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Title: |
Employment Agreement |
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Date: |
2005 |
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Preview shows 5KB of 19KB total |
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Price: |
$39 |
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ID: |
#1449344 |
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EMPLOYMENT AGREEMENT
THIS AGREEMENT, dated as of the 1st day of October, 2004, by and among First National Banc, Inc. a Georgia corporation (the Company), First National Bank, a national bank chartered under the laws of Florida and a wholly-owned subsidiary of the Company (the Bank), and Timothy M. OKeefe (the Executive).
W I T N E S S E T H:
WHEREAS, the Company owns 100% of the outstanding stock of the Bank; and
WHEREAS, the Board of Directors of the Bank, recognizing the experience and knowledge of Executive in the banking industry, desire to retain the valuable services and business counsel of Executive, it being in the best interest of the Bank to arrange terms of employment for Executive so as to reasonably induce Executive to remain in his capacities with the Bank for the term hereof; and
WHEREAS, Executive is willing to provide services to the Bank in accordance with the terms and conditions hereinafter set forth;
NOW, THEREFORE, for and in consideration of the mutual premises and covenants herein contained, the parties hereto agree as follows:
1. Employment. The Bank employ the Executive and the Executive accepts employment upon the terms and conditions set forth in this Agreement.
2. Term. The term of employment of Executive under this Agreement shall be, initially, the two-year period commencing on, October 1, 2004 and ending on, September 30, 2006.
3. Compensation.
Base Salary. For all services rendered by the Executive, the Executive shall be paid a minimum annual base salary of $112,000 through December 31, 2004, payable in equal installments during the term of this Agreement in accordance with the Banks normal pay practices, but not less frequently than twice per month. Salary payments shall be subject to withholding and other applicable taxes. Beginning January 1, 2005, in January of each year during the term of employment of Executive, the Board of Directors of the Company shall consider (i) an adjustment to Executives minimum annual base salary, based upon such factors as the Board of Directors in its sole discretion deems appropriate given Executives performance of his duties hereunder during the immediately preceding calendar year, and (ii) an annual cost of living increase commensurate with those given other key executive officers of the Bank. The increase in Executives minimum annual base salary, if any, pursuant to this Section 3 shall be effective as of the 1st day of January of the year in which such increase is approved by the Board of Directors of the Bank. In the event that Executives minimum annual base salary is increased pursuant to such review by the Board of Directors of the Bank, then such salary, as increased, becomes the minimum annual base salary for the next successive year for the purposes of this Agreement. The term Base Salary as used in this Agreement shall mean the minimum annual base salary of Executive as last established by the Board of Directors of the Bank. Compensation shall be terminated by the death or disability of the executive.
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