Exhibit 10.1
November 19, 2007
Mr. Michael G. Gretchen
237 E. Livingston Place
Metairie, LA 70005
Dear
Mike:
On
behalf of Hibernia Homestead & Savings Association I am pleased
to offer you the position of Senior Vice President with
responsibility for developing the institution’s commercial
banking program. Should you accept this offer, your initial salary
will be $70,000 per year. In addition to your base salary, you will
receive a bonus in the amount of $2,500 for each calendar quarter
during which the Association’s average commercial loans
outstanding, excluding delinquent loans, equaled or exceeded
$5,000,000. When the Association’s average commercial loans
outstanding, excluding delinquent loans, equals or exceeds
$15,000,000 for a calendar quarter, in lieu of further bonus
payments your annual base salary will be increased to $95,000. You
will continue to be eligible for discretionary bonuses that may be
paid based on the institution’s overall financial results and
your personal contribution to the achievement of those
results.
As a
Hibernia Homestead employee you will be eligible to participate in
the Association’s health plan and 401(k) retirement plan.
Donna Guerra, our Chief Financial Officer, is available to provide
you with de
