EXHIBIT 10.10
WEST GEORGIA
NATIONAL BANK
AMENDMENT TO BONUS AND STOCK OPTION AGREEMENT
For and in exchange for good and valuable consideration, the receipt
and sufficiency of which is acknowledged, W. Xxxxx Xxxxx, Xx. ("Individual") and
WGNB Corporation ("Corporation") hereby amend the Bonus and Stock Option
Agreement between them dated as of September 23, 1998.
Section 2.1 shall be changed to read as follows:
2.1 Corporation grants to Individual the option to acquire shares
of the common stock of Corporation on an annual basis ("Option
Shares"), pursuant to the WGNB Corp. Incentive Stock Option
Plan ("ISO Plan") in an amount equal to 2 times the quotient
(rounded to the nearest whole share) which shall be determined
by dividing (a) the Cash Bonus due to Individual pursuant to
Section 1 for the applicable year, by (b) the Market Value Per
Share of the common stock of Corporation as the volume
weighted average closing price for the ninety calendar day
period ending with the date of the grant, except that the
grant date price shall be taken as of within an hour before
the time of the grant.
All other terms and conditions of the Bonus and Stock Option Agreement
shall remain in full force and effect and are not changed in any manner by the
execution of this Amendment.
Executed this 30 day of May, 2002.
WGNB Corp.
/s/ Xxxxxxx X. Xxxxxx
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By: XXXXXXX X. XXXXXX
Its: EXECUTIVE VICE PRESIDENT
Executed this 30 day of May, 2002.
/s/ W. Xxxxx Xxxxx, Xx.
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W. Xxxxx Xxxxx, Xx.
