LETTER OF AGREEMENT
This letter of agreement is between the Allied Pilots Association Federal Credit Union Board of Directors and
President Kenneth L. Bertrand. The following outlines the compensation of the position of President for the
coming years. This agreement replaces the previous letter of agreement dated December 1995. This agreement
will be effective as of 1 January 1999 and will continue modified or superseded by a subsequent agreement.
1.00 FULL TIME STATUS
The President agrees to devote his full attention and best efforts to the performance of his duties with this credit
The President shall perform the duties and responsibilities of his position in accordance with applicable laws and
regulations and in accordance with bylaws and policies of the Employer and shall provide executive management
services for the Board of Directors. The President will lead other employees by example.
1.20 CHIEF OPERATING OFFICER
The President shall act as chief operating officer and general manager of the credit union and shall have the
authority and responsibility of the operations of the credit union, subject to the general direction and control of the
Board of Directors and by the policies set out in the policy manual that may be changed from time to time.
The duties of the President may be changed from time to time without affecting the other terms and conditions of
this agreement. Duties will also include all directives from the Board of Directors.
Compensation of the President shall include a base salary, a bonus program, a risked based pay portion, a
pension, and other benefits.
2.10 BASE SALARY
Effective 1 January, 1999 as compensation for services rendered by the President, the Board of Directors agrees
to pay the President a base salary of $93,000 for the year 1999, $111,000 for the year 2000, and $119,000 for
the year 2001.
2.11 RISKED BASED PAY
Based on the risk that the President has taken in order to