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Executive Employment Agreement

 

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Title:

Executive Employment Agreement

Entities:

ABC Bancorp

Date:

2005

Size:

Preview shows 11KB of 53KB total

Price:

$42

ID:

#994555

 

 

► Employment ► Employment ► Executive Employment Agreements
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EXECUTIVE EMPLOYMENT AGREEMENT

 

THIS EXECUTIVE EMPLOYMENT AGREEMENT (the Agreement), is entered into as of the 11th day of May, 2005, by and between ABC BANCORP, a Georgia corporation (Employer), and JOHNNY R. MYERS, an individual resident of the State of Georgia (Executive).

 

W I T N E S S E T H:

 

WHEREAS, Employer wishes to employ Executive as its Executive Vice President and Regional Executive, and Executive wishes to serve in such position, on the terms and conditions set forth herein;

 

WHEREAS, Executive desires to be assured of a secure minimum compensation from Employer for his services over a defined term;

 

WHEREAS, Employer desires to assure the continued services of Executive on behalf of Employer on an objective and impartial basis and without distraction or conflict of interest in the event of an attempt by any person or entity to obtain control of Employer;

 

WHEREAS, Employer desires to provide fair and reasonable benefits to Executive on the terms and subject to the conditions set forth in this Agreement; and

 

WHEREAS, Employer desires reasonable protection of its confidential business and customer information which it has developed over the years at substantial expense and assurance that Executive will not compete with Employer for a reasonable period of time after termination of his employment with Employer, except as otherwise provided herein;

 

NOW, THEREFORE, in consideration of these premises, the mutual covenants and undertakings herein contained, Employer and Executive, each intending to be legally bound, covenant and agree as follows:

 

1. Employment. Upon the terms and subject to the conditions set forth in this Agreement, Employer employs Executive as its Executive Vice President and Regional Executive, and Executive hereby accepts such employment.

 

2. Position and Duties. Executive agrees to serve as the Executive Vice President and Regional Executive of Employer as set forth in Section 1 hereof and to perform such duties as may reasonably be assigned to him by the Board of Directors (the Board) or the Chief Executive Officer of Employer; provided, however, that such duties shall be of the same character as those generally associated with the office held by Executive. Employee shall be based, and shall perform his duties, at Employers principal regional executive offices, which are currently located in Moultrie, Georgia, and Employer shall not, without the written consent of Executive, relocate or transfer Executive to a location other than its principal regional executive offices. During the Term (as hereinafter defined) of this Agreement, Executive agrees that he will serve Employer faithfully and to the best of his ability and that he will devote his full


business time, attention and skills to Employers business; provided, however, that the foregoing shall not be deemed to restrict Executive from devoting a reasonable amount of time and attention to the management of his personal affairs and investments, so long as such activities do not interfere with the responsible performance of Executives duties hereunder; and provided further, however, that Executive may serve as a director or officer of any charitable, religious, civic, educational, or trade organizations to the extent that such activities, individually or in the aggregate, do not interfere with the performance of Executives duties and responsibilities under this Agreement.

 

3. Term. The term of Executives employment under this Agreement shall commence on the date hereof (the Effective Date), and shall continue thereafter for a continuously (on a daily basis) renewing, one (1) year term, without any further action by either Employer or Executive, unless either Executive or Employer shall provide written notice to terminate to the other parties hereto not to renew such term, specifying in such notice the date of such non-renewal, in which case this Agreement shall expire on the date that is one (1) year after the date specified in such non-renewal notice. Notwithstanding the foregoing, this Agreement may be earlier terminated by Employer or Executive in accordance with the terms of Section 8 hereof; provided, however, that, notwithstanding any notice by Employer not to extend, the Term shall not expire prior to the expiration of twelve (12) months after the occurrence of a Change of Control (as defined in Subsection 23(B) hereof); and provided further, however, that this Agreement shall automatically terminate (and the Term shall thereupon end) without notice when Executive attains 65 years of age. For purposes of this Agreement, references to the Term of the Executives employment hereunder shall mean the period commencing on the Effective Date and ending at the end of such one-year term.

 

4. Compensation.

 

(A) Executive shall receive an annual salary of One Hundred Forty Thousand and no/100 Dollars ($140,000.00) (Base Compensation) payable at regular intervals in accordance with Employers normal payroll practices now or hereafter in effect. Employer may consider and declare from time to time increases in the salary it pays Executive and thereby increase the Base Compensation. Any and all increases in Executives salary pursuant to this Section 4(A) shall cause the level of Base Compensation to be increased by the amount of each such increase for purposes of this Agreement. The increased level of Base Compensation as provided in this Section 4(A) shall become the level of Base Compensation for the remainder of the Term until there is a further increase in Base Compensation as provided herein.

 

(B) In addition to his Base Compensation, Executive shall be awarded, during each calendar year during the Term hereof, an annual bonus (an Annual Bonus) either pursuant to a bonus or incentive plan of Employer or otherwise on terms no less favorable than those awarded to other executive officers of Employer.

 

5. Other Benefits. So long as Executive is employed by Employer pursuant to this Agreement, he shall be included as a participant in all present and future employee benefit, retirement and compensation plans of Employer generally available to its employees, consistent with his Base Compensation and his position with Employer, including, without limitation,

 

2


Employers 401(k) Profit Sharing Plan, and Executive and his dependents shall be included in Employers hospitalization, major medical, disability and group life insurance plans. Executive acknowledges that, notwithstanding any of the provisions of this Agreement, any of Employers benefit plans and programs may be modified from time to time and that Employer is not required to continue any plan or program currently in effect or adopted hereafter; provided, however, that each of the above benefits shall continue in effect on terms no less favorable than those for other executive officers of Employer (as permitted by law) during the Term hereof.


 

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