EXHIBIT NO. 10.29


Director*
Compensation Summary


2006 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.







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Named
Executive Officer Compensation Summary


The following 2007 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, 2007 and
the 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 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.







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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 2007 annual meeting.


 



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