Document:

Exhibit 10.1

 

EMPLOYMENT AGREEMENT

 

THIS
EMPLOYMENT AGREEMENT (this “Agreement”) is made as of the 2nd day of
July, 2010 (the “Effective Date”) by and between Touchmark Bancshares, Inc.,
a Georgia corporation (the “Company”), Touchmark National Bank,  a national banking association (the “Bank”), and Pin
Pin Chau  (the “Executive”).  The Company and the Bank are collectively
referred to herein as the “Employer”. 
This Agreement will be subject to approval of the Executive’s
appointment by Office of the Comptroller of the Currency (OCC) and other
regulatory authorities, as may be required.

 

W I T N E S S E T H

 

WHEREAS,
Executive has agreed to become President
and Chief Executive Officer of the Company and the Bank; and

 

WHEREAS,
the parties hereto desire to enter into this Agreement to set forth the terms
and conditions of Executive’s employment with Employer.

 

NOW
THEREFORE, in consideration of the mutual covenants and agreements set forth
herein and intending to be legally bound hereby and by these recitals, the
parties agree as follows:

 

1.             Position and Duties.  Employer
agrees to employ Executive as  President and Chief Executive Officer of
the Company and the Bank, with such powers and duties as may be prescribed by
the Board of Directors of the Company or the Bank, subject to the terms,
conditions and provisions of this Agreement. 
Executive accepts such employment and agrees to serve without additional
compensation, if elected, in any other senior executive position of the Company
or the Bank reasonably requested of her and as an officer and/or director of
any subsidiary of the Company in accordance with Section 7  hereof. 
Executive shall devote her full-time best efforts to such employment and
shall apply substantially that degree of skill and diligence in rendering
services to the Company and its subsidiaries under this Agreement as would be
applied by a person of ordinary prudence and comparable experience under
similar circumstances.  In connection
therewith, Executive shall report to and be subject to the direction of the
Boards of Directors of the Company and the Bank.  Notwithstanding the foregoing, Executive may
devote a reasonable amount of her time to her personal investments and business
affairs (including service as a director of unaffiliated companies) and to
civic and charitable activities; provided, however, Executive shall not accept
any position as a director of any unaffiliated for-profit business organization
without advance approval of the Company’s Board of Directors, which approval
shall not be unreasonably withheld.

 

2.             Compensation.

 

(a)           Annual
Salary.  Commencing on the Effective
Date, Executive shall be entitled to receive from Employer an annual salary of
not less than $250,000 per year,
(the “Annual Salary”) payable in accordance with Employer’s normal
payroll practice, prorated for any partial employment period.  The Company will withhold taxes and other
applicable

 

 

deductions
from such payments.  The Annual Salary
may be increased from time to time by the Board of Directors of the Company, in
its sole discretion, but shall not be decreased without the written consent of
Executive.  The Board of Directors in
exercising its discretion shall consider Executive’s performance in light of
the specific goals and objectives for Executive which the Board of Directors
shall establish in writing, after consultation with Executive.

 

(b)           Performance
Bonus.  Executive shall be eligible
to receive annual performance bonuses as determined in the absolute discretion
of the Board of Directors, which may grant or withhold the payment of such
performance bonus based on any reason or no reason.  The payment of any bonus pursuant to this Section 2(b) will
be contingent upon the following:

 

(i)            prior to the granting of any bonus to Executive, the
Board of Directors of the Company shall consider, and document its findings in
the minutes of the meeting wherein the issue was considered, Executive’s
performance in light of the Performance Goals as established by the Executive
and Board of Directors of the Company as set forth above; and

 

(ii)           the Bank shall be “well capitalized” as defined under
regulations promulgated by the FDIC pursuant to the Federal Deposit Insurance
Corporation Improvement Act of 1991.

 

Notwithstanding anything contained in this section
to the contrary, the granting of any performance bonus to Executive, shall be
done in the absolute discretion of the Board of Directors, which may grant or
withhold the payment of such performance bonus based on any reason or no
reason.

 

(c)           Stock
Options.  Upon the Effective Date,
the Company shall grant to Executive non-qualified stock options to purchase
fifty-thousand (50,000) shares of the Company’s common stock at a price of
$8.39 per share.  The options shall vest
and become exercisable immediately upon the Effective Date.

 

3.             Fringe Benefits, Vacation Time, Expenses and
Perquisites.

 

(a)           Benefit
Plan Participation.  Executive shall
be eligible to participate in or receive benefits under all corporate
employment benefit plans made available by Employer to its executives and key
management employees including, but not limited to, any pension, savings,
insurance, medical or health-and-accident plan or arrangement, subject to and
on a basis consistent with terms, conditions and overall administration of such
plans and arrangements.

 

(b)           Vacation
Time Allowances.  Executive shall be
entitled each year to 18 days of paid vacation per calendar year (prorated for
2010 and any partial year).  Unused
vacation days shall not accrue or be carried forward from year to year.

 

(c)           Business
Expense Reimbursement.  During the
term of her employment hereunder, Executive shall be entitled to receive prompt
reimbursement for all reasonable expenses incurred by her (in accordance with
the policies and procedures established by Employer) in performing services
hereunder, provided that Executive properly accounts therefor in accordance
with corporate policy.

 

2

 

(d)           Use
of Company-Provided Automobile. 
Employer will, at its option, either provide to Executive a monthly cash
car allowance in an amount of not less than $800, or provide to Executive an
automobile for her use.

 

(e)           Club
Dues.  Employer agrees to pay all
fees and dues (except for initiation fees, any minimums, club charges or
assessments) for Executive’s membership at the 1818 Club.

 

(f)            Life
Insurance.  During the term of this
Agreement, Employer agrees to pay a cash allowance to the Executive toward the
annual premium on Executive’s life insurance policy in the amount of
$4,400,000.

 

(g)           Disability
Policy.  During the term of this
Agreement, Employer agrees to pay the annual premium on Executives disability
policy Unum, policy no.LAC643997 in the amount of $1,676.16.

 

4.             Restrictive Covenants.  Executive
acknowledges that she has performed services or will perform services hereunder
which directly affect Employer’s business. 
Accordingly, the parties deem it necessary to enter into the protective
agreement set forth below, the terms and conditions of which have been negotiated
by and between the parties hereto.

 

(a)           Non-Competition.  Executive expressly covenants and agrees that
during the term of her employment hereunder and for a period of twelve (12)
months after termination of her employment for any reason other than pursuant
to subsection (c), (d) or (f) of Section 8 hereof, Executive
shall not directly or indirectly, either as a principal, agent, employee,
employer, stockholder, organizer, director, co-partner or in any other
individual or representative capacity whatsoever, engage as an executive-level
employee, providing services the same as or substantially similar to those
provided by her under this Agreement, in the banking and financial services
business, which includes, but it is not limited to, the commercial banking,
insurance agency, wealth management, trust, savings and loan, and mortgage
banking businesses, and any other business in which the Company or any of its
subsidiaries is engaged, anywhere within seventy-five (75) miles of the Company’s
principal executive offices at 3651 Old Milton Parkway, Alpharetta, Gwinnett
County, Georgia; provided, however, that Executive shall not be prohibited
hereunder from investing in a business similar to the business of the Company
or any of its subsidiaries if such investment is limited to less than five
percent of the capital stock or other securities of any corporation or similar
organization.

 

(b)           Non-Solicitation
of Employees.  Executive agrees that
she will, for so long as she is employed by Employer and for a period of twelve
(12) months after termination of her employment for any reason (i) not
solicit, entice, persuade, or induce any other employee of the Company or any
of its subsidiaries to leave the employ of such entity, and (ii) refrain
from recruiting, or attempting to recruit, directly or by assisting others, any
individual who is employed by the Company or any of its subsidiaries at the
time of the attempted recruiting.

 

(c)           Non-Solicitation
of Customers.  Executive agrees, for
so long as she is employed by Employer and for a period of twelve (12) months
after termination of her employment for any reason, Executive shall not,
directly or indirectly, solicit any business from any of the customers of the
Company or its subsidiaries, or actively seek prospective customers of the
Company or its subsidiaries, with whom Executive had material contact within
the last

 

3

 

twenty-four
(24) months of Executive’s employment hereunder for purposes of providing
products or services that are similar to or competitive with those provided by
the Company or any of its subsidiaries, if the Company or any of its
subsidiaries is also then still engaged in such business.

 

5.             Unauthorized Disclosure.  Executive shall not, without the
written consent of the Board of Directors of the Company or a person authorized
thereby, knowingly disclose to any person, other than an employee of Employer
or a person to whom disclosure is reasonably necessary or appropriate in
connection with the performance by Executive of her duties hereunder or as
required by law, any material confidential information obtained by her while in
the employ of Employer with respect to any of Employer’s services, products,
improvements, formulas, designs or styles, processes, customers, methods of
distribution or any business practices the disclosure of which she knows will
be materially damaging to Employer; provided, however, that confidential
information shall not include any information known generally to the public (other
than as a result of unauthorized disclosure by Executive) or any information of
a type not otherwise considered confidential by persons engaged in the same
business or a business similar to that conducted by Employer.

 

The
covenants contained in this Section 5 shall survive the termination of
Executive’s employment with the Company for any reason for a period of two (2) years;
provided, however, that with respect to those items of confidential information
which constitute a trade secret under applicable law, Executive’s obligations
of confidentiality and non-disclosure as set forth in this Section 5 shall
continue to survive after said two-year period to the greatest extent permitted
by applicable law.  These rights of the
Company are in addition to those rights the Company has under the common law or
applicable statutes for the protection of trade secrets.

 

6.             Injunctive Relief.  It is understood and agreed by
the parties hereto that the services to be rendered by Executive hereunder are
of a special, unique, extraordinary and intellectual character, which gives
them a peculiar value, the loss of which may not be reasonably or adequately
compensated in damages, and additionally that a breach by Executive of the
covenants set out in Sections 4 or 5 of this Agreement will cause Employer
great and irreparable injury and damage. 
Executive hereby expressly agrees that Employer shall be entitled to the
remedies of injunction, specific performance and other equitable relief to
prevent a breach of Sections 4 or 5 of this Agreement by Executive.  This provision shall not, however, be
construed as a waiver of any of the remedies which Employer may have for
damages or otherwise.

 

7.             Subsidiaries.  It is understood and agreed by the parties
hereto that, at the election and direction of Employer and without modification
of the terms and provisions hereof, Executive shall also serve as an executive
officer and/or director of any one or more subsidiaries of the Company, when
and as so determined by Employer.

 

8.             Termination of Employment.  This Agreement shall be for a
term commencing on the Effective Date and ending thirty-six (36) months
thereafter, unless sooner terminated in accordance with the provisions of this Section 8.  This Agreement shall not be subject to any
automatic renewal, and shall only be extended by mutual written agreement of
the parties hereto.  Upon termination of Executive’s
employment for any reason, Executive or, in the event of Executive’s death,
Executive’s estate, shall be entitled to Executive’s Annual Salary prorated

 

4

 

through the date of termination.  Any other payments or benefits earned by or
owed to Executive hereunder at the time of termination of employment, but not
yet paid to Executive, shall be paid to Executive or her estate at such time as
is provided by the terms of the applicable Employer plan or policy.  Executive’s right to any additional payments
and benefits for periods after the date of termination of employment shall be
determined in accordance with the following provisions of this Section 8.

 

(a)           Termination
Upon Disability of Executive. 
Employer or Executive may terminate Executive’s employment hereunder
upon written notice to the other party in the event that by reason of Executive’s
physical or mental impairment (a “disability”), Executive is incapable
of performing her duties hereunder for a period of ninety (90) consecutive days
or a total of one hundred fifty (150) days in any twelve-month period.  If any disagreement concerning whether
Executive has suffered a “disability” (as used in this Section) occurs between
Executive and Employer, Executive (or her spouse or personal representative if
Executive is unable to communicate with reason) shall select a physician, and Employer
shall select a physician.  Such
physicians shall select a third physician, and the three physicians shall then
determine by majority vote whether Executive is disabled (as used in this
Section).  The decision of a majority of
such physicians shall be binding on Employer and Executive.

 

(b)           Termination
by the Company for Proper Cause.  The
occurrence of any of the following events or circumstances shall constitute “Cause”
for the termination, at the election of Employer, of the employment of Executive
under this Agreement:

 

(i)            conduct by Executive that amounts to fraud, material
dishonesty, gross negligence or willful misconduct in the performance of her
duties hereunder;

 

(ii)           the conviction of Executive of a felony;

 

(iii)          initiation of suspension or removal proceedings against
Executive by federal or state regulatory authorities acting under lawful
authority pursuant to provisions of federal or state law or regulation which
may be in effect from time to time;

 

(iv)          knowing violation of federal or state banking laws or
regulations; or

 

(v)           refusal to perform a duly authorized directive of Employer’s
Board of Directors; provided, however, that with respect to the conditions
described in items (i), (iv), (v) or (vi) of the foregoing, no
determination of Cause shall be made by the Board of Directors on such basis
unless the Board of Directors has provided written notice to the Executive of
the existence of such condition, the Executive has been granted a reasonable
opportunity to appear before the Board of Directors in order to respond to such
determination.

 

Upon the termination of
Executive’s employment hereunder by Employer for Cause, no additional benefits
or monies shall be due Executive other than those accrued hereunder or under
any benefit plans of Employer as of the date of

 

5

 

termination. 
In addition, in the event that Employer discharges Executive for Cause
and the acts or omissions of Executive constituting Cause result in material
economic harm to the Company or in reputational harm causing quantifiable
material injury to the Company, then, notwithstanding anything to the contrary
herein or the terms of any Company plan or program, as of the date of
termination (i) Employer shall have no further obligations to make any
payments or provide any benefits to Executive or her dependents hereunder or
under any compensatory or benefit plan or arrangement of Employer and, if
applicable, (ii) any outstanding options and warrants to purchase shares
of the Company’s common stock granted by the Company to Executive shall
immediately expire to the extent not previously exercised.

 

In
the event that Employer discharges Executive alleging Cause and it is
subsequently determined pursuant to Section 11(f) that the
termination was without proper cause, then such discharge shall be deemed a
discharge without Cause subject to the provisions of Section 8(c) hereof.

 

(c)           Termination
by Employer Without Cause.  Employer
may terminate Executive’s employment hereunder at any time without Cause by
written notice to Executive, in which event Employer shall continue to pay
Executive her Annual Salary, as in effect immediately prior to such
termination, for the remaining period of this Agreement.

 

(d)           Termination by Executive For Good Reason.  In the Event Executive terminates her
employment for Good Reason, Employer shall provide to Executive all of the
payments and benefits to which Executive would have been entitled for a period
of one (1) year, or for the remainder of the term of this Agreement,
whichever is shorter.  For purposes of
this Agreement, the term “Good Reason” shall mean:

 

(i)            a substantial alteration by Employer in the nature or
status of Executive’s responsibilities which renders Executive’s position to be
of less dignity, responsibility or scope;

 

(ii)           Employer requiring Executive to be based anywhere other
than the Company’s principal executive offices; or

 

(iii)          any material breach by Employer of its obligations
contained in this Agreement.

 

(e)           Termination
by Executive Without Good Reason.  In
the event Executive terminates her employment with Employer for any reason
(including retirement) other than Good Reason, death or disability, no
additional benefits or monies shall be due Executive other than those accrued
hereunder or under any benefit plans of Employer as of the date of termination.

 

(f)            Termination
By Executive Following Change in Control. 
In the event of a “change in control” of the Company, as defined herein,
Executive shall be entitled, for a period of 30 days from the date of closing
of the transaction effecting such change in control and at her election, to
give written notice to Employer of termination of this Agreement and to receive
an amount (the “Severance Amount”) equal to the lesser of (i) the
amount of Annual Salary and

 

6

 

bonus
received by Executive in the one-year period immediately preceding the change
in control or (ii) the maximum amount that will result in no portion of
the amount payable or rights accruing hereunder being subject to an excise tax
under Section 4999 of the Internal Revenue Code of 1986, as amended.  The determination of the amount of any
potential reduction in the rights or payments shall be made in good faith by
Employer.  Executive shall cooperate in
good faith with Employer in making such determination and providing the
necessary information for such purpose. 
The Severance Amount shall be paid in cash, in equal monthly
installments over the one-year period commencing on the date of the termination
of Executive’s employment.  For purposes
of this Section 8(f), “change in control” of the Company shall mean:

 

(i)            any transaction, whether by merger, consolidation, asset
sale, tender offer, reverse stock split, or otherwise, which results in the
acquisition or beneficial ownership (as such term is defined under rules and
regulations promulgated under the Securities Exchange Act of 1934, as amended)
by any person or entity or any group of persons or entities acting in concert,
of 50% or more of the outstanding shares of Common Stock of the Company;

 

(ii)           the sale of all or substantially all of the assets of the
Company; or

 

(iii)          the liquidation of the Company.

 

(g)           Effect
of Termination on Other Positions. 
If, on the date of her termination of employment with Employer, the
Executive is a member of the Board of Directors of the Company or any of its
subsidiaries, or holds any other position with the Company or any of its
subsidiaries, the Executive shall be deemed to have resigned from all such
positions as of the date of her termination of employment with Employer.  Executive agrees to execute such documents
and take such other actions as Employer may request to reflect such resignation.

 

9.             Release.  Executive hereby acknowledges
and agrees that prior to Executive’s or her dependents’ right to receive from
Employer any compensation or benefits to be paid or provided to her or her
dependents hereunder following the termination of her employment for any
reason, Executive may be required by the Company and the Bank, in their
discretion, to execute a release substantially in the form of Exhibit A
hereto.

 

10.          Return of Materials.  Upon termination of employment
hereunder, Executive shall promptly deliver to Employer all correspondence,
manuals, letters, notes, notebooks, reports and any other documents or tangible
items containing or constituting confidential information about the business of
Employer.

 

11.          Miscellaneous.

 

(a)           Notices.  Any notices required or permitted to be given
under this Agreement shall be sufficient if in writing, and if personally
delivered or when sent by first class certified or registered mail, postage
prepaid, return receipt requested — in the case of Executive, to her residence
address as set forth in the books and records of Employer, and in the case of
Employer, to the address of the Company’s principal place of business, in care
of the Chairman of the Compensation Committee of the Board of Directors of the
Company — or to such other

 

7

 

person
or at such other address with respect to each party as such party shall notify
the other in writing.

 

(b)           Successors.  This Agreement shall inure to the benefit of
and be binding upon Executive, Employer and any successor to Employer.

 

(c)           Severability.  Except as noted below, should any provision
of this Agreement be declared or determined by any court of competent
jurisdiction or arbitrator to be unenforceable or invalid for any reason, the
validity of the remaining parts, terms, or provisions of this Agreement shall
not be affected thereby and the invalid or unenforceable part, term, or
provision shall be deemed not to be a part of this Agreement.  The covenants set forth in this Agreement are
to be reformed pursuant to subsection (d) of this Section 11 if held
to be unreasonable or unenforceable, in whole or in part, and, as written and
as reformed, shall be deemed to be part of this Agreement.

 

(d)           Reformation.  If any of the covenants or promises of this
Agreement are determined by any court of law or equity or arbitrator, with
jurisdiction over this matter, to be unreasonable or unenforceable, in whole or
in part, as written, Executive hereby consents to and affirmatively requests
that said court or arbitrator, to the extent legally permissible, reform the
covenant or promise so as to be reasonable and enforceable and that said court
or arbitrator enforce the covenant or promise as so reformed.  Additionally, should the laws of the State of
Georgia change during the term of this Agreement in any manner that could
affect the enforceability of the terms and covenants contained herein, the
parties agree to amend this Agreement or execute a new Agreement to achieve
compliance with such new law.

 

(e)           Amendment.  This Agreement may be amended or cancelled
only by mutual agreement of the parties in writing without the consent of any
other person and, so long as Executive lives, no person other than the parties
hereto shall have any rights under or interest in this Agreement or the subject
matter hereof.

 

(f)            Arbitration.  Except as otherwise provided herein, in the
event of any controversy, dispute or claim arising out of, or relating to this
Agreement, or the breach thereof, or arising out of any other matter relating
to Executive’s employment with Employer or the termination of such employment,
the parties may seek recourse only for temporary or preliminary injunctive
relief to the courts having jurisdiction thereof and if any relief other than
injunctive relief is sought, Employer and Executive agree that such underlying
controversy, dispute or claim shall be settled by arbitration conducted in
Gwinnett County, Georgia in accordance with this Section 11(f) and
the Commercial Arbitration Rules of the American Arbitration Association (“AAA”). 
The matter shall be heard and decided, and awards rendered by a panel of three
arbitrators (the “Arbitration Panel”).  The Company and Executive
shall each select one arbitrator from the AAA National Panel of Commercial
Arbitrators (the “Commercial Panel”) and those two arbitrators shall
select a third arbitrator; provided, however, that in the event the two
arbitrators cannot agree on a third arbitrator, the AAA shall select a third
arbitrator from the Commercial Panel.  The award rendered by the
Arbitration Panel shall be final and binding as between the parties hereto and
their heirs, executors, administrators, successors and assigns, and judgment on
the award may be entered by any court having jurisdiction thereof.  Employer and Executive will each bear their
own costs for legal representation in any arbitration, except that the
Arbitration Panel will have the authority to award all remedies provided by

 

8

 

applicable
law, including recovery of attorney fees when so provided by applicable
law.  Employer will pay all arbitrators’
fees and other administrative fees in connection with any arbitration
hereunder; provided, however, that the Arbitration Panel may require all or a
portion of such fees and expenses to be paid by Executive in the event the
Arbitration Panel determines that Executive’s position in the arbitration
proceeding was without merit.

 

(g)           Governing
Law.  This Agreement shall be
governed by and construed in accordance with the laws of the State of Georgia.

 

(h)           Entire
Agreement.  This Agreement contains
the entire agreement of the parties concerning the matters set forth herein and
therein, and all promises, representations, understandings, arrangements and
prior agreements regarding the subject matter hereof, other than those set
forth herein, are superseded hereby.

 

[SIGNATURE PAGE FOLLOWS]

 

9

 

IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date
first above written.

 

 

	
  “COMPANY”

  	
   

  
	
   

  	
   

  
	
  Touchmark Bancshares, Inc.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/
  J.J. Shah

  	
   

  
	
   

  	
  Jayendrakumar
  J. Shah, M.D.

  	
   

  
	
   

  	
  Chairman,
  Board of Directors

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  “BANK”

  	
   

  
	
   

  	
   

  
	
  Touchmark
  National Bank

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/
  J.J. Shah

  	
   

  
	
   

  	
  Jayendrakumar
  J. Shah, M.D.

  	
   

  
	
   

  	
  Chairman,
  Board of Directors

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  “EXECUTIVE”

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/
  Pin Pin Chau

  	
   

  
	
  Pin
  Pin Chau

  	
   

  

 

10

 

EXHIBIT A

 

FORM OF RELEASE

 

This
RELEASE is made by the undersigned (“Executive”) in favor of Touchmark
Bancshares, Inc. (the “Company”) and Touchmark National Bank (the “Bank”)
this          day of
                              ,
              .

 

WHEREAS,
Executive, the Company and the Bank, are parties to that certain Employment
Agreement, dated as of
                                  ,
2010 (the “Employment Agreement”); and

 

WHEREAS,
pursuant to Section 9 of the Employment Agreement, it is a condition to
the Company and the Bank’s obligation to make certain payments and provide
certain benefits to Executive following the termination of Executive’s
employment that Executive execute and deliver to the Company and the Bank a
release in the form hereof

 

NOW,
THEREFORE, in consideration of the premises and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged,
subject to the following sentence, Executive hereby releases the Company and
the Bank and any affiliated entities and their respective officers, directors,
shareholders, executives and agents, from any and all claims, demands, suits,
causes of action, damages or expenses which Executive has had or may have in
the future, arising out of Executive’s employment as an executive of the
Company or the Bank and Executive’s separation from the Company and the Bank,
including, without limitation:

 

(a)                                  claims under
any and all federal, state or local laws or regulations, including, but not
limited to any labor, employment or benefit laws prohibiting any form of
discrimination such as the Fair Labor Standards Act, the Age Discrimination in
Employment Act, as amended by the Older Workers Benefit Protection Act,
Title VII of the Civil Rights Act of 1964, as amended, the Americans with
Disabilities Act, and the Civil Rights Act of 1991;

 

(b)                                 any right to
recover under any claim that may be filed by the Equal Employment Opportunity
Commission, or state or local human relations commission, or any other federal,
state or local governmental agency; and

 

(c)                                  any claim that
Executive is entitled to any payments or benefits other than as expressly set
forth in the Employment Agreement.

 

It
is understood by the parties hereto that Executive shall have twenty one (21)
days from tender of this Release within which to consider to execute this
Release.  Executive agrees that any
changes to this release do not restart the running of this twenty one (21) day
period.  The Company, the Bank and the
Executive agree that for a period of seven (7) days following the
execution of this Release, the Executive may revoke this Release and this
Release will not become effective or enforceable until after that revocation
period has expired.  Said revocation

 

 

must
be delivered in writing on or before 5:00 p.m. on the seventh (7th) day after the execution of
this Release to the corporate President or Secretary at the Company and the
Bank.

 

IN
WITNESS WHEREOF, intending to be legally bound, Executive has executed this
Release on the date first set forth above.

 

	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Print
  Name:Exhibit 10.2

 

EMPLOYMENT AGREEMENT

 

THIS
EMPLOYMENT AGREEMENT (this “Agreement”) is made as of the 8th day of July, 2010 (the “Effective Date”)
by and between Touchmark Bancshares, Inc., a Georgia corporation (the “Company”),
Touchmark National Bank,  a national
banking association (the “Bank”), and Jorge L. Forment  (the “Executive”).  The Company and the Bank are collectively
referred to herein as the “Employer”. 
This Agreement will be subject to approval of the Executive’s
appointment by Office of the Comptroller of the Currency (OCC) and other
regulatory authorities, as may be required.

 

W  I  T
N  E  S  S  E  T  H

 

WHEREAS,
Executive has agreed to become Chief
Financial Officer of the Company and the Bank; and

 

WHEREAS,
the parties hereto desire to enter into this Agreement to set forth the terms
and conditions of Executive’s employment with Employer.

 

NOW
THEREFORE, in consideration of the mutual covenants and agreements set forth
herein and intending to be legally bound hereby and by these recitals, the
parties agree as follows:

 

1.             Position and Duties.  Employer
agrees to employ Executive as  Chief Financial Officer  of the Company and the Bank, with
such powers and duties as may be assigned from time to time by the President and Chief Executive Officer
of the Company or the Bank, subject to the terms, conditions and provisions of
this Agreement.  Executive accepts such
employment and agrees to serve without additional compensation, if elected, in
any other senior executive position of the Company or the Bank reasonably
requested of him and as an officer and/or director of any subsidiary of the
Company in accordance with Section 7  hereof.  Executive shall devote his full-time best
efforts to such employment and shall apply substantially that degree of skill
and diligence in rendering services to the Company and its subsidiaries under
this Agreement as would be applied by a person of ordinary prudence and
comparable experience under similar circumstances.  In connection therewith, Executive shall
report to and be subject to the direction of the President and Chief Executive Officer of the Company
and the Bank.

 

2.             Compensation.

 

(a)           Annual
Salary.  Commencing on the Effective
Date, Executive shall be entitled to receive from Employer an annual salary of
not less than $150,000 per year,
(the “Annual Salary”) payable in accordance with Employer’s normal
payroll practice, prorated for any partial employment period.  The Annual Salary may be increased from time
to time by the Board of Directors of the Company, in its sole discretion, but
shall not be decreased without the written consent of Executive.  The Board of Directors in exercising its
discretion shall consider Executive’s performance in light of the specific
goals and objectives for Executive which the Board of Directors shall establish
in writing, after consultation with Executive.

 

 

(b)           Stock
Options.

 

(i)            Upon the Effective Date, the Company shall grant to
Executive non-qualified stock options to purchase five thousand (5,000) shares
of the Company’s common stock at a price of $8.39 per share.  The options shall vest and become exercisable
immediately upon the Effective Date.

 

(ii)           Upon the one year anniversary of the Effective Date, and
provided that this Employment Agreement remains in effect, the Company shall
grant to Executive non-qualified stock options to purchase five thousand
(5,000) shares of the Company’s common stock at a price per share equal to the
book value of the underlying shares. The options shall vest and become
immediately exercisable when granted.  As
used in this paragraph, “book value” means the value of a share of the Company’s
common stock determined by taking the Company’s total shareholders’ equity and
dividing by the number of outstanding shares of the Company’s common stock as
of the grant date, which shall be determined from the most recent report
containing financial statements provided to the Company’s primary federal
regulator.

 

3.             Fringe Benefits, Vacation Time, Expenses and
Perquisites.

 

(a)           Benefit
Plan Participation.  Executive shall
be eligible to participate in or receive benefits under all corporate
employment benefit plans made available by Employer to its executives and key
management employees including, but not limited to, any pension, savings,
insurance, medical or health-and-accident plan or arrangement, subject to and
on a basis consistent with terms, conditions and overall administration of such
plans and arrangements.

 

(b)           Vacation
Time Allowances.  Executive shall be
entitled each year to four (4) weeks of paid vacation per calendar year
(prorated for 2010 and any other partial year). 
Unused vacation days shall not accrue or be carried forward from year to
year.

 

(c)           Business
Expense Reimbursement.  During the
term of his employment hereunder, Executive shall be entitled to receive prompt
reimbursement for all reasonable expenses incurred by him (in accordance with
the policies and procedures established by Employer) in performing services
hereunder, provided that Executive properly accounts therefor in accordance with
corporate policy.

 

(d)           Automobile
Allowance.  Employer will provide to
Executive a monthly cash car allowance in the amount of $500.

 

(e)           Cell
Phone and Miscellaneous Expenses. 
Employer will provide Executive a monthly allowance for his cell phone
and other miscellaneous expenses related to his employment with the Company,
which are submitted to the Employer by the Executive, of up to $100.

 

4.             Restrictive Covenants.  Executive
acknowledges that he has performed services or will perform services hereunder
which directly affect Employer’s business. 
Accordingly, the

 

2

 

parties deem it necessary to enter into the
protective agreement set forth below, the terms and conditions of which have
been negotiated by and between the parties hereto.

 

(a)           Non-Competition.  Executive expressly covenants and agrees that
during the term of his employment hereunder and for a period of twelve (12)
months after termination of his employment for any reason other than pursuant to
subsection (c), (d) or (f) of Section 8 hereof, Executive shall
not directly or indirectly, either as a principal, agent, employee, employer,
stockholder, organizer, director, co-partner or in any other individual or
representative capacity whatsoever, engage as an executive level employee,
providing services the same as or substantially similar to those provided by
him under this Agreement, in the banking and financial services business, which
includes, but it is not limited to, the commercial banking, insurance agency,
wealth management, trust, savings and loan, and mortgage banking businesses,
and any other business in which the Company or any of its subsidiaries is
engaged, anywhere within seventy-five (75) miles of the Company’s principal
executive offices at 3651 Old Milton Parkway, Alpharetta, Gwinnett County,
Georgia; provided, however, that Executive shall not be prohibited hereunder
from investing in a business similar to the business of the Company or any of
its subsidiaries if such investment is limited to less than five percent of the
capital stock or other securities of any corporation or similar organization.

 

(b)           Non-Solicitation
of Employees.  Executive agrees that
he will, for so long as he is employed by Employer and for a period of twelve
(12) months after termination of his employment for any reason (i) not
solicit, entice, persuade, or induce any other employee of the Company or any
of its subsidiaries to leave the employ of such entity, and (ii) refrain
from recruiting, or attempting to recruit, directly or by assisting others, any
individual who is employed by the Company or any of its subsidiaries at the
time of the attempted recruiting.

 

(c)           Non-Solicitation
of Customers.  Executive agrees, for
so long as he is employed by Employer and for a period of twelve (12) months
after termination of his employment for any reason, Executive shall not,
directly or indirectly, solicit any business from any of the customers of the
Company or its subsidiaries, or actively seek prospective customers of the
Company or its subsidiaries, with whom Executive had material contact within
the last twenty-four (24) months of Executive’s employment hereunder for
purposes of providing products or services that are similar to or competitive
with those provided by the Company or any of its subsidiaries, if the Company
or any of its subsidiaries is also then still engaged in such business.

 

5.             Unauthorized Disclosure.  Executive shall not, without
the written consent of the Board of Directors of the Company or a person
authorized thereby, knowingly disclose to any person, other than an employee of
Employer or a person to whom disclosure is reasonably necessary or appropriate
in connection with the performance by Executive of his duties hereunder or as
required by law, any material confidential information obtained by him while in
the employ of Employer with respect to any of Employer’s services, products,
improvements, formulas, designs or styles, processes, customers, methods of
distribution or any business practices the disclosure of which he knows will be
materially damaging to Employer; provided, however, that confidential
information shall not include any information known generally to the public
(other than as a result of unauthorized disclosure by Executive) or any
information of a

 

3

 

type not otherwise considered confidential by
persons engaged in the same business or a business similar to that conducted by
Employer.

 

The
covenants contained in this Section 5 shall survive the termination of
Executive’s employment with the Company for any reason for a period of two (2) years;
provided, however, that with respect to those items of confidential information
which constitute a trade secret under applicable law, Executive’s obligations
of confidentiality and non-disclosure as set forth in this Section 5 shall
continue to survive after said two-year period to the greatest extent permitted
by applicable law.  These rights of the
Company are in addition to those rights the Company has under the common law or
applicable statutes for the protection of trade secrets.

 

6.             Injunctive Relief.  It is understood and agreed by
the parties hereto that the services to be rendered by Executive hereunder are
of a special, unique, extraordinary and intellectual character, which gives
them a peculiar value, the loss of which may not be reasonably or adequately
compensated in damages, and additionally that a breach by Executive of the
covenants set out in Sections 4 or 5 of this Agreement will cause Employer
great and irreparable injury and damage. 
Executive hereby expressly agrees that Employer shall be entitled to the
remedies of injunction, specific performance and other equitable relief to
prevent a breach of Sections 4 or 5 of this Agreement by Executive.  This provision shall not, however, be
construed as a waiver of any of the remedies which Employer may have for
damages or otherwise.

 

7.             Subsidiaries.  It is understood and agreed by the parties
hereto that, at the election and direction of Employer and without modification
of the terms and provisions hereof, Executive shall also serve as an executive
officer and/or director of any one or more subsidiaries of the Company, when
and as so determined by Employer.

 

8.             Termination of Employment.  This Agreement shall be for a
term commencing on the Effective Date and ending twenty-four (24) months
thereafter, unless sooner terminated in accordance with the provisions of this Section 8.  On and after twelve
(12) months from the Employment Date, this Agreement may be terminated by any
party hereto, for any reason, or without reason, upon six (6) months
written notice to the other party.  Upon
termination of Executive’s employment for any reason, Executive or, in the
event of Executive’s death, Executive’s estate, shall be entitled to Executive’s
Annual Salary prorated through the date of termination.  Any other payments or benefits earned by or
owed to Executive hereunder at the time of termination of employment, but not
yet paid to Executive, shall be paid to Executive or his estate at such time as
is provided by the terms of the applicable Employer plan or policy.  Executive’s right to any additional payments
and benefits for periods after the date of termination of employment shall be
determined in accordance with the following provisions of this Section 8.

 

(a)           Termination
Upon Disability of Executive. 
Employer or Executive may terminate Executive’s employment hereunder
upon written notice to the other party in the event that by reason of Executive’s
physical or mental impairment (a “disability”), Executive is incapable
of performing his duties hereunder for a period of ninety (90) consecutive days
or a total of one hundred fifty (150) days in any twelve-month period.  If any disagreement concerning whether
Executive has suffered a “disability” (as used in this Section) occurs

 

4

 

between
Executive and Employer, Executive (or his spouse or personal representative if
Executive is unable to communicate with reason) shall select a physician, and
Employer shall select a physician.  Such
physicians shall select a third physician, and the three physicians shall then
determine by majority vote whether Executive is disabled (as used in this
Section).  The decision of a majority of
such physicians shall be binding on Employer and Executive.

 

(b)           Termination
by the Company for Proper Cause.  The
occurrence of any of the following events or circumstances shall constitute “Cause”
for the termination, at the election of Employer, of the employment of
Executive under this Agreement:

 

(i)                                     conduct by
Executive that amounts to fraud, material dishonesty, gross negligence or
willful misconduct in the performance of his duties hereunder;

 

(ii)                                  the conviction
of Executive of a felony;

 

(iii)                               initiation of
suspension or removal proceedings against Executive by federal or state
regulatory authorities acting under lawful authority pursuant to provisions of
federal or state law or regulation which may be in effect from time to time;

 

(iv)                              knowing
violation of federal or state banking laws or regulations; or

 

(v)                                 the failure by
Executive, after advance written notice to him, to comply with reasonable
policies or directives of the Board of Directors or President and Chief Executive
Officer of the Employer.

 

In the event that Employer
discharges Executive for Cause, such notice of discharge shall be accompanied
by a written and specific description of the circumstances constituting Cause.

 

Upon the termination of
Executive’s employment hereunder by Employer for Cause, no additional benefits
or monies shall be due Executive other than those accrued hereunder or under
any benefit plans of Employer as of the date of termination.  In addition, in the event that Employer
discharges Executive for Cause and the acts or omissions of Executive
constituting Cause result in material economic harm to the Company or in
reputational harm causing quantifiable material injury to the Company, then,
notwithstanding anything to the contrary herein or the terms of any Company
plan or program, as of the date of termination (i) Employer shall have no
further obligations to make any payments or provide any benefits to Executive
or his dependents hereunder or under any compensatory or benefit plan or arrangement
of Employer and, if applicable, (ii) any outstanding options and warrants
to purchase shares of the Company’s common stock granted by the Company to
Executive shall immediately expire to the extent not previously exercised.

 

5

 

In the event that Employer discharges Executive alleging Cause and it
is subsequently determined pursuant to Section 11(f) that the
termination was without proper cause, then such discharge shall be deemed a
discharge without Cause subject to the provisions of Section 8(c) hereof.

 

(c)           Termination
by Employer Without Cause.  Employer
may terminate Executive’s employment hereunder at any time without Cause by
written notice to Executive, in which event Employer shall continue to pay
Executive his Annual Salary, as in effect immediately prior to such
termination, for a period ending six (6) months prior to the expiration of
this Agreement; provided, however, that on or after twelve (12) months from the
Effective Date, if Employer terminates Executive pursuant to this Section 8(c),
Employer shall be obligated to continue to pay Executive his salary then in
effect for six (6) months from the date of termination.

 

(d)           Termination by Executive For Good Reason.  In the Event Executive terminates his
employment for Good Reason, Employer shall provide to Executive all of the
payments and benefits to which Executive would have been entitled pursuant to Section 8(c) had
Employer terminated Executive’s employment without Cause.  For purposes of this Agreement, the term “Good
Reason” shall mean:

 

(i)                                     a substantial
alteration by Employer in the nature or status of Executive’s responsibilities
which renders Executive’s position to be of less dignity, responsibility or
scope;

 

(ii)                                  Employer
requiring Executive to be based anywhere other than the Company’s principal
executive offices; or

 

(iii)                               any material
breach by Employer of its obligations contained in this Agreement.

 

(e)           Termination
by Executive Without Good Reason.  In
the event Executive terminates his employment with Employer for any reason
(including retirement) other than Good Reason, death or disability, no
additional benefits or monies shall be due Executive other than those accrued
hereunder or under any benefit plans of Employer as of the date of
termination.  In addition, should
Executive terminate his employment pursuant to this Section 8(e), any
options then held by Executive which were acquired pursuant to Section 2(b) of
this Agreement shall be immediately forfeit by the Executive.

 

(f)            Termination
By Executive Following Change in Control. 
In the event of a “change in control” of the Company, as defined herein,
Executive shall be entitled, for a period of 30 days from the date of closing
of the transaction effecting such change in control and at his election, to
give written notice to Employer of termination of this Agreement and to receive
an amount (the “Severance Amount”) equal to the lesser of (i) the
amount of Annual Salary and bonus received by Executive in the one-year period immediately
preceding the change in control or (ii) the maximum amount that will
result in no portion of the amount payable or rights accruing hereunder being
subject to an excise tax under Section 4999 of the Internal Revenue Code
of 1986, as amended.  The determination
of the amount of any potential reduction in the

 

6

 

rights
or payments shall be made in good faith by Employer.  Executive shall cooperate in good faith with
Employer in making such determination and providing the necessary information
for such purpose.  The Severance Amount
shall be paid in cash, in equal monthly installments over the one-year period
commencing on the date of the termination of Executive’s employment.  For purposes of this Section 8(f), “change
in control” of the Company shall mean:

 

(i)                                     any
transaction, whether by merger, consolidation, asset sale, tender offer,
reverse stock split, or otherwise, which results in the acquisition or
beneficial ownership (as such term is defined under rules and regulations
promulgated under the Securities Exchange Act of 1934, as amended) by any
person or entity or any group of persons or entities acting in concert, of 50%
or more of the outstanding shares of Common Stock of the Company;

 

(ii)           the sale of all or substantially all of the assets of the
Company; or

 

(iii)          the liquidation of the Company.

 

(g)           Effect
of Termination on Other Positions. 
If, on the date of his termination of employment with Employer, the
Executive is a member of the Board of Directors of the Company or any of its
subsidiaries, or holds any other position with the Company or any of its
subsidiaries, the Executive shall be deemed to have resigned from all such
positions as of the date of his termination of employment with Employer.  Executive agrees to execute such documents
and take such other actions as Employer may request to reflect such
resignation.

 

9.             Release.  Executive hereby acknowledges
and agrees that prior to Executive’s or his dependents’ right to receive from Employer
any compensation or benefits to be paid or provided to him or his dependents
hereunder following the termination of his employment for any reason, Executive
may be required by the Company and the Bank, in their sole discretion, to
execute a release substantially in the form of Exhibit A hereto.

 

10.          Return of Materials.  Upon termination of employment
hereunder, Executive shall promptly deliver to Employer all correspondence,
manuals, letters, notes, notebooks, reports and any other documents or tangible
items containing or constituting confidential information about the business of
Employer.

 

11.          Miscellaneous.

 

(a)           Notices.  Any notices required or permitted to be given
under this Agreement shall be sufficient if in writing, and if personally delivered
or when sent by first class certified or registered mail, postage prepaid,
return receipt requested — in the case of Executive, to his residence address
as set forth in the books and records of Employer, and in the case of Employer,
to the address of the Company’s principal place of business, in care of the
Chairman of the Compensation Committee of the Board of Directors of the Company
— or to such other person or at such other address with respect to each party
as such party shall notify the other in writing.

 

7

 

(b)           Successors.  This Agreement shall inure to the benefit of
and be binding upon Executive, Employer and any successor to Employer.

 

(c)           Severability.  Except as noted below, should any provision
of this Agreement be declared or determined by any court of competent
jurisdiction or arbitrator to be unenforceable or invalid for any reason, the
validity of the remaining parts, terms, or provisions of this Agreement shall
not be affected thereby and the invalid or unenforceable part, term, or
provision shall be deemed not to be a part of this Agreement.  The covenants set forth in this Agreement are
to be reformed pursuant to subsection (d) of this Section 11 if held
to be unreasonable or unenforceable, in whole or in part, and, as written and
as reformed, shall be deemed to be part of this Agreement.

 

(d)           Reformation.  If any of the covenants or promises of this
Agreement are determined by any court of law or equity or arbitrator, with
jurisdiction over this matter, to be unreasonable or unenforceable, in whole or
in part, as written, Executive hereby consents to and affirmatively requests
that said court or arbitrator, to the extent legally permissible, reform the
covenant or promise so as to be reasonable and enforceable and that said court
or arbitrator enforce the covenant or promise as so reformed.  Additionally, should the laws of the State of
Georgia change during the term of this Agreement in any manner that could
affect the enforceability of the terms and covenants contained herein, the
parties agree to amend this Agreement or execute a new Agreement to achieve
compliance with such new law.

 

(e)           Amendment.  This Agreement may be amended or cancelled
only by mutual agreement of the parties in writing without the consent of any
other person and, so long as Executive lives, no person other than the parties
hereto shall have any rights under or interest in this Agreement or the subject
matter hereof.

 

(f)            Arbitration.  Except as otherwise provided herein, in the
event of any controversy, dispute or claim arising out of, or relating to this
Agreement, or the breach thereof, or arising out of any other matter relating
to Executive’s employment with Employer or the termination of such employment,
the parties may seek recourse only for temporary or preliminary injunctive
relief to the courts having jurisdiction thereof and if any relief other than
injunctive relief is sought, Employer and Executive agree that such underlying
controversy, dispute or claim shall be settled by arbitration conducted in
Gwinnett County, Georgia in accordance with this Section 11(f) and
the Commercial Arbitration Rules of the American Arbitration Association (“AAA”). 
The matter shall be heard and decided, and awards rendered by a panel of three
arbitrators (the “Arbitration Panel”).  The Company and Executive
shall each select one arbitrator from the AAA National Panel of Commercial
Arbitrators (the “Commercial Panel”) and those two arbitrators shall
select a third arbitrator; provided, however, that in the event the two
arbitrators cannot agree on a third arbitrator, the AAA shall select a third
arbitrator from the Commercial Panel.  The award rendered by the
Arbitration Panel shall be final and binding as between the parties hereto and
their heirs, executors, administrators, successors and assigns, and judgment on
the award may be entered by any court having jurisdiction thereof.  Employer and Executive will each bear their
own costs for legal representation in any arbitration, except that the
Arbitration Panel will have the authority to award all remedies provided by
applicable law, including recovery of attorney fees when so provided by
applicable law.  Employer will pay all
arbitrators’ fees and other administrative fees in connection with any

 

8

 

arbitration
hereunder; provided, however, that the Arbitration Panel may require all or a
portion of such fees and expenses to be paid by Executive in the event the
Arbitration Panel determines that Executive’s position in the arbitration
proceeding was without merit.

 

(g)           Governing
Law.  This Agreement shall be
governed by and construed in accordance with the laws of the State of Georgia.

 

(h)           Entire
Agreement.  This Agreement contains the
entire agreement of the parties concerning the matters set forth herein and
therein, and all promises, representations, understandings, arrangements and
prior agreements regarding the subject matter hereof, other than those set
forth herein, are superseded hereby.

 

[SIGNATURE PAGE FOLLOWS]

 

9

 

IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date
first above written.

 

 

	
  “COMPANY”

  	
   

  
	
   

  	
   

  
	
  Touchmark Bancshares, Inc.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/
  J.J. Shah

  	
   

  
	
   

  	
  Jayendrakumar
  J. Shah, M.D.

  	
   

  
	
   

  	
  Chairman,
  Board of Directors

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  “BANK”

  	
   

  
	
   

  	
   

  
	
  Touchmark
  National Bank

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/
  J.J. Shah

  	
   

  
	
   

  	
  Jayendrakumar
  J. Shah, M.D.

  	
   

  
	
   

  	
  Chairman,
  Board of Directors

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  “EXECUTIVE”

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/
  Jorge L. Forment

  	
   

  
	
  Jorge L. Forment

  	
   

  

 

10

 

EXHIBIT
A

 

FORM OF
RELEASE

 

This
RELEASE is made by the undersigned (“Executive”) in favor of Touchmark
Bancshares, Inc. (the “Company”) and Touchmark National Bank (the “Bank”)
this          day of
                              ,
              .

 

WHEREAS,
Executive, the Company and the Bank, are parties to that certain Employment
Agreement, dated as of July 8, 2010 (the “Employment Agreement”);
and

 

WHEREAS,
pursuant to Section 9 of the Employment Agreement, it is a condition to
the Company and the Bank’s obligation to make certain payments and provide
certain benefits to Executive following the termination of Executive’s
employment that Executive execute and deliver to the Company and the Bank a
release in the form hereof

 

NOW,
THEREFORE, in consideration of the premises and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged,
subject to the following sentence, Executive hereby releases the Company and
the Bank and any affiliated entities and their respective officers, directors,
shareholders, executives and agents, from any and all claims, demands, suits,
causes of action, damages or expenses which Executive has had or may have in
the future, arising out of Executive’s employment as an executive of the
Company or the Bank and Executive’s separation from the Company and the Bank,
including, without limitation:

 

(a)                                  claims under
any and all federal, state or local laws or regulations, including, but not
limited to any labor, employment or benefit laws prohibiting any form of
discrimination such as the Fair Labor Standards Act, the Age Discrimination in
Employment Act, as amended by the Older Workers Benefit Protection Act,
Title VII of the Civil Rights Act of 1964, as amended, the Americans with
Disabilities Act, and the Civil Rights Act of 1991;

 

(b)                                 any right to
recover under any claim that may be filed by the Equal Employment Opportunity
Commission, or state or local human relations commission, or any other federal,
state or local governmental agency; and

 

(c)                                  any claim that
Executive is entitled to any payments or benefits other than as expressly set
forth in the Employment Agreement.

 

It
is understood by the parties hereto that Executive shall have twenty one (21)
days from tender of this Release within which to consider to execute this
Release.  Executive agrees that any
changes to this release do not restart the running of this twenty one (21) day
period.  The Company, the Bank and the
Executive agree that for a period of seven (7) days following the
execution of this Release, the Executive may revoke this Release and this
Release will not become effective or enforceable until after that revocation
period has expired.  Said revocation

 

 

must
be delivered in writing on or before 5:00 p.m. on the seventh (7th) day after the execution of
this Release to the corporate President or Secretary at the Company and the
Bank.

 

IN
WITNESS WHEREOF, intending to be legally bound, Executive has executed this
Release on the date first set forth above.

 

	
   

  	
   

  
	
   

  	
   

  
	
   

  	
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