Southeast Community Investors, LLC
EMPLOYMENT AGREEMENT
This agreement dated September 17, 2002, in consideration of mutual promises by
and among Southeast Community Investors, LLC (SCI), and a proposed bank holding
company to be formed, and a proposed state bank to be organized in Baxley, GA
and Xxxxx Xxxxxx.
Your employment is as of September 1, 2002, and the terms are:
1. Position - President and Chief Executive Officer.
2. Annual Salary - $90,000.00, with annual salary reviews by the Board of
Directors.
3. Monthly car allowance of $500.00 inclusive of expenses plus payment of his
COBRA insurance (hospitalization and dental). A company car and expenses as
well as insurance benefits will be provided when the bank commences
business.
4. Your base compensation will be increased to $100,000.00 upon (1) the
completion of the first year in which the annual audited financial
statements of the bank show a positive net income after taxes or (2) board
approval despite the lack of a profit during the period.
5. Upon the discretion of the Board of Directors you will be eligible for a
performance bonus of up to 25% of your base annual salary for the previous
calendar year.
6. You will be awarded options in 12,500 shares of Common Stock of the company
at a purchase price of $10.00, per share, in a qualified plan approved by
the stockholders. These options will vest at the rate of 2,500 shares per
year for five years beginning on the date the bank commences business and
shall be exercisable for a ten year period from each of the award dates. At
the board's discretion, options for an additional 12,500 shares may be
granted in the future (at book value).
7. If your employment is terminated you will be paid a one-time payment of
150% of your annual base salary. Following termination of employment and
for a period of 12 months thereafter, you may not, without prior written
consent of SCI, serve as an executive officer of any bank, bank holding
company, or other financial institution within 50 miles of the headquarters
of SCI.
8. You will be eligible for all benefits made available to employees and under
the personnel policy.
9. The entire contract will be cancelled if the Employer does not receive a
state bank charter from the Georgia Department of Banking and Finance. All
of the above provisions would terminate at that time.
10. We will assign and transfer the agreement and the obligations to the
proposed bank holding company and the proposed bank once each is formed,
chartered or incorporated.
Southeast Community Investors, LLC
/s/ Xxxx Xxxx /s/ Xxxxx Xxxxxx
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Xxxx Xxxx, Chairman Xxxxx Xxxxxx
