EXHIBIT 10.7
AMENDMENT
TO THE EXECUTIVE SUPPLEMENTAL RETIREMENT
AGREEMENT DATED OCTOBER 20, 1999
This Amendment, made and entered into this 1st day of June 2006, by and
between Gwinnett Banking Company, a bank organized and existing under the laws
of the State of Georgia, hereinafter referred to as the "Bank," and Xxxx X.
Xxxxxxxx, an Executive of the Bank, hereinafter referred to as the "Executive,"
shall effectively amend the Executive Supplemental Retirement Agreement dated
October 20, 1999, as specifically set forth herein. Said agreement shall be
amended by adding the following new Subparagraph II. G. at the end of Paragraph
II:
"G. Minimum Benefit:
Notwithstanding the foregoing provisions of this Paragraph II, in no
event shall the annual benefit payable to Executive in any Plan Year
during the Payment Period (as defined below) be any less than
$49,843.00 (the `Minimum Benefit'). For this purpose, the `Payment
Period' shall begin with the Plan Year in which payment to the
Executive commences under this Paragraph II and shall end with the
Plan Year in which the Executive dies."
This Amendment shall be effective on the date hereof. To the extent that
any term, provision, or paragraph of said agreement is not specifically amended
herein, or in any other amendment thereto, said term, provision, or paragraph
shall remain in full force and effect as set forth in said October 20, 1999
Agreement.
IN WITNESS WHEREOF, the parties hereto acknowledge that each has carefully
read this Amendment and executed the original thereof on the first day as set
forth hereinabove, and that, upon execution, each has received a conforming
copy.
GWINNETT BANKING COMPANY
Lawrenceville, GA
/s/ Xxxx X. Xxxxx By: /s/ Xxxx X. Xxxxxxx III EVP
------------------------------ ------------------------------------
Witness Title
/s/ Xxxx X. Xxxxxxx /s/ Xxxx X. Xxxxxxxx
------------------------------ ------------------------------------------
Witness Executive
