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Exhibit
10.1
MEMO OF
UNDERSTANDING
The purpose of this memorandum is to
outline the basis of the work and compensation that will be
performed by Lawrence A. Collett (Chairman) after he retires as
Chief Executive Officer and assumes the role of Chairman of the
Board of, and consultant to, Cass Information Systems,
Inc.
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I. |
Role and Responsibilities |
The Chairman’s duties
shall be as set forth in the description attached to this
memorandum.
It is expected that the
Chairman will spend not more than one day per week engaged in the
above duties or activities as requested by the Company.
This new position will begin
July 20, 2008.
It is understood that this
position will be for an initial three-year period, but can be
extended upon the mutual agreement of the Chairman and the Board of
Directors. It is recognized this understanding can be terminated at
any time by either party.
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A. |
Annual Fee – For serving in the outlined capacity, the
Chairman shall receive a fee of $150,000 per year, paid
monthly. |
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B. |
The Chairman shall also receive the annual stock compensation
and the monthly Board of Directors retainer and monthly meeting
fees. In addition he will receive fees for each loan committee
meeting he attends as a member of that co |
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