AUBURN SAVINGS BANK, FSB
THIS AGREEMENT (the “Agreement”), is made this 15
day of August, 2008, by and between
AUBURN SAVINGS BANK, FSB , a federally chartered savings bank (the “Bank”), and Allen T. Sterling
WHEREAS, Executive serves in a position of substantial responsibility; and
WHEREAS, the Bank wishes to assure Executive’s services for the term of this Agreement; and
WHEREAS, Executive is willing to serve in the employ of the Bank during the term of this Agreement.
NOW, THEREFORE, in consideration of the mutual covenants contained in this Agreement, and upon
the other terms and conditions provided for in this Agreement, the parties hereby agree as follows:
Employment . The Bank will employ Executive as its President and Chief Executive Officer
and, as such, Executive will be responsible for the overall management of the Bank, including responsibility for
establishing the business objectives, policies and strategic plan of the Bank in conjunction with the Board of
Directors of the Bank (the “Board”). Executive shall also have all additional powers commonly incident to his
position, or which, consistent with his position, the Board delegates to Executive. Executive also agrees to serve,
if elected, as a director of the Bank and as an officer and/or director of any subsidiary or affiliate of the Bank and
to carry out the duties and responsibilities reasonably appropriate to those offices.
Location . Executive shall be principally located at the principal administrative offices of
the Bank, which are currently located at 325 Sabattus Street, Lewiston, Maine.
(a) The term of this Agreement shall include: (i) the initial term, consisting of the period
commencing on the date of this Agreement (the “Effective Date”) and ending on the second anniversary of the
Effective Date, plus (ii) any and all extensions of the initial term made pursuant to this Sec