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EXHIBIT 10.8
February 6, 2001
Xx. Xxxxx Xxxxxx
000 Xxx Xxxxx Xxxxx
Xxxxxx Xxxxxxx, Xxxxxxx 00000
Re: LETTER AGREEMENT FOR VOLUNTARY RESIGNATION AND REEMPLOYMENT
Dear Caric:
This letter Agreement between you, Xxxxx Xxxxxx, and Sweetwater
Financial Group, Inc. provides that you hereby tender your resignation,
effective as dated above, from the Board of Directors of Sweetwater Financial
Group, Inc. and Sweetwater Bank & Trust, as well as your resignation from your
position as President and Chief Executive Officer of the Bank and Executive Vice
President and Chief Operating Officer of Sweetwater Financial Group, Inc.
Furthermore, you hereby agree that this Letter Agreement rescinds and
revokes your Employment Agreement dated August 11, 2001, and you hereby waive
all rights and interest in and to said Employment Agreement. In consideration
for your resignation and waiver of rights in the Employment Agreement dated
August 11, 2001, Sweetwater Financial Group, Inc. agrees to the following:
(1) You will be hired as the Chief Financial Officer of Sweetwater
Bank & Trust by the incoming CEO and President. You will be offered, as
soon as reasonably practicable, a new Employment Agreement for the
position of Chief Financial Officer.
(2) While you will no longer serve on the Board of Directors, your
significant contributions as an organizer and your continuing
professional services are hereby recognized. Sweetwater Financial
Group, Inc. agrees that you are therefore entitled, to the full extent
of applicable law and regulations, to organizer's Warrants.
Specifically, you will be granted one stock warrant for each share of
stock you purchase during the stock offering, subject to regulatory
approval.
While the Employment Agreement dated August 11, 2001 is hereby revoked
and rescinded, by mutual agreement of the undersigned, it is our intention that
you have little, if any, break in service during the transition from President
and CEO of the Bank (and VP and COO of Sweetwater Financial Group) to your new
position at Sweetwater Bank. For this
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Xx. Xxxxx Xxxxxx
February 6, 2001
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reason, we request that you remain available to perform services at the
direction of the Board of Directors and/or a new President and CEO, pending
final execution of a new Employment Agreement.
You also agree to negotiate the new Employment Agreement in good faith,
and agree to inform the Sweetwater Financial Group Board of Directors promptly,
in writing, if you accept other employment or decide for any reason that you do
not wish to enter into a new Employment Agreement or serve as Chief Financial
Officer of Sweetwater Bank & Trust.
As you know, this Letter Agreement is precipitated by the recent
recommendation of and notice from the Georgia Department of Banking and Finance
that we seek a more experienced Bank President in order to qualify for a state
bank charter. As stated above, the Board of Directors greatly appreciates your
past and continued service to Sweetwater Financial Group and Sweetwater Bank and
Trust, and we shall continue to have confidence in you in your new role as Chief
Financial Officer.
The undersigned parties agree to the terms and conditions stated herein
this 6 day of February, 2001.
SWEETWATER FINANCIAL GROUP, INC. EXECUTIVE
By: /s/ Xxxx Xxxxxxxxx By: /s/ Xxxxx Xxxxxx
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Xxxxx Xxxxxx
Title: /s/ Chairman of the Board
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