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Employment Agreement

 

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Title:

Employment Agreement

Entities:

Eastern Virginia Bankshares; Eastern Virginia Bankshares Inc

Date:

2003

Size:

Preview shows 5KB of 29KB total

Price:

$35

ID:

#1269751

 

 

► Employment ► Employment Agreements
► Financial ► Regional Banks

 

 

Start of Preview


Ronald L. Blevins


EMPLOYMENT AGREEMENT

THIS EMPLOYMENT AGREEMENT is made and entered into as of the 13th day
of January, 2003 by and between Eastern Virginia Bankshares, Inc., a Virginia
corporation, hereinafter called the "Corporation", and Ronald L. Blevins
hereinafter called "Employee", and provides as follows:

RECITALS

WHEREAS, the Corporation is a bank holding company engaged in the
operation of banks; and

WHEREAS, Employee has been involved in the management of the business
and affairs of the Corporation and, therefore, possesses managerial experience,
knowledge, skills and expertise in such type of business; and

WHEREAS, the employment of Employee by the Corporation is in the best
interests of the Corporation and Employee; and

WHEREAS, the parties have mutually agreed upon the terms and
conditions of Employee's continued employment by the Corporation as hereinafter
set forth;

TERMS OF AGREEMENT

NOW, THEREFORE, for and in consideration of the premises and of the
mutual promises and undertakings of the parties as hereinafter set forth, the
parties covenant and agree as follows:

Section 1. Employment. (a) Employee shall be employed as an executive
officer of the Corporation. He shall perform such services for the Corporation
and/or one or more Affiliates as may be assigned to Employee by the Corporation
from time to time and that are commensurate with his training and experience
upon the terms and conditions hereinafter set forth.

(b) References in this Agreement to services rendered for the
Corporation and compensation and benefits payable or provided by the Corporation
shall include services rendered for and compensation and benefits payable or
provided by any Affiliate. References in this Agreement to the "Corporation"
also shall mean and refer to each Affiliate for which Employee performs
services. References in this Agreement to "Affiliate" shall mean any business
entity that, directly or indirectly, through one or more intermediaries, is
controlled by the Corporation.

1

<PAGE>

Section 2. Term and Renewal. The initial term of this Agreement shall
end December 31, 2004. However, on each December 31, beginning with December 31,
2003, the term of this Agreement shall be renewed and extended by one year
unless Employee or the Corporation gives prior notice to the other in writing
that the term shall not be renewed and extended. This Agreement shall terminate
at the end of its term.

Section 3. Exclusive Service. Employee shall devote his best efforts
and full time to rendering services on behalf of the Corporation in furtherance
of its best interests. Employee shall comply with all policies, standards and
regulations of the Corporation now or hereafter promulgated, and shall perform
his duties under this Agreement to the best of his abilities and in accordance
with standards of conduct applicable to officers of banks.

Section 4. Salary. (a) As compensation while employed hereunder,
Employee, during his faithful performance of this Agreement, in whatever
capacity rendered, shall receive an annual base salary of $85,000 payable on
such terms and in such installments as the parties may from time to time
mutually agree upon. The Board of Directors, in its discretion, may increase
Employee's base salary during the term of this Agreement.

(b) The Corporation shall withhold state and federal income
taxes, social security taxes and such other payroll deductions as may from time
to time be required by law or agreed upon in writing by Employee and the
Corporation. The Corporation shall also withhold and remit to the proper party
any amounts agreed to in writing by the Corporation and Employee for
participation in any corporate sponsored benefit plans for which a contribution
is required.

(c) Except as otherwise expressly set forth hereunder, no
compensation shall be paid pursuant to this Agreement in respect of any month or
portion thereof subsequent to any termination of Employee's employment by the
Corporation.

 

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