EXHIBIT 10.4
BOTETOURT BANKSHARES, INC.
CHANGE OF CONTROL
AGREEMENT
THIS AGREEMENT, made and entered into this th day of , by
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and between BOTETOURT BANKSHARES, INC. (the "Company"), BANK OF BOTETOURT
(the"Bank") and ___________.
WITNESSETH
WHEREAS, __________ rendered good and valuable services to the Bank as Vice
President promoting the growth of the Bank and profitability for the
shareholders; and
WHEREAS, __________ has requested and the Bank desires to provide a measure
of security and proper compensation for said services; and
WHEREAS, the Bank desires to induce __________ to continue his/her
association with the Bank in order to promote future profitability and growth;
NOW THEREFORE, THAT FOR AND IN CONSIDERATION of the mutual covenants
hereinafter contained, and for other good and valuable consideration, the
receipt of which is hereby acknowledged, the parties covenant and agree as
follows:
1. In the event that effective control of the Company is obtained by any
person, persons or entity by the purchase of 51% or more of the stock of the
Company at any time while is employed by the Bank, then the Bank shall, within
thirty (30) days of such occurrence, pay to a sum of money equal to one year's
annual salary then in effect.
2. This payment shall be made whether or not remains an employee of the
Bank after the event described herein and shall be in addition to
other payments to by reason of his/her employment.
WITNESS the following signatures and seals:
BANK OF BOTETOURT
