Document:

Amendment to Employment  Agreement - H.N. Padget Jr.

EXHIBIT 10.3 
 
AMENDMENT TO EMPLOYMENT AGREEMENT 
 
THIS AMENDMENT, dated as of April 30, 2001 (this “Amendment”), to that certain Employment
Agreement, dated as of November 1, 1997 (the “Agreement”) by and among CNB Holdings Inc., a Georgia bank holding company and its wholly-owned subsidiary, Chattahoochee National Bank (collectively, “CNB”), and H.N. Padget, Jr.
(“Employee”), a resident of the State of Georgia. 
 
RECITALS 
 
CNB and Employee
(collectively, the “Parties”) recite and declare: 
 
A. The Parties have heretofore entered into the Agreement. 
 
B. The Parties desire to further amend the Agreement as set forth below. 
 
C. All capitalized terms used in this Agreement without definition shall have the meanings assigned to them in the Agreement.

 
SECTION I 
AMENDMENT OF SECTION 2 
 
Section 2 of the Agreement is hereby amended to delete in its entirety Section 2 and substitute, in lieu thereof, the following new
Section 2 as follows: 
 
1. Term. The period
of Employee’s employment under this Agreement begins as of the receipt of the opening letter from the Office of the Comptroller of the Currency and shall continue to the earlier of (i) July 31, 2005, or (ii) any termination as provided for in
Section 12 herein. 
 
SECTION II

AMENDMENT OF EXHIBIT A 
 
Exhibit A which is referenced in Sections 3 and 5 of the Agreement is hereby amended to delete it in its entirety and substitute, in lieu
thereof, the following new Exhibit A as follows: 
 
EXHIBIT “A” 
 
Employee
Compensation and Duties 
 
Salary:
$125,000 per year; 2 1/2% increase per year on the anniversary date of the opening of the Bank until June 30, 2000 and thereafter as follows: 
 

 

	 SALARY
 EFFECTIVE DATE

	  	 SALARY

	 July 1, 2000
	  	 $
	 131,250

	 July 1, 2001
	  	  
	 140,000

	 July 1, 2002
	  	  
	 147,000

	 July 1, 2003
	  	  
	 155,000

	 July 1, 2004
	  	  
	 160,000

 
Option/Bonus
Plans: 30,000 Incentive Stock Options (“ISOs”) granted at the market price of the CNB Holdings, Inc. (“CNB”) stock on the day of grant, vested as set forth below, and certain cash bonuses as set forth below: 
 
Target Number One: Loans made by Chattahoochee National
Bank (“Bank”) to its customers within 90 days after the opening the Bank as follows: 
 

	 TOTAL LOANS

	  	 CASH BONUS

	  	 ISOs
 100% VESTED

	 Over $10,000,000
	  	 $
	 10,000
	  	 9,000

 
Target Number Two: Cumulative profitability of the Bank to be achieved by the dates set forth below and provided that the Bank has received an overall CAMEL rating of 2 or better and an asset quality rating of 2 or better for
its first full OCC examination: 
 

	 CUMULATIVE
 PROFITABILITY
 ACHIEVED BY

	  	 CASH
 BONUS

	  	 ISOs
 100% VESTED

	 January 31, 2001
	  	 $
	 15,000
	  	 15,000

	 February 28,2001
	  	  
	 14,000
	  	 14,000

	 March 31, 2001
	  	  
	 13,000
	  	 13,000

	 April 30, 2001
	  	  
	 12,000
	  	 12,000

	 May 31, 2001
	  	  
	 11,000
	  	 11,000

	 June 30, 2001
	  	  
	 10,000
	  	 10,000

	 July 31, 2001
	  	  
	 9,000
	  	 9,000

	 August 31, 2001
	  	  
	 8,000
	  	 8,000

	 September 30, 2001
	  	  
	 7,000
	  	 7,000

	 October 31, 2001
	  	  
	 6,000
	  	 6,000

	 November 30, 2001
	  	  
	 5,000
	  	 5,000

	 December 31, 2001
	  	  
	 4,000
	  	 4,000

	 January 31, 2002
	  	  
	 3,000
	  	 3,000

 

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	 February 28, 2002
	  	 2,000
	  	 2,000

	 March 31, 2002
	  	 1,000
	  	 1,000

 
In the
event Employees is a full-time employee of the Bank on November 1, 2007, he will also be 100% vested in 15,000 ISOs minus those ISOs vested upon achieving cumulative profitability of the Bank as set forth in this Target Number Two. 
 
Target Number Three: 6,000 ISOs 100% vested upon the
opening of the Bank. 
 
Other Bonuses: Additional bonuses as
set forth below: 
 
Signing Bonus. $10,000
upon execution of this Amendment. 
 
Incentive
Stock Options. As additional 3,000 Incentive Stock Options to be issued upon execution of this Amendment to vest ratably over 36 months of Mr. Padget’s continued employment with Bank and CNB. 
 
Annual Performance Bonus. Payable each January, based
on CNB’s performance exceeding targeted return on CNB’s average equity (“ROAE”) as calculated and determined in accordance with generally accepted accounting principals by CNB’s independent certified public accountants as
set forth below: 
 

	 FOR THE PERIOD
 ENDED DECEMBER 31,

	  	 ROAE TARGET

	 	    	 COMBINED CASH BONUS AND ESOP CONTRIBUTION

	 2001
	  	 7.69
	 %
	    	 $
	 20,000

	 2002
	  	 11.00
	 %
	    	  
	 40,000

	 2003
	  	 15.00
	 %
	    	  
	 60,000

	 2004
	  	 16.00
	 %
	    	  
	 80,000

 
For purposes of this
Amendment: (i) ROAE shall exclude any gains or losses on investment securities as required by Statement of Financial Accounting Standards No. 115; (ii) ROAE shall be determined after subtracting the sum of any amounts paid to or for the benefit of
Employee hereunder and all other bonuses and compensation paid to Bank’s employees for such period; (iii) any annual contribution made by CNB to its Employee Stock Ownership Plan (“ESOP”) for the benefit of Employee shall be
subtracted from the Annual Performance Bonus with the remainder payable by CNB in cash to Employee; and (iv) in the event CNB achieves at least 85% of its ROAE Target, then Employee will receive a like percentage of the corresponding Cash Bonus and
ESOP contribution above. 
 
Termination compensation: If by:
(i) CNB without Cause during the term of the Agreement payment by CNB to Employee as termination compensation in an amount equal to 12 months of existing base salary plus medical, hospitalization and term life insurance; (ii) CNB without Cause

 

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during the term of the Agreement, in the event of a Change of Control of CNB, $300,000 payment by CNB to
Employee as termination compensation. Change of Control of CNB means any transaction, whether by merger, consolidation, asset sale, tender offer, reverse stock split or otherwise, which results in the acquisition of 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
CNB; or (iii) CNB with Cause or in the event CNB or the Bank are taken over by bank regulatory authorities, no termination compensation to Employee. 
 
Auto allowance: The Bank will provide for Employee’s use of a late model luxury automobile and will reimburse Employee for the costs of its
operations and normal maintenance, such use and reimbursement not to exceed $1,000 per month in the aggregate. 
 
Club membership: Country Club of Roswell then monthly dues. 
 
Disability insurance: Monthly premium of $158. 
 
Medical, hospitalization and term life insurance: Monthly premiums of $600. 
 
Vacation: 25 “Paid Time Off” days per calendar year. 
 
ERISA plans: Annual discretionary contributions made by CNB to its ESOP
and 401(k) Plan for the benefit of Employee subject to the terms and conditions of the respective plans and to the Annual Performance Bonus set forth above. 
 
SECTION III 
AMENDMENT OF EXHIBIT B 
 
Exhibit B which is referenced in Section 14.1.3 of the Agreement is hereby amended to delete it in its entirety and substitute in lieu thereof, the following new Exhibit B: 
 
EXHIBIT B 
 

	 Chattahoochee National Bank
 7855 Northpoint Parkway
 Suite 200
 Alpharetta, Georgia 30022

 
SECTION IV 
EFFECT OF THIS AMENDMENT 
 
Except as expressly modified by this Amendment, the parties
ratify and confirm the Agreement in all respects. 
 

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IN WITNESS
WHEREOF, the parties hereto have executed this Amendment on the date first written above. 
 

	 ATTEST:
  
  
  
 By:                 

 Its:                 

 (CORPORATE SEAL)
                
	  	 “CNB”
  
 CNB HOLDINGS, INC.
  
 /s/    W. DAVID SWEATT    

 W. David Sweatt, Chairman

 
 

	 	  	 /s/    DAVID R. HINK    

 David R. Hink, Chairman of the Compensation
 Committee

 
 

	  
  
  
 By:
                

 Its:                 

 (BANK SEAL)
                
	  	 CHATTAHOOCHEE NATIONAL BANK
  
  
 /s/    W.
DAVID SWEATT    

 W. David Sweatt, Chairman

 
 

	 	  	 /s/    DAVID R. HINK    

 David R. Hink, Chairman of the Compensation
 Committee

 
 

	 WITNESS:
  
  
  

 

	  	 “Employee”
  
  
 /s/    H.N. PADGET,
JR.    

 H.N. Padget, Jr.

 

5Amendment to Employment  Agreement - H.N. Padget Jr.

EXHIBIT 10.4 
 
January 2, 2003 
 
H. N. Padget, Jr. 
President and CEO

Chattahoochee National Bank 
3625 Brookside Parkway, Suite 100 
Alpharetta, Georgia 3002-4434 
 
Re: Amendment to Employment Agreement between H. N. Padget, Jr. and CNB Holdings and Chattahoochee National Bank
(collectively CNB) dated July 27, 1998 and first amended April 30, 2001. 
 
Dear Mr. Padget: 
 
I have been authorized by the
Board of Directors of CNB to amend your existing Employment Agreement as described below: 
 
Exhibit A 
Salary 
7/03 to 6/04 $155,000 
to 
1/03 to 6/04 $155,000. 
 
All other terms and conditions of the Employment Agreement shall remain unchanged. 
 
Please signify your acceptance of this change with your signature where indicated below. 
 
Yours truly, 
 
/s/    David R. Hink 
Director and Chairman of the Compensation Committee

 

	 Accepted this 2nd day of January, 2003
	  	 /S/    H. N. PADGET, JR.

 H. N. Padget, Jr.Employment Agreement - Steve G. Deaton

 
EXHIBIT 10.5

 
EMPLOYMENT AGREEMENT 
 
THIS EMPLOYMENT AGREEMENT (“Agreement”) made
and entered into as of September 24, 2001 by and between Steven G. Deaton, a resident of the State of Georgia (“Employee”) and CNB Holdings, Inc., a Georgia bank holding company and Chattahoochee National Bank, CNB Holdings’ wholly
owned subsidiary (collectively “CNB”). 
 
WITNESSETH: 
 
WHEREAS, CNB and
Employee each desire to enter into, or continue, an employment relationship with the other; and 
 
WHEREAS, CNB and Employee each deem it necessary and desirable, for their mutual protection, to execute a written document setting forth the terms and conditions of said relationship; 
 
NOW, THEREFORE, in consideration of the employment of Employee
by CNB, of the premises and the mutual promises and covenants contained herein, and of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, agree as
follows: 
 
1. Employment and Duties. CNB
hereby employs Employee to serve as Executive Vice President and Senior Lending Officer and to perform such duties and responsibilities as customarily performed by persons acting in such capacity. During the 

 

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term of this Agreement, Employee will devote his full time and effort to his duties hereunder. 
 
2. Term. The period of the Employee’s employment
under this Agreement shall be deemed to have commenced as of the date of this Agreement, and shall continue for a period of forty calendar months thereafter, unless the Employee dies before the end of such forty months, in such case the period of
employment shall continue until the end of the month of such death. 
 
3. Compensation. For all services rendered by Employee during the term of this Agreement, CNB agrees to pay Employee in accordance with the terms outlined in Exhibit A net of applicable withholdings. 
 
4. Expenses. So long as employee is employed hereunder,
Employee is entitled to receive reimbursement for, or seek payment directly by CNB of, all reasonable expenses which are consistent with the normal policy of CNB in the performance of Employee’s duties hereunder, provided that Employee accounts
for all such expenses in writing. 
 
5. Employee
Benefits. So long as employee is actively employed hereunder, Employee will be entitled to participate in the employee benefit programs covering the Employee’s employment and duties as described in Exhibit A of this agreement, if
any, provided and paid for by CNB for its employees generally. 
 
6. Paid Time Off. Employee shall be entitled to twenty-five (25) Paid Time Off days, twenty (20) of which may be scheduled in advance. 
 

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7.
Confidentiality. In Employee’s position as an employee of CNB, Employee has had and will have access to confidential information, trade secrets and other proprietary information of vital importance to CNB and has and will also develop
relationships with customers, employees and others who deal with CNB which are of value to CNB. CNB requires as a condition to Employee’s employment with CNB that Employee agrees to certain restrictions on Employee’s use of proprietary
information and valuable relationships developed during Employee’s employment with CNB. In consideration of the terms and conditions contained herein, the parties hereby agree as follows: 
 
7.1 CNB and Employee mutually agree and acknowledge that CNB
may entrust Employee with highly sensitive confidential, restricted and proprietary information concerning various Business Opportunities (as hereinafter defined), customer lists, and personnel matters. Employee acknowledges that he shall bear a
fiduciary responsibility to CNB to protect such information from use or disclosure that is not necessary for the performance of Employee’s duties hereunder, as an essential incident of Employee’s employment with CNB. 
 
7.2 For the purposes of this Section, the following
definitions shall apply: 
 
7.2.1 “Trade
Secret” shall mean the identity of customers of CNB, the whole or any portion or phase of any scientific or technical information, design, process, procedure, formula or improvement that is valuable and secret (in the sense that it is not
generally known to competitors of CNB) and which is defined as a “trade secret” under Georgia law pursuant to the Georgia Trade Secrets Act. 
 

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7.2.2
“Confidential Information” shall mean any data or information, other than Trade Secrets, which is material to CNB and not generally known by the public. Confidential Information shall include, but not be limited to, Business
Opportunities of CNB (as hereinafter defined), the details of this Agreement, CNB’s business plans and financial statements and projections, and the costs of the services CNB may offer or provide to the customers they serve, to the extent such
information is material to CNB and not generally known to the public. 
 
7.2.3 “Business Opportunities” shall mean any specialized information or plans of CNB concerning the provision of financial services to the public, together with all related information concerning the
specifics of any contemplated financial services regardless of whether CNB has contacted or communicated with such target person or business. 
 
7.2.4 Notwithstanding the definitions of Trade Secrets, Confidential Information, and Business Opportunities set forth above, Trade
Secrets, Confidential Information, and Business Opportunities shall not include any information: 
 
(i) that is or becomes generally known to the public; 
 
(ii) that is already known by Employee or is developed by Employee after termination of employment through entirely independent efforts;

 
(iii) that Employee obtains from an independent
source having a bona fide right to use and disclose such information; 
 
(iv) that is required to be disclosed by law, except to the extent eligible for special treatment under an appropriate protective order; or 
 

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(v) that
CNB’s Board of Directors approves for release. 
 
7.3 Employee shall not, without the prior approval of CNB’s Board, during his employment with CNB and for so long thereafter as the information or data remain Trade Secrets, use or disclose, or negligently permit any
unauthorized person who is not an employee of CNB to use, disclose, or gain access to, any Trade Secrets of CNB, its subsidiaries or affiliates, or of any other person or entity making Trade Secret’s available for CNB’s use. 
 
7.4 Employee shall not, without the prior written consent of
CNB, during his employment with CNB and for a period of two (2) years thereafter as long as the information or data remain competitively sensitive, use or disclose, or negligently permit any unauthorized person who is not employed by CNB to use,
disclose, or gain access to, any Confidential Information to which the Employee obtained access by virtue of his employment with CNB, except as provided in Section 7.2 of this Agreement. 
 
8. Observance of Security Measures. During Employee’s employment with CNB, Employee is required
to observe all security measures adopted to protect Trade Secrets, Confidential Information, and Business Opportunity of CNB. 
 
9. Return of Materials. Upon the request of CNB and, in any event, upon the termination of his employment with CNB, Employee shall
deliver to CNB all memoranda, notes, records, manuals or other documents, including all copies of such materials, pertaining to the performance of Employee’s services hereunder or containing Trade Secrets of Confidential Information, whether
made or complied by Employee or furnished to him from any source by virtue of his employment with CNB. 
 

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10.
Severability. Employee acknowledges and agrees that the covenants contained in Sections 7 through 9 of this Agreement shall be construed as covenants independent of one another and distinct from the remaining terms and conditions of this
Agreement, and severable from every other contract and course of business between CNB and Employee, and that the existence of any claim, suit or action by Employee against CNB, whether predicated upon this or any other agreement, shall not
constitute a defense to CNB’s enforcement of any covenant contained in Sections 7 through 9 of this Agreement. 
 
11. Specific Performance. Employee acknowledges and agrees that the covenants contained in Sections 7 through 9 of this Agreement
shall survive any termination of employment, as applicable, with or without cause, at the instigation or upon the initiative of either party. Employee further acknowledges and agrees that the ascertainment of damages in the event of Employee’s
breach of any covenant contained in Sections 7 through 9 of this Agreement would be difficult, if at all possible. Employee therefore acknowledges and agrees that CNB shall be entitled in addition to and not in limitation of any other rights,
remedies, or damages available to CNB in arbitration, at law or in equity, upon submitting whatever affidavit the law may require, and posting any necessary bond, to have a court of competent jurisdiction enjoin Employee from committing any such
breach. 
 
12. Termination. During the term
of this agreement, employment, including without limitation, all compensation, salary, expenses, reimbursements, and employee benefits may be terminated as follows: 
 
12.1 At the election of CNB for Cause; 
 
12.2 At Employee’s election, upon
CNB’s breach of any material 

 

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provision of this Agreement; 
 
12.3 “Cause” shall mean (i) conduct by Employee that amounts to fraud, dishonesty, gross negligence or willful misconduct in the
performance of duties hereunder; (ii) the conviction (from which no appeal may be, or is, timely taken) of Employee of a felony; or (iii) initiation of suspension or removal proceedings against Employee 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. No termination for Cause shall be effective unless it is approved by a two-thirds (2/3) vote of CNB’s Board of
Directors, excluding the vote, if any, of Employee; or 
 
12.4 Upon Employee’s death, or at the election of either party, upon Employee’s disability resulting in inability to perform the duties described in Section 1 of this Agreement for a period of ninety (90) consecutive days
as determined by CNB’s Board of Directors in its sole discretion. 
 
13. Notice. All notice provided for herein shall be in writing and shall be deemed to be given when delivered in person or deposited in the United States Mail, registered or certified, return receipt requested, with
proper postage prepaid and addressed as follows: 
 

	 CNB:
	  	 CNB Holdings, Inc.

	 	  	 7855 North Point Parkway, Suite 200

	 	  	 Alpharetta, Georgia 30022

	
	 With a copy to:
	  	 Troutman Sanders LLP

	 	  	 600 Peachtree Street, Suite 5200

	 	  	 Atlanta, Georgia 30308-2216

	 	  	 Attn: Thomas O. Powell, Esquire

	
	 Employee:
	  	 Steven G. Deaton

	 	  	 2670 Misty Morning Lane

	 	  	 Roswell, GA 30076

	
	 With a copy to:
	  	 

 

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14.
Covenant Not to Compete. 
 
14.1 For
purposes of this Section 14, CNB and Employee conduct the following business in the following territories: 
 
14.1.1 CNB is engaged in the business of transacting business as a bank holding company with subsidiary banks which accept deposits, make
loans, cash checks and otherwise engage in the business of banking (“Business of CNB”). 
 
14.1.2 CNB (through its subsidiaries) actively conducts business in the geographic areas of Georgia at the business locations of
CNB’s subsidiaries set forth in Exhibit B of this Agreement. 
 
14.1.3 Employee has established business relationships and performs the duties described in Section 1 of this Agreement in the geographic area covered by a circle having a radius of fifty (50) miles from the location set
forth as item 1 on EXHIBIT “B” of this Agreement, and will work predominately in such area while in the employ of CNB. 
 
14.2 Employee covenants and agrees that for a period of six (6) months after the termination of his employment with CNB without Cause,
Employee shall not, directly or indirectly, as principal, agent, trustee, consultant or through the agency of any corporation, partnership, association, trust or other entity or person, on Employee’s own behalf or for others, provide the duties
described in Section 1 or this Agreement for any 

 

8 

entity or person conducting the Business of CNB within the geographic area covered by a circle having the radius of fifty (50) miles from the
location set forth on EXHIBIT “B” of this Agreement. 
 
14.3 The covenants contained in this Section 14 shall be construed as agreements severable from and independent of each other and of any other provision of this or any other contract or agreement between the parties hereto. The
existence of any claim or course of action by Employee against CNB, whether predicated upon this or any other contract or agreement, shall not constitute a defense to the enforcement by CNB of said covenants. 
 
15. Miscellaneous. 
 
15.1 This Agreement constitutes and expresses the whole
agreement of the parties in reference to the employment of Employee by CNB, and there are no representations, inducements, promises, agreements, arrangements, or undertakings oral or written, between the parties other than those set forth herein.

 
15.2 This Agreement shall be governed by the
laws of the State of Georgia. 
 
15.3 Should any
clause or any other provision of this Agreement be determined to be void or unenforceable for any reason, such determination shall not effect the validity or enforceability of any clause or provision of this Agreement, all of which shall remain in
full force and effect. 
 
15.4 Time is of the
essence in this Agreement. 
 
15.5 This Agreement
shall be binding upon and ensure to the benefit of the parties hereto and their successors and assigns. This Agreement shall not be assignable by any other parties hereto without the prior written consent of the other parties. 
 

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15.6 This
Agreement may be executed in multiple counterparts, each of which shall be deemed an original and all of which taken together shall constitute but a single instrument. 
 
 
IN WITNESS WHEREOF, the parties
have executed this Agreement as of the day and year first written above. 
 

	 	 	 	 	 “Employee”

	
	
	 	 	 	 /s/    STEVEN G. DEATON

	 Witness
	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 ATTEST:
	 	 	 	 “CNB”

	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 CNB HOLDINGS, INC.

	
	 By:
	 	
	 	 	 	 By:
	 	 /s/    H.N. PADGET, JR.
        

	
 Secretary
	 	 	 	 	 	 H. N. Padget, Jr., President & C.E.O.

	 	 	 	 	 	 	 
	 (CORPORATE SEAL)
	 	 	 	 
	
	 	 	 	 	 	 	 By:
	 	 /s/    DAVID R.
HINK        

	 	 	 	 	 	 	 	 	 David R. Hink, Chairman of the
 Compensation Committee

	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

	 	 	 	 	 CHATTAHOOCHEE NATIONAL BANK

	
	 By:
	 	
	 	 	 	 By:
	 	 /s/    H.N. PADGET,
JR.        

	
 Secretary
	 	 	 	 	 	 H. N. Padget, Jr., President & C.E.O.

	
	 	 	 	 	 By:
	 	 /s/    DAVID R.
HINK        

	 (BANK SEAL)
	 	 	 	 	 	 David R. Hink, Chairman of the
 Compensation Committee

	 	 	 	 	 	 	 

 

10 

 
EXHIBIT A

 
Salary: 
 

	 Period
	  	 Annual Salary Rate

	

	
	 9/01-6/02
	  	 121,000

	 7/02-6/03
	  	 127,000

	 7/03-6/04
	  	 135,000

	 7/04-12/04
	  	 144,000

	 	  	 

 
Annual Performance
Bonus Plan: 
 
Payable each January, based on the Bank’s
performance exceeding targeted return on Bank’s average equity (“ROAE”) as calculated and determined in accordance with generally accepted accounting principals by the Bank’s independent certified public accountants as set forth
below: 
 

	 For YE
	  	 ROAE
 Target
	  	 Combined cash bonus
 and ESOP contribution

	

	
	 2002
	  	 11.00%
	  	 $26,666

	 2003
	  	 15.00%
	  	   41,265

	 2004
	  	 16.00%
	  	   47,850

 
For the purposes of this
Agreement: (I) ROAE shall exclude any gains or losses on investment securities as required by Statement of Financial Accounting Standards No. 115; (ii) ROAE shall be determined after subtracting the sum of any amount paid to or for the benefit of
Employee hereunder and all other bonuses and compensation paid to Bank’s employees for such period; (iii) any annual contribution made by CNB to its Employee Stock Option Plan (ESOP) for the benefit of Employee shall be subtracted from the
Annual Performance Bonus with the remainder payable by CNB in cash to Employee; and (iv) in the event CNB achieves at least 85% of its ROAE Target, then Employee will receive a like percentage of the corresponding Cash Bonus and ESOP contribution
above. 
 

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Termination
Compensation – If by: (I) CNB without cause during the term of this Agreement payment by CNB to Employee as termination compensation in an amount equal to 6 months of existing base salary plus medical, hospitalization and term life
insurance; (ii) CNB without Cause during the term of this Agreement, in the event of a Change in Control of CNB, 1 year of existing base salary for payment by CNB to Employee as termination compensation. Change of control of CNB means any
transaction, whether by merger, consolidation, asset sale, tender offer, reverse stock split or otherwise, which results in the acquisition of beneficial ownership (as such term is defined under the 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 CNB; or (iii) CNB with Cause or in the event CNB or the Bank are
taken over by bank regulatory authorities, no termination compensation to employee. Non-compete, as defined in this Agreement, in effect for a time period equal to the termination compensation. 
 
Stock Options – Awarded by the Compensation Committee annually at
its sole discretion. 
 
Auto allowance – The greater of
actual miles driven paid at the IRS standard rate or $450/mo. 
 
Club membership: 
Horseshoe Bend Country Club monthly dues. 
 

12 

 
EXHIBIT B

 
Chattahoochee National Bank 
7855 North Point Parkway 
Suite 200

Alpharetta, Georgia 30022 
 

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