Document:

Exhibit 10.10

    
      

    

    CONFIDENTIAL

     

    September
      19, 2005

     

    Mr.
      William L. Sutton

    3576
      Coosa Meadow Drive

    Blairsville,
      Georgia 

     

    Dear
      Bill:

     

    The
      Board
      of Directors, on behalf of Seasons Bank (“the Bank”) and Seasons Bancshares,
      Inc. (the "Company") (Bank and Company being referred to herein collectively
      as
      the "Employer"), is excited to offer you the opportunity to join our family.
      We
      look forward to working together to insure the safety and soundness of our
      bank
      and increase the value of the investment made by our shareholders. Should you
      accept the terms of this employment offering, this letter with your signature
      at
      the bottom (and the attached Non-Disclosure and Non-Solicitation Agreement),
      will constitute the entire agreement between you and the Employer.

     

    
      	 	
              1.

            	
              Your
                employment will begin on Monday, October 3, 2005.
                

            

    

     

    
      	 	
              2.

            	
              Your
                position will be Chief Executive Officer of Seasons Bank and Seasons
                Bancshares, Inc. The Board of Directors shall cause your election
                to the
                Boards of Directors of Seasons Bank and Seasons Bancshares, Inc.
                as soon
                as practicable following the date of your employment. You will report
                to
                the Chairman of the Board. Your direct reports will include, but
                not be
                limited to, the President and the Chief Financial Officer of the
                Bank.

            

    

     

    
      	 	
              3.

            	
              You
                will become familiar with all policies of the Bank as adopted by
                the Board
                and be responsible for observing and implementing those policies.
                As Chief
                Executive Officer you will perform those duties and responsibilities
                usually associated with such position including, but not limited
                to, long
                and short range planning, budgeting, asset and liability management,
                credit review, auditing, compliance, expense control, and the hiring
                and
                dismissal of employees, always subject to bank policy previously
                mentioned. Any hiring or dismissal of an Executive Officer will be
                done
                only with the agreement of the Board of
                Directors.

            

    

     

    You
      will
      represent the Bank in our Trade Area (defined as Union, Fannin, and Towns
      counties in Georgia and Clay and Cherokee counties of North Carolina) and
      maintain friendly relations with customers and prospective customers.

     

    You
      do
      recognize the imperative that the Bank attain cumulative profitability and
      profitability thereafter. 

     

    Your
      participation in community and civic activities will be expected.

     

    Periodic
      examination and review by state and federal regulators is a given, and
      cooperative and friendly relationships with regulators should be
      maintained.

     

    
      
        Page
          1 of
          7

      

      
        
        

        
          

        

      

      
        
        

        September
          19, 2005

      
Page
      2

     

    
      	 	
              4.

            	
              Your
                initial base compensation will be $157,600 per annum, subject to
                standard
                federal and state withholding requirements. Compensation generally
                will be
                reviewed in the month of July each year
                hereafter.

            

    

     

    
      	 	
              5.

            	
              You
                will be eligible for an annual bonus, if any, as determined by the
                Board
                of Directors pursuant to any incentive compensation program as may
                be
                adopted from time to time by the Employer. Additionally, at such
                time as
                the Bank attains cumulative profitability, as determined by the Board
                of
                Directors, you will be eligible for an annual bonus in an amount
                equal to
                fifteen percent (15%) of your base salary. Notwithstanding the foregoing,
                you will only receive a bonus if the Bank has a CAMELS rating of
                1 or 2
                for the year in which the bonus will be paid and the overall financial
                condition of the Bank, including its asset quality, will not be adversely
                affected by payment of such bonus.

            

    

     

    
      	 	
              6.

            	
              You
                will be eligible to participate in any performance bonus plan designed
                to
                reward the executive officer group for the attainment of corporate
                goals
                as established by the Board from time to time in its sole discretion.
                Said
                goals and rewards, if any, will generally be derived from the strategic
                planning process and be subject to mutual agreement between you and
                the
                Board. 

            

    

     

    
      	 	
              7.

            	
              The
                Bank encourages you to have an ownership interest in Seasons Bancshares,
                Inc. Accordingly, the Company will endeavor to identify for purchase
                shares of stock in Seasons Bancshares,
                Inc.

            

    

     

    
      	 	
              8.

            	
              As
                further encouragement to accumulate ownership in Seasons Bancshares,
                Inc.,
                the Board will grant you an option to purchase 25,000 shares in Seasons
                Bancshares, Inc. pursuant to a stock option agreement which is subject
                to
                approval by the Board. This stock option agreement will be provided
                to you
                on the first day of employment or as soon as administratively feasible.
                

            

    

     

    
      	 	
              9.

            	
              You
                will be eligible to participate in the benefits offered to Executive
                Officers of the Employer including, but not limited to, insurance
                (life,
                health, and disability), the Bank’s 401-K plan, and incentive pay as
                established by the Board from time to time. From time to time, the
                Employer may review the benefits that it offers and these benefits
                may be
                changed or eliminated. Participation in health, life and disability
                plans
                will be immediate, subject to plan
                limitations.

            

    

     

    
      	 	
              10.

            	
              Change
                of Control.
                If
                your employment with
                the Bank
                is
                terminated without cause or for Good Reason (as defined below) within
                six
                (6) months following a Change of Control (as defined below), you
                shall
                receive, as liquidated damages, in lieu of all other claims, a severance
                payment equal to two (2) times your then current base salary to be
                paid in
                full on the last day of the month following the date of termination.
                If
                you terminate employment with the Bank within six (6) months following
                a
                Change of Control (as defined below) and provide thirty (30) days
                written
                notice to the Bank, you shall receive, as liquidated damages, in
                lieu of
                all other claims, a severance payment equal to the lesser of (a)
                two (2)
                times your then current base salary, or (b) your then current base
                salary
                through the remainder of the contract term, to be paid in full on
                the last
                day of the month following the date of termination. Your eligibility
                for
                such severance payment is contingent on your agreement to execute
                a
                general release in favor of the Bank and Seasons Bancshares, Inc.
                in a
                form agreeable to the Bank and your compliance with the terms of
                the
                non-disclosure and non-solicitation agreement attached hereto. In
                the
                event no party triggers the provisions of this Section 10 within
                the six
                month period, the provisions of this Agreement relating to severance
                and
                termination under # 15 shall
                control.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        September 19,
          2005

      
Page
      3

     

    In
      no
      event shall the payment(s) described here exceed the amount permitted by Section
      280G of the Internal Revenue Code, as amended (the “Code”). Therefore, if the
      aggregate present value (determined as of the date of the Change of Control
      in
      accordance with the provisions of Section 280G of the Code) of both the
      severance payment and all other payments to you in the nature of compensation
      which are contingent on a change in ownership or effective control of the Bank
      or the Company or in the ownership of a substantial portion of the assets of
      the
      Bank or the Company (the “Aggregate Severance”) would result in a “parachute
      payment,” as defined under Section 280G of the Code, then the Aggregate
      Severance shall not be greater than an amount equal to 2.99 multiplied by your
      “base amount” for the “base period,” as those terms are defined under Section
      280G. In the event the Aggregate Severance is required to be reduced pursuant
      to
      this paragraph #10, you shall be entitled to determine which portions of the
      Aggregate Severance are to be reduced so that the Aggregate Severance satisfies
      the limit set forth in the preceding sentence. 

     

    “Change
      of Control” means any one of the following events: (a) the acquisition by any
      person or persons acting in concert of the then outstanding voting securities
      of
      either the Bank or the Company, if, after the transaction, the acquiring person
      (or persons) owns, controls or holds with power to vote thirty-five percent
      (35%) or more of any class of voting securities of either the Bank or the
      Company, as the case may be; (b) within any twelve-month period beginning on
      or
      after the date of this Agreement (the “Beginning Date”), the persons who were
      directors of either the Bank or the Company immediately before the beginning
      of
      such twelve-month period (the “Incumbent Directors”) shall cease to constitute
      at least a majority of such board of directors; provided that any director
      who
      was not a director as of the Beginning Date shall be deemed to be an Incumbent
      Director if that director were elected to such board of directors by, or on
      the
      recommendation of or with the approval of, at least two-thirds of the directors
      who then qualified as Incumbent Directors; and provided further that no director
      whose initial assumption of office is in connection with an actual or threatened
      election contest relating to the election of directors shall be deemed to be
      an
      Incumbent Director; (c) a reorganization, merger or consolidation, with respect
      to which persons who were the stockholders of the Bank or the Company, as the
      case may be, immediately prior to such reorganization, merger or consolidation
      do not, immediately thereafter, own more than fifty percent (50%) of the
      combined voting power entitled to vote in the election of directors of the
      reorganized, merged or consolidated company’s then outstanding voting
      securities; or (d) the sale, transfer or assignment of all or substantially
      all
      of the assets of the Company and its subsidiaries to any third
      party.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        September 19,
          2005

      
Page
      4

     

    
      	 	
              11.

            	
              The
                Bank will pay the cost of your participation in trade and civic groups
                approved by the Board and will reimburse you for reasonable expenses
                incurred in carrying out your responsibilities. The Bank, with approval
                of
                the Board, specifically agrees to reimburse you for: (i) reasonable
                and
                necessary business (including travel) expenses incurred by you in
                the
                performance of your duties; and (ii) the dues and business related
                expenditures, including initiation fees, associated with member ship
                in
                trade and civic associations and in a single “country club” in the Bank’s
                Trade Area and approved by the Board. Reimbursement for Board approved
                activities is conditioned on your submitting verification of the
                nature
                and amount of these expenses in accordance with reimbursement policies
                from time to time adopted by the Employer and in sufficient detail
                to
                comply with rules and regulations promulgated by the Internal Revenue
                Service.

            

    

     

    
      	 	
              12.

            	
              You
                will not acquire, assume or participate in, directly or indirectly,
                any
                position, investment or interest known to be adverse or antagonistic
                to
                the Employer, their business or prospects (financial or otherwise).
                

            

    

     

    
      	 	
              13.

            	
              The
                position you will have is a full-time position, and you will be expected
                to honor your responsibilities with your best efforts. However, the
                Employer is aware that you and your wife own, and that your wife
                is
                President of, Duffy Boats of Georgia, Inc. The business of that company
                is
                a distributorship of the Duffy line of electric
                boats.

            

    

     

    
      	 	
              14.

            	
              You
                will be entitled to four (4) weeks of vacation in 2006 and each calendar
                year thereafter, to be administered in accordance with bank policy.
                For
                2005, you will be entitled to ten (10) days vacation, to be administered
                in accordance with bank policy. 

            

    

     

    
      	 	
              15.

            	
              The
                term of this Agreement will be three (3) years. This agreement and
                your
                employment may be terminated prior to the expiration of the term
                due to:
                (a) death; (b) Disability, discussed in #16; (c) by the Employer for
                Cause, discussed in #17; (d) by you for Good Reason, discussed in
                #18; (e)
                by the Employer without cause; or (f) by you with thirty (30) days’
                written notice. 

            

    

     

    At
      the
      time of termination of your employment, you immediately will resign also as
      a
      Director of the Bank and of the holding company, Seasons Bancshares, Inc.

     

    In
      the
      event this Agreement expires or is terminated under #15 (a), (c) or (f), you
      will be entitled to receive only your base salary and any compensation earned
      by
      you through the date of termination. 

     

    In
      the
      event this Agreement is terminated under #15(d) or (e) in the first two years
      of
      the term, you will be eligible to receive six (6) months base salary and any
      bonus or incentive earned through the date of termination. In the event this
      Agreement is terminated under #15(d) or (e) in the last year of the term or
      in
      any extension of this Agreement, you will be eligible to receive three (3)
      months base salary and any bonus or incentive earned through the date of
      termination. Severance payable under this paragraph will be paid as salary
      continuation, less required withholdings and legal deductions; provided that
      the
      Bank may elect to pay such amount in a lump sum in its sole discretion. Your
      receipt of such severance payments is contingent on your agreement to execute
      a
      general release in favor of the Bank and the Company in a form agreeable to
      the
      Bank and your compliance with the terms of the non-disclosure and
      non-solicitation agreement attached hereto.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        September 19,
          2005

      
Page
      5

     

    In
      the
      event you are separated following a Change of Control, regardless of whether
      that might also qualify as termination without cause or for Good Reason, you
      will not
      be
      eligible for severance payments under both this paragraph #15 and paragraph
      #10.
      Instead, if paragraph #10 is triggered, you will be limited to the severance
      payments as set forth in paragraph #10. During the six-month period following
      a
      Change of Control if paragraph #10 is not triggered and thereafter, the
      provisions of this Section 15 shall be effective. 

     

    
      	 	
              16.

            	
              “Disability”
                will be defined as your inability to perform each of the material
                duties
                of your position for three (3) consecutive months, as certified by
                a
                physician chosen by the Bank and reasonably acceptable to
                you.

            

    

     

    Should
      you become Disabled and the Bank has given you thirty (30) days prior written
      notice of its intent to terminate, you will be entitled to an amount equal
      to
      one-half of the sum of (i) your then current base salary; and (ii) the greater
      of (a) the annual bonus paid to you in the calendar year immediately preceding
      the year in which the effective date of termination occurs, or (b) the greater
      of the minimum or accrued annual bonus that would be paid to you in the year
      in
      which the effective date of termination occurs. In addition the Bank will pay
      you an amount necessary for you to pay premiums for COBRA continuation health
      insurance coverage for you and the members of your immediate family for six
      (6)
      months following the effective date of termination. This total amount will
      be
      paid to you as salary continuation payments over the six-month period following
      the effective date of termination and shall be reduced to the extent that you
      receive payments under the Bank’s long-term disability plan then in effect for
      the same time period.

     

    
      	 	
              17.

            	
              “Cause”
                is defined as: (a) a material breach of the terms of this Agreement
                by
                you, including, without limitation, failure to perform your duties
                and
                responsibilities in the manner and to the extent required under this
                Agreement, which remains uncured after the expiration of thirty (30)
                days
                following the delivery of written notice of such breach to you; (b)
                conduct by you that amounts to fraud, dishonesty or willful misconduct
                in
                the performance of your duties and responsibilities; (c) arrest for,
                charged in relation to (by criminal information, indictment or otherwise),
                or conviction of a crime involving breach of trust or moral turpitude;
                (d)
                conduct that amounts to gross and willful insubordination or inattention
                to your duties and responsibilities; or (e) conduct that results
                in
                removal of you from your position as an officer or executive of the
                Bank
                pursuant to a written order by any regulatory agency with authority
                or
                jurisdiction over the Bank. If terminated for Cause, you will be
                entitled
                to receive only your base salary and any compensation earned by you
                through the date of termination; you will not
                be
                eligible for any severance pay.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        September 19,
          2005

      
Page
      6

     

    
      	 	
              18.

            	
              “Good
                Reason” is defined as: (a) any non-payment of compensation or failure to
                provide benefits provided for in this Agreement, which remains uncured
                after the expiration of thirty (30) days following the delivery of
                written
                notice of such breach to the Bank and Company; or (b) a material
                adverse
                diminution in your powers, duties and responsibilities as set forth
                in
                this Agreement, including, but not limited to being a member of the
                Board
                of Directors of both the Bank and the Company, which remains uncured
                after
                the expiration of thirty (30) days following the delivery of written
                notice of such breach to the Bank and Company. If you fail to provide
                the
                opportunity for the Employer to cure any alleged breach, you forfeit
                any
                severance pay upon your termination. It is understood and agreed
                that you
                will not have Good Reason to terminate this Agreement in the event
                that
                you are no longer employed by or a member of the Board of Directors
                of the
                Company because of a Change of Control provided that you continue
                to be
                employed by and remain a member of the Board of the Bank as set forth
                in
                this Agreement.

            

    

     

    
      	 	
              19.

            	
              The
                Bank will provide you with confidential and proprietary Bank information
                in connection with your employment. This offer is contingent upon
                your
                execution of the Non-Disclosure and Non-Solicitation Agreement regarding
                the protection of such information, which is attached hereto and
                incorporated herein by reference.

            

    

     

    
      	 	
              20.

            	
              All
                Bank information remains the property of the Bank and you will have
                no
                rights in or to the such information upon the termination of employment.
                Upon termination, you will return all bank property and materials,
                including confidential or proprietary Bank information, to the
                Board.

            

    

     

     

    This
      offer is contingent upon satisfactory findings from background, credit,
      criminal, driving record, college degree records, employment checks, etc. As
      a
      proposed executive officer of a de novo institution, your credentials also
      must
      be reviewed in confidence by the State Department of Banking and Finance
      (Georgia), the FDIC, and the Federal Reserve Bank, and these regulators must
      communicate to Seasons Bank and Seasons Bancshares, Inc. that they have “no
      objection” before this offer of employment can be made final. In this
      connection, the Bank needs for you to provide it with a completed “Interagency
      Biographical and Financial Report Form” and other such releases as required
      authorizing background checks. 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        September 19,
          2005

      
Page
      7

     

    This
      offer will remain open for acceptance until 4 PM EST on Tuesday September 20,
      2005.

    

    We
      look
      forward to discussing the offer with you and answering the questions that you
      may have.

     

     

    Sincerely,

     

    Seasons
      Bank

     

    /s/
      Robert M. Thomas, Jr.

    Robert
      M.
      Thomas, Jr.

    Chairman

    

    Accepted:

     

    
      	/s/
              William L. Sutton 	 	 September
              20, 2005	 
	 William L. Sutton	  	 DateXECHEM INTERNATIONAL, INC.
     AMENDED TERM SHEET FOR $1,500,000 BRIDGE LOAN (SUBJECT TO INCREASE) AND
                               DEBT RESTRUCTURING
                               SEPTEMBER 30, 2005

New Debt            The Company will issue convertible notes for $1,000,000 (the
                    "Investment")  to Ms.  Chassman and investors  introduced to
                    the Company by Ms. Chassman (collectively,  the "Investors")
                    The Investors have already funded $300,000 and will fund the
                    remaining  $700,000  upon  execution  of this  Amended  Term
                    Sheet.  The monies shall be evidenced by  convertible  notes
                    due April 6, 2007 (the "Notes").  The Notes will bear simple
                    interest at 8% per annum,  which shall  accrue and be due on
                    maturity.  The principal plus accrued unpaid interest of the
                    Notes will be  convertible  into the Company's  $0.00001 par
                    value common  stock based upon a conversion  factor of $.005
                    per share on or following  February 1, 2006,  and at a price
                    of $0.05 per share prior to February 1, 2006.  In  addition,
                    the Investors  shall use best efforts (absent the request of
                    the  Company to the  contrary  on or before  the  designated
                    dates) to  advance an  additional  $500,000  in three  equal
                    tranches on  November 1 and  December 1, 2005 and January 1,
                    2006, such advances to be evidenced by convertible  notes of
                    the same tenor in all respects as the Notes. Further, in the
                    event  that the  Company's  allocation  of tax  credits  for
                    fiscal  2004  from the  State  of New  Jersey  is less  than
                    $500,000, the Investors shall advance the difference between
                    such  allocation  and  $500,000  within  30 days  after  the
                    payment of the  allocation by the State of New Jersey,  such
                    advance to be  evidenced  by  convertible  notes of the same
                    tenor in all respects as the Notes.  The Company will not be
                    obligated to register the shares  underlying the convertible
                    notes.  To the extent  Xechem  lacks  sufficient  authorized
                    unissued common stock for conversion of the notes to shares,
                    it will take the necessary  steps to obtain approval for the
                    issuance of the same as promptly as practicable,  and in the
                    interim shall issue shares of Series C Preferred  Stock with
                    a conversion  ratio of 1,000,000  shares of common stock for
                    each  share of Series C Stock,  which  shares  shall  have a
                    Stated Value of $0.00001 per share and shall be  mandatorily
                    convertible  into  common  stock  as soon  as the  necessary
                    underlying common stock is authorized.

Prepayment          The  Company  shall  have  the  right  at any  time  through
                    February  1,  2006,  to  prepay  the Notes in whole or part,
                    provided that at the time of prepayment all accrued,  unpaid
                    interest  through  the date of  prepayment  is paid in full.
                    There  shall be no  conversion  rights  with  respect to any
                    interest or principal corresponding to the prepayment amount
                    once the prepayment amount is tendered.

Registration Rights None; however, the Company will work with the Investors with
                    respect to delivering the Rule 144 eligibility  opinions for
                    outstanding  debt  conversions  resulting in proposed  share
                    sales  from  time to time,  provided  the  seller  meets the
                    necessary Rule 144 requirements.

Issuance of Shares  For each $100,000 of the first $1 million  principal  amount
                    of the Notes  funded,  the  Company  shall  issue  1,500,000
                    shares of its common stock to the Investor  funding the same
                    (prorated  for  fractional  amounts),  which would result in
                    15,000,000  shares in the  aggregate if such amount is fully
                    funded.  These  shares  will  be  privately  issued  and not
                    subject to registration rights.

Restructuring       At the Closing the conversion price on all outstanding loans
                    (principal plus accrued  interest) owing from the Company to
                    Marjorie  Chassman,   The  Harbor  Trust  or  any  of  their
                    respective  affiliates  (the "Old  Debt"),  will be reset to
                    $0.005 per share, on a blended basis.

Legal               Fees  Company to pay legal fees of one  counsel  selected by
                    the  Investors,  not to  exceed  $7,500,  payable  upon  the
                    funding of the first $1 million due hereunder.

      This  Amended  Term Sheet (the  "Agreement")  shall  constitute  a binding
agreement  among the parties with respect to the subject  matter hereof with the
parties to use good faith efforts to prepare definitive documentation as quickly
as  practicable  subject to the foregoing.  This Agreement  supersedes all other
drafts or  predecessors  of the  Agreement,  including  the original  term sheet
agreement  between the parties  dated August 25, 2005 and the amended term sheet
agreement  between the parties dated  September  12, 2005,  which is amended and
restated in its entirety as set forth herein.  This Agreement may be executed in
several counterparts by original or facsimile.

AGREED TO:                                              AGREED TO:

XECHEM INTERNATIONAL, INC.

                                              ----------------------------------
                                                     MARJORIE CHASSMAN
By:
   -------------------------------------
   Ramesh C. Pandey, PhD, CEO                 Date of Execution:
                                                                ----------------

Date of Execution: September 30, 2005
                  ----------------------

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00091-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00091-of-00352.parquet"}]]