TO EXECUTIVE SUPPLEMENTAL RETIREMENT PLAN EXECUTIVE AGREEMENT
Exhibit
10.10.3
2005
AMENDMENT
TO
EXECUTIVE
AGREEMENT
THIS
2005
AMENDMENT (the “2005 Amendment”) is made and entered into on the 14th day of
June, 2005, effective as of May 1, 2004 (the “Effective Date”) by and between
FIRST CAPITAL BANK (the “Bank”), a state-chartered commercial bank located in
Norcross and the successor-in-interest to Chattahoochee National Bank, and
XXXXXX X. XXXXXX., an employee of the Bank and resident of the State of Georgia
(the “Executive”).
Introduction
Chattahoochee
National Bank, the predecessor-in-interest to the Bank, and the Executive
previously entered into that certain Executive Agreement, dated August 21,
2002
(the “Agreement”), pursuant to the Chattahoochee National Bank Executive
Supplemental Retirement Plan, setting forth the rights and obligations of the
parties with respect to certain retirement benefit opportunities to be provided
to the Executive by Chattahoochee National Bank.
On
May
28, 2004, the holding company of Chattahoochee National Bank, which was then
known as CNB Holdings, Inc. (the “Company”), acquired the former First Capital
Bancorp, Inc. (“Old FCBI”) through the merger (the “Holding Company Merger”) of
Old FCBI with and into the Company and on December 31, 2004, the Company changed
its name from CNB Holdings, Inc. to First Capital Bancorp, Inc.
As
a
result of the Holding Company Merger, First Capital Bank, a wholly-owned
subsidiary of Old FCBI, became a wholly-owned subsidiary of the Company while
Chattahoochee National Bank continued to be a wholly-owned subsidiary of the
Company. On November 15, 2004, however, the Company merged its two wholly-owned
banking subsidiaries (the “Bank Merger”), First Capital Bank and Chattahoochee
National Bank, with First Capital Bank surviving the Bank Merger.
Prior
to
the Holding Company Merger, the parties to the Agreement signed an amendment
thereto pursuant to which the Executive acknowledged and agreed that neither
the
then anticipated Holding Company Merger nor the Bank Merger would constitute
a
“change of control” under the Agreement and, as a result, that the provisions of
Paragraph V of the Agreement would be interpreted consistently with the
definition of “change of control” as modified by such amendment. However, the
parties are now unable to locate the documentation reflecting the amendment
(the
“Lost Amendment”).
The
parties now desire to enter in to this 2005 Amendment for the purpose of
documenting the prior agreement of the parties to amend the original Agreement
in the manner described above.
Statement
of Agreement
In
consideration of the premises hereinabove, the sum of $100.00 paid to the
Executive and other good and valuable consideration the receipt and adequacy
of
which is hereby acknowledged, the parties hereto do hereby amend the Agreement,
as of the Effective Date, as follows:
1. From
and
after May 28, 2004, all references to the “Holding Company” in the Agreement
shall be deemed to constitute a reference to First Capital Bancorp, Inc. and
from and after November 15, 2004, all references to the “Bank” in the Agreement
shall be deemed to constitute a reference to First Capital Bank
2. By
deleting Subparagraph I [I] of the Agreement in its entirety and by substituting
therefor:
“I.
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Change
of Control:
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Change
of
Control means the cumulative transfer of more than fifty percent (50%) of the
voting stock of the Bank or the Holding Company as a result of a transaction
or
series of related transactions that are consummated on or after January 1,
2005.
For purposes of this Agreement, transfers made on account of deaths or gifts,
transfers between family members or transfers to any tax-qualified retirement
plan maintained by the Bank shall not be considered in determining whether
there
has been a Change of Control. For purposes of this Agreement, consistent with
the preceding provisions of this Subparagraph, under no circumstances will
either of the following transactions be deemed to constitute a Change of
Control: (i) the merger of First Capital Bancorp, Inc with and into CNB
Holdings, Inc. on May 28,
2004;
or (ii) the merger of Chattahoochee National Bank with and into First Capital
Bank on November 15, 2004.”
3. Except
as
specifically provided herein, the Agreement shall remain in full force and
effect as prior to this 2005 Amendment. Notwithstanding the foregoing, the
provisions of this 2005 Amendment shall supersede in all respects each and
every
provision of the Lost Amendment.
IN
WITNESS WHEREOF, the parties hereto have executed this 2005 Amendment on the
date first written above.
FIRST
CAPITAL BANK:
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By:
X. X. Xxxxxx
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Name:
X. X. Xxxxxx
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Title:
President & CEO
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/s/
Xxxxxx X. Xxxxxx
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Xxxxxx
X. Xxxxxx
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