22, 2011. It will be at will employment in that
either party may terminate it at any time for any legal reason or no reason. Nonetheless, the
expected time frame is approximately six months to not more than twelve months, depending on
the needs of Craig and the Bank. As the purpose of the employment is to facilitate Craigs
transition into his role as Chief Executive Officer, it is believed that one or both of you will
realize when this goal has been sufficiently met.
The Bank appreciates your willingness to assist in this capacity, and of course very much
appreciates your many years of dedicated service to the Bank.
Very truly yours, THE KILLBUCK SAVINGS BANK COMPANY |
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/s/ Allan Mast |
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Allan Mast | ||||
Chairman, Board of Directors |
Accepted:
/s/ Luther E. Proper | ||||
Luther E. Proper | ||||
March 14, 2011 | ||||
Date | ||||