EX-10
from 8-K
8 pages
This Will Confirm Our Proposal Concerning the Termination of Your Employment With Baylake Bank (The “Bank”). Your Employment by the Bank Shall Terminate Effective December 18, 2006 (The “Separation Date”). as We Have Discussed, Your Departure Is a Result of the Bank’s Restructuring. in Connection With the Separation, the Bank Offers You the Following Benefits: (1) Unconditional Assistance Benefits. Whether or Not You Choose to Sign This Agreement and Accept the Terms It Contains Or, Having Done So, Exercise Your Rights to Revoke Your Acceptance of These Terms (Described More Fully in Paragraph 4(e), Below), the Following Will Apply to You: (A) the Bank Will Pay You Your Regular Wages Through the Separation Date; (B) the Bank Will Pay You for Accrued Vacation, if Any, That You Have Not Used as of the Separation Date; (C) if You Participated in the Bank’s 401(k) Plan, You Will Retain All Your Vested Rights, if Any, as of the Separation Date in That Plan and Will Receive All Payments Due You Under the Terms of That Plan; And
12/34/56