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EXHIBIT 10.4
Employment Agreement
For
Xxxxx X. Xxxxxxxxx
The following agreement is between the individuals desirous of forming
a new bank in Effingham County (hereafter referred to as organizers) and Xxxxx
X. Xxxxxxxxx (hereafter referred to as interim president.)
It is understood that the interim president will be responsible for
taking the lead in the application and charter process. This involves completing
all the paper work and coordinating the process with all regulatory agencies. He
will be expected to work closely with the organizers, assisting them
individually in any way he can, realizing he is accountable to them. After the
application is approved, the interim president will be responsible for
coordinating the sale of the new stock. Realizing that time is of the essence,
he will make every effort to expedite the process.
When the charter is approved, the interim president will have the
authority to make all finale decisions in staffing the new bank, both officers
and staff. He will be responsible for drafting the policies and procedures that
are applicable to be approved by the Board of Directors and coordinating all
activities as directed by the organizers to complete the opening of the new
bank.
The following items are accepted as a part of the interim presidents
compensation packages:
1. SALARY- A base salary of $ 80,000.00 will be paid until such
time as all of the stock is sold at which time that base
salary will increase to $ 90,000.00.
2. INSURANCE- The cost of health insurance for the interim
president and his immediate family will be paid by the
organizers.
3. LENGTH OF EMPLOYMENT- It is understood that this is a two (2)
year agreement and should for some reason the proposed bank
not open, their will be no obligation from either the
organizers or interim president to continue this agreement.
4. VACATION- Four (4) weeks vacation will be allowed for the
interim president.
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It is understood interim president is making no commitment to the
organizers or directors of the proposed bank to work more than three (3) years
after opening of said bank. He will assess his personal position at the time
determining his future employment.
The provisions in this agreement have been read and understood by both
the organization and interim president and are hereby accepted this 12th day of
February 1997.
/s/ X. X. Xxxxx /s/ X. X. Xxxx
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X. X. Xxxxx X. X. Xxxx
/s/ Xxx X. Xxxxx /s/ Xxxxxx X. Xxxxxxxxxx, Xx.
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Xxx X. Xxxxx Xxxxxx X. Xxxxxxxxxx, Xx.
/s/ Xxxxxxx X. Xxxxxxx /s/ Xxx Xxxxxxxx
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Xxxxxxx X. Xxxxxxx Xxx Xxxxxxxx
/s/ Xxxxxx X. Xxxxx /s/ J. Xxxxxxx Xxxx
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Xxxxxx X. Xxxxx J. Xxxxxxx Xxxx
/s/ C. Xxxxxx Xxxxx
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C. Xxxxxx Xxxxx
/s/ Xxxxx X. Xxxxxxxxx
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Xxxxx X. Xxxxxxxxx
This Employment Agreement is hereby amended this 12th day of August,
1997 whereby every place in this contract where the term "interim
president" is used is hereby replaced by the term "proposed president."
Xxxxx X. Xxxxxxxxx C. Xxxxxx Xxxxx
/s/ Xxxxx X. Xxxxxxxxx /s/ C. Xxxxxx Xxxxx
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