**EXHIBIT NO. 10.29**

**Director*Compensation Summary**

2006 AnnualRetainer

$10,000 paid in equalquarterly installments

Meeting Fees

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

For each meeting of theboard 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 ExecutiveCommittee of the Bank’s board of directors receive $450 for each twice-monthlymeeting of the Executive Committee that they attend. Each of the two permanentmembers of the Executive Committee, Messrs Bachman and Daniels, also receive anannual retainer of $1,500, payable in equal quarterly installments.

Members of the jointAudit 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 equalquarterly installments. The chairman of the Audit Committee also receives anannual retainer of $3,000.

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

Deferred Compensation

Directors are permittedto defer their director fees pursuant to deferred compensation plans adopted bythe Bank and the Company. Under the original deferred compensation plan,interest is credited on the account balances of the participating directorsmonthly by the Bank at an annual rate of 10% compounded monthly until aseparation from service, and, thereafter, at an annual rate of 7.5% compoundedmonthly. Under the second plan, which was adopted in September 2004 and thenamended in December 2005 to comply Section 409A of the Internal Revenue Code of1986, as amended, directors are permitted to defer additional board andcommittee meeting fees, beyond those being deferred under the original plan,into certain investment vehicles, including a “deemed” investment in theCompany’s common stock.

Equity Incentives

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

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*Includes directors thatare also employees of the Company or the Bank.

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**NamedExecutive Officer Compensation Summary**

The following 2007 basesalaries have been approved for payment to those persons who are expected to bethe Company’s named executive officers for the year ended December 31, 2007 andthe following cash bonuses were paid for 2006 performance:

 
| **Name**           | ** ** | **Title**                                                                                           | ** ** | **Salary** | ** ** | **2006  Bonus** |
|--------------------|------------|-----------------------------------------------------------------------------------------------------|------------|------------|------------|-----------------|
|               |       |                                                                                                |       |       |       |            |
| R. Stan Puckett    |       | Chairman of the Board and Chief Executive Officer of  the Company and the Bank                      |       | $278,250   |       | $184,000        |
|               |       |                                                                                                |       |       |       |            |
| Kenneth R.  Vaught |       | President and Chief Operating Officer of the Company  and the Bank                                  |       | $237,000   |       | $155,000        |
|               |       |                                                                                                |       |       |       |            |
| James E. Adams     |       | Senior Vice President, Chief Financial Officer and  Assistant Secretary of the Company and the Bank |       | $181,562   |       | $80,000         |
|               |       |                                                                                                |       |       |       |            |
| Steve L. Droke     |       | Senior Vice President and Chief Credit Officer of  the Bank                                         |       | $160,813   |       | $52,000         |
|               |       |                                                                                                |       |       |       |            |
| Bill Adams         |       | Senior Vice President and Chief Information Officer  of the Bank                                    |       | $151,475   |       | $40,500         |

 

Bonus

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

Equity Based Incentives

The named executiveofficers are also eligible to participate in the Company’s 2004 Long-TermIncentive Plan.

Benefits

The named executiveofficers are also eligible to participate in the Company’s and the Bank’sbroad-based benefit programs generally available to the Company’s and the Bank’semployees, including the health, disability and life insurance programs and maydefer a portion of their base salary and bonus under the terms of a deferredcompensation plan available to the Company’s executive officers and members ofsenior management.

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**AdditionalInformation**

The foregoing informationis summary in nature. Additional information regarding director and namedexecutive officer compensation will be included in the Company’s proxystatement for the Company’s 2007 annual meeting.

 

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