Exhibit 10.8
Compensation agreement for Xxxxx X. Xxxx
This Agreement, effective December 30, 1996, between FCNB Bank (the
"Bank") and Xxxxx X. Xxxx ("Xx. Xxxx") constitutes the terms under which Xx.
Xxxx will serve as Chairman of the Board for FCNB Bank and FCNB Corp and
expresses the compensation which Xx. Xxxx will receive for his work. This
Agreement will be in effect on a month to month basis beginning December 30,
1996, and can be terminated by a 30 day written advance notice from either
party.
As Chairman of the Board, Xx. Xxxx will be available to consult with
the Bank at such times which are mutually convenient to both parties. For this
work as Chairman of the Board, Xx. Xxxx will receive a $35,000 annual fee,
payable biweekly through the Bank's payroll until termination of this Agreement.
The Bank agrees to withhold taxes as directed by Xx. Xxxx and to pay the
employer's share of FICA. In addition, Xx. Xxxx will receive a $7,000 annual
retainer for serving as an outside Director of FCNB Bank & FCNB Corp and will be
paid an attendance fee for each regular Board meeting he attends. However, Xx.
Xxxx will not receive any fees for attending Board Committee meetings.
Xx. Xxxx will be available from time to time for Bank functions at
which clients and potential clients are present, and he will be reimbursed for
his reasonable expenses incurred for these functions.
It is also agreed between the parties that Xx. Xxxx will not be
classified as an employee of the Bank for any purpose other than payroll tax
withholding and payments. Consequently, Xx. Xxxx will not be eligible for
benefits provided to employees of the Bank.
By: /s/ XXXXXXX X. XXXX By:/s/A. XXXXXXX XXXXXX
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Xxxxxxx X. Xxxx A. Xxxxxxx Xxxxxx
Chairman, Human Resources Committee President & CEO
Date: May 13, 1997 Date: May13,1997
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By: /s/ XXXXX X. XXXX
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Xxxxx X. Xxxx
Chairman of the Board
Date: May 13, 1997
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