AGREEMENT BETWEEN ROMA FEDERAL SAVINGS BANK AND
MAURICE T. PERILLI, EXECUTIVE VICE-PRESIDENT
This Agreement is made by and between Maurice T. Perilli (Perilli),
residing at
7 Meadowlark Drive,
Hamilton, NJ 08690 and Roma Federal Savings Bank having its
principal place of
business at 485
Hamilton Avenue, Trenton, NJ 08609 (the
"Bank").
WHEREAS, Perilli
has been a member
of the Bank's Board of Directors (the
"Board") for 32 years, having served as Chairman for the past 11
years;
WHEREAS, Perilli
has been an
employee of the Bank for more than 25 years
and
currently serves as Executive Vice-President.
WHEREAS, Perilli has
indicated his desire
to continue providing
the Bank with
his services but wishes to reduce his time commitment as a full
time officer and
employee of the Bank and;
WHEREAS, the Bank wishes to continue to benefit from the service,
experience and
talent of Perilli;
NOW THEREFORE,
in consideration of the mutual promises contained in this
Agreement, intending to be legally bound, Perilli and the Bank
agree as follows:
1.
Terms
-----
a. Effective July 1, 2002 and continuing through June 30, 2005
Perilli's work commitment will consist of approximately twenty
(20) hours per week or the equivalent of approximately fifty
(50) percent of the regularly scheduled work week or at such
other times as required and requested by the President &
Chief
Executive Officer or the Board;
b. Effective
July 1, 2005 and
continuing
through June 30,
2007, Perilli will make himself available at reasonable times,
upon reasonable
notice, to provide
counsel and advice to the
Executive Officers and the Board when requested;
c. Beginning
July 1, 2002 and
continuing
through June 30,
2003, Perilli's
annual base salary will be fixed at ninety
(90) percent of his current base salary:
d. Beginning
July 1, 2003 and
continuing
through June 30,
2004, Perilli's
annual base salary will be fixed at eighty
(80) percent of his current base salary;
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e. Beginning
July 1, 2004 and
continuing
through June 30,
2005, Perilli's
annual base salary will be fixed at
seventy
(70) percent of his current base salary;
f. Beginning
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