EMPLOYMENT AGREEMENTEmployment Agreement • January 7th, 2010 • Atlantic Coast Federal Corp • Savings institution, federally chartered • Georgia
This Employment Agreement (the “Agreement”) is made effective as of January 1, 2010 (the “Effective Date”), by and between Atlantic Coast Bank (the “Bank”) and Carl W. Insel (the “Executive”), and supercedes and replaces the prior employment agreement dated May 8, 2009. References herein to the “Company” mean Atlantic Coast Federal Corporation, which owns 100% of the common stock of the Bank. The Company is a signatory to this Agreement for the sole purpose of guaranteeing the Bank’s performance hereunder. Any reference to the “Employer” shall mean both the Company and the Bank.
ATLANTIC COAST BANK SPLIT DOLLAR LIFE INSURANCE AGREEMENTSplit Dollar Life Insurance Agreement • January 7th, 2010 • Atlantic Coast Federal Corp • Savings institution, federally chartered • Georgia
This Split Dollar Agreement (“Agreement”) is entered into effective January 1, 2010, between Atlantic Coast Bank (“Bank”) and Thomas B. Wagers, Sr. (“Insured”) with respect to certain life insurance policies (the “Policy” or “Policies”) issued by a duly licensed life insurance company (the “Insurer”).
