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Exhibit 10.8
January 14, 2002
Vince Ciavardini
4 Honeysuckle Ln.
Broomall, PA 19008
Dear Vince,
Thank you for taking the time over
the last two months to meet with us to discuss our Sunstone/UMB
mutual fund opportunity. We enjoyed your company and the
opportunity of discussing how you might help advance our mutual
fund servicing efforts. UMB Financial Corporation is a regional,
multi-bank holding company, headquartered in Kansas City, Missouri
with $7.5 billion in assets. UMB offers a complete array of banking
products and related financial services to both individual and
business customers including employee benefit services, trust and
wealth management products, cash management, financial counseling,
investment products and services, custody, brokerage services and
commercial loans, to name a few.
Vince, UMB would like to extend the
offer of Vice Chairman of UMB Financial Corporation, President and
Chief Executive Officer of a newly created mutual fund services
division, which would consist of Sunstone and UMB’s Mutual
Fund Cash Management and Custody services. Your base salary will be
$280,000 and a leased car. In addition to the base offer, you would
receive a bonus of 5% of the pre-tax net profits of Sunstone. We
will also include in this bonus pool bundled services sold to
prospective clients. In addition, you would be eligible to receive
up
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