MEMORANDUM OF UNDERSTANDING
Exhibit 10.5
This Memorandum of Understanding is entered into this the 8th day of April, 2008 among XXXXXX X. XXXXXXX (“Xxxxxxx”), FIRST FARMERS AND MERCHANTS BANK (“Bank”), and FIRST FARMERS AND MERCHANTS CORPORATION (‘Corporation”),
WHEREAS, Xxxxxxx will continue with an active presence I the bank and serve as an “Ambassador” for Bank in the seven counties, and
WHEREAS, Xxxxxxx will continue to serve as a Honorary Board Member for life, maintain the title of Senior Chairman of the Board and serve in various civic, professional and charitable positions, representing the bank by his services to those organizations,
BE IT RESOLVED, that as consideration for the services set out above, Xxxxxxx shall receive the following compensation:
(A) $5,000.00 per month, beginning May 1, 2008;
(B) Certain benefits he now receives, including but not limited to Graymere Country Club dues, Kiwanis dues, Tennessee Bankers Association dues, other bank related expenses and the use of a bank automobile; and
(C) Xxxxxxx shall maintain an office in the Bank.
This Memorandum of Understanding shall remain in effect until April 30, 2009, unless terminated earlier by either Party.
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/s/ Xxxxxx X. Xxxxxxx |
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Xxxxxx X. Xxxxxxx |
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/s/ H. Xxxxx Xxxx, Jr. |
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H. Xxxxx Xxxx, Jr., Chairman |
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Compensation Committee |
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First Farmers & Merchants Bank |
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First Farmers and Merchants Bank |
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By: |
/s/ T. Xxxxx Xxxxxxx |
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Chief Executive Officer |
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First Farmers and Merchants Corporation |
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By: |
/s/ T. Xxxxx Xxxxxxx |
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Chief Executive Officer |
