Exhibit 10.8
Description of payments due certain officers
upon a change-in-control
Effective November 20, 1997,
the Board of Directors of WSB Holdings, Inc. approved a lump
sum severance payment for WSB officers with the title at the time
of Vice President and above in the event of a change-in-control as
defined by the Office of Thrift Supervision (“OTS”) in
12 C.F.R. 574.4(a) and (b). Effective December 19,
2001, the eligible officers are entitled to a lump sum severance
payment in the event their employment is involuntarily terminated
or, if their level of compensation does not remain substantially
the same (including bonuses) and they voluntarily terminate their
employment within 18 months of such change-in-control as defined by
OTS. Pursuant to a resolution adopted by the Board of
Directors on January 21, 2004, the change in control severance
payments for Kevin P. Huffman is $150,000.
Under 12 C.F.R. 574.4(a) and
(b), a change of control of WSB will be deemed to occur when a
person, directly or indirectly, acting alone or in concert with
other persons, acquires the right to vote, by any combination of
ownership and irrevocable proxies, more than 25% of any
class of WSB’s voting stock, controls the election of a
majority of WSB’s directors, contributes more than 25% of the
capital of WSB, or is determined by t
