Document:

November 22, 1999

PERSONAL AND CONFIDENTIAL
-------------------------

The Board of Directors
CNY Financial Corporation
1 North Main Street
Cortland, NY 13045

Attention:    Mr. Harvey Kaufman
              Chairman of the Board of Directors

Gentlemen:

This letter agreement confirms our understanding of the engagement of CIBC World
Markets Corp. ("CIBC World Markets") by CNY Financial Corporation (together with
its  subsidiaries and affiliates,  the "Company") to act as exclusive  financial
advisor to the Company in  connection  with a possible  sale or other  transfer,
directly or indirectly and whether in one or a series of transactions, of all or
a  significant  portion  of the  assets  or  securities  of the  Company  or any
extraordinary  corporate  transaction  involving  a  change  in  control  of the
Company,   regardless  of  the  form  or  structure  of  such  transaction  (the
"Transaction").

SERVICES.  During the term of this  engagement,  CIBC World Markets will provide
you with  financial  advice and assistance in connection  with the  Transaction,
which may  involve,  to the  extent  requested  by you and  appropriate  for the
Transaction,  advice and  assistance in connection  with defining  strategic and
financial objectives,  identifying potential parties to a Transaction, assisting
in the  preparation  of a  confidential  memorandum  describing  the Company and
related  materials  for  distribution  to  such  parties,   reviewing  financial
information  and assisting in  negotiations of the financial terms and structure
of the  Transaction.  At your request,  we also will render an opinion as to the
fairness, from a financial point of view, of the consideration to be received by
the  Company  or the  holders  of its  common  stock,  as the  case  may be,  in
connection  with a Transaction  (or, in the case of a  Transaction  involving an
exchange of  securities,  the exchange  ratio) (the  "Opinion"),  subject to the
approval of CIBC World Markets' M & A Committee.  CIBC World Markets consents to
the inclusion of the Opinion in its entirety and any  references to such Opinion
in any  prospectus,  proxy  statement or  solicitation/recommendation  statement
required to be distributed to the Company's  shareholders  in connection  with a
Transaction  so long as such  inclusion or  reference  is in form and  substance
acceptable  to CIBC World Markets and its counsel.  If you should  request us to
provide additional services not otherwise contemplated by this letter

<PAGE>

agreement,  the Company  and CIBC World  Markets  will enter into an  additional
letter  agreement  which will set forth the  nature  and scope of the  services,
appropriate compensation and other customary matters, as mutually agreed upon by
the Company and CIBC World Markets.

In order to coordinate the efforts in connection with a Transaction, the Company
and CIBC World  Markets  promptly  will inform and consult  with each other with
respect  to  inquiries   received  from  third  parties  in  connection  with  a
Transaction.

COMPENSATION. In connection with this engagement, the Company agrees to pay us a
transaction fee equal to 1.20% of Transaction Value (as defined below),  payable
in cash on the  closing  date  of a  Transaction  if,  during  the  term of this
engagement or within 12 months  thereafter,  a Transaction  is consummated or an
agreement is entered into that subsequently  results in a Transaction.  Upon the
earlier of the oral or written delivery of the Opinion to the Company's Board of
Directors,  CIBC World  Markets  shall be paid a fee of $300,000  (the  "Opinion
Fee").  No portion of the Opinion Fee paid in connection  with the Opinion shall
be contingent on the views expressed  therein.  The Opinion Fee will be credited
against the transaction fee.

As used in this letter agreement,  "Transaction  Value" means the total value of
all  consideration  (including  cash,  securities  or  other  property)  paid or
received or to be paid or received, directly or indirectly, in connection with a
Transaction  in  respect  of the  assets  of  the  Company  or  the  outstanding
securities  of the Company on a fully diluted  basis  (treating  any  securities
issuable upon the exercise of options,  warrants or other convertible securities
and any securities to be redeemed as  outstanding),  plus the amount of any debt
(including  capitalized  leases)  and  any  other  liabilities  of  the  Company
outstanding  or  assumed,  refinanced  or  extinguished  in  connection  with  a
Transaction,  and amounts payable in connection with a Transaction in respect of
employment  or  consulting  agreements,  agreements  not to  compete  or similar
arrangements. If the Transaction takes the form of a recapitalization or similar
transaction,  "Transaction  Value"  will also  include  the value of all  shares
retained  by the  shareholders  of the  acquired  company.  If  any  portion  of
Transaction  Value is  payable  in the  form of  securities,  the  value of such
securities,  for purposes of calculating our transaction fee, will be determined
based on the average  closing price for such  securities for the 20 trading days
prior to the closing of the  Transaction.  In the case of securities that do not
have an existing public market,  our transaction fee will be determined based on
the fair market value of such  securities as mutually  agreed upon in good faith
by the Company and CIBC World Markets  prior to the closing of the  Transaction.
Fees on amounts paid into escrow will be payable upon the  establishment of such
escrow. Fees relating to contingent payments other than escrowed amounts will be
calculated based on the present value of the reasonably  expected maximum amount
of such contingent  payments as determined in good faith by the Company and CIBC
World Markets prior to the closing of the Transaction, utilizing a discount rate
equal to the  prime  rate  published  in The  Wall  Street  Journal  on the last
business day preceding the closing of the Transaction.

The Company also agrees to  periodically  reimburse CIBC World Markets  promptly
when  invoiced  for  all of its  reasonable  out-of-pocket  expenses  (including
reasonable  fees and  expenses  of its legal  counsel)  in  connection  with the
performance  of its  services  hereunder,  regardless  of whether a  Transaction
occurs. Upon termination or expiration of this letter agreement or completion of
a  Transaction,  the Company  agrees to pay  promptly  in cash any  unreimbursed
expenses that have accrued as of such date; provided,  that, except as otherwise
contemplated  by Annex A hereto,  expenses in excess of $10,000 will require the
consent of the Company (which consent will not be unreasonably withheld).

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To the extent officers of CIBC World Markets assist in, or provide  testimony in
trial or deposition for any action, suit or proceeding relating to a Transaction
or our engagement hereunder,  the Company will pay CIBC World Markets a per diem
charge for the services of such officers in an amount to be mutually agreed upon
by the Company and CIBC World Markets prior to such assistance.

TERM.  The term of this  engagement  will extend until  January 6, 2001 and will
automatically  terminate  upon the closing or  termination  of the  Transaction,
provided,  that either party may terminate  this letter  agreement by giving the
other party at least thirty (30) days prior written  notice to that effect.  The
Company   agrees  that  the   provisions   relating  to  the  payment  of  fees,
reimbursement of expenses, indemnification and contribution, confidentiality and
waiver of the right to trial by jury will survive any such termination.

INDEMNIFICATION.  As CIBC  World  Markets  will be  acting on your  behalf,  the
Company  agrees to indemnify CIBC World Markets and certain  related  parties in
the manner set forth in Annex A which is attached and  incorporated by reference
in its entirety to this letter agreement.

USE OF INFORMATION.  The Company will furnish (or will use reasonable efforts to
cause  other  potential  parties to the  Transaction  to  furnish) to CIBC World
Markets such  information  as CIBC World  Markets  believes  appropriate  to its
assignment  (the  "Information").  The Company hereby agrees and represents that
all Information  relating to the Company furnished to CIBC World Markets will be
accurate and complete in all material  respects at the time provided,  and that,
if the  Company  is aware of any  Information  becoming  materially  inaccurate,
incomplete  or  misleading  during  the term of CIBC World  Markets'  engagement
hereunder,  the Company will  promptly  advise CIBC World  Markets.  The Company
recognizes and confirms that CIBC World Markets  assumes no  responsibility  for
the accuracy and  completeness  of the Information and will be using and relying
upon the Information (and information available from generally recognized public
sources)  without  assuming  responsibility  for  independent   verification  or
independent evaluation of any of the assets or liabilities of the Company.

The Company acknowledges that in performing its services,  CIBC World Markets is
acting as an independent contractor with duties owing solely to the Company. The
Company further acknowledges that any service,  information or advice, including
the Opinion,  provided by CIBC World Markets to the Company in  connection  with
this engagement is for the confidential use of the Board of Directors and senior
management of the Company and may not be disclosed or referred to publicly or to
any third party,  without our prior written  consent,  which consent will not be
unreasonably withheld. CIBC World Markets will treat confidentially any material
non-public  information  relating to the Company provided by the Company to CIBC
World  Markets  during the term of this  engagement,  except as (a)  required in
order to perform our services under this engagement,  including  disclosing such
information  to its officers,  employees,  agents and other  representatives  as
necessary,  (b)  such  information  becomes  publicly  available  other  than by
disclosure  by CIBC  World  Markets  in  violation  of the  terms  hereof or (c)
otherwise required by law or judicial or regulatory process.

MISCELLANEOUS.  This  letter  agreement  will be governed  by and  construed  in
accordance  with the laws of the State of New York without  regard to principles
of conflicts of law. The Company  irrevocably submits to the jurisdiction of any
court of the  State of New York for the  purpose  of any  suit,  action or other
proceeding arising out of this letter agreement or our engagement hereunder.

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Each of the Company and CIBC World  Markets  hereby waives any right it may have
to a trial by jury in  respect  of any claim  brought  by or on behalf of either
party based upon,  arising out of or in connection  with this letter  agreement,
our engagement hereunder or the transactions contemplated hereby.

The Company  represents  and  warrants to CIBC World  Markets  that there are no
brokers, representatives or other persons which have an interest in compensation
due to CIBC World  Markets from any  Transaction  or our  services  contemplated
herein.

CIBC  World   Markets  may,  at  our  own  expense,   place   announcements   or
advertisements  in financial  newspapers  and journals  describing  our services
hereunder.

This letter agreement may not be amended or modified except in writing signed by
the  Company  and  CIBC  World  Markets  and  may be  executed  in  two or  more
counterparts,  each of will be deemed to be an  original,  but all of which will
constitute one and the same agreement.  All rights,  liabilities and obligations
hereunder  will be binding  upon and inure to the benefit of the  Company,  CIBC
World  Markets,  each  Indemnified  Party  (as  defined  in Annex  A) and  their
respective successors and assigns.

Please  confirm  our mutual  understanding  of this  engagement  by signing  and
returning to us the enclosed  duplicate  copy of this letter  agreement.  We are
pleased  that you  have  engaged  us to act as your  financial  advisor  and are
looking forward to working with you on this assignment.

                                                     Very truly yours,

                                                     CIBC WORLD MARKETS CORP.

                                                     By:_______________________
                                                          Mary Anne Callahan
                                                          Managing Director

Agreed to and accepted as of the above date.

CNY Financial Corporation

By:
      ----------------------------------
      Harvey Kaufman
      Chairman of the Board of Directors

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<PAGE>

CNY FINANCIAL
DATE:  NOVEMBER 22, 1999
                            ANNEX A: INDEMNIFICATION
The Company agrees to indemnify CIBC World  Markets,  its employees,  directors,
officers,  agents,  affiliates,  and each person, if any, who controls it within
the  meaning of either  Section  20 of the  Securities  Exchange  Act of 1934 or
Section 15 of the Securities Act of 1933 (each such person, including CIBC World
Markets,  is referred to as  "Indemnified  Party")  from and against any losses,
claims, damages and liabilities,  joint or several (including all legal or other
expenses  reasonably  incurred by an  Indemnified  Party in connection  with the
preparation  for or  defense  of any  threatened  or  pending  claim,  action or
proceeding,  whether or not resulting in any  liability)  ("Damages"),  to which
such  Indemnified  Party,  in connection with its services or arising out of its
engagement  hereunder,  may become subject under any applicable Federal or state
law or  otherwise,  including  but not  limited  to  liability  (i) caused by or
arising out of an untrue  statement or an alleged untrue statement of a material
fact or the omission or alleged  omission to state a material fact  necessary in
order to make a statement  not  misleading in light of the  circumstances  under
which it was made, (ii) caused by or arising out of any act or failure to act or
(iii)  arising out of CIBC World  Markets'  engagement  or the  rendering by any
Indemnified Party of its services under this Agreement;  provided, however, that
the Company will not be liable to the Indemnified  Party hereunder to the extent
that any  Damages  are found in a final  non-appealable  judgment  by a court of
competent jurisdiction to have resulted from the gross negligence,  bad faith or
willful misconduct of the Indemnified Party seeking indemnification hereunder.

These indemnification provisions shall be in addition to any liability which the
Company may otherwise have to any Indemnified Party.

If for  any  reason,  other  than a final  non-appealable  judgment  finding  an
Indemnified  Party  liable for  Damages for its gross  negligence,  bad faith or
willful  misconduct  the foregoing  indemnity is  unavailable  to an Indemnified
Party or  insufficient to hold an Indemnified  Party harmless,  then the Company
shall  contribute  to the amount  paid or payable by an  Indemnified  Party as a
result of such Damages in such  proportion as is appropriate to reflect not only
the relative  benefits  received by the Company and its  shareholders on the one
hand and CIBC World  Markets on the other,  but also the  relative  fault of the
Company  and  the   Indemnified   Party  as  well  as  any  relevant   equitable
considerations,  subject  to the  limitation  that in no event  shall  the total
contribution of all Indemnified Parties to all such Damages exceed the amount of
fees actually received and retained by CIBC World Markets hereunder.

Promptly after receipt by the Indemnified Party of notice of any claim or of the
commencement  of any  action in respect of which  indemnity  may be sought,  the
Indemnified  Party  will  notify  the  Company  in  writing  of the  receipt  or
commencement  thereof and the Company shall have the right to assume the defense
of such  claim  or  action  (including  the  employment  of  counsel  reasonably
satisfactory  to the  Indemnified  Party and the payment of fees and expenses of
such  counsel),  provided  that the  Indemnified  Party  shall have the right to
control its defense if, in the opinion of its counsel,  the Indemnified  Party's
defense is unique or  separate to it as the case may be, as opposed to a defense
pertaining to the Company.  In any event,  the Indemnified  Party shall have the
right to retain counsel reasonably satisfactory to the Company, at the Company's
expense,  to represent  it in any claim or action in respect of which  indemnity
may be sought and agrees to cooperate with the Company and the Company's counsel
in the defense of such claim or action, it being understood,  however,  that the
Company shall not, in connection  with any one such claim or action or separate,
but substantially  similar or related claims or actions in the same jurisdiction
arising out of the same general allegations or circumstances,  be liable for the
reasonable  fees and expenses of more than one separate firm of  attorneys,  for
all the  Indemnified  Parties  unless the  defense of one  Indemnified  Party is
unique or separate  from that of another  Indemnified  Party subject to the same
claim or action.  In the event that the  Company  does not  promptly  assume the
defense  of a claim or action,  the  Indemnified  Party  shall have the right to
employ counsel reasonably satisfactory to the Company, at the Company's expense,
to defend such claim or action. The omission by an Indemnified Party to promptly
notify the  Company of the  receipt  or  commencement  of any claim or action in
respect of which  indemnity  may be sought will  relieve  the  Company  from any
liability the Company may have to such Indemnified Party only to the extent that
such a delay in notification materially prejudices the Company's defense of such
claim or action.  The Company shall not be liable for any settlement of any such
claim or  action  effected  without  its  written  consent,  which  shall not be
unreasonably  withheld or delayed.  Any obligation  pursuant to this Annex shall
survive the termination or expiration of this Agreement.EXHIBIT 10.5

        EMPLOYMENT AGREEMENT BETWEEN COMMUNITY SAVINGS BANKSHARES, INC.,
               COMMUNITY SAVINGS, F. A. AND JAMES B. PITTARD, JR.

<PAGE>

                                                                    Exhibit 10.5

                                    AGREEMENT

         AGREEMENT, dated this 25th day of February 1999, between Community
Savings, F.A. (the "Association"), a federally chartered savings and loan
association, Community Savings Bankshares, Inc. (the "Corporation"), a Delaware
corporation, and James B. Pittard, Jr. (the "Executive"). The Corporation and
the Association are collectively referred to as the "Employers".

                               W I T N E S S E T H

         WHEREAS, the Executive is presently an officer of the Employers;,

         WHEREAS, the Employers desire to be ensured of the Executive's
continued active participation in the business of the Employers; and

         WHEREAS, in order to induce the Executive to remain in the employ of
the Employers and in consideration of the Executive's agreeing to remain in the
employ of the Employers, the parties desire to specify the severance benefits
which shall be due the Executive by the Employers in the event that his
employment with the Employers is terminated under specified circumstances;

         NOW THEREFORE, in consideration of the mutual agreements herein
contained, and upon the other terms and conditions hereinafter provided, the
parties hereby agree as follows:

         1.     DEFINITIONS. The following words and terms shall have the
meanings set forth below for the purposes of this Agreement:

         (a)    ANNUAL COMPENSATION. The Executive's "Annual Compensation" for
purposes of this Agreement shall be deemed to mean the highest level of
compensation paid to the Executive by the Employers or any subsidiary thereof
during the calendar year in which the Date of Termination occurs (determined on
an annualized basis) or either of the two calendar years immediately preceding
the calendar year in which the Date of Termination occurs and which was either
(i) included in the Executive's gross income for tax purposes, including but not
limited to Base Salary, bonuses and amounts taxable to the Executive under any
qualified or non-qualified employee benefit plans of the Employers, or (ii)
deferred at the election of the Executive; PROVIDED, HOWEVER, that for purposes
of the calculation of "Annul Compensation," income related to restricted stock
plans and stock option plans of the Employers shall not be included.

         (b)    BASE SALARY. "Base Salary" shall have the meaning set forth in
Section 3(a) hereof.

         (c)    CAUSE. Termination of the Executive's employment for "Cause"
shall mean termination because of personal dishonesty, incompetence, willful
misconduct, breach of fiduciary

<PAGE>

duty involving personal profit, intentionalfailure to perform stated duties,
willful violation of any law, rule or regulation (other than traffic violations
or similar offenses) or final cease-and-desist order or material breach of any
provision of this Agreement. For purposes of this paragraph, no act or failure
to act on the Executive's part shall be considered "willful" unless done, or
omitted to be done, by the Executive not in good faith and without reasonable
belief that the Executive's action or omission was in the best interests of the
Employers.

         (d)    CHANGE IN CONTROL OF THE CORPORATION. "Change in Control of the
Corporation" shall mean the occurrence of any of the following: (i) the
acquisition of control of the Corporation as defined in 12 C.F.R. ss.574.4,
unless a presumption of control is successfully rebutted or unless the
transaction is exempted by 12 C.F.R. ss.574.3(c)(vii), or any successor to such
sections; (ii) an event that would be required to be reported in response to
Item 1(a) of Form 8-K or Item 6(e) of Schedule 14A of Regulation 14A pursuant to
the Securities Exchange Act of 1934, as amended ("Exchange Act"), or any
successor thereto, whether or not any class of securities of the Corporation is
registered under the Exchange Act; (iii) any "person" (as such term is used in
Sections 13(d) and 14(d) of the Exchange Act) is or becomes the "beneficial
owner" (as defined in Rule 13d-3 under the Exchange Act), directly or
indirectly, of securities of the Corporation representing 25% or more of the
combined voting power of the Corporation's then outstanding securities; or (iv)
during any period of three consecutive years, individuals who at the beginning
of such period constitute the Board of Directors of the Corporation cease for
any reason to constitute at least two-thirds thereof unless the election, or the
nomination for election by stockholders, of each new director was approved by a
vote of at least majority of the directors then still in office who were
directors at the beginning of the period.

         (e)    CODE. "Code" shall mean the Internal Revenue Code of 1986, as
amended.

         (f)    DATE OF TERMINATION. "Date of Termination" shall mean (i) if the
Executive's employment is terminated for Cause or for Disability, the date
specified in the Notice of Termination, and (ii) if the Executive's employment
is terminated for any other reason, the date on which a Notice of Termination is
given or as specified in such Notice.

         (g)    DISABILITY. Termination by the Corporation of the Executive's
employment based on "Disability" shall mean termination because of any physical
or mental impairment which qualifies the Executive for disability benefits under
the applicable long-term disability plan maintained by the Employers or any
subsidiary or, if no such plan applies, which would qualify the Executive for
disability benefits under the Federal Social Security System.

         (h)    GOOD REASON. Termination by the Executive of the Executive's
employment for "Good Reason" shall have the meaning as set forth in Section 1(g)
of that certain Change in Control Severance Agreement between the Employers and
the Executive dated February 25, 1999 (the "Change in Control Agreement").

         (i)    IRS. IRS shall mean the Internal Revenue Service.

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<PAGE>

         (j)    NOTICE OF TERMINATION. Any purported termination of the
Executive's employment by the Employers for any reason, including without
limitation for Cause, Disability or Retirement, or by the Executive for any
reason shall be communicated by written "Notice of Termination" to the other
party hereto. For purposes of this Agreement, a "Notice of Termination" shall
mean a dated notice which (i) indicates the specific termination provision in
this Agreement relied upon, (ii) sets forth in reasonable detail the facts and
circumstances claimed to provide a basis for termination of the Executive's
employment under the provision so indicated, (iii) specifies a Date of
Termination, which shall be not less than thirty (30) nor more than ninety (90)
days after such Notice of Termination is given, except in the case of the
Employers' termination of the Executive's employment for Cause, which shall be
effective immediately, and (iv) is given in the manner specified in Section 10
hereof.

         (k)    RETIREMENT. "Retirement" shall mean voluntary termination by the
Executive in accordance with the Employers' retirement policies, including early
retirement, generally applicable to their salaried employees.

         2.     TERM OF EMPLOYMENT.

         (a)    The Employers hereby employ the Executive as President and Chief
Executive Officer, and the Executive hereby accepts said employment and agrees
to render such services to the Corporation on the terms and conditions set forth
in this Agreement. The term of this Agreement shall be a period of one year
commencing as of the date hereof (the "Commencement Date"), subject to earlier
termination as provided herein. Beginning on the day following the Commencement
Date, and on each day thereafter, the term of this Agreement shall be extended
for a period of one day in addition to the then-remaining term, provided that
the Employers have not given notice to the Executive in writing at least 60 days
prior to such day that the term of this Agreement shall not be extended further.
Reference herein to the term of this Agreement shall refer to both such initial
term and such extended terms. The Boards of Directors of the Employers shall
review on a periodic basis (and no less frequently than annually) whether to
permit further extensions of the term of this Agreement. As part of such review,
the Boards of Directors shall consider all relevant factors, including the
Executive's performance hereunder, and shall either expressly approve further
extensions of the time of this Agreement or decide to provide notice to the
contrary.

         (b)    During the term of this Agreement, the Executive shall perform
such executive services for the Employers as may be consistent with his titles
and from time to time assigned to him by the Employers' Boards of Directors.

         3.     COMPENSATION AND BENEFITS.

         (a)    The Employers shall compensate and pay the Executive for his
services during the term of this Agreement at a minimum base salary of $241,210
per year ("Base Salary"), which may be increased from time to time in such
amounts as may be determined by the Boards of Directors of the Employers and may
not be decreased without the Executive's express written consent. In

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<PAGE>

addition to his Base Salary, the Executive shall be entitled to receive during
the term of this Agreement such bonus payments as may be determined by the
Boards of Directors of the Employers.

         (b)    During the term of this Agreement, the Executive shall be
entitled to participate in and receive the benefits of any pension or other
retirement benefit plan, profit sharing, stock option, restricted stock grant
plan, employee stock ownership, or other plans, benefits and privileges given to
employees and executives of the Employers, to the extent commensurate with his
then duties and responsibilities, as fixed by the Boards of Directors of the
Employers. The Employers shall not make any changes in such plans, benefits or
privileges which would adversely affect the Executive's rights or benefits
thereunder, unless such change occurs pursuant to a program applicable to all
executive officers of the Employers and does not result in a proportionately
greater adverse change in the rights of or benefits to the Executive as compared
with any other executive officer of the Employers. Nothing paid to the Executive
under any plan or arrangement presently in effect or made available in the
future shall be deemed to be in lieu of the salary payable to the Executive
pursuant to Section 3(a) hereof.

         (c)    During the term of this Agreement, the Executive shall be
entitled to paid annual vacation in accordance with the policies as established
from time to time by the Boards of Directors of the Employers. The Executive
shall not be entitled to receive any additional compensation from the Employers
for failure to take a vacation, nor shall the Executive be able to accumulate
unused vacation time from one year to the next, except to the extent authorized
by the Boards of Directors of the Employers.

         4.     EXPENSES. The Employers shall reimburse the Executive or
otherwise provide for or pay for all reasonable expenses incurred by the
Executive in furtherance of or in connection with the business of the Employers,
including, but not by way of limitation, automobile expenses and other traveling
expenses, and all reasonable entertainment expenses (whether incurred at the
Executive's residence, while traveling or otherwise), subject to such reasonable
documentation and other limitations as may be established by the Boards of
Directors of the Employers. If such expenses are paid in the first instance by
the Executive, the Employers shall reimburse the Executive therefor.

         5.    TERMINATION.

         (a)    The Employers shall have the right, at any time upon prior
Notice of Termination, to terminate the Executive's employment hereunder for any
reason, including without limitation termination for Cause, Disability or
Retirement, and the Executive shall have the right, upon prior Notice of
Termination, to terminate his employment hereunder for any reason.

         (b)    In the event that (i) the Executive's employment is terminated
by the Employers for Cause or (ii) the Executive terminates his employment
hereunder other than for Disability, Retirement or death, the Executive shall
have no right pursuant to this Agreement to compensation or other benefits for
any period after the applicable Date of Termination.

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<PAGE>

         (c)    In the event that the Executive's employment is terminated as a
result of Disability or Retirement during the term of this Agreement, the
Executive shall have no right pursuant to this Agreement to compensation or
other benefits for any period after the applicable Date of Termination. In the
event that the Executive is terminated by the Employers in the event of a Change
in Control of the Corporation or if the Executive terminates his employment for
Good Reason, the Executive shall be due such payments and benefits as provided
for in the Change in Control Agreement.

         (d)    In the event that (i) the Executive's employment is terminated
by the Corporation for other than Cause, Disability, Retirement or the
Executive's death or (ii) such employment is terminated by the Executive due to
a material breach of this Agreement by the Employers, which breach has not been
cured within fifteen (15) days after a written notice of non-compliance has been
given by the Executive to the Employers, then the Employers shall:

                (A)     pay to the Executive, in either twelve (12) equal
         monthly installments beginning with the first business day of the month
         following the Date of Termination or in a lump sum within five business
         days of the Date of Termination (at the Employers' election), a cash
         severance amount equal to one (1) times that the Executive's Annual
         Compensation paid by the Employers, and

                (B)     maintain and provide for a period ending at the earlier
         of (i) the expiration of the remaining term of employment pursuant
         hereto prior to the Notice of Termination or (ii) the date of the
         Executive's full-time employment by another employer (provided that the
         Executive is entitled under the terms of such employment to benefits
         substantially similar to those described in this subparagraph (B)), at
         no cost to the Executive (except to the extent the Executive already
         bears all or a portion of the expense of such benefits prior to the
         Date of Termination), the Executive's continued participation in all
         group insurance, life insurance, health and accident insurance,
         disability insurance and other employee benefit plans, programs and
         arrangements offered by the Employers in which the Executive was
         entitled to participate immediately prior to the Date of Termination
         (excluding (x) stock option and restricted stock plans of the
         Employers, (y) bonuses and other items of cash compensation included in
         Annual Compensation, and (z) other benefits, or portions thereof,
         included in Annual Compensation), provided that in the event that the
         Executive's participation in any plan, program or arrangement as
         provided in this subparagraph (B) is barred, or during such period any
         such plan, program or arrangement is discontinued or the benefits
         thereunder are materially reduced, the Employers shall arrange to
         provide the Executive with benefits substantially similar to those
         which the Executive was entitled to receive under such plans, programs
         and arrangements immediately prior to the Date of Termination.

         6. LIMITATION OF BENEFITS UNDER CERTAIN CIRCUMSTANCES. If the payments
and benefits pursuant to Section 5 hereof, either alone or together with other
payments and benefits which the Executive has the right to receive from the
Employers, would constitute a "parachute payment" under Section 280G of the
Code, the payments and benefits payable by the Association pursuant to Section 5
hereof shall be reduced, in the manner determined by the Executive, by the
amount, if any,which

                                       5

<PAGE>

is the minimum necessary to result in no portion of the payments and benefits
payable by the Employers under Section 5 being non-deductible to the Employers
pursuant to Section 280G of the Code and subject to the excise tax imposed under
Section 4999 of the Code. The determination of any reduction in the payments and
benefits to be made pursuant to Section 5 shall be based upon the opinion of
independent counsel selected by the Employers' independent public accountants
and paid by the Employers. Such counsel shall be reasonably acceptable to the
Employers and the Executive; shall promptly prepare the foregoing opinion, but
in no event later than thirty (30) days from the Date of Termination; and may
use such actuaries as such counsel deems necessary or advisable for the purpose.
Nothing contained herein shall result in a reduction of any payments or benefits
to which the Executive may be entitled upon termination of employment under any
circumstances other than as specified in this Section 6, or a reduction in the
payments and benefits specified in Section 5 below zero.

         7. MITIGATION; EXCLUSIVITY OF BENEFITS.

         (a)   The Executive shall not be required to mitigate the amount of
any benefits hereunder by seeking other employment or otherwise, nor shall the
amount of any such benefits be reduced by any compensation earned by the
Executive as a result of employment by another employer after the Date of
Termination or otherwise.

         (b)   The specific arrangements referred to herein are not intended to
exclude any other benefits which may be available to the Executive upon a
termination of employment with the Employers pursuant to employee benefit plans
of the Employers or otherwise.

         8.    COVENANT NOT TO COMPETE. The Executive hereby covenants and
agrees that, in the event of his termination of employment with the Employers
prior to the expiration of the term of this Agreement, then for a period equal
to one (1) year following the Date of Termination of employment, he shall not,
without the written consent of the Employers, become an officer, employee,
consultant, director or trustee of any savings bank, savings and loan
association, savings and loan holding company, bank or bank holding company, or
any direct or indirect subsidiary or affiliate of any such entity, that entails
working within fifty (50) miles of the headquarters of the Association, the
Corporation or any affiliate of either of them on the Date of Termination;
PROVIDED, HOWEVER, that this Section 8 shall not apply if the Executive's
employment is terminated for the reasons set forth in Sections 5(c) and 5(d).

         9.    WITHHOLDING. All payments required to be made by the Employers
hereunder to the Executive shall be subject to the withholding of such amounts,
if any, relating to tax and other payroll deductions as the Employers may
reasonably determine should be withheld pursuant to any applicable law or
regulation.

         10.   ASSIGNABILITY. The Employers may assign this Agreement and its
rights and obligations hereunder in whole, but not in part, to any corporation,
bank or other entity with or into which the Employers may hereafter merge or
consolidate or to which the Employers may transfer all

                                      6
<PAGE>
or substantially all of their assets, if in any such case said corporation, bank
or other entity shall by operation of law or expressly in writing assume all
obligations of the Employers hereunder as fully as if it had been originally
made a party hereto, but may not otherwise assign this Agreement or its rights
and obligations hereunder. The Executive may not assign or transfer this
Agreement or any rights or obligations hereunder.

         11.   NOTICE. For the purposes of this Agreement, notices and all
other communications provided for in this Agreement shall be in writing and
shall be deemed to have been duly given when delivered or mailed by certified or
registered mail, return receipt requested, postage prepaid, addressed to the
respective addresses set forth below:

         To the Corporation:        Secretary
                                    Community Savings Bankshares, Inc.
                                    660 U.S. Highway One
                                    North Palm Beach, Florida 33408

         To the Association:        Secretary
                                    Community Savings, F.  A.
                                    660 U.S. Highway One
                                    North Palm Beach, Florida 33408

         To the Executive:          James B. Pittard, Jr.
                                    632 Southeast Colony Way
                                    Jupiter, Florida  33478

         12.   AMENDMENT; WAIVER. No provisions of this Agreement may be
modified, waived or discharged unless such waiver, modification or discharge is
agreed to in writing and signed by the Executive and such officer or officers as
may be specifically designated by the Boards of Directors of the Employers to
sign on its behalf. No waiver by any party hereto at any time of any breach by
any other party hereto of, or compliance with, any condition or provision of
this Agreement to be performed by such other party shall be deemed a waiver of
similar or dissimilar provisions or conditions at the same or at any prior or
subsequent time.

         13.   GOVERNING LAW. The validity, interpretation, construction and
performance of this Agreement shall be governed by the laws of the United States
where applicable and otherwise by the substantive laws of the State of Delaware.

         14.   NATURE OF OBLIGATIONS. Nothing contained herein shall create or
require the Corporation to create a trust of any kind to fund any benefits which
may be payable hereunder, and to the extent that the Executive acquires a right
to receive benefits from the Employers hereunder, such right shall be no greater
than the right of any unsecured general creditor of the Employers.

                                       7
<PAGE>

         15.   HEADINGS. The section headings contained in this Agreement are
for reference purposes only and shall not affect in any way the meaning or
interpretation of this Agreement.

         16.   VALIDITY. The invalidity or unenforceability of any provision of
this Agreement shall not affect the validity or enforceability of any other
provisions of this Agreement, which shall remain in full force and effect.

         17.   COUNTERPARTS. This Agreement may be executed in one or more
counterparts, each of which shall be deemed to be an original but all of which
together will constitute one and the same instrument.

         18.   REGULATORY ACTIONS. The following provisions shall be applicable
to the parties to the extent that they are required to be included in employment
agreements between a savings association and its employees pursuant to Section
563.39(b) of the Regulations Applicable to All Savings Associations, 12 C.F.R.
ss.563.39(b), or any successor thereto, and shall be controlling in the event of
a conflict with any other provision of this Agreement, including without
limitation Section 5 hereof.

         (a)   If the Executive is suspended from office and/or temporarily
prohibited from participating in the conduct of the Employers' affairs pursuant
to notice served under Section 8(e)(3) or Section 8(g)(1) of the Federal Deposit
Insurance Act ("FDIA") (12 U.S.C. ss.ss.1818(e)(3) and 1818(g)(1)), the
Employers' obligations under this Agreement shall be suspended as of the date of
service, unless stayed by appropriate proceedings. If the charges in the notice
are dismissed, the Employers may, in their discretion: (i) pay the Executive all
or part of the compensation withheld while its obligations under this Agreement
were suspended, and (ii) reinstate (in whole or in part) any of its obligations
which were suspended.

         (b)   If the Executive is removed from office and/or permanently
prohibited from participating in the conduct of the Employers' affairs by an
order issued under Section 8(e)(4) or Section 8(g)(1) of the FDIA (12 U.S.C.
ss.ss.1818(e)(4) and (g)(1)), all obligations of the Employers under this
Agreement shall terminate as of the effective date of the order, but vested
rights of the Executive and the Employers as of the date of termination shall
not be affected.

         (c)   If the Association is in default, as defined in Section 3(x)(1)
of the FDIA (12 U.S.C. ss.1813(x)(1)), all obligations under this Agreement
shall terminate as of the date of default, but vested rights of the Executive
and the Employers as of the date of termination shall not be affected.

         (d)   All obligations under this Agreement shall be terminated
pursuant to 12 C.F.R. ss.563.39(b)(5) (except to the extent that it is
determined that continuation of the Agreement for the continued operation of the
Employers is necessary): (i) by the Director of the Office of Thrift Supervision
("OTS"), or his/her designee, at the time the Federal Deposit Insurance
Corporation ("FDIC") enters into an agreement to provide assistance to or on
behalf of the Association under the authority contained in Section 13(c) of the
FDIA (12 U.S.C. ss.1823(c)); or (ii) by the Director of the

                                       8
<PAGE>
OTS, or his/her designee, at the time the Director or his/her designee approves
a supervisory merger to resolve problems related to operation of the Association
or when the Association is determined by the Director of the OTS to be in an
unsafe or unsound condition, but vested rights of the Executive and the
Employers as of the date of termination shall not be affected.

         19.   REGULATORY PROHIBITION. Notwithstanding any other provision of
this Agreement to the contrary, any payments made to the Executive pursuant to
this Agreement, or otherwise, are subject to and conditioned upon their
compliance with Section 18(k) of the FDIA (12 U.S.C. ss.1828(k)) and the
regulations promulgated thereunder, including 12 C.F.R. Part 359. In the event
of the Executive's termination of employment with the Association for Cause, all
employment relationships and managerial duties with the Association shall
immediately cease regardless of whether the Executive remains in the employ of
the Corporation following such termination. Furthermore, following such
termination for Cause, the Executive will not, directly or indirectly, influence
or participate in the affairs or the operations of the Association.

         20.   INDEMNIFICATION. The Corporation shall provide the Executive
(including his heirs, executors and administrators) with coverage under a
standard directors' and officers' liability insurance policy at its expense, or
in lieu thereof, shall indemnify the Executive (and his heirs, executors and
administrators) to the fullest extent permitted under Delaware law against all
expenses and liabilities reasonably incurred by him in connection with or
arising out of any action, suit or proceeding in which he may be involved by
reason of his having been a director or officer of the Corporation (whether or
not he continues to be a director or officer at the time of incurring such
expenses or liabilities). Such expenses and liabilities shall include, but shall
not be limited to, judgments, court costs and attorneys' fees and the cost of
reasonable settlements.

         21.   ENTIRE AGREEMENT. This Agreement embodies the entire agreement
between the Corporation and the Executive with respect to the matters agreed to
herein. All prior agreements between the Employers and the Executive with
respect to the matters agreed to herein are hereby superseded and shall have no
force or effect. Notwithstanding the foregoing, nothing contained in this
Agreement shall affect the Change in Control Agreement of even date being
entered into between the Employers and the Executive.

                                       9
<PAGE>

         IN WITNESS WHEREOF, this Agreement has been executed as of the date
first above written.

Attest:                                 COMMUNITY SAVINGS BANKSHARES, INC.

/s/ DEBORAH M. ROUSEAU                  By:  /s/ FREDERICK A. TEED
----------------------                       ---------------------
    Deborah M. Rouseau                  Name:    Frederick A. Teed
                                        Title:

Attest:                                 COMMUNITY SAVINGS, F. A.

/s/ DEBORAH M. ROUSEAU                  By:  /s/ FREDERICK A. TEED
----------------------                       ---------------------
    Deborah M. Rouseau                  Name:    Frederick A. Teed
                                        Title:

                                        EXECUTIVE

                                        By:  /s/ JAMES B. PITTARD, JR.
                                             -------------------------
                                                 James B. Pittard, Jr.

                                       10

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