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Non-Tech : USAB - USABancShares.com -- Ignore unavailable to you. Want to Upgrade?

To: King David who wrote (2345)	1/10/2000 11:57:00 AM
From: Tom Borst	Read Replies (1) \| Respond to of 2419

Tepper's Employment Agreement USABancShares.com and vBank have entered into a three-year employment agreement with Mr. Tepper pursuant to which Mr. Tepper serves as the President and Chief Executive Officer of USABancShares.com and vBank. Under his employment agreement, Mr. Tepper receives an annual base salary of $245,000 and has the ability to receive cash bonuses at the end of each fiscal year, beginning with the fiscal year ending 1999, based on our attainment of certain performance objectives. Mr. Tepper will receive a cash bonus of $100,000 when vBank's total assets reach $500 million. He will also receive a cash bonus of $100,000 upon the opening of the fifty thousandth (50,000) deposit account and an additional $100,000 cash bonus upon the opening of deposit accounts in increments of fifty thousand (50,000) thereafter. Mr. Tepper will receive a cash bonus based on our earnings per share each year as follows: (i) $50,000 for earnings per share in excess of $0.50, (ii) $75,000 for earnings per share in excess of $0.75, and (iii) $100,000 for earnings per share in excess of $1.00. Additionally, Mr. Tepper will receive a cash bonus of $200,000 for every $100 million increase in our market capitalization, with such increase in market capitalization being based on the average closing price of our common stock as reported on the Nasdaq SmallCap or National Market for twenty (20) consecutive trading days. The employment agreement provides that in the event Mr. Tepper is discharged other than for cause, as defined in the employment agreement, Mr. Tepper will receive, until the earlier of the remaining term of the employment agreement or obtaining employment elsewhere, his current salary, medical benefits, the use of a company automobile and any earned bonuses and expense reimbursements due to Mr. Tepper. In the event of a change of control, Mr. Tepper will receive his current salary, medical benefits and the use of a company car for twenty-four months, if he is not offered continued employment with the same job title, responsibilities, locality and compensation.