EXHIBIT 10.17
FORM OF DEFERRED COMPENSATION AGREEMENT
BETWEEN THE CITIZENS BANK AND
THE FOLLOWING INDIVIDUALS:
Xxxx, X. Xxxxx, Xx.
Xxxxxx XxXxxxxx
Xxxx Xxxxxxx
Xxxxx Xxxxxx
Xxx Xxxxxxx
Xxxx XxXxxxxx
Xxxx Xxxxxxxx
FORM OF
DEFERRED COMPENSATION AGREEMENT
Agreement, this ___day of ________, between The Citizens Bank, a
corporation having its principal office in Hogansville, Georgia (hereinafter
referred to as the Bank) and ______________ (hereinafter referred to as the
Director) a resident of Xxxxx County and State of Georgia.
Whereas the Director has been on the Board of the Bank for a period of ___
years and is responsible for the supervisory and functional operation of the
Bank; and
Whereas the Director has rendered the Bank valuable service and it is the
desire of the Bank to have the benefit of the Director's continued loyalty,
service and counsel and also to assist him in providing for retirement and
death, it is hereby agreed:
1. If the Director dies prior to retirement and while still serving in his
capacity as Director, the Bank shall, beginning on the first anniversary of the
Director's death, pay annual installments of $_____________ for ten (10) years,
with each payment due on the anniversary of the Director's death.
2. If the Director serves continuously as a Director until his sixty-fifth
birthday, then, beginning on his sixty-sixth birthday, the Bank will pay to the
Director annual installments of $_____________ for a period of ten (10) years
with each installment being due on the director's birthday. If the Director dies
after retirement but prior to receiving the ten annual installments as herein
provided, the unpaid balance of the payments due will continue to be paid by the
Bank to the Director's beneficiary as defined in paragraph 8 hereof.
3. The Director shall forfeit all rights in and to any benefits payable
under the terms of this Agreement if:
(a) He dies by suicide (whether sane or insane) within two years after
the signing of this Agreement.
(b) If he voluntarily leaves the Bank's service as a Director any time
prior to sixty months from the date of this Agreement.
(c) He is discharged or not reelected by the stockholders for any just
cause prior to his death or his attainment of age sixty-five whichever
first occurs.
4. In the event a Director voluntarily leaves the service of the Bank in
his capacity as a director after a period of sixty months from the date of this
Agreement, then and in that event upon said director's reaching his sixty-fifth
birthday, or his death whichever first occurs, he or his beneficiary hereinafter
specified in paragraph 8 will be entitled to a portion of the benefit described
in paragraph 2 hereinabove. Said portion to be a ratio of the stated benefit in
said paragraph 2. The numerator of said ratio being the number of years served
after the date of this Agreement and the denominator being the number of years
between the date of this Agreement and the date of the director's sixty-fifth
birthday.
5. The Bank may, in its sole discretion, permit the Director to take a
leave of absence for a period not to exceed twelve months. During this time the
Director will be considered to be in the service of the Bank for the purposes of
this Agreement.
6. Except to the extent that this provision may be contrary to law, no
collateral assignment, pledge, collateralization, or attachment of any of the
benefits under this Agreement shall be valid or recognized by the Bank. None of
the payments provided for by this Agreement shall be subject to seizure for
payment of any debts or judgments against the Director or any Beneficiary, nor
shall the Director or any Beneficiary have any right to transfer, modify,
anticipate or encumber any rights or benefits hereunder; except that the
provisions of this paragraph are not intended to and will not prohibit an
assignment of this Agreement executed pursuant to the Director's individual tax
and/or estate planning program. However, the Assignee for any such purpose shall
hold any interest obtained subject to and controlled by all the provisions
stated hereinabove.
7. During the lifetime of the Director, this Agreement may be amended or
revoked at any time in whole or in part by the mutual written agreement of the
Parties.
8. In the event of the Director's death, any remaining installments
provided for in paragraph 2 hereof or any payments provided in paragraph 1 shall
be paid to _____________, if living, or if _____________ predeceases the
Director, then to _____________. The Beneficiary named herein may be changed at
any time by a written amendment property executed by the Director and the Bank
and attached to and made a part of this Agreement.
9. This Agreement shall be governed by the laws of the State of Georgia.
This Agreement is solely between the Bank and the Director. It shall be
binding upon the parties hereto, their heirs, assigns, successors, executors and
administrators. The successors of the Bank shall include but not be limited to
successors by purchase, merger, or consolidation.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement at
Hogansville, Georgia, in the County of Xxxxx, State of Georgia, on this ____ day
of ____________.
The Citizens Bank
By:________________
Attest:______________
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Witness
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Director
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Witness
