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Employment Agreement

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Title:

Employment Agreement

Entities:

Delanco Bancorp Inc

Date:

2006

Size:

32KB total

Price:

$37

ID:

#2664568

► Employment ► Employment Agreements

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FORM OF

DELANCO BANCORP, INC.

EMPLOYMENT AGREEMENT

THIS AGREEMENT (the Agreement), made this _____ day of _____________, 200_, by and between DELANCO BANCORP, INC., a federally chartered corporation (the Company), and ROBERT M. NOTIGAN (the Executive).

WHEREAS, Executive serves in a position of substantial responsibility; and

WHEREAS, the Company wishes to assure Executives services for the term of this Agreement; and

WHEREAS, Executive is willing to serve in the employ of the Company during the term of this Agreement.

NOW, THEREFORE, in consideration of the mutual covenants contained in this Agreement, and upon the other terms and conditions provided for in this Agreement, the parties hereby agree as follows:

1. Employment. The Company will employ Executive as President and Chief Executive Officer until October 1, 2007. After that time, Executive shall remain employed as Vice Chairman. Executive will perform all duties and shall have all powers commonly incident to his position, or which, consistent with his position, the Board of Directors of the Company (the Board) delegates to Executive. Executive also agrees to serve, if elected, as an officer and/or director of any subsidiary or affiliate of the Company and to carry out the duties and responsibilities reasonably appropriate to those offices.

2. Location and Facilities. The Company will furnish Executive with the working facilities and staff customary for executive officers with the titles and duties set forth in Section 1 and as are necessary for him to perform his duties. The location of such facilities and staff shall be at the principal administrative offices of the Company and Delanco Federal Savings Bank (the Bank), or at such other site or sites customary for such offices.

3. Term.

The term of this Agreement shall include: (i) the initial term, consisting of the period commencing on the date of this Agreement (the Effective Date) and ending on the third anniversary of the Effective Date, plus (ii) any and all extensions of the initial term made pursuant to this Section 3.

Commencing on the first anniversary of the Effective Date and continuing on each anniversary of the Effective Date thereafter, the disinterested members of the Board may extend the Agreement term for an additional year, so that the remaining term of the Agreement again becomes thirty-six (36) months, unless Executive elects not to extend the term of this Agreement by giving written notice in accordance with Section 18 of this Agreement. The Board will review the Agreement and Executives performance annually for purposes of determining whether to extend the Agreement term and will include the rationale and results of its review in the minutes of its meeting. The Board will notify Executive as soon as possible after its annual review whether it has determined to extend the Agreement.

4. Base Compensation.

For his services as President and Chief Executive Officer, the Company agrees to pay Executive an annual base salary at the rate of $110,000 per year, payable in accordance with customary payroll practices. Following October 1, 2007, the Board shall adjust Executives annual base salary downward to reflect his new duties and responsibilities.

During the term of this Agreement, the Board will review the level of Executives base salary at least annually, based upon factors deemed relevant, in order to determine Executives base salary through the remaining term of the Agreement.

5. Bonuses. Executive will participate in discretionary bonuses or other incentive compensation programs that the Company or the Bank may sponsor for or award from time to time to senior management employees.

6. Benefit Plans. Executive will participate in life insurance, medical, dental, pension, profit sharing, retirement and stock-based compensation plans and other programs and arrangements that the Company or the Bank may sponsor or maintain for the benefit of their employees.

7. Vacations and Leave.

Executive may take vacations and other leave in accordance with applicable policy for senior executives, or otherwise as approved by the Board.

In addition to paid vacations and other leave, the Board may grant Executive a leave or leaves of absence, with or without pay, at such time or times and upon such terms and conditions as the Board, in its discretion, may determine.

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