Document:

Employment Agreement (00063879.DOC;1)

EXHIBIT 10.5
EMPLOYMENT AGREEMENT

THIS EMPLOYMENT AGREEMENT (the "Agreement") dated as of July 1, 2002, between ALLIANCE NATIONAL BANK (the "Bank"), a national bank headquartered in Whitfield County, and JONATHAN DAVID GREGG,(the "Executive") an individual resident of Whitfield County, Georgia.

NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements herein contained, the parties hereto, intending legally to be bound hereby, agree as

follows:

1.EMPLOYMENT. The Bank shall employ the Executive and the Executive shall serve the Bank, as Executive Vice-President and Chief Loan Officer on the terms and conditions set forth herein. The Executive shall have such authority and responsibilities consistent with his position as are set forth in the Bank's bylaws or assigned by the Bank's President or Board of Directors (the "Board") from time to time. The Executive shall devote his full business time, attention, skill and efforts to the performance of his duties hereunder, except during periods of illness or periods of vacation and leaves of absence consistent with Bank policy. The Executive may devote reasonable periods of service as a director or advisor to other organizations, to charitable and community activities, provided that such activities do not interfere with the performance of his duties hereunder and are not in conflict or competitive with, or adverse to, the interest of the Bank.

        2.  TERM. The Executive's employment under this

Agreement shall commence on the date hereof and shall

continue until June 30, 2004 (the initial term) and from

year to year thereafter, subject to termination on any

anniversary date following the initial term, by either party

giving written notice to the other party not less than ninety

days prior to said anniversary date.

        3.  COMPENSATION AND BENEFITS.

          (a)   The Bank shall pay the Executive a salary at a

rate of not less than Seventy Seven Thousand One Hundred

Seventy-five Dollars ($77,175.00) per annum in accordance

with the salary payment practices of the Bank. The Board

shall review the Executive's salary at least annually and may

increase the Executive's base salary if it determines in its

sole discretion that an increase is appropriate.

      (b) The Executive shall participate in any retirement,

welfare, deferred compensation, life and health insurance and

other benefit plans or programs of the Bank now or hereafter

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applicable to the Executive or applicable generally to employees of the Bank and as established by by-laws or Board action.

(c) The Executive shall participate in the Bank's long-term equity incentive program and be eligible for the grant of stock options, restricted stock, and other awards thereunder or under any similar plan adopted by the Bank. The Bank has heretofore granted to the Executive an option (the "Performance Option") to purchase Twenty Thousand (20,000) shares of Common Stock. The award agreement for the Performance Option provides that one-fifth of the shares subject to the Performance Option will vest on the last day of each of the first five fiscal years of the Bank after the Opening Date of the Bank, but only if the Executive remains employed by the Bank on such date and the Bank has met the performance goals set forth hereof for such year.

For each fiscal year after the Opening Date, and as a condition to the vesting of the shares subject to the Performance Option in such year, the Bank must meet or exceed the following performance criteria:
(i) the Bank shall meet or exceed 90% of the budgeted net income after tax and the budgeted deposit growth for each of the initial five (5) fiscal years of the Bank based on the annual budgets approved by the Board of the Bank for each such fiscal year;

(ii) the Bank shall maintain a regulatory examination rating of Camel 1 or 2;

provided, however, that if the Bank does not meet the performance criteria for any year, the shares subject to the Performance Option for such year may vest on the following fiscal year end, in the sole discretion of the Board, if the Bank exceeds the performance criteria for the following year. The Board shall notify the Executive of any shares subject to the Performance Option vested hereunder within a reasonable period of time after the fiscal year end to which such options pertain. The good faith determination of the Board regarding whether the Bank met its yearly performance levels shall be conclusive.

In addition, the award agreement for the Performance Option will provide that (i) the Executive's option shall be qualified as an incentive stock option under the Internal Revenue Code of 1986, as amended (the "Code"); (ii) all options shall be exercisable to the extent vested at any time during the ten years following the date of grant at a price per share equal to the public offering price in the offering (subject to standard antidilution adjustments in the event of

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stock splits, dividends or combinations), which the parties agree is the fair market value of the Common Stock as of the date of grant; and (iii) all options shall be nontransferable and nonassignable by the Executive or by any other person entitled hereunder to exercise any such rights; provided, however, that upon the death of the Executive any rights granted hereunder shall be transferable by the Executive's will or by applicable laws of descent and distribution.

The Performance Option shall become immediately exercisable and shall become One Hundred Per cent (100%) vested upon a Change of Control.

(d) The Executive may be eligible to receive a cash bonus in an amount determined by the Board. The Executive and other key personnel, as agreed by the Board, will receive a bonus as set by the Board. The aforementioned bonuses will be based upon certain performance levels or criteria as set by the Board from time to time.

(e) The Bank shall reimburse the Executive for reasonable travel and other expenses related to the Executive's duties which are incurred and accounted for in accordance with the normal practices of the Bank.
4. TERMINATION.

(a) The Executive's employment under this Agreement may be terminated prior to the end of the Term only as follows:
(i)upon the death of the Executive;

    (ii)upon the disability of the Executive for a period of 90 days in any consecutive 120 day period which, in the opinion of the Board of Directors, renders him unable to perform the essential functions of his job and for which reasonable accommodation is unavailable. For purposes of this Agreement a "disability" is defined as a physical or mental impairment that substantially limits one or more major life activities, and a "reasonable accommodation" is one that does not impose an undue hardship on the Bank.

	by the Bank for Cause upon delivery of a Notice of Termination to the Executive;

(iv)by the Executive effective upon the 30th day after delivery of a Notice of Termination. If this occurs, all bonuses not paid shall be cancelled. The Board shall have the authority to dismiss him immediately upon receipt of the Executive's resignation and pay will cease immediately.

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      (b)  If the Executive's employment is terminated because

of the Executive's death, the Executive's estate shall

receive any sums due him as base salary and/or reimbursement

of expenses through the end of the month during which death

occurred, plus any bonus earned under the Bonus Plan through

the date of death.

      (c)   If the Executive's employment is terminated for

Cause as provided above, or if the Executive resigns, the

Executive shall receive any sums due him as base salary

and/or reimbursement of expenses through the date of such

termination. In such an event, all vested stock options must

be exercised within 90 days of termination or be forfeited.

       (d)  With the exceptions of the provisions of this

Section 4, and the express terms of any benefit plan under

which the Executive is a participant, it is agreed that upon

termination of the Executive's employment hereto, the Bank

shall have no obligation to the Executive for, and the

Executive waives and relinquishes any further compensation or

benefits (exclusive of COBRA benefits).

      (e)   The parties intend that the severance payments and

other compensation provided herein are reasonable

compensation for the Executive's services to the Bank and

shall not constitute "excess parachute payments" within the

meaning of Section 280G of the Internal Revenue Code of 1986

and any regulations thereunder.

5. OWNERSHIP OF WORK. The Bank shall own all Work Product arising during the course of the Executive's employment (prior, present or future). For purposes hereof "Work Product" shall mean all intellectual property rights, including all Trade Secrets, U.S. and international copyrights, patentable inventions, and other intellectual property rights in any programming, documentation, technology or other work product that relates to the Bank its business or its customers and that any employee conceives, develops, or delivers to the Bank at any time during his employment, during or outside normal working hours, in or away from the facilities of the Bank and whether or not requested by the Bank. If the Work Product contains any materials, programming or intellectual property rights that the Executive conceived or developed prior to, and independent of, the Executive's work for the Bank the Executive agrees to point out the preexisting items to the Bank and the Executive grants the Bank a worldwide, unrestricted, royalty-free right including the right to sublicense such items. The Executive agrees to take

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such actions and execute such further acknowledgments and assignments as the Bank may reasonably request to give effect to this provision.

      6.  PROTECTION OF TRADE SECRETS. The Executive agrees

to maintain in strict confidence and, except as necessary to

perform his duties for the Bank the Executive agrees not to 

disclose any Trade Secrets of the Bank during his employment

or following termination of his employment so long as he is

receiving compensation from the Bank or for a period of

twelve (12) months following termination of the Executive's

employment pursuant to clause (iv) of Section 4(a). As

provided by Georgia statutes, "Trade Secret" means

information, including a formula, pattern, compilation,

program, device, method, technique, process, drawing, cost

data or customer list, that: (i) derives economic value,

actual or potential, from not being generally known to, and

not being readily ascertainable by proper means by, other

persons who can obtain economic value from its disclosure or

use; and (ii) is the subject of efforts that are reasonable

under the circumstances to maintain its secrecy.

      7.  PROTECTION OF OTHER CONFIDENTIAL INFORMATION. In

addition, the Executive agrees to maintain in strict confidence and, except as necessary to perform his duties for the Bank not to use or disclose any Confidential Business information of the Bank during his employment and following termination of the Executive's employment so long as he is receiving compensation from the Bank or if greater, for a period of twelve (12) months following termination of the Executive's employment pursuant to clause (iv) of Section 4 (a). "Confidential Business Information" shall mean any internal, non-public information (other than Trade Secrets already addressed above) concerning the Bank's financial position and results of operations (including revenues, assets, net income, etc.); annual and long-range business plans; product or service plans; marketing plans and methods; training, educational and administrative manuals; customer and supplier information and purchase histories; and employee lists. The provisions of Sections 6 and 7 above shall also apply to protect Trade Secrets and Confidential Business Information of third parties provided to the Bank under an obligation of secrecy.

8.RETURN OF MATERIALS. The Executive shall surrender

to the Bank promptly upon its request and in any event upon

termination of the Executive's employment, all media,

documents, notebooks, computer program, handbooks, data

files, models, samples, price lists, drawings, customer

lists, prospect data, or other material of any nature

whatsoever (in tangible or electronic form) in the

Executive's possession or control, including all copies

thereof, relating to the Bank, its business, or its

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customers. Upon request of the Bank, Executive shall certify in writing compliance with, the foregoing requirement.
9.RESTRICTIVE COVENANTS.

(a)NO SOLICITATION OF CUSTOMERS. During the

Executive's employment with the Bank and after termination

of the Executive's employment so long as he is receiving

compensation from the Bank, or, if greater, for a period of

twelve (12) months following termination of the Executive's

employment pursuant to clause (iv) of Section 4(a), the

Executive shall not (except on behalf of or with the prior

written consent of the Bank) either directly or indirectly,

on the Executive's own behalf or in the service or on behalf

of others, (A) solicit, divert, or appropriate to or for a

Competing Business or (B) attempt to solicit, divert, or

appropriate to or for a Competing Business, any person or

entity that was a customer of the Bank on the date of

termination and is located in the Territory and with whom the

Executive has had material contact.

(b)NO RECRUITMENT OF PERSONNEL. During the Executive's

employment with the Bank and after termination of the

Executive's employment so long as he is receiving

compensation from the Bank or, if greater, for a period of

twelve (12) months following termination of the Executive's

employment pursuant to clause (iv) of Section 4(a), the

Executive shall not, either directly or indirectly, on the

Executive's own behalf or in the service or on behalf of

others, (A) solicit, divert, or hire away, or (B) attempt to

solicit, divert or hire away, to any Competing Business

located in the Territory, any employee of or consultant to

the Bank engaged or experienced in the Business, regardless

of whether the employee or consultant is full-time or

temporary, the employment or engagement is pursuant to

written agreement or the employment is for a determined

period or is at will.

(c)NON-COMPETITION AGREEMENT. During the Executive's

employment with the Bank and after termination of the

Executive's employment so long as he is receiving

compensation from the Bank or, if greater, for a period of

twelve (12) months following termination of the Executive's

employment pursuant to clause (iv) of Section 4(a), the

Executive shall not (without the prior written consent of the

Bank) compete with the Bank by, directly or indirectly,

forming, serving as an organizer, director or officer of, or

consultant to a depository financial institution or holding

company therefor if such depository institution or holding

company has one or more offices or branches located in the

Territory.
10.INDEPENDENT PROVISIONS. The provisions in each of

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the above Sections 9(a), 9(b), and 9(c) are independent, and the unenforceability of any one provision shall not affect the enforceability of any other provision.

      11.  SUCCESSOR; BINDING AGREEMENT. The rights and

obligations of this Agreement shall bind and inure to the

benefit of the surviving corporation in any merger or

consolidation in which the Bank is a party, or any assignee

of all or substantially all of the Bank's business and

properties. The Executive's rights and obligations under

this Agreement may not be assigned by him, except that his

right to receive accrued but unpaid compensation,

unreimbursed expenses and other rights, if any, provided

under this Agreement which survive termination of this

Agreement shall pass after death to the personal

representatives of his estate.

       12.   NOTICE. For the purposes of this Agreement notices

and all other communications provided for in the Agreement

shall be in writing and shall be deemed to have been duly

given when personally delivered or sent by certified mail,

return receipt requested, postage prepaid, addressed to the

respective addresses last given by each party to the other,

provided however, that all notices to the Bank, shall be

directed to the attention of the Bank with a copy to the

Corporate Secretary of the Bank. All notices and

communications shall be deemed to have been received on the

date of delivery thereof.

       13.GOVERNING LAW. This Agreement shall be governed by

and construed and enforced in accordance with the laws of the

State of Georgia without giving effect to the conflict of

laws principles thereof. Any action brought by any party to

this Agreement shall be brought and maintained in a court of

competent jurisdiction in the State of Georgia.

       14.NON-WAIVER. Failure of the Bank to enforce any of

the provisions of this Agreement or any rights with respect

thereto shall in rib way be considered to be a waiver of such

provisions or rights, or in any way affect the validity of

this Agreement.

 

       15.ENFORCEMENT. The Executive, agrees that in the

event of any breach of any covenant contained in Section

9(a), 9(b) or 9(c), the Bank shall be entitled to obtain from a court of competent jurisdiction an injunction to restrain the breach or anticipated breach of any such covenant, and to obtain any other available legal, equitable, statutory, or contractual relief, including but not limited to monetary damages.

16.SAVING CLAUSE. The provisions of this Agreement

shall be deemed severable and the invalidity or

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unenforceability of any provision shall not affect the validity or enforceability of the other provisions hereof. If any provision or clause of this Agreement, or portion thereof, shall be held by any court or other tribunal of competent jurisdiction to be illegal, void, or unenforceable in such jurisdiction, the remainder of such provision shall not be thereby affected and shall be given full effect, without regard to the invalid portion. It is the intention of the parties that, if any court construes any provision or clause of this Agreement or any portion thereof, to be illegal, void or unenforceable because of the duration of such provision or the area or matter covered thereby, such court shall reduce the duration, area, or matter of such provision, and, in its reduced form, such provision shall then be enforceable and shall be enforced.
17. CERTAIN DEFINITIONS.

      (a)  "Business" shall mean the operation of a depository

financial institution, including, without limitation, the

solicitation and acceptance of deposits of money and

commercial, paper, the solicitation and funding of loans and

the provision of other banking services, and any other

related business engaged in by the Bank as of the date of

termination or any other conduct or action by a lending

institution as permitted by Federal or State law now or in

the future.

       (b)  "Cause" shall consist of any of (A) the commission

by the Executive of a willful act (including, without

limitation, a dishonest or fraudulent act) or a grossly

negligent act, or the willful or grossly negligent omission

to act by the Executive, which is intended to save, cause or

is reasonably likely to cause material harm to the Bank

(including harm to its business reputation), (B) the

indictment of the Executive for the commission or

perpetration by the Executive of any felony or any crime

involving dishonesty, moral turpitude or fraud, (C) the

material breach by the Executive of this Agreement that, if

susceptible of cure, remains uncured ten days following

written notice to the Executive of such breach, (D) the

receipt of any form of notice, written or otherwise, that any

regulatory agency having jurisdiction over the Bank, intends

to institute any form of formal or informal (e.g., a

memorandum of understanding which relates to the Executive's

performance) regulatory action against the Executive or the

Bank that the Board of Directors determines in good

faith, with the Executive abstaining from participating in the consideration of and vote on the matter, that the subject matter of such action involves acts or omissions by or under the supervision of the Executive or that termination of the Executive would materially advance the Bank's compliance with the purpose of the action or would materially assist the Bank

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in avoiding or reducing the restrictions or adverse effects to the Bank related to the regulatory action); (E) the exhibition by the Executive of a standard of behavior within the scope of his employment that is materially disruptive to the orderly conduct of the Bank's business operations (including, without limitation, substance abuse or sexual misconduct) to a level which, in the Board of Directors' good faith and reasonable judgment, with the Executive abstaining from participating in the consideration of and vote on the matter, is materially detrimental to the Bank's best interest, that, if susceptible of cure remains uncured ten days following written notice to the Executive of such specific inappropriate behavior; (F) the Executive is adjudicated bankrupt or the Executive files for voluntary bankruptcy; or (G) the failure of the Executive to devote his full business time and attention to his employment as provided under this Agreement.

      (c) "Competing Business" shall mean any business that,

in whole or in part, is the same or substantially the same as

the Business.

       (d) "Territory" shall mean a radius of ten (10) miles

from the main office or any branch office of the Bank.

       (e) "Change of Control" means the definition as set

forth in the Bank's 1999 Stock Incentive Plan and such

definition is incorporated herein and made a part hereof by

reference.

18. ENTIRE AGREEMENT. This Agreement constitutes the entire agreement between the parties hereto and supersedes all prior agreements, if any, understandings and arrangements, oral or written, between the parties hereto with respect to the subject matter hereof.

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IN WITNESS WHEREOF, the Bank has caused this Agreement to be executed and its seal to be affixed hereunto and the Executive has signed and sealed this Agreement, effective as of the date first above written.

	
Signed, sealed and delivered in the presence of:

s/                         Witness
	
BANK: ALLIANCE NATIONAL BANK

s/J. P. Turner      (SEAL)

s/Charles Y. Allgood(SEAL)

	
 
	
 

	
Signed, sealed and delivered in the presence of:

s/                        Witness
	
EXECUTIVE:

s/                 (SEAL)

Jonathon David Gregg

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<PAGE>EXHIBIT 10.6 - EMPLOYMENT AGREEMENT OF GREGGS (00065049.DOC;1)

Exhibit 10.6

EMPLOYMENT AGREEMENT

THIS EMPLOYMENT AGREEMENT (the "Agreement") dated as of September 10, 2002 between ALLIANCE NATIONAL BANK (the "Bank"), a national bank headquartered in Whitfield County, Georgia, and Daniel G. Rees (the "Executive"), an individual resident of Whitfield County, Georgia.

NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements herein contained, the parties hereto, intending legally to be bound hereby, agree as follows:

	Employment. The Bank shall employ the Executive and the Executive

shall serve the Bank, as Senior Vice-President and Chief Financial Officer

of the Bank upon the terms and conditions set forth herein. The

Executive shall have such authority and responsibilities consistent with his

position as are set forth in the Bank's bylaws or assigned by the Bank's

President or Board of Directors (the "Board") from time to time. The

Executive shall devote his full business time, attention, skill and efforts to

the performance of his duties hereunder, except during period of illness

or periods of vacation and leaves of absence consistent with Bank

policy. The Executive may devote reasonable periods of service as a

director or advisor to other organizations, to charitable and community

activities, provided that such activities do not materially interfere with

the performance of his duties hereunder and are not in conflict or

competitive with, or adverse to, the interest of the Bank.

	Term. The Executive's employment under this Agreement shall

commence on the date hereof and shall continue until September 9,

2004 (the initial "Term") and from year to year thereafter, subject to

termination on any anniversary date following the initial term, by either

party giving written notice to the other party not less than ninety days

prior to said anniversary date.

	Compensation and Benefits.

(a) The Bank shall pay the Executive a salary at a rate of not less than Seventy-two Thousand Dollars ($72,000.00) per annum in accordance with the salary payment practices of the Bank. The Board shall review the Executive's salary at least annually and may increase the Executive's base salary if it determines in its sole discretion that an increase is appropriate.

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 (b)The Executive shall participate in any retirement, welfare, deferred

compensation, life and health insurance and other benefit plans or

programs of the Bank now or hereafter applicable to the Executive or

applicable generally to employees of the Bank and as established by

by-laws or Board action.

(c)The Executive shall participate in the Bank's long-term equity

incentive program and be eligible for the grant of stock options,

restricted stock, and other awards thereunder or under any similar

plan adopted by the Bank. The Bank shall grant to the Executive an

option (the "Performance Option") to purchase Fifteen Thousand

(15,000) shares of Common Stock. The award agreement for the Performance Option shall provide that one-fifth of the shares subject to the Performance Option will vest on the last day of each of the first five fiscal years of the Bank after the date of this Agreement, but only if the Executive remains employed by the Bank on such date and the Bank has met the performance goals set forth hereof for such year. For each fiscal year after the date of this Agreement, and as a condition to the vesting of the shares subject to the Performance Option in such year (except in the event of a Change in Control), the Bank must meet or exceed the following performance criteria:
(i) the Bank shall meet or exceed 90% of the budgeted net
income after tax and the budgeted deposit growth for each of the initial five (5) fiscal years of the Bank based on the annual budgets approved by the Board of the Bank for each such fiscal year;

(ii) the Bank shall maintain a regulatory examination rating of Camel 1 or 2;

provided, however, that if the Bank does not meet the performance criteria for any year, the shares subject to the Performance Option for such year may vest on the following fiscal year end, in the sole discretion of the Board, if the Bank exceeds the performance criteria for the following year. The Board shall notify the Executive of any shares subject to the Performance Option vested hereunder within a reasonable period of time after the fiscal year end to which such options pertain. The good faith determination of the Board regarding whether the Bank met its yearly performance levels shall be conclusive.
In addition, the award agreement for the Performance Option will provide that (i) the Executive's option shall be qualified as an incentive stock option under the Internal Revenue Code of 1986, as amended (the "Code"); (ii) all options shall be exercisable at any

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time during the ten years following the date of grant at a price per share equal to the fair market price at the time of grant (subject to standard antidilution adjustments in the event of stock splits, dividends or combinations), which the parties agree is the fair market value of the Common Stock as of the date of Grant; and (iii) all options shall be nontransferable and nonassignable by the Executive or by any other person entitled hereunder to exercise any such rights; provided, however, that upon the death of the Executive any rights granted hereunder shall be transferable by the Executive's will or by applicable laws of descent and distribution.

The Performance Option shall become immediately exercisable and shall become One Hundred Per Cent (100%) vested upon a Change of Control.

(d) The Executive may be eligible to receive a cash bonus in an amount determined by the Board. The Executive and other key personnel, as agreed by the Board, will receive a bonus as set by the Board. The aforementioned bonuses will be based upon certain performance levels or criteria as set by the Board from time to time.

(e) The Bank shall reimburse the Executive for reasonable travel and other expenses related to the Executive's duties which are incurred and accounted for in accordance with the normal practices of the Bank.

4. Termination.
(a) The Executive's employment under this Agreement may be terminated prior to the end of the Term only as follows:

(i) upon the death of the Executive; (ii) upon the disability of the
Executive for a period of 90 days in any consecutive 120 day period which, in the opinion of the Board of Directors, renders him unable to perform the essential functions of his job and for which reasonable accommodation is unavailable. For purposes of this Agreement a "disability" is defined as a physical or mental impairment that substantially limits one or more major life activities, and a "reasonable accommodation" is one that does not impose an undue hardship on the Bank; (iii) by the Bank for Cause upon delivery of a Notice of Termination to the Executive; (iv) by the Executive effective upon the 30th day after delivery of a Notice of Termination to the Bank. If this occurs, all bonuses not paid shall be cancelled. The Board shall have

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the authority to dismiss him immediately upon receipt of the Executive's resignation and pay will cease immediately.

(b)If the Executive's employment is terminated because of the Executive's

death, the Executive's estate shall receive any sums due him as base

salary and/or reimbursement of expenses through the end of the month

during which death occurred, plus any bonus earned under the Bonus

Plan through the date of death.

(c)If the Executive's employment is terminated for Cause as provided

above, or if the Executive resigns, the Executive shall receive any sums

due him as base salary and/or reimbursement of expenses through the

date of such termination. In such an event, all vested stock options

must be exercised within 90 days of termination or be forfeited.

(d)With the exceptions of the provisions of this Section 4, and the express

terms of any benefit plan under which the Executive is a participant, it is

agreed that upon termination of the Executive's employment hereto, the

Bank shall have no obligation to the Executive for, and the Executive

waives and relinquishes any further compensation or benefits (exclusive

of COBRA benefits).

(e)The parties intend that the severance payments and other

compensation provided herein are reasonable compensation for the

Executive's services to the Bank and shall not constitute "excess

parachute payments" within the meaning of Section 280G of the Internal

Revenue Code of 1986 and any regulations thereunder.

5. Ownership of Work. The Bank shall own all Work Product arising during the course of the Executive's employment (prior, present or future). For purposes hereof "Work Product" shall mean all intellectual property rights, including all Trade Secrets, U.S. and international copyrights, patentable inventions, and other intellectual property rights in any programming, documentation, technology or other work product that relates to the Bank, its business or its customers and that any employee conceives, develops, or delivers to the Bank at any time during his employment, during or outside normal working hours, in or away from the facilities of the Bank, and whether or not requested by the Bank. If the Work Product contains any materials, programming or intellectual property rights that the Executive conceived or developed prior to, and independent of, the Executive's work for the Bank, the Executive agrees to point out the preexisting items to the Bank and the Executive grants the Bank a worldwide, unrestricted, royalty-free right including the right to sublicense such items. The executive agrees to take such actions and execute such

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further acknowledgments and assignments as the Bank may reasonably request to give effect to this provision.

	Protection of Trade Secrets. The Executive agrees to maintain in strict

confidence and, except as necessary to perform his duties for the Bank,

the Executive agrees not to disclose any Trade Secrets of the Bank during

his employment or following termination of his employment so long as he

is receiving compensation from the Bank, or for a period of twelve (12)

months following termination of the Executive's employment pursuant to

clause (vi) of Section 4(a). As provided by Georgia statutes, "Trade

Secret" means information, including a formula, pattern, compilation,

program, device, method, technique, process, drawing, cost data or

customer list, that: (i) derives economic value, actual or potential, from

not being generally known to, and not being readily ascertainable by

proper means by, other persons who can obtain economic value from its

disclosure or use; and (ii) is the subject of efforts that are reasonable

under the circumstances to maintain its secrecy.

	Protection of Other Confidential Information. In addition, the Executive

agrees to maintain in strict confidence and, except as necessary to

perform his duties for the Bank, not to use or disclose any Confidential

Business Information of the Bank during his employment and following

termination of the Executive's employment so long as he is receiving

compensation from the Bank, or for a period of twelve (12) months

following termination of the Executive's employment pursuant to clause

(vi) of Section 4(a). "Confidential Business Information" shall mean any

internal, non-public information (other than Trade Secrets already

addressed above) concerning the Bank's financial position and results of

operations (including revenues, assets, net income, etc.); annual and

long-range business plans; product or service plans; marketing plans and

methods; training, educational and administrative manuals; customer

and supplier information and purchase histories; and employee lists. The

provisions of Sections 6 and 7 above shall also apply to protect Trade

Secrets and Confidential Business Information of third parties provided to

the Employer under an obligation of secrecy.

	Return of Materials. The Executive shall surrender to the Bank, promptly

upon its request and in any event upon termination of the Executive's

employment, all media, documents, notebooks, computer program,

handbooks, data files, models, samples, price lists, drawings, customer

lists, prospect data, or other material of any nature whatsoever (in

tangible or electronic form) in the Executive's possession or control,

including all copies thereof, relating to the Bank, its business, or its

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customers. Upon request of the Bank, Executive shall certify in writing compliance with the foregoing requirement.

9. Restrictive Covenants.
(a)No Solicitation of Customers. During the Executive's employment

with the Bank and after termination of the Executive's employment so

long as he is receiving compensation from the Bank, or for a period of

twelve (12) months following termination of the Executive's

employment pursuant to clause (vi) of Section 4(a), the Executive

shall not (except on behalf of or with the prior written consent of the

Bank), either directly or indirectly, on the Executive's own behalf or in

the service or on behalf of others, (A) solicit, divert, or appropriate to

or for a Competing Business or (B) attempt to solicit, divert, or

appropriate to or for a Competing Business, any person or entity that

was a customer of the Bank on the date of termination and is located

in the Territory and with whom the Executive has had material

contact.

(b)No Recruitment of Personnel. During the Executive's employment

with the Bank and after termination of the Executive's employment so

long as he is receiving compensation from the Bank, or for a period of

twelve (12) months following termination of the Executive's

employment pursuant to clause (vi) of Section 4(a), the Executive

shall not, either directly or indirectly, on the Executive's own behalf or

in the service or on behalf of others, (A) solicit, divert, or hire away, or

(B) attempt to solicit, divert or hire away, to any Competing Business

located in the Territory, any employee of or consultant to the Bank

engaged or experienced in the Business, regardless of whether the

employee or consultant is full-time or temporary, the employment or

engagement is pursuant to written agreement or the employment is

for a determined period or is at will.

	Non-Competition Agreement. During the Executive's employment

with the Bank and after termination of the Executive's employment so

long as he is receiving compensation from the Bank, or for a period of

twelve (12) months following termination of the Executive's

employment pursuant to clause (vi) of Section 4(a), the Executive

shall not (without the prior written consent of the Bank) compete with

the Bank by, directly or indirectly, forming, serving as an organizer,

director or officer of, or consultant to a depository financial institution

or holding company therefor if such depository institution or holding

company has one or more offices or branches located in the Territory.

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	Independent Provisions. The provisions in each of the above Sections

9(a), 9(b), and 9(c) are independent, and the unenforceability of any

one provision shall not affect the enforceability of any other provision.

	Successor; Binding Agreement. The rights and obligations of this

Agreement shall bind and inure to the benefit of the surviving

corporation in any merger or consolidation in which the Bank is a party,

or any assignee of all or substantially all of the Bank's business and

properties. The Executive's rights and obligations under this Agreement

may not be assigned by him, except that his right to receive accrued but

unpaid compensation, unreimbursed expenses and other rights, if any,

provided under this Agreement which survive termination of this

Agreement shall pass after death to the personal representatives of his

estate.

	Notice. For the purposes of this Agreement notices and all other

communications provided for in the Agreement shall be in writing and

shall be deemed to have been duly given when personally delivered or

sent by certified mail, return receipt requested, postage prepaid,

addressed to the respective addresses last given by each party to the

other; provided however, that all notices to the Bank shall be directed to

the attention of the Bank with a copy to the Corporate Secretary of the

Bank. All notices and communications shall be deemed to have been

received on the date of delivery thereof.

	Governing Law. This Agreement shall be governed by and construed

and enforced in accordance with the laws of the State of Georgia

without giving effect to the conflict of laws principles thereof. Any action

brought by any party to this Agreement shall be brought and maintained

in a court of competent jurisdiction in the State of Georgia.

	Non-Waiver. Failure of the Bank to enforce any of the provisions of this

Agreement or any rights with respect thereto shall in no way be

considered to be a waiver of such provisions or rights, or in any way

affect the validity of this Agreement.

	Enforcement. The Executive, agrees that in the event of any breach of

any covenant contained in Section 9(a), 9(b) or 9(c), the Bank shall be

entitled to obtain from a court of competent jurisdiction an injunction to

restrain the breach or anticipated breach of any such covenant, and to

obtain any other available legal, equitable, statutory, or contractual

relief, including but not limited to monetary damages.

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16. Saving Clause. The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any provision shall not affect the validity or enforceability of the other provisions hereof. If any provision or clause of this Agreement, or portion thereof, shall be held by any court or other tribunal of competent jurisdiction to be illegal, void, or unenforceable in such jurisdiction, the remainder of such provision shall not be thereby affected and shall be given full effect, without regard to the invalid portion. It is the intention of the parties that, if any court construes any provision or clause of this Agreement or any portion thereof, to be illegal, void or unenforceable because of the duration of such provision or the area or matter covered thereby, such court shall reduce the duration, area, or matter of such provision, and, in its reduced form, such provision shall then be enforceable and shall be enforced.

Certain Definitions, (a) "Business" shall mean the operation of a depository financial institution, including, without limitation, the solicitation and acceptance of deposits of money and commercial paper, the solicitation and funding of loans and the provision of other banking services, and any other related business engaged in by the Bank as of the date of termination or any other conduct or action by a lending institution as permitted by Federal or State law now or in the future. (b) "Cause" shall consist of any of (A) the commission by the Executive of a willful act (including, without limitation, a dishonest or fraudulent act) or a grossly negligent act, or the willful or grossly negligent omission to act by the Executive, which is intended to save, cause or is reasonably likely to cause material harm to the Bank (including harm to its business reputation), (B) the indictment of the Executive for the commission or perpetration by the Executive of any felony or any crime involving dishonesty, moral turpitude or fraud, (C) the material breach by the Executive of this Agreement that, if susceptible of cure, remains uncured ten days following written notice to the Executive of such breach, (D) the receipt of any form of notice, written or otherwise, that any regulatory agency having jurisdiction over the Bank, intends to institute any form of formal or informal (e.g., a memorandum of understanding which relates to the Executive's performance) regulatory action against the Executive or the Bank that the Board of Directors determines in good faith, with the Executive abstaining from participating in the consideration of and vote on the matter, that the subject matter of such action involves acts or omissions by or under the supervision of the Executive or that termination of the Executive would materially advance the Bank's compliance with the purpose of the action or would materially assist the Bank in avoiding or reducing the restrictions or adverse effects to the Bank related to the regulatory action); (E) the exhibition by the Executive of a standard of behavior within the scope of his employment that is materially disruptive to the orderly conduct of the Bank's business operations (including, without limitation, substance abuse or sexual misconduct) to a level which, in the Board of Directors' good faith and reasonable

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judgment, with the Executive abstaining from participating in the consideration of and vote on the matter, is materially detrimental to the Bank's best interest, that, if susceptible of cure remains uncured ten days following written notice to the Executive of such specific inappropriate behavior; (F) the Executive is adjudicated bankrupt or the Executive files for voluntary bankruptcy; or (G) the failure of the Executive to devote his full business time and attention to his employment as provided under this Agreement." (c) "Competing Business" shall mean any business that, in whole or in part, is the same or substantially the same as the Bank. (d) "Territory" shall mean a radius of ten (10) miles from the main office or any branch office of the Bank. (e) "Change of Control" means the definition as set forth in the Bank's 1999 Stock Incentive Plan and such definition is incorporated herein and made a part hereof by reference.
17. Entire Agreement. This Agreement constitutes the entire agreement between the parties hereto and supersedes all prior agreements, if any, understandings and arrangements, oral or written, between the parties hereto with respect to the subject matter hereof.

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IN WITNESS WHEREOF, the Bank has caused this Agreement to be executed and its seal to be affixed hereunder and the Executive has signed and sealed this Agreement, effective as of the date first above written.

	
Signed, sealed and delivered in the presence of:

s/                                          Witness
	
BANK: ALLIANCE NATIONAL BANK

s/J. P. Turner                    (SEAL)

s/J. David Gregg              (SEAL)

	
 
	
 

	
Signed, sealed and delivered in the presence of:

s/                                         Witness
	
EXECUTIVE:

s/Daniel G. Rees             (SEAL)

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