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EXHIBIT 10.1    
  

 
 

EMPLOYMENT AGREEMENT    
  

        THIS AGREEMENT, entered into this 12th day of April, 2002, by and between Richard C. Hayden (hereinafter referred to as "Employee") and Phillip G. McDowell,
Robert Harris, Loretta Griffin, Robin Worley, Bryant Hightower, and Ken Blair (hereinafter collectively referred to as "Employer"); 

        WHEREAS,
Employer desires to organize, charter and form a new community-based banking corporation in the Carroll County area; and 

        WHEREAS,
Employee plans to form a new corporation or other legal entity to hold the charter for such banking corporation, but wishes to employ Employee to aid in the development
of that entity and the formation of the banking corporation prior to the creation of that new entity; and 

        WHEREAS,
Employee wishes to enter into such employment subject to the benefits and the requirements contained herein; 

        NOW
THEREFORE, in consideration of the mutual promises, covenants and agreements contained herein, the sufficiency of which are acknowledged by the parties hereto, the parties agree as
follows: 

I. TERMS OF EMPLOYMENT  

        A)    Employment:    The Employer agrees to employ the Employee, and the Employee agrees to accept the employment
described in this Agreement. 

        B)    Duties:    (1) The Employee shall serve as the President and Chief Executive Officer of the banking
corporation being formed by the Employer. He shall immediately assume that title and shall act in all ways and take all-actions that are customarily associated with such a position.
Employee shall be responsible for the day to day operations, strategic planning, and implementation of the Employer's business as it pertains to the formation of such business. Employee shall
immediately begin efforts to organize, promote and form the community based banking corporation which is planned by the Employer, as such efforts and duties may be designated Employer. 

        (2)  In
the event that the Employer is not able to gain approval of a charter to form a banking corporation from the State of Georgia or the Office of Currency and
Comptroller with the Employee in the position as the President and Chief Executive Officer of such banking corporation, then Employee agrees to accept the title and position of Executive Vice
President and Chief Credit Officer of the banking corporation. In the case of such an occurrence, the Employee shall still be entitled to the Base Compensation Benefits and Expenses provided for in
Section II, Paragraphs A, B and C of this Agreement at the same level and under the same terms. Should Employee become the Executive Vice President and Chief Credit Officer, he will carry out
such duties as are necessary and required by such a position and continue to organize, promote and form the community based banking corporation under the direction of the Employer and any president
and chief executive officer who may then be named. 

        (3)  Employee
shall devote his full time efforts to his employment hereunder and shall at all times act in a professional manner, in keeping with the nature of his
responsibilities and duties, and the rules and regulations of any local, state or federal agencies. 

        C)    Term.    The term of the Agreement shall be for two (2) years, and shall begin upon the date first above
written 

II. COMPENSATION  

        A)    Base Compensation:    Employee shall receive a salary of $108,000.00 per year, payable in accordance with terms
agreed to between the parties, but, in no event, on less than a monthly basis. 

 

        B)    Benefits.    Employee shall receive medical and dental coverage for himself and all dependant members of his
family, such coverage to be paid for by the Employer. Employee shall also be covered by a policy of disability insurance, such coverage to be paid for by the Employer. The levels of coverage and terms
of coverage of the medical, dental and disability policies provided for herein shall be at least as beneficial as the coverages provided to Employee by Colonial Bank as of his cessation of employment
with that corporation. 

        C)    Expenses.    Employer shall reimburse the Employee for reasonable out-of-pocket expenses
incurred by the Employee in the fulfilling of his duties. The Employer shall pay dues required to retain Employees memberships in such social and civic clubs and professional organizations as approved
by Board. 

        D)    Experienced Assistance:    Employer pledges that, in order to aid Employee in the performance of his duties, to
ensure Employee's approval as President of the planned banking corporation, and to further the creation of such corporation, Employer: 1) will have two (2) individuals as directors of
the banking corporation who have experience as independent bank directors; and 2) will hire an experienced chief credit officer and chief financial officer for that banking corporation at such
salaries as may be approved by the Employer. All such individuals must be acceptable to the State or Federal entity responsible for chartering the new
banking corporation. 

        E)    Facilities:    Within its financial means and in keeping with the plans of the Employer, Employer shall provide
Employee with adequate office facilities, equipment, cellular phone service, supplies and staff to carryout the requirements of his employment. 

        F)    Future Benefits Package:    Employer hereby agrees and covenants that should the new banking corporation be
chartered and established and should the Employee be approved as President of that new banking corporation by the chartering authority, Employee shall be granted: (1) the same warrants for the
purchase of stock in the new banking corporation as those granted to each organizer of the corporation; and (2) stock options, exercisable at the initial offering price of the corporation's
common stock, as follows: a) if the corporation is cumulatively profitable within twenty-four (24) months of the date the bank opens for regular business, options for fifteen
thousand (15,000) shares; b) if cumulatively profitable in thirty (30) months, ten thousand (10,000) shares; and d) if cumulatively profitable in thirty six (36) months or
thereafter, five thousand (5,000) shares. 

III. TERMINATION  

        A)    For Cause:    The Employer may terminate the Employee's employment at any time "for cause" with immediate effect
upon delivering written notice to the Employee. For purposes of this Agreement, "for cause" shall include: (1) embezzlement, theft, larceny, material fraud, or other acts of dishonesty;
(2) a material violation by the Employee of any of his obligations or duties under the terms of this Agreement or any rules, regulations or requirements placed upon him in his employment by any
state or federal banking or commerce agency; (3) conviction of or entry of a plea of nolo contendere to a felony or other crime which has or may
have a material adverse effect on the Employee's ability to perform his duties; (4) conduct involving moral turpitude; (5) gross insubordination or repeated insubordination after
..written warning by Employer; and (6) material and continuing failure by the Employee to perform the duties described herein in a quality and professional manner following thirty
(30) days written warning by the Employer. Upon termination for cause, the Employer's sole and exclusive obligation to Employee will be to pay his compensation earned through the date of
termination. 

        B)    Upon Death or Disability.    The Employer may terminate the Employee's employment upon the Employee's death or
on the Employee's total disability. Total Disability shall mean Employee's inability to perform his duties hereunder due to mental or physical illness for a period of two 

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(2) consecutive months. Upon Employee's termination for death or disability, the Employer's sole obligation shall be to pay Employee's compensation through the termination date. 

        C)    Without Cause:    The Employer may terminate the Employee's employment without cause only after the expiration
of the two (2) year term of this Agreement. This Agreement may be terminated prior to its terms by mutual agreement of the parties executed in writing. 

IV. ADDITIONAL PROVISIONS  

        A)    Confidentiality:    During his employment and thereafter, the Employee shall not disclose to anyone any
confidential information regarding the Employer or the business of the Employer. For the purposes of this Agreement, "confidential information" shall include any of the Employer's confidential
proprietary or trade secret information that is disclosed to Employee or Employee learns as a result of his employment, such as, but not limited to, any financial information, financial data,
financial plans, business plans -or strategies of the Employer, the Employer's business, or its customers, investors or shareholders. 

        B)    Notices.    Any notice permitted or required under this Agreement shall be deemed given upon the date of
personal delivery or forty-eight (48) hours after deposit in the United States Mail, postage prepaid, addressed to the Employer at: 

Phillip
G. McDowell

P.O. Box 858

Carrollton, GA 30117 

        addressed
to the Employee at: 

Richard
C. Hayden

305 Kramer Street

Carrollton, GA 30117 

or
at any other address as any party may designate by notice given in compliance with this paragraph. 

        C)    Governing Law:    This Agreement shall be governed by and construed in accordance with the Laws of the State of
Georgia. 

        D)    Titles and Captions.    All section titles or captions contained in this Agreement are for convenience only and
should not be deemed part of the context of this Agreement. 

        E)    Entire Agreement:    This Agreement contains the entire understanding of the parties and supersedes any prior
understandings and agreements among the parties respecting the subject matter hereof. 

        F)    Assignment:    This Agreement shall not be assigned or transferred by any party hereto without the express
written consent of the other party. Notwithstanding this provision, this Agreement and the duties provided for hereunder may be assigned by Employer to the new banking corporation upon formation and
chartering of that entity. 

        G)    Binding Agreement.    This Agreement shall be binding upon the heirs, executors, administrators, successors and
assigns of the parties hereto. 

        H)    Attorneys Fees and Cost.    In the event arbitration or suit is brought by any party to this Agreement to
enforce any of its terms, and in any appeal therefrom, it is agreed that the prevailing party shall be entitled to reasonable attorney's fees and costs incurred, such sum to be fixed by the arbitrator
or court. 

        I)    Arbitration:    Any controversy between the parties involving the construction or application of the terms of
this Agreement shall, upon written request of either party served upon the other party as 

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other notices required herein, be submitted to binding arbitration. The arbitration shall comply with and be governed by the rules and regulations of the American Arbitration Association. The parties
shall agree on one person to hear and determine the dispute as arbitrator, and if they cannot agree, then they shall each appoint an arbitrator and those two arbitrators shall select a third
arbitrator to hear the dispute as a panel with a majority of the panel making a final determination. The costs of arbitration shall be borne initially by both parties, subject to the terms of
Section IV, Paragraph H of this Agreement. 

        J)    Partial Invalidity.    If any provision of this Agreement is found to be invalid or void by a court of competent
jurisdiction, the remaining provisions shall nevertheless continue in full force without being impaired or invalidated. 

        IN
WITNESS WHEREOF, the parties have set their hands and seals the date and year above written. 

	 	 	EMPLOYEE:	 	 
	

 	
 	

/s/  RICHARD C. HAYDEN      	
 	

(SEAL)
	 	 	
 RICHARD C. HAYDEN
	

        	
 	

 	
 	

 
	

 	
 	

EMPLOYER:	
 	

 
	

 	
 	

/s/  PHILLIP G. MCDOWELL      	
 	

(SEAL)
	 	 	
 PHILLIP G. MCDOWELL
	

 	
 	

/s/  ROBERT HARRIS      	
 	

(SEAL)
	 	 	
 ROBERT HARRIS
	

 	
 	

/s/  LORETTA GRIFFIN      	
 	

(SEAL)
	 	 	
 LORETTA GRIFFIN
	

 	
 	

/s/  ROBIN WORLEY      	
 	

(SEAL)
	 	 	
 ROBIN WORLEY
	

 	
 	

/s/  BRYANT HIGHTOWER      	
 	

(SEAL)
	 	 	
 BRYANT HIGHTOWER
	

 	
 	

/s/  KEN BLAIR      	
 	

(SEAL)
	 	 	
 KEN BLAIR

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FIRST AMENDMENT
  TO
  EMPLOYMENT AGREEMENT    
  

        THIS FIRST AMENDMENT TO EMPLOYMENT AGREEMENT (this "Amendment") is entered into as of this 1st day of August,
2002, by and among Richard C. Hayden (hereinafter referred to as "Employee") and Phillip G. McDowell, Robert Harris, Loretta Griffin, Robin Worley, Bryant Hightower, and Ken Blair (hereinafter
collectively referred to as "Employer"). 

        WHEREAS, Employee and Employer have entered into that certain Employment Agreement dated April 12, 2002 (the "Employment
Agreement"); 

        WHEREAS, Employee and Employer desire to amend the Employment Agreement as set forth herein; 

        NOW, THEREFORE, BE IT RESOLVED, that in consideration of the mutual covenants herein contained and other valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 

        Section II
(A) is hereby deleted in its entirety and the following shall be substituted in lieu thereof: 

"Employee
shall receive a salary of $121,000.00 per year, payable in accordance with terms agreed to between the parties, but, in no event, on less than a monthly basis." 

        FURTHER RESOLVED, that any capitalized terms used but not defined herein shall have the meanings assigned to such terms in the Employment
Agreement. 

        FURTHER RESOLVED, that the parties acknowledge and agree that to the extent that the terms of this Amendment are in conflict with the
terms of the Employment Agreement, this Amendment shall control. Except as modified by this Amendment, all of the terms and conditions of the Employment Agreement shall remain in full force and
effect. 

        FURTHER RESOLVED, that this Amendment may be executed in two or more counterparts, including by facsimile, each of which shall be deemed
an original but all of which together shall constitute one and the same instrument. 

        IN WITNESS WHEREOF, Employee and Employer have caused this Amendment to be signed and delivered as of the date first written above. 

	 	 	"Employee"
	

 	
 	

/s/  RICHARD C. HAYDEN      
 Richard C. Hayden
	

 	
 	
"Employer"
	

 	
 	

/s/  KEN BLAIR      
 Ken Blair, in his capacity as Chairman of the Board of Directors and on behalf of the Employer

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EMPLOYMENT AGREEMENT

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EXHIBIT 10.2  

 
 

FORM OF
  ESCROW AGREEMENT    
  

        THIS ESCROW AGREEMENT is made as of the    day of            , 20    , by and
between                        , a state-chartered, commercial
bank being organized under the laws of                        (the "Bank") and First Tennessee Bank, National Association,
Chattanooga, Tennessee ("Escrow Agent"). 

WITNESSETH:  

        WHEREAS, the Bank is a state-chartered commercial bank in organization under the laws of the State
of                        ; and 

        WHEREAS,
the Tennessee Department of Financial Institutions ("TDFI") requires that funds paid in by subscribers to the shares of the Bank (the "Escrow Deposit") be either invested in
short-term U.S. Government Securities or held in an interest-bearing escrow account; and 

        WHEREAS,
the Bank desires that the Escrow Agent serve as Escrow Agent hereunder, and the Escrow Agent is willing to do so, all upon the terms and conditions hereinafter set forth. 

        NOW,
THEREFORE, it is mutually agreed as follows: 

	1.
	Distribution of Escrow Deposit

        1.1  The
Escrow Agent shall distribute the Escrow Deposit, together with all interest earned thereon, in accordance with any written notice from the Bank, within two
(2) business days following receipt by Escrow Agent of such written notice. The Escrow Agent shall be entitled to rely on such notice signed by a representative of the Bank without further
investigation or inquiry. The Bank shall furnish written confirmation that the TDFI and the Federal Deposit Insurance Corporation ("FDIC") have issued final authorization for the Bank to operate as a
state-chartered, federally insured bank before the Escrow Deposit and all interest earned thereon shall be distributed by the Escrow Agent. 

	2.
	Rights and Obligations of the Escrow Agent

        2.1  The
Escrow Agent (i) shall not be liable for any error of judgment, act done or omitted by it in good faith, or mistake of fact or law, unless caused by its own
gross negligence or willful misconduct; (ii) shall be entitled to treat as genuine any letter, certified court order, or other document furnished to it by the Bank and believed by it to be
genuine and to have been signed and presented by a representative of the Bank; (iii) shall be reimbursed according to the schedule attached hereto as  Exhibit A; and (iv) shall not be
bound in any way by any agreement other than this Escrow Agreement as it may be amended, whether or not
it has knowledge of the existence of such a contract or agreement or its terms and conditions. Its only duties or responsibilities shall be to hold the Escrow Deposit, as Escrow Agent, and to
distribute the Escrow Deposit in accordance with the terms of this Escrow Agreement. 

        2.2.  Should
litigation be instituted by or against the Bank, or should a dispute arise which requires additional duties of the Escrow Agent or its appearance in court, the
Escrow Agent shall be compensated for its services and for its reasonable expenses incurred thereby including reasonable attorney's fees and expenses, except for claims against the Escrow Agent for
its gross negligence or willful misconduct, 

	3.
	Miscellaneous

 

        3.1  All
notices or other communications hereunder shall be in writing and shall be deemed to have been given if delivered in person or sent by prepaid first class registered
mail, return receipt requested as follows: 

        If
to the Escrow Agent: 

      

        If
to the Bank: 

       

        With
copy to: 

       

        3.2  "Representative
of the Bank" shall mean                        . 

        3.3  This
Escrow Agreement may be altered or amended only by a written instrument signed by all parties hereto. Should the parties attempt to change this Escrow Agreement in
a manner that would either increase the Escrow Agent's duties or responsibilities or would, in the sole and absolute discretion of the Escrow Agent, be undesirable, the Escrow Agent may resign as
Escrow Agent by notifying the Bank by registered mail at the address contained herein, and until a successor Escrow Agent is appointed by the Bank and accepts such appointment, its only duty shall be
to hold Escrow Deposit in accordance with the original instructions contained in this Escrow Agreement. 

        3.4  This
Escrow Agreement shall be governed by and construed and enforced in accordance with the substantive laws and procedural provisions in force in the State of
Tennessee. 

        3.5  This
Escrow Agreement and all agreements referred to herein represent the entire agreement between the parties with respect to the subject matter hereof. 

        3.6  This
Escrow Agreement shall inure to the benefit of, and be binding upon, the parties hereto and their respective successors and permitted assigns. 

        3.7  This
Escrow Agreement may be executed in any number of counterparts, each of which shall constitute an original, but all of which together shall constitute one and the
same agreement. 

        IN
WITNESS WHEREOF, the parties have executed this Escrow Agreement as of the day and year first above written. 

	 	 	BANK:
	

 	
 	

By:	
 	

            

	 	 	Title:	 	        

	

 	
 	
ESCROW AGENT:
	

 	
 	

By:	
 	

                

	 	 	Title:	 	                

2

 
EXHIBIT A  

        The cost to the Bank: for the services of the Escrow Agent shall be one thousand five hundred dollars ($1,500.00), payable upon the disbursement of all the
escrowed funds pursuant to the Escrow Agreement; provided, however, in the event that the Bank is not established and checks must be cut to refund escrowed funds to subscribers; the Bank shall pay the
Escrow Agent two dollars ($2.00) per check for each check cut. 

3

 
First Tennessee Bank, N.A.

Escrow Agent for  

      

       

	
 Date	 	 	 	
 Batch Number
	 	 	 	 	 
	

 Number of Checks	
 	

=	
 	

 Total
	 	 	 	 	 
	

 Signature	
 	

 	
 	

 

4

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FORM OF ESCROW AGREEMENT

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