This Employment Agreement (“Agreement”), made and entered into this 15th day of December, 2005,
by and between FIRST HOME SAVINGS BANK (hereinafter called "the Bank") and JAMES W.
DUNCAN (hereinafter called "the Employee").
The Bank and the Employee agree as follows:
Term : The term of this Agreement shall be a period of one year commencing on December 15,
2005, subject to earlier termination as provided herein. Beginning on December 15, 2006, and on each
anniversary thereafter, the term of this Agreement shall be extended for a period of one year; provided that : (1)
the Bank has not given notice to the Employee in writing at least 90 days prior to such anniversary that the terms
of this Agreement shall not be extended further; and (2) prior to such anniversary, the Board of Directors of the
Bank explicitly reviews and approves the extension. Reference herein to the term of this Agreement shall refer to
both such initial term and such extended terms.
Duties and Service : The Employee is employed by the Bank as an executive officer and he
agrees that all acts and services rendered by him during the term of this Agreement, whether solely or jointly with
others, whether at the request or suggestion of the Bank or otherwise, will be for the sole and exclusive benefit of
the Bank. The Employee will at all times diligently and loyally serve and endeavor to further the interests of the
Bank, and will follow and abide by the policies of the Bank and applicable banking regulations.
Compensation and Benefits:
Salary . The Bank agrees to pay the Employee during the term of this Agreement the
salary established by the Board of directors, which shall be at least the Employee’s salary in effect as of
the Commencement Date. The amount of the Employee’s salary shall be reviewed by the Board of
Directors, beginning not later than the first anniversary of the Commencement Date. Adjustments in
salary or other compensation shall not limit