Exhibit 10.1
November 28, 2005
STEPHEN E. WESSEL
512 Ridgelake Drive
Metairie, Louisiana, 70001
Home: (504) 834-1945 Business: (504)
585-4569
Dear Stephen:
Subject to the successful completion of the
Company's various pre-employment
requirements, we are pleased to make you
the following offer of employment.
1. Your position will be Chief
Executive Officer and President of
Guaranty Savings and Homestead Association (Guaranty).
2. The elements of your
compensation will be:
a.
A base salary of
$160,000.00 annually, payable semi-monthly.
b.
A bonus plan
will be established by the Board within the first
quarter of 2006 for implementation in 2006.
c.
You will be
eligible for three (3) weeks of vacation annually
during any one calendar year.
d.
You will be
eligible for our standard employee insurance benefits
package, including participation in the Association's health,
dental
and life insurance group plan administered by Bankers of
Louisiana.
e.
Participation in
existing ESOP Plan in 2006 and participation in
any future SEP or other retirement plan established by the
