|
|
|
|
|
|
Click "Add to Cart" button to purchase document.
Documents are
emailed immediately after purchase.
You can also browse
documents by
title,
category, or
company... or click
here
for help finding documents. |
|
|
|
Title: |
Employment Agreement |
|
Entities: |
Logan County Bancshares Inc |
|
Date: |
2004 |
|
Size: |
20KB total |
|
Price: |
$42 |
|
ID: |
#1255521 |
|
|
|
|
|
|
|
Start of
Preview |
EMPLOYMENT AGREEMENT
BETWEEN
LOGAN COUNTY BANCSHARES, INC.,
LOGAN BANK & TRUST COMPANY,
AND
EDDIE D. CANTERBURY
THIS AGREEMENT is effective as of the 1st day of October, 1998, by and between LOGAN COUNTY BANCSHARES, INC., a West Virginia corporation (hereinafter referred to as the CORPORATION); LOGAN BANK & TRUST COMPANY, a West Virginia banking corporation, having its principal office in Logan, West Virginia (hereinafter referred to as the BANK); and EDDIE D. CANTERBURY (hereinafter referred to as EMPLOYEE). The Corporation and the Bank are collectively referred to herein as the EMPLOYERS;
W I T N E S S E T H:
WHEREAS, Employee is the Executive Vice President and Chief Executive Officer of each of the Employers and has developed an intimate and thorough knowledge of the Employers business methods and operations; and
WHEREAS, the retention of Employees services, for and on behalf of the Employers, is of material importance to the preservation and enhancement of the value of the Employers business;
NOW, THEREFORE, in consideration of the mutual covenants herein set forth, the Employers and the Employee do hereby agree as follows:
I. TERM OF EMPLOYMENT.
1.1 The Employers hereby employ the Employee as Executive Vice President and Chief Executive Officer of each of the Employers, and Employee hereby accepts said employment and agrees to render such services to the Employers on the terms and conditions set forth in this Agreement. The initial term of employment under this Agreement shall commence on October 1, 1998, and shall terminate on September 30, 2001, unless further extended or sooner terminated in accordance with the terms and conditions hereinafter set forth. On October 1, 1999, and on each October 1 thereafter (the Annual Anniversary Date), the term of employment under this Agreement shall be renewed automatically for an additional year (so that the actual term of employment hereunder always will be between two [2] and three [3] years), unless either the Boards of Directors of the Employers or the Employee gives contrary written notice to the other not less than forty-five (45) days in advance of such anniversary date; in no event, however, shall the term of the Employees employment pursuant to this Agreement extend beyond the end of the calendar month in which the Employees sixty-fifth (65th) birthday occurs. References herein to the term of this Agreement shall refer both to the initial term and successive terms.
1.2 During the term of this Agreement, the Employee shall perform such executive services for the Employers as may be consistent with his title and from time to time be assigned to him by the Employers Board of Directors.
1.3 During the term of this Agreement, Employee shall devote his best efforts, including such portion of his time and effort to the affairs and business of the Employers as he has customarily provided as Chief Executive Officer.
II. COMPENSATION.
2.1 The Employers will compensate and pay Employee for Employees services during the term of the Agreement at a minimum base salary of One Hundred Ten Thousand Dollars ($110,000.00) per year, which may be increased from time to time in such amounts as may be determined by the Boards of Directors (Base Salary).
2