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Title: |
Employment Agreement |
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Date: |
2005 |
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Preview shows 6KB of 18KB total |
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Price: |
$35 |
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ID: |
#1449346 |
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EMPLOYMENT AGREEMENT
THIS EMPLOYMENT AGREEMENT (this Agreement) is made as of the day of May, 2005 (the Effective Date) by and between First National Bank, St. Marys Georgia (the Bank), and T. Michael White (the Executive).
W I T N E S S E T H
WHEREAS, the parties hereto desire to enter into this Agreement to set forth the terms and conditions of Executives employment with the Bank.
NOW THEREFORE, in consideration of the mutual covenants and agreements set forth herein and intending to be legally bound hereby, the parties agree as follows:
1. Position and Duties. The Bank hereby agrees to employ Executive as President and Chief Executive Officer of the Bank, with such powers and duties as may be prescribed by the Board of Directors of the Bank, subject to the terms, conditions and provisions of this Agreement, and Executive hereby accepts such employment without additional compensation, if elected, in any other senior executive position of the Bank. Executive shall devote his full-time best efforts to such employment and shall apply substantially that degree of skill and diligence in rendering services to the Bank under this Agreement as would be applied by a person of ordinary prudence and comparable experience under similar circumstances. In connection therewith, Executive shall report to and be subject to the direction of the Board of Directors of the Bank. Notwithstanding the foregoing, Executive may devote a reasonable amount of his time to his personal investments and business affairs (including service as a director of unaffiliated companies) and to civic and charitable activities; provided, however, Executive shall not accept any position as a director of any unaffiliated for-profit business organization without advance approval of the Banks Board of Directors, which approval shall not be unreasonably withheld.
2. Compensation.
(a) Annual Salary. As compensation for services rendered under this Agreement, Executive shall be entitled to receive from the Bank an annual salary of not less than $125,000 per year (the Annual Salary), payable in accordance with the Banks normal payroll practice, prorated for any partial employment period. The Annual Salary may be increased from time to time by the Board of Directors of the Bank, but shall not be decreased without the written consent of Executive.
(b) Committee Fees. Executive shall also be entitled to receive standard committee fees for service on any Bank committees to which Executive is elected.
(c) Discretionary Bonus. Executive shall be entitled to receive a cash bonus of up to 20% of Executives Annual Salary. Whether such bonus will be awarded and, if so, the amount of such bonus, shall be determined in the sole discretion of the Board of Directors of the Bank.
3. Fringe Benefits, Vacation Time, Expenses and Perquisites.
(a) Benefit Plan Participation. Executive shall be eligible to participate in or receive benefits under all corporate employment benefit plans made available by the Bank to its executives and key management employees including, but not limited to, any pension, savings, insurance, medical or health-and-accident plan or arrangement, subject to and on a basis consistent with terms, conditions and overall administration of such plans and arrangements.
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