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Document Preview Severance Protection and Non-Competition Agreement |
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Title: |
Severance Protection and Non-Competition Agreement |
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Entities: |
ABC Bancorp; Jon S. Edwards; Abc Bancorp |
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Date: |
2003 |
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Size: |
Preview shows 4KB of 41KB total |
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Price: |
$36 |
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ID: |
#166283 |
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SEVERANCE PROTECTION AND NON-COMPETITION AGREEMENT
THIS SEVERANCE PROTECTION AND NON-COMPETITION AGREEMENT (the Agreement) made as of March 8, 1999, by and between ABC BANCORP (the Company), a Georgia corporation, and JON S. EDWARDS (the Executive), an individual resident of the State of Georgia.
WHEREAS, the Board of Directors of the Company (the Board) has determined that it is essential and in the best interest of the Company and its shareholders to retain the services of the Executive in the event of a threat or occurrence of a Change in Control (as hereinafter defined) and to ensure his continued dedication and efforts in such event without undue concern for his personal financial and employment security;
WHEREAS, in order to induce the Executive to remain in the employ of the Company in the event of a threat or the occurrence of a Change in Control, the Company desires to enter into this Agreement with the Executive to provide the Executive with certain benefits in the event his employment is terminated as a result of, or in connection with, a Change in Control and to provide the Executive with certain other benefits whether or not the Executives employment is terminated; and
WHEREAS, in consideration for the benefits provided to the Executive hereunder and as an inducement to the Company providing such benefits, the Executive agrees that it is reasonable and fair to enter into certain restrictive covenants as hereinafter set forth.
NOW, THEREFORE, in consideration of the respective agreements of the parties contained herein, it is agreed as follows:
1. Term of Agreement. This Agreement shall commence as of March 8, 1999 and shall continue in effect until March 8, 2000; provided, however, that commencing on March 8, 2000, and on each March 8 thereafter, the term of this Agreement shall automatically be extended for one (1) year unless either the Company or the Executive shall have given written notice to the other at least ninety (90) days prior thereto that the term of this Agreement shall not be so extended; and provided, further, however, that notwithstanding any such notice by the Company not to extend, the term of this Agreement shall not expire prior to the expiration of twelve (12) months after the occurrence of a Change in Control.
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