EXHIBIT 10.12
WEST GEORGIA NATIONAL BANK
April 11, 2002
Xxxxxx X. Xxxxx
0000 Xxxxx Xxxxx
Xxxxx Xxxx, Xxxxxxx 00000
RE: WEST GEORGIA NATIONAL BANK ("WGNB") EMPLOYMENT OF XXXXXX X.
XXXXX ("EMPLOYEE")
Dear Xx. Xxxxx:
The purpose of this letter is to set forth the new terms upon which
WGNB agrees to employ you and under which you agree to be employed at WGNB. In
that regard, please consult the letter agreement between you and WGNB dated
August 31, 2000. This letter shall be treated as an amendment to that letter
agreement pursuant to the "Miscellaneous" section of that letter agreement. The
letter agreement shall remain in full force and effect, except as amended below:
TERM. This Agreement is for a term of two years from the above date and
may be extended for one additional year if neither party gives notice of
termination more 90 days before the expiration of the initial term.
COMPENSATION AND BENEFITS. From the time you agree to the terms of this
letter until such time that this letter is amended or such time that your
employment is terminated, WGNB will pay you for your services at a rate of
$95,060 annually. (All other terms of "Compensation and Benefits" from the
letter agreement remain in full force and effect.)
IMPACT OF TERMINATION CAUSE UPON SEVERANCE COMPENSATION. If you are
terminated without cause you shall receive upon such termination a lump-sum
payment equal to two years compensation, including salary and benefits. (All
other terms of "Impact of Termination Cause Upon Severance Compensation" from
the letter agreement remain in full force and effect.)
If you agree with the terms of this letter, please signify by signing
below.
Sincerely,
West Georgia National Bank
/s/ X. Xxxxxxxx Xxxxxx
By: X. XXXXXXXX XXXXXX
Its: CHIEF EXECUTIVE OFFICER
Xxxxxx to and accepted, this 26 day of April, 2002.
/s/ Xxxxxx X. Xxxxx
--------------------------------------
Xxxxxx X. Xxxxx
