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Document Preview Employment Agreement |
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Title: |
Employment Agreement |
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Entities: |
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Date: |
2004 |
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Size: |
18KB total |
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Price: |
$34 |
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ID: |
#1449058 |
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EMPLOYMENT AGREEMENT
This Agreement is made this day of April, 2003, by and between First Reliance Bank (hereinafter referred to as Employer or Company) and Thomas C. Ewart, Sr. (hereinafter referred to as Employee).
W I T N E S S E T H
WHEREAS, the parties hereto desire to provide for the Employees employment by the Employer.
NOW THEREFORE, in consideration of the mutual covenants contained herein, the parties hereto agree as follows:
1. Employment. The Employer agrees to employ the Employee and the Employee agrees to enter into the employ of the Employer on the terms and conditions hereinafter set forth.
2. Capacity and Duties. The Employee is being hired as a full-time employee of the Employer primarily to perform those duties of a Senior Vice President, Chief Credit Officer and Bank Executive, and such duties as assigned by the CEO. However, the Employer and Employee affirm that the Employees position and duties may change as dictated by the needs of the Employer.
3. Term. The term of the Employees employment hereunder shall be for a three year period commencing on the date set forth above, unless such term is terminated earlier by and/or modified pursuant to Paragraph 8 herein. Upon the conclusion of the three-year period, this Agreement shall be automatically extended for an additional one-year period, and on an annual basis thereafter, until the Employee reaches the age of sixty-five (65), unless (i) otherwise terminated pursuant to Paragraph 8 herein, or (ii) written notice not to renew is given at least ninety (90) days prior to the end of any year by either party.
4. Location. The Employees central office shall be located at 2170 West Palmetto Street, Florence, South Carolina 29501. However, the employee may be required to perform tasks for the Employer at other physical locations as deemed necessary by the Employer.
5. Compensation. For services rendered by the Employee under this Agreement during the first year, the Employer shall pay the Employee $135,000 per year (hereinafter referred to as Base Salary). The Employee shall additionally be entitled to the following benefits:
| Reimbursement for Employees monthly dues for the following: (i) the Florence Country Club, and (ii) civic clubs and professional organizations. |
| Benefits including health insurance, dental insurance, life insurance and disability insurance as set forth in the Plan documents outlining the Employee Benefit Plan.* Such life insurance shall provide a death benefit of at least two times Employees base salary. |
| An annual bonus in an amount to be determined by the Employer. |
| Employee shall have the use of a corporate credit card for business expenses. |
| Employee shall be provided with a personal $25,000 unsecured line of credit from Employer. |
| Employer will grant Employee options to purchase common stock in Employer. Employer shall determine the number of options, their strike price, and their vesting dates, subject to the following minimum requirement. Sixty-five percent (65%) shall vest no later than August 15, 2005, twenty-five percent (25%) no later than January 1, 2007, and the rest no later than October 15, 2007. The total value of the options shall equal at least $41,639; the value shall be determined by the average per-share sales price of the last three arms-length sales transactions. |
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