Exhibit 10.29

 

Director* Compensation Summary

 

2005 Annual Retainer

 

$10,000 paid in equal quarterly installments

 

Meeting Fees

 

For each meeting of the board of directors of Greene County Bancshares, Inc.
(the “Company”) a director receives $600, including payment for up to two missed
meetings. Directors must be present at special meetings to be paid.

 

For each meeting of the board of directors of Greene County Bank (the “Bank”) a
director receives $600, including payment for up to two missed meetings.

 

Committee Meeting Fees

 

Members of the Executive Committee of the Bank’s board of directors receive $450
for each twice-monthly meeting of the Executive Committee that they attend. Each
of the two permanent members of the Executive Committee, Messrs Bachman and
Daniels, also receive an annual retainer of $1,500, payable in equal quarterly
installments.

 

Members of the joint Audit Committee of the Bank’s and the Company’s boards of
directors receive $450 per meeting as well as an annual retainer fee of $1,500
paid in equal quarterly installments. The chairman of the Audit Committee also
receives an annual retainer of $3,000.

 

Directors receive $300 per meeting for all other committee meetings attended.

 

Deferred Compensation

 

Directors are permitted to defer their director fees pursuant to deferred
compensation plans adopted by the Bank and the Company. Under the original
deferred compensation plan, interest is credited on the account balances of the
participating directors monthly by the Bank at an annual rate of 10% compounded
monthly until a separation from service, and, thereafter, at an annual rate of
7.5% compounded monthly. Under the second plan, which was adopted in
September 2004 and then amended in December 2005 to comply Section 409A of the
Internal Revenue Code of 1986, as amended, directors are permitted to defer
additional board and committee meeting fees, beyond those being deferred under
the original plan, into certain investment vehicles, including a “deemed”
investment in the Company’s common stock.

 

Equity Incentives

 

Each director is eligible to participate in the Company’s 2004 Long-Term
Incentive Plan.

 

--------------------------------------------------------------------------------

*Includes directors that are also employees of the Company or the Bank.

 

1

--------------------------------------------------------------------------------

 

Named Executive Officer Compensation Summary

 

The following 2006 base salaries have been approved for payment to those persons
who are expected to be the Company’s named executive officers for the year ended
December 31, 2006 and the following cash bonuses were paid for 2005 performance:

 

Name

 

Title

 

Salary

 

2005
Bonus

 

 

 

 

 

 

 

 

 

R. Stan Puckett

 

Chairman of the Board and Chief Executive Officer of the Company and the Bank

 

$

265,000

 

$

195,040

 

 

 

 

 

 

 

 

 

Kenneth R. Vaught

 

President and Chief Operating Officer of the Company and the Bank

 

$

225,000

 

$

132,800

 

 

 

 

 

 

 

 

 

James E. Adams

 

Senior Vice President, Chief Financial Officer and Assistant Secretary of the
Company and the Bank

 

$

175,000

 

$

35,000

(1)

 

 

 

 

 

 

 

 

Steve L. Droke

 

Senior Vice President and Chief Credit Officer of the Bank

 

$

155,000

 

$

40,000

 

 

 

 

 

 

 

 

 

Ronald E. Mayberry

 

Regional President Sumner, Rutherford and Lawrence Counties

 

$

172,000

 

$

9,900

 

 

--------------------------------------------------------------------------------

(1) Reflects an initial sign-on bonus paid on December 15, 2005.

 

Bonus

 

Each named executive officer is also eligible to participate in the Company’s
cash bonus plan. Any bonus earned is typically paid in the first quarter of the
year following the year in which the bonus is earned.

 

Equity Based Incentives

 

The named executive officers are also eligible to participate in the Company’s
2004 Long-Term Incentive Plan.

 

Benefits

 

The named executive officers are also eligible to participate in the Company’s
and the Bank’s broad-based benefit programs generally available to the Company’s
and the Bank’s employees, including the health, disability and life insurance
programs and may defer a portion of their base salary and bonus under the terms
of a deferred compensation plan available to the Company’s executive officers
and members of senior management.

 

2

--------------------------------------------------------------------------------

 

Additional Information

 

The foregoing information is summary in nature. Additional information regarding
director and named executive officer compensation will be included in the
Company’s proxy statement for the Company’s 2006 annual meeting.

 

3

--------------------------------------------------------------------------------