Document:

exv10w2

Exhibit 10.2

August l, 2010

Charles D. Kissner

27778 Stirrup Way

Los Altos Hills, CA 94022

Employment Agreement

Dear Chuck:

     This letter agreement sets forth the terms of your employment with Aviat Networks, Inc. (the
“Company”), as well as our understanding with respect to any termination of that employment
relationship. This Agreement amends and restates, effective on the date hereof, the Employment
Agreement dated June 28, 2010 between the Company and you.

     1. Position and Duties. You will be employed by the Company as its Chairman and Chief
Executive Officer, reporting to the Company’s Board of Directors (“Board”). This position will be
based at our corporate headquarters in Santa Clara, California. You accept employment with the
Company on the terms and conditions set forth in this Agreement, and you agree to devote your full
business time, energy and skill to your duties at the Company. Your primary responsibilities will
be to assume the top leadership of the Company, direct the organization to ensure the attainment of
revenue and profit goals, drive optimal return on invested capital and grow shareholder value, subject
to the oversight and supervision of the Board. Your current positions as a director of the
Company and Chairman of the Board will not be affected by your employment hereunder, except that
your compensation under this Agreement will be in lieu of any compensation as a director accruing
after your start date. It is understood that the Company will appoint a lead independent director,
who will preside over outside-director-only portions of Board meetings.

     2. Term of Employment. Your employment with the Company is for no specified term, and may be
terminated by you or the Company at any time, with or without cause, subject to the provisions of
Paragraphs 4 and 5 below.

     3. Compensation. You will be compensated by the Company for your services as follows:

          (a) Salary: You will be paid a monthly base salary of $57,917 ($695,000 per year), less
applicable withholding, in accordance with the Company’s normal payroll procedures. In conjunction
with your annual performance review, which will occur at or about the start of

 

 

Charles D. Kissner

Page 2

each fiscal year (currently July 1st), your base salary will be reviewed by the Board, and may be
subject to adjustment by the Board based upon various factors including, but not limited to, your
performance and the Company’s profitability. Your base salary will not be reduced except as part of
a salary reduction program that similarly affects all members of the executive staff reporting to
the Chief Executive Officer of the Company.

          (b)
Annual Incentive Plan: Starting with FY 2011, you will be eligible to participate in the
Company’s Annual Incentive Plan, with a target annual bonus of 100% of your annual base salary. The
Annual Incentive Plan will be paid (if minimum targets are met) in the calendar year in which the
relevant fiscal year ends, promptly after the completion of each fiscal year’s audit.

          (c) Long-Term Incentive Program: Starting with FY 2011, you will be eligible to participate in
the Company’s Long-Term Incentive Program as defined by the Board. The GAAP value of your initial
award, as determined by the Board in its reasonable discretion, will be $1,400,000. The expected
structure is (i) one-third of such value will be represented by options with a 3-year vesting
period (50%/25%/25%), (ii) one-third of such value will be represented by performance shares
subject to vesting based on achievement of Company financial performance criteria for the
three-year period ending at the end of FY 2013, and (iii) one-third of such value will be
represented by restricted stock with a 3-year vesting period (331⁄3%/331⁄3%/331⁄3%). The structure
for future periods is subject to determination by the Board.

          (d) Benefits: You will have the right, on the same basis as other employees of the Company, to
participate in and to receive benefits under any Company group medical, dental, life, disability or
other group insurance plans, as well as under the Company’s business expense and travel
reimbursement, educational assistance, holiday, and other benefit plans and policies. You will also
be eligible to participate in the Company’s 401(k) plan.

          (e) Vacation: Commencing on your start date, you will accrue paid vacation in accordance with
the Company’s vacation policy at the rate of 5 weeks per year. However, the number of accrued
vacation hours at any one time shall not exceed 160 hours.

     4. Voluntary Termination. In the event that you voluntarily resign from your employment with
the Company (other than for Good Reason as defined below), you will be entitled to no compensation
or benefits from the Company other than those earned under Paragraph 3 through the date of your
termination. (For purposes of this Agreement, no part of (i) the
Annual Incentive Plan for the year
in which your termination occurs, (ii) the performance shares of the multi-year period in which
your termination occurs or (iii) unvested options or restricted shares will be deemed earned.) You
agree that if you voluntarily terminate your employment with the Company for any reason, you will
provide the Company with at least 10 business days’ written notice of your resignation. The
Company shall have the option, in its sole discretion, to make your
resignation effective at any
time prior to the end of such notice period, provided the Company pays you an amount equal to the
base salary you would have earned through the end of the notice period.

 

 

Charles D. Kissner

Page 3

     5. Other Termination. Your employment may also be terminated under the circumstances set forth
below.

          (a) Termination for Cause: The Company may terminate your employment at any time for cause (as
described below). If your employment is terminated by the Company for cause, you shall be entitled
to no compensation or benefits from the Company other than those earned under Paragraph 3 through
the date of your termination. For purposes of this Agreement, a termination for “cause” occurs if
you are terminated for any of the following reasons: (i) any act of misconduct or dishonesty by you
in the performance of your duties under this Agreement; (ii) any willful failure by you to attend
to your duties under this Agreement; (iii) any material breach of this Agreement; provided,
however, that for any alleged failure or breach under sub-sections (ii) or (iii) above, the Board
first provides you written notice setting forth with reasonable specificity the reasons that the
Board believes you have committed such alleged failure or breach, and provides you thirty (30) days
to cure such alleged failure or breach; (iv) your conviction of
(or pleading guilty or nolo contendere to) any felony or misdemeanor involving theft, embezzlement, dishonesty or moral
turpitude; or (v) any misconduct resulting in material harm to the Company’s business or
reputation.

          (b) Termination Without Cause or Upon Death or Disability: The Company may terminate your
employment without cause at any time. If your employment is terminated by the Company without cause
or by reason of death or any physical or mental incapacity which has
prevented and/or will prevent
you from performing your then-current duties under this Agreement for more than three consecutive
months, and you (or your estate or personal representative, as applicable) sign a general release
of known and unknown claims in a form satisfactory to the Company within sixty (60) days of the
termination of your employment (or such shorter period as is necessary to comply with the following
clause), which must be valid and enforceable no later than the ninetieth (90th) day after your
termination, and you fully comply with your obligations under Paragraphs 6, 7 and 9 below, you (or
your estate or personal representative, as applicable) will receive the following severance
benefits:

               (i) all compensation and benefits under Paragraph 3 above that is earned but unpaid through
the date of termination, to be paid as and when otherwise due;

               (ii) severance payments at your final base salary rate for a period (the “Severance Period”)
starting on the date of your termination and ending on the later of
(i) the 1st anniversary of the
date your termination and (ii) June 28, 2012; such payments will be subject to applicable
withholding and made monthly commencing as of the effective date of your release; provided that any
payment otherwise due under this clause (ii) prior to the 90th day after your termination shall
instead be paid, without interest, on such 90th day;

               (iii) payment of the premiums necessary to continue your group health insurance under COBRA
(or to purchase other comparable health insurance coverage on an individual basis if you are no
longer eligible for COBRA coverage) until the earlier of (x) the end of the Severance Period; or
(y) the date you first became eligible to participate in another employer’s group health insurance
plan;

 

 

Charles D. Kissner

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               (iv) the prorated portion of any Annual Incentive Plan bonus that you would have earned, if
any, during the Annual Incentive Plan period in which your employment terminates (the pro-ration
shall be equal to the percentage of that bonus period that you are actually employed by the
Company). Your Annual Incentive Plan bonus, on which the proration will be based, shall be computed
in a manner consistent with the computation of bonuses for other senior level executives, and the
prorated bonus will be payable at the time that such Annual Incentive Plan bonuses, if any, are
paid to continuing Company employees; and

               (v) with respect to any stock options or time-vesting restricted shares granted to you by the
Company, you will cease vesting upon your termination date; however, for options granted subsequent
to the date of this Agreement, you will be entitled to purchase any vested shares of stock that are
subject to those options until the earlier of (x) twelve (12) months following your termination
date, or (y) the date on which the applicable option(s) expire(s). Notwithstanding the provisions
of this Paragraph 5(b)(v), the Board may in its sole discretion provide for additional vesting of
restricted shares, options and/or performance shares upon termination under this Paragraph 5(b).

You will not be required to mitigate the severance payments and benefits described in Paragraphs
5(b)(ii) — (v) above by seeking employment or otherwise, and there shall be no offset against
amounts due you under Paragraphs 5(b)(ii) — (v) on account
of your subsequent employment (except as
provided in Paragraph 5(b)(iii) above and in Paragraph 7(c) below). Except as expressly set forth
in this Paragraph 5(b), your Company stock options, restricted shares and performance shares will
continue to be subject to and governed by the Company’s 2007 Stock Equity Plan (the “Plan”) and the
applicable stock option, restricted stock and performance share agreements between you and the
Company. Nothing in this Paragraph 5(b) shall affect your rights under any applicable Company
disability plan; provided, however, that your severance payments will be offset by any disability
income payments received by you so that the total monthly severance and disability income payments
during your severance period shall not exceed your then-current base salary.

          (c) Resignation for Good Reason: If you resign from your employment with the Company for Good
Reason (as defined in this Paragraph 5(c)), and you sign a general release of known and unknown
claims in a form satisfactory to the Company within sixty (60) days of the termination of your
employment (or such shorter period as is necessary to comply with the following clause) which
becomes valid and enforceable no later than the ninetieth (90th) day after your termination, and
you fully comply with your obligations under Paragraphs 6, 7 and 9 below, you shall receive the
severance benefits described in Paragraph 5(b) above. For purposes of this Paragraph 5(c), “Good
Reason” means any of the following conditions, which condition(s) remain in effect 30 days after
written notice from you to the Board of said condition(s):

               (i) a material reduction in your then-current base salary or annual target bonus (expressed as
a percentage of your then-current base salary), without your written consent expressly waiving the
benefits of this paragraph 5(c); or

 

 

Charles D. Kissner

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               (ii) a material reduction in your employee benefits taken as a whole without your written
consent expressly waiving the benefits of this paragraph 5(c); or

               (iii) a material reduction in your responsibilities without your written
consent expressly waiving the benefits of this paragraph 5(c); or

               (iv) a material breach by the Company of any material provision of this
Agreement; or

               (v) a requirement that you relocate your Company office to a location more than thirty-five
(35) miles from your then-current Company office location without your written consent expressly
waiving the benefits of this paragraph 5(c).

The foregoing condition(s) shall not constitute “Good Reason” if you do not provide the Board with
the written notice described above within 45 days after you first become aware of the condition(s).

     6. Confidential
and Proprietary Information: As a condition of your employment, you agree to
sign and abide by the Company’s standard form of Invention, Authorship, Proprietary and
Confidential Information Agreement.

     7. Termination Obligations.

          (a) You agree that all property, including, without limitation, all equipment, proprietary
information, documents, books, records, reports, notes, contracts, lists, computer disks (and other
computer-generated files and data), and copies thereof, created on
any medium and furnished to,
obtained by, or prepared by you in the course of or incident to your employment, belongs to the
Company and shall be returned to the Company promptly upon any termination of your employment.

          (b) Upon your termination for any reason, and as a condition of your receipt of any severance
benefits hereunder, you will promptly resign in writing from all offices and directorships then
held with the Company or any affiliate of the Company.

          (c) Following the termination of your employment with the Company for any reason, you shall
fully cooperate with the Company in all matters relating to the winding up of pending work on
behalf of the Company and the orderly transfer of work to other employees of the Company. You shall
also cooperate in the defense of any action brought by any third party against the Company. The
Company shall pay you for your time incurred to comply with this
provision at a reasonable per diem
or per hour rate.

     8. Limitation of Payments and Benefits.

          To the extent that any of the payments and benefits provided for in this Agreement or otherwise
payable to you (the “Payments”) constitute “parachute
payments” within the meaning of Section 280G
of the Internal Revenue Code of 1986, as amended (the “Code”), the amount of such Payments shall be
either:

 

 

Charles D. Kissner

Page 6

          (a) the full amount of the Payments, or

          (b) a reduced amount that would result in no portion of the Payments being subject to the
excise tax imposed pursuant to Section 4999 of the Code (the “Excise Tax”),

whichever of the foregoing amounts, taking into account the applicable federal, state and local
income taxes and the Excise Tax, results in the receipt by you, on an after-tax basis, of the
greatest amount of benefit. In the event that any Excise Tax is imposed on the Payments, you will
be fully responsible for the payment of any and all Excise Tax, and the Company will not be
obligated to pay all or any portion of any Excise Tax.

     9. Other Activities.

          (a) In order to protect the Company’s valuable proprietary information, you agree that during
your employment and for the period, if any, during which severance payments at your final base
salary rate are payable under Paragraph 5(b) or 5(c) above, you will not, as a compensated or
uncompensated officer, director, consultant, advisor, partner, joint venturer, investor,
independent contractor, employee, for your own account or otherwise, provide to any person or
entity in competition with the Company any labor, services, advice or assistance regarding the
design, manufacture, distribution (directly or indirectly) or integration of any digital microwave
products substantially similar to then-current Company products in form, fit, or function and used
in terrestrial microwave point-to-point telecommunications networks anywhere in the world.

          (b) You agree that for a period of eighteen (18) months following the termination of your
employment with the Company for any reason, you will not, as a compensated or uncompensated
officer, director, consultant, advisor, partner, joint venturer, investor, independent contractor,
employee, for your own account or otherwise, solicit any individual who is, or within six (6)
months prior to the time of solicitation was, an employee of the Company or any subsidiary of the
Company to leave his or her employment with the Company or any subsidiary of the Company.

          (c) You acknowledge and agree that the restrictions contained in this Paragraph 9 are
reasonable and necessary, as there is a significant risk that your provision of labor, services,
advice or assistance to any of those competitors could result in the disclosure of the Company’s
proprietary information. You further acknowledge and agree that the restrictions contained in this
Paragraph 9 will not preclude you from engaging in any trade, business or profession that you are
qualified to engage in. In the event of your breach of this Paragraph 9, the Company shall not be
obligated to provide you with any further severance payments or benefits subsequent to such breach.

     10. Dispute Resolution. The parties agree that any dispute arising out of or relating to
this Agreement, the parties’ employment relationship or the termination of that relationship
for any reason, shall settled by arbitration before a single arbitrator in the area of the
Company’s headquarters in accordance with the rules of the American Arbitration Association. The
arbitrator’s decision will be final and binding on the Company and you. If the Company and you

 

 

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cannot agree on the arbitrator within thirty (30) days after either party’s request for
arbitration, the arbitrator will be selected by, or in accordance with a procedure established by,
the senior officer of the office of the American Arbitration Association nearest the Company’s
headquarters. The prevailing party will be entitled to reimbursement from the non-prevailing party
for the prevailing party’s reasonable fees and expenses of the prevailing party’s counsel, and the
non-prevailing party will bear the cost of the non-prevailing party’s counsel, in connection with
any such dispute. The Company shall bear all filing fees and costs of the American Arbitration
Association and the fees and expenses of the arbitrator. Notwithstanding this Paragraph 10, the
Company may bring an action for injunctive relief in any court of competent jurisdiction.

     11. Compliance with Section 409A of the Internal Revenue Code. This Agreement is
intended to comply with, or otherwise be exempt from Section 409A of the Code and the rules and
regulations promulgated thereunder (collectively,
“Section 409A”). However, the Company has not
made and is making no representation to you relating to the tax treatment of any payment pursuant
to this Agreement under Section 409A and the corresponding provisions of any applicable State
income tax laws.

     Notwithstanding anything to the contrary in this Agreement, any payments or benefits due hereunder
upon a termination of employment which are a “deferral of compensation” within the meaning of
Section 409A shall only be payable or provided to you upon a “separation from service” as defined
for purposes of Section 409A. In addition, if you are a “specified employee” as determined pursuant
to Section 409A as of the date of your separation from service, as so defined, and if any payments
or entitlements provided for in this Agreement constitute a “deferral of compensation” within the
meaning of Section 409A and cannot be paid or provided in the manner provided herein without
subjecting you to additional tax, interest or penalties under Section 409A, then any such payment
or entitlement which is otherwise payable during the first six months following your separation
from service shall be paid or provided to you in a lump sum on the earlier of (i) the first
business day of the seventh calendar month immediately following the month in which your separation
from service occurs and (ii) the date of your death. To the extent required to satisfy the
provisions of the foregoing sentence with respect to any benefit to be provided in-kind, the
Company shall bill you, and you shall promptly pay, the value for tax purposes of any such benefit
and the Company shall therefore promptly refund the amount so paid by you as soon as allowed by the
foregoing sentence.

     For purposes of Section 409A, the right to a series of installment payments under this Agreement
shall be treated as a right to a series of separate payments. With respect to any reimbursement of
your expenses, or any provision of in-kind benefits to you, as specified under this Agreement, such
reimbursement of expenses or provision of in-kind benefits shall be subject to the following
conditions: (1) the expenses eligible for reimbursement or the amount of in-kind benefits provided
in one taxable year shall not affect the expenses eligible for reimbursement or the amount of
in-kind benefits provided in any other taxable year, except for any medical reimbursement arrangement providing for the
reimbursement of expenses referred to in Section 105(b) of the Code; (2) the reimbursement of an
eligible expense shall be made no later than the end of the year after the year in which such
expense was incurred; and (3) the right to

 

 

Charles D. Kissner

Page 8

reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another
benefit.

     12. Severability. If any provision of this Agreement is deemed invalid, illegal or
unenforceable, such provision shall be modified so as to make it valid, legal and enforceable, and
the validity, legality and enforceability of the remaining provisions of this Agreement shall not
in any way be affected.

     13. Applicable Withholding. All salary, bonus, severance and other payments identified
in this Agreement are subject to applicable withholding by the Company.

     14. Assignment. In view of the personal nature of the services to be performed under
this Agreement by you, you cannot assign or transfer any of your obligations under this Agreement.

     15. Entire Agreement. This Agreement and the agreements referred to above constitute
the entire agreement between you and the Company regarding the terms and conditions of your
employment, and they supersede all prior negotiations, representations or agreements between you
and the Company regarding your employment, whether written or oral. This Agreement sets forth our
entire agreement regarding the Company’s obligation to provide you with severance benefits upon any
termination of your employment, and you shall not be entitled to receive any other severance
benefits from the Company pursuant to any Company severance plan, policy or practice.

     16. Governing Law. This Agreement shall be governed by and construed in accordance
with the law of the state of California, without reference to principles of conflicts of laws.

     17. Modification. This Agreement may only be modified or amended by a supplemental
written agreement signed by you and an authorized representative of the Board.

     18. Legal Fees. The Company will reimburse you for the reasonable fees and expenses of
your attorney in connection with the negotiation of this Agreement, up to a maximum of $7,000
unless otherwise agreed in writing by the Chairman of the Company’s Compensation Committee, within
thirty (30) days after your start date, subject to the Company’s expense reimbursement policies and
procedures.

     19. Indemnification, Advancement, Insurance. You will be entitled to indemnification
and advancement in accordance with the Company’s bylaws as currently in effect. The Company will
provide reasonable directors’ and officers’ insurance coverage for its directors and officers,
including you.

 

 

Charles D. Kissner

Page 9

     Please sign and date this letter on the spaces provided below to acknowledge your acceptance of the
terms of this Agreement.

Sincerely,

	 	 	 	 	 
	Aviat Networks, Inc.

 	 
	By:  	/s/ Thomas L. Cronan III
 	 
	 	Name:  	Thomas L. Cronan III 	 
	 	Title:  	Sr. VP & CFO 	 
	 

     I agree to and accept employment with Aviat Networks, Inc. on the terms and conditions set
forth in this Agreement.

	 	 	 	 	 
	 	 
	/s/ Charles D. Kissner
 	 
	Charles D. Kissnerexv10w26

Exhibit
10.26

EMPLOYMENT AGREEMENT

     This Employment Agreement (the “Agreement”) is made effective as of                                        (the
“Effective Date”), by and between Atlantic Coast Federal Corporation (the “Company” or “Employer”)
and Jay Sidhu (the “Executive”). The Company owns 100% of the common stock of Atlantic Coast Bank
(the “Bank”), and is the majority-owned subsidiary of Atlantic Coast Federal, MHC (the “MHC”).

     WHEREAS, the Executive shall be employed as Executive Chairman of the Company; and

     WHEREAS, Executive is willing to serve the Company on the terms and conditions hereinafter set
forth; and

     NOW, THEREFORE, in consideration of the mutual covenants herein contained, and upon the other
terms and conditions hereinafter provided, the parties hereby agree as follows:

1. POSITION AND RESPONSIBILITIES.

     During the term of this Agreement, Executive will be employed as Executive Chairman of the
Board of the Company (the “Executive Position”), and will perform all duties and will have all
powers associated with such positions as set forth in the job description for such Executive
Position as established by the Company and attached to this Agreement as Appendix A. Executive
shall be responsible for the overall management of the Company, and shall be responsible for
establishing the business objectives, policies and strategic plans of the Company and its
subsidiaries in conjunction with the Board of Directors. Executive shall be responsible for
providing leadership and direction to all divisions of the Company, and will be the primary contact
and liaison between the Board of Directors and management of the Company. During the term of the
Agreement, Executive also agrees to serve, if elected, as an officer and/or director of any
subsidiary or affiliate of Company and in such capacity carry out such duties and responsibilities
reasonably appropriate to that office.

     Executive acknowledges and agrees that, in the performance of his duties hereunder, he is
bound by the terms of the Company’s Code of Business Conduct and Ethics, the terms of which are
incorporated by reference herein. Executive further agrees that he will recuse himself from any
action by the Board of Directors which, directly or indirectly, involves any other entity with
which Executive is affiliated as an employee, director or otherwise.

2. TERM/OTHER ACTIVITIES.

     (a) Three Year Contract; Annual Renewal. Subject to his election to the Board of
Directors of the Company, the term of Executive’s employment under this Agreement shall commence as
of the Effective Date and shall continue thereafter for a period of three (3) years. Commencing on
the first anniversary date of this Agreement (the “Anniversary Date”) and continuing on each
Anniversary Date thereafter, the term of this Agreement shall renew for an additional year such
that the remaining term of this Agreement is always three (3) years provided, however, that in
order for the Agreement to renew, the disinterested members of the

 

 

Board of Directors of the Company (the “Board”) must take the following actions prior to each
non-renewal notice period (as described in the next sentence): (i) at least sixty (60) days prior
to the Anniversary Date, conduct a comprehensive performance evaluation and review of Executive for
purposes of determining whether to extend the Agreement; and (ii) affirmatively approve the renewal
or non-renewal of the Agreement, which decision shall be included in the minutes of the Board’s
meeting. If the decision of such disinterested members of the Board is not to renew the Agreement,
then the Board shall provide the Executive with a written notice of non-renewal (“Non-Renewal
Notice”) at least thirty (30) days and not more than sixty (60) days prior to any Anniversary Date,
such that this Agreement shall terminate at the end of twenty-four (24) months following such
Anniversary Date.

     (b) Termination of Agreement. Notwithstanding anything contained in this Agreement to
the contrary, either Executive or the Employer may terminate Executive’s employment with the
Employer at any time during the term of this Agreement, subject to the terms and conditions of this
Agreement.

     (c) Continued Employment Following Termination of Employment Period. Nothing in this
Agreement shall mandate or prohibit a continuation of Executive’s employment following the
expiration of the term of this Agreement, upon such terms and conditions as the Company and
Executive may mutually agree.

     (d) Commitment to the Company; Membership on Other Boards. During the term of the
Agreement, except for periods of absence occasioned by illness, reasonable vacation periods, and
reasonable leaves of absence approved by the Board, Executive shall devote such proportion of his
business time, attention, skill, and efforts as is reasonably necessary to the faithful performance
of his duties hereunder including activities and services related to the organization, operation
and management of the Company; provided, however, that, with the prior approval of the Board,
Executive may serve, or continue to serve, on the boards of directors of, and hold any other
offices or positions in, business companies or business organizations, which, in the Board’s
judgment, will not present any conflict of interest with the Employer, or materially affect the
performance of Executive’s duties pursuant to this Agreement. For purposes of this Section, Board
approval shall be deemed to have been granted as to service with any such business company or
organization that Executive was serving as of the date of this Agreement and which was disclosed to
the Board. including, but not limited to, Executive’s employment with New Century Bank,
Phoenixville, PA and any affiliate thereof.

3. COMPENSATION, BENEFITS AND REIMBURSEMENT.

     (a) Base Salary. Commencing on June 1, 2010 through the closing of the Second
Step Conversion (as defined below), the Employer shall accrue on behalf of Executive a salary
at the rate of $250,000 per year (“Base Salary”). The amount accrued during this period shall be
payable to the Executive in the first regular payroll following the closing of the Second
Step Conversion, net of applicable taxes. It is expressly understood by Executive that there
can be no assurance when, if ever, the Second-Step Conversion will be completed and Executive
acknowledges and agrees that the payment of the accrued Base Salary is expressly conditioned upon
completion of the Second-Step Conversion. Following completion of the Second Step Conversion,
Executive shall be paid the Base Salary biweekly, or with such other frequency as

2

 

officers and employees are generally paid, net of applicable taxes. During the period of this
Agreement, Executive’s Base Salary shall be reviewed at least annually. Such review shall be
conducted by the Board, and the Employer may increase, but not decrease, Executive’s Base Salary
(with any increase in Base Salary to become “Base Salary” for purposes of this Agreement).

          (i) Bonus and Incentive Compensation. Executive shall be eligible to receive
incentive compensation and bonuses on the terms set forth in any plan or arrangement of the
Employer in which the Company’s senior executives participate or as agreed to by the Employer and
the Executive. Nothing paid to Executive under any such plan or arrangement will be deemed to be
in lieu of other compensation to which Executive is entitled under this Agreement.

     (b) Employee Benefits.

          (i) Executive shall be entitled to participate in all employee benefit plans, programs and
arrangements as generally provided by the Employer to senior executive officers and for which
Executive shall qualify.

          (ii) The Company shall reimburse up to $1,000 each month to Executive as a car allowance, net
of applicable taxes; provided, however, that such reimbursement shall not continue after
termination of Executive’s employment with the Employer (provided, however, that the Employer
shall not reimburse Executive for the costs associated with such automobile, except for travel
which is business related, which shall be reimbursed at the Employer’s established mileage rates).

          (iii) The Company shall reimburse up to $10,000 per year (net after applicable taxes) for
Executive’s membership in a country club of Executive’s choosing; provided, however, that such
reimbursement shall not continue after termination of Executive’s employment with the Employer.

          (iv) If the Company completes the Second Step Conversion (as defined below), the Employer
shall, not later than thirty (30) days thereafter, enter into a supplemental executive retirement
agreement with Executive providing for payment of an annual benefit equal to 60% of the average of
his three highest years of cash compensation for a period of fifteen (15) years following his
termination of employment at or after attaining age 65. Such benefit shall become vested upon the
earlier of (A) a change in control of the Employer as defined in Code Section 409A (but not
including the Second-Step Conversion), (B) the Executive’s death or disability prior to the age of
65, or (C) Executive’s attainment of age 65. The agreement shall further provide that no benefit
shall be payable in the event of Executive’s termination of employment for cause (which includes
termination at the request of the Office of Thrift Supervision or any successor agency) or if the
Executive is no longer serving as a director of the Company following his termination of employment
for reasons other than death or disability.

          (v) The Executive shall be granted (A) stock options for 100,000 shares of the Company’s
common stock under the Company’s 2005 Stock Option Plan with an exercise price equal to the fair
market value of the common stock (determined in accordance with the plan) on the date of grant and
(B) 25,000 shares of restricted stock under the Company’s 2005

3

 

Recognition and Retention Plan. Each grant shall vest in equal annual installments beginning
on the first anniversary of the grant date and shall, in all other respects, be subject to the
terms of the applicable plan and award agreement.

          (vi) Executive shall be entitled to participate in the group health insurance coverage
provided by the Company or the Bank to its employees, under the same cost-sharing arrangement as
generally applies to such employees.

          (vii) The Company’s reimbursement of out-of-pocket expenses (not to exceed $2,500 per year)
for an annual physical examination for Executive at the Mayo Clinic or such other facility as
Executive may determine.

     (c) Paid Time Off. Executive shall be entitled to paid vacation time each year during
the term of this Agreement (measured on a fiscal or calendar year basis, in accordance with the
Employer’s usual practices), as well as sick leave, holidays and other paid absences in accordance
with the Employer’s policies and procedures for senior executives. Any unused paid time off during
an annual period shall be treated in accordance with the Employer’s personnel policies as in effect
from time to time.

     (d) Expense Reimbursements. During the Employment Period, the Employer shall pay or
reimburse Executive for all reasonable travel, entertainment and other reasonable expenses incurred
by Executive during the course of performing his obligations under this Agreement consistent with
the Employer’s expense reimbursement policy, upon presentation to the Employer of an itemized
account of such expenses in such form as the Employer may reasonably require. All reimbursements
under this Section 3(e) shall be paid as soon as practicable by the Employer; provided, however,
that no payment shall be made later than March 15 of the year immediately following the year in
which the expense was incurred.

4. PAYMENTS TO EXECUTIVE UPON AN EVENT OF TERMINATION.

     (a) Upon the occurrence of an Event of Termination (as herein defined) during the term of this
Agreement, the provisions of this Section 4 shall apply. As used in this Agreement, an “Event of
Termination’’ shall mean and include any one or more of the following:

          (i) the involuntary termination by the Company of Executive’s full-time employment hereunder
for any reason other than a termination due to “Disability” or death, as set forth in Section 6; or
a termination upon “Retirement,” as defined in Section 7 or a termination for “Cause,” as defined
in Section 8; and

          (ii) Executive’s voluntary resignation within two years after any of the following, unless
consented to by Executive (where any vote by Executive in performance of his duties as a member of
the Board in favor of such action shall constitute express consent of Executive to such action):

               (A) failure to appoint Executive to the position set forth in Section 1, or a material change
in Executive’s function, duties, or responsibilities, which change would cause Executive’s position
to become one of lesser responsibility, importance, or scope from the

4

 

position and responsibilities described in Section 1, to which Executive has not agreed in writing
(and any such material change shall be deemed a continuing breach of this Agreement by the Bank);
provided, however, that (i) a regulatory action which alters Executive’s duties, or (ii) a failure
to re-elect Executive to the Board shall not constitute an Event of Termination under this
Agreement and any change to Executive’s duties as an officer or director of any affiliate does not
constitute an Event of Termination under this Agreement;

               (B) a relocation of Executive’s principal place of employment to a location that is more than
50 miles from Jacksonville, Florida;

               (C) a material reduction in the benefits and perquisites, including Base Salary, to Executive
from those being provided as of the Effective Date (except for any reduction that is part of a
reduction in pay or benefits that is generally applicable to officers or employees of the Employer)
or;

               (D) a material breach of this Agreement by the Employer.

     Upon the occurrence of any event described in clause (ii) above (“Good Reason”), Executive
shall have the right to elect to terminate his employment under this Agreement by resignation
within ninety (90) days after the initial occurrence of such condition upon not less than thirty
(30) days prior written notice given within a reasonable period of time (not to exceed sixty (60)
days) after the initial event giving rise to the right to elect; provided, however, that the
Employer shall be given at least thirty (30) days to remedy the condition before the Executive
terminates employment. Such voluntary termination for Good Reason by Executive shall be an Event
of Termination.

     (b) Upon the occurrence of an Event of Termination, the Employer shall pay Executive, or, in
the event of his subsequent death, his beneficiary or beneficiaries, or his estate, as the case may
be, as severance pay or liquidated damages, or both, a lump sum in cash (net of applicable taxes)
equal to three (3) times (i) the highest annual rate of Base Salary paid to Executive at any time
under this Agreement and (ii) the highest annual bonus and non-equity incentive compensation paid
to the Executive over the most recent three (3) calendar years prior to the Event of Termination;
provided however, that, to the extent required by regulations or interpretations of the Office of
Thrift Supervision, all severance payments under the Agreement shall be reduced not to exceed three
(3) times Executive’s average annual compensation (as defined in such regulations or
interpretations) over the most recent five (5) taxable years. Such payment shall not be reduced in
the event Executive obtains other employment following the Event of Termination. Notwithstanding
the foregoing, in the event Executive is a “Specified Employee” (as defined in the Internal Revenue
Code (the “Code”) Section 409A and the regulations thereunder) to the extent required under Code
Section 409A, no payment shall be made to Executive prior to the first day of the seventh month
following the Event of Termination.

     (c) Upon the occurrence of an Event of Termination, the Employer shall provide at the
Employer’s expense, life and disability insurance coverage and non-taxable medical and dental
insurance coverage substantially comparable to the coverage maintained by the Employer for
Executive and his family prior to the Event of Termination, except to the extent such

5

 

coverage may be changed in its application to all of the Employer’s employees. Such coverage
shall cease upon the earlier of (i) thirty-six (36) months following the Event of Termination or
(ii) Executive’s obtaining substantially similar coverage (whether or not elected) from a new
employer.

5. CHANGE IN CONTROL.

     In the event that the aggregate payments or benefits to be made or afforded to Executive
pursuant to Section 4 of this Agreement following the occurrence of a change in control, as defined
in Code Section 280G, would be deemed to include an “excess parachute payment” under Code Section
280G or any successor thereto, then at the election of Executive, (i) such payments or benefits
shall be payable or provided to Executive over the minimum period necessary to reduce the present
value of such payments or benefits to an amount that is one dollar ($1.00) less than three times
Executive’s “base amount” under such Code Section 280G, or (ii) the payments or benefits to be
provided under this Agreement shall be reduced to the extent necessary to avoid treatment as an
excess parachute payment, with the allocation of the reduction among such payments and benefits to
be determined by Executive. Notwithstanding anything in this subsection to the contrary, a change
in control shall not be deemed to have occurred upon the Second-Step Conversion of the MHC, or in
connection with any reorganization used to effect such a conversion.

6. TERMINATION FOR DISABILITY OR DEATH.

     (a) Termination of Executive’s employment based on “Disability” shall be construed to comply
with Section 409A of the Internal Revenue Code and shall be deemed to have occurred if: (i)
Executive is unable to engage in any substantial gainful activity by reason of any medically
determinable physical or mental impairment that can be expected to result in death, or last for a
continuous period of not less than twelve (12) months; (ii) by reason of any medically determinable
physical or mental impairment that can be expected to result in death, or last for a continuous
period of not less than twelve (12) months, Executive is receiving income replacement benefits for
a period of not less than three months under an accident and health plan covering employees of the
Employer; or (iii) Executive is determined to be totally disabled by the Social Security
Administration. The provisions of Sections 6(b) and (c) shall apply upon the termination of the
Executive’s employment based on Disability.

     (b) Executive shall be entitled to receive Base Salary earned until the date of Executive’s
termination of employment due to Disability, plus payment for unused vacation, personal leave, sick
leave and other vested benefits, as well as payment under any short- or long-term disability plan
maintained by the Employer, net of applicable taxes.

     (c) The Employer shall cause to be continued life, disability, and non-taxable medical and
dental insurance coverage substantially comparable to the coverage maintained by the Employer for
the Executive prior to the termination of his employment based on Disability, except to the extent
such coverage may be changed in its application to all employees of the Employer or not available
on an individual basis to an employee terminated based on Disability. This coverage shall cease
upon the earlier of (i) the date Executive returns to the full-time

6

 

employment of the Employer; (ii) Executive’s full-time employment by another employer; or
(iii) Executive’s death.

     (d) In the event of Executive’s death during the term of this Agreement, his estate, legal
representatives or named beneficiaries (as directed by Executive in writing) shall be paid
Executive’s earned but unpaid Base Salary through Executive’s date of death, and the Employer shall
pay all premiums for six (6) months following Executive’s date of death for medical, dental and
other insurance benefits normally provided for Executive’s family. Such payments are in addition
to any other benefits that Executive’s beneficiaries may be entitled to receive under any employee
benefit plan maintained by the Employer for the benefit of Executive, including, but not limited
to, the Employer’s life insurance and tax-qualified and non-qualified retirement plans.

7. TERMINATION UPON RETIREMENT.

     Termination of Executive’s employment based on “Retirement” shall mean termination of
Executive’s employment at age sixty-five (65) or in accordance with any retirement policy
established by the Board with Executive’s consent with respect to him. Upon termination of
Executive based on Retirement, no amounts or benefits shall be due Executive under this Agreement,
and Executive shall be entitled to all benefits under any retirement plan of the Employer and other
plans to which Executive is a party.

8. TERMINATION FOR CAUSE.

     The Employer may terminate the Executive’s employment at any time, but any termination other
than termination for “Cause,” as defined herein, shall not prejudice the Executive’s right to
compensation or other benefits under the Agreement. The Executive shall have no right to receive
compensation or other benefits for any period after termination for “Cause.” Termination for
“Cause” shall include termination because of the Executive’s personal dishonesty, incompetence,
willful misconduct, breach of fiduciary duty involving personal profit, material breach of the Code
of Ethics of either the Bank or the Company, material violation of the Sarbanes-Oxley requirements
for officers of public companies that in the reasonable opinion of the Board will likely cause
substantial financial harm or substantial injury to the reputation of the Company or the Bank,
willfully engaging in actions that in the reasonable opinion of the Board will likely cause
substantial financial harm or substantial injury to the business reputation of the Company or the
Bank, failure to perform stated duties after receiving written notice of Executive’s failure to
perform assigned duties, willful violation of any law, rule or regulation (other than routine
traffic violations or similar offenses) or final cease-and-desist order, or material breach of any
provision of the Agreement.

9. NOTICE OF TERMINATION.

     (a) Any termination of Executive’s employment hereunder shall be communicated by Notice of
Termination as defined in Section 9(c) to the other party and shall be effective as of the “Date of
Termination.” “Date of Termination” shall mean (i) if Executive’s employment is terminated for any
reason other than for Cause, thirty (30) days after the Notice of Termination is

7

 

given, and (ii) if Executive’s employment is terminated for Cause, the date specified in the
Notice of Termination. If, within thirty (30) days after any Notice of Termination is given,
Executive notifies the Company that a dispute exists concerning the termination, the parties shall
promptly proceed to arbitration, as provided in Section 19. Notwithstanding the pendency of any
such dispute, the Employer shall discontinue paying Executive’s compensation until the dispute is
finally resolved in accordance with this Agreement. If it is determined that Executive is entitled
to compensation and benefits under Section 4, the payment of such compensation and benefits by the
Employer shall commence immediately following the date of resolution by arbitration, with interest
due Executive on the cash amount that would have been paid pending arbitration (at the prime rate
as published in The Wall Street Journal from time to time).

     (b) For purposes of this Agreement, a “Notice of Termination” shall mean a written notice that
shall indicate the specific termination provision in this Agreement relied upon as the basis for
termination of Executive’s employment under this Agreement.

10. POST-TERMINATION OBLIGATIONS AND CONFIDENTIALITY.

     (a) Executive hereby covenants and agrees that (except following a change in control as
defined in Section 5(a) above), for a period of one year following his termination of employment
with the Company, he shall not, without the written consent of the Company, either directly or
indirectly:

          (i) solicit, offer employment to, or take any other action intended (or that a reasonable
person acting in like circumstances would expect) to have the effect of causing any officer or
employee of the Bank or the Company, or any of their respective subsidiaries or affiliates, to
terminate his or her employment and accept employment or become affiliated with, or provide
services for compensation in any capacity whatsoever to, any business whatsoever that competes with
the business of the Bank or the Company, or any of their direct or indirect subsidiaries or
affiliates or has headquarters or offices within 50 miles of the locations in which the Bank or the
Company has business operations or has filed an application for regulatory approval to establish an
office;

          (ii) become an officer, employee, consultant, director, independent contractor, agent, sole
proprietor, joint venturer, greater than five percent (5%) equity owner or stockholder, partner or
trustee of any savings bank, savings and loan association, savings and loan holding company, credit
union, bank or bank holding company, insurance company or agency, any mortgage or loan broker or
any other entity competing with the Bank or its affiliates in the same geographic locations where
the Bank or its affiliates has material business interests; or

          (iii) solicit, provide any information, advice or recommendation or take any other action
intended (or that a reasonable person acting in like circumstances would expect) to have the effect
of causing any customer of the Bank to terminate an existing business or commercial relationship
with the Bank.

     (b) Executive shall, upon reasonable notice, furnish such information and assistance to the
Bank as may reasonably be required by the Bank, in connection with any litigation in which it or
any of its subsidiaries or affiliates is, or may become, a party; provided, however, that

8

 

Executive shall not be required to provide information or assistance with respect to any
litigation between the Executive and the Bank or any of its subsidiaries or affiliates.

     (c) All payments and benefits to Executive under this Agreement shall be subject to
Executive’s compliance with this Section 10. The parties hereto, recognizing that irreparable
injury will result to the Employer, its business and property in the event of Executive’s breach of
this Section 10, agree that, in the event of any such breach by Executive, the Employer will be
entitled, in addition to any other remedies and damages available, to an injunction to restrain the
violation hereof by Executive and all persons acting for or with Executive. Executive represents
and admits that Executive’s experience and capabilities are such that Executive can obtain
employment in a business engaged in other lines and/or of a different nature than the Employer, and
that the enforcement of a remedy by way of injunction will not prevent Executive from earning a
livelihood. Nothing herein will be construed as prohibiting the Employer from pursuing any other
remedies available to them for such breach or threatened breach, including the recovery of damages
from Executive.

     (d) As a condition to Executive’s receipt of any payments under Sections 4, 5 or 6 of this
Agreement, Executive agrees to enter into and execute a release in a form satisfactory to Employer.

11. SOURCE OF PAYMENTS.

     All payments provided in this Agreement shall be timely paid in cash or check from the general
funds of the Company.

12. EFFECT ON PRIOR AGREEMENTS AND EXISTING BENEFITS PLANS.

     This Agreement contains the entire understanding between the parties hereto and supersedes any
prior employment agreement between the Employer or any predecessor of the Employer and Executive,
except that this Agreement shall not affect or operate to reduce any benefit or compensation
inuring to Executive of a kind elsewhere provided. No provision of this Agreement shall be
interpreted to mean that Executive is subject to receiving fewer benefits than those available to
him without reference to this Agreement.

13. NO ATTACHMENT; BINDING ON SUCCESSORS.

     (a) Except as required by law, no right to receive payments under this Agreement shall be
subject to anticipation, commutation, alienation, sale, assignment, encumbrance, charge, pledge, or
hypothecation, or to execution, attachment, levy, or similar process or assignment by operation of
law, and any attempt, voluntary or involuntary, to effect any such action shall be null, void, and
of no effect.

     (b) This Agreement shall be binding upon, and inure to the benefit of, Executive and the
Employer and their respective successors and assigns.

9

 

14. MODIFICATION AND WAIVER.

     (a) This Agreement may not be modified or amended except by an instrument in writing signed by
the parties hereto.

     (b) No term or condition of this Agreement shall be deemed to have been waived, nor shall
there be any estoppel against the enforcement of any provision of this Agreement, except by written
instrument of the party charged with such waiver or estoppel. No such written waiver shall be
deemed a continuing waiver unless specifically stated therein, and each such waiver shall operate
only as to the specific term or condition waived and shall not constitute a waiver of such term or
condition for the future as to any act other than that specifically waived.

15. REQUIRED PROVISIONS.

     (a) The Company may terminate Executive’s employment at any time, but any termination by the
Board other than termination for Cause shall not prejudice Executive’s right to compensation or
other benefits under this Agreement. Executive shall have no right to receive compensation or
other benefits for any period after termination for Cause.

     (b) If Executive is suspended from office and/or temporarily prohibited from participating in
the conduct of the Bank’s affairs by a notice served under Section 8(e)(3) [12 U.S.C. §1818(e)(3)]
or 8(g)(1) [12 U.S.C. §1818(g)(1)] of the Federal Deposit Insurance Act, the Company’s obligations
under this contract shall be suspended as of the date of service, unless stayed by appropriate
proceedings. If the charges in the notice are dismissed, the Company may in its discretion (i) pay
Executive all or part of the compensation withheld while its contract obligations were suspended
and (ii) reinstate (in whole or in part) any of its obligations which were suspended.

     (c) If Executive is removed and/or permanently prohibited from participating in the conduct of
the Bank’s affairs by an order issued under Section 8(e)(4) [12 U.S.C. §1818(e)(4)] or 8(g)(1) [12
U.S.C. §1818(g)(1)] of the Federal Deposit Insurance Act, all obligations of the Company under
this Agreement shall terminate as of the effective date of the order, but vested rights of the
contracting parties shall not be affected.

     (d) If the Bank is in default as defined in Section 3(x)(1) [12 U.S.C. §1813(x)(1)] of the
Federal Deposit Insurance Act, all obligations of the Company under this Agreement shall terminate
as of the date of default, but this paragraph shall not affect any vested rights of the contracting
parties.

     (e) All obligations under this Agreement shall be terminated, except to the extent determined
that continuation of the contract is necessary for the continued operation of the Bank, (i) by the
Director of the Office of Thrift Supervision (“OTS”) or his or her designee, at the time the FDIC
enters into an agreement to provide assistance to or on behalf of the Bank under the authority
contained in Section 13(c) [12 U.S.C. §1823(c)] of the Federal Deposit Insurance Act; or (ii) by
the Director or his or her designee at the time the Director or his or her designee approves a
supervisory merger to resolve problems related to operation of the Bank or when the Bank is
determined by the Director to be in an unsafe or unsound condition. Any rights of the parties that
have already vested, however, shall not be affected by such action.

10

 

     (f) Notwithstanding anything herein contained to the contrary, any payments to Executive by
the Bank or the Company, whether pursuant to this Agreement or otherwise, are subject to and
conditioned upon their compliance with Section 18(k) of the Federal Deposit Insurance Act,
12 U.S.C. § 1828(k), and the regulations promulgated thereunder in 12 C.F.R. Part 359.

16. SEVERABILITY.

     If, for any reason, any provision of this Agreement, or any part of any provision, is held
invalid, such invalidity shall not affect any other provision of this Agreement or any part of such
provision not held so invalid, and each such other provision and part thereof shall to the full
extent consistent with law continue in full force and effect.

17. HEADINGS FOR REFERENCE ONLY.

     The headings of sections and paragraphs herein are included solely for convenience of
reference and shall not control the meaning or interpretation of any of the provisions of this
Agreement.

18. GOVERNING LAW.

     This Agreement shall be governed by the laws of the State of Florida but only to the extent
not superseded by federal law.

19. ARBITRATION.

     Any dispute or controversy arising under or in connection with this Agreement shall be settled
exclusively by binding arbitration, as an alternative to civil litigation and without any trial by
jury to resolve such claims, conducted by a panel of three arbitrators sitting in a location
selected by Executive and Employer within fifty (50) miles from the main office of the Bank, in
accordance with the rules of the American Arbitration Association’s National Rules for the
Resolution of Employment Disputes (“National Rules”) then in effect. One arbitrator shall be
selected by Executive, one arbitrator shall be selected by the Employer and the third arbitrator
shall be selected by the arbitrators selected by the parties. If the arbitrators are unable to
agree within fifteen (15) days upon a third arbitrator, the arbitrator shall be appointed for them
from a panel of arbitrators selected in accordance with the National Rules. Judgment may be
entered on the arbitrator’s award in any court having jurisdiction.

20. INDEMNIFICATION.

     Executive shall be provided with coverage under a standard directors’ and officers’ liability
insurance policy, and shall be indemnified for the term of this Agreement and for a period of six
years thereafter to the fullest extent permitted under applicable law against all expenses and
liabilities reasonably incurred by him in connection with or arising out of any action, suit or
proceeding in which he may be involved by reason of his having been a director or officer of the
Company or the Bank or any affiliate (whether or not he continues to be a director or officer at
the time of incurring such expenses or liabilities), such expenses and liabilities to include, but
not be limited to, judgments, court costs and attorneys’ fees and the cost of

11

 

reasonable settlements (such settlements must be approved by the Board), provided, however,
Executive shall not be indemnified or reimbursed for legal expenses or liabilities incurred in
connection with an action, suit or proceeding arising from any illegal or fraudulent act committed
by Executive. Any such indemnification shall be made consistent with Section 545.121 of the OTS
Regulations and Section 18(k) of the Federal Deposit Insurance Act, 12 U.S.C. § 1828(k), and the
regulations issued thereunder in 12 C.F.R. Part 359.

21. NOTICE.

     For the purposes of this Agreement, notices and all other communications provided for in this
Agreement shall be in writing and shall be deemed to have been duly given when delivered by courier
service or express mail, mailed by certified or registered mail, return receipt requested, postage
prepaid, addressed to the respective addresses set forth below:

	 	 	 

	To the Company:

	 	Atlantic Coast Federal Corporation
	 

	 	Attn: Chairman of the Compensation Committee of the Board
of Directors
	 

	 	12724 Gran Bay Parkway West
	 

	 	Jacksonville, Florida 32258
	 
	 	 
	To Executive:

	 	Atlantic Coast Federal Corporation
	 

	 	Attn: Executive Chairman of the Board
	 

	 	12724 Gran Bay Parkway West
	 

	 	Jacksonville, Florida 32258

22. COMPLIANCE WITH TARP REGULATIONS.

     Notwithstanding any provision in this Agreement to the contrary, no payment shall be made, and
no benefit shall be accrued, to the Executive if such payment or benefit accrual would be
prohibited by 12 C.F.R. Part 30 or any other law or regulation prohibiting such payment or accrual.

12

 

SIGNATURES

     IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by its duly
authorized representative, and Executive has signed this Agreement, effective as of the date first
above written.

	 	 	 	 	 	 	 

	 	 	ATLANTIC COAST FEDERAL CORPORATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

Date

	 	Name:
	 	 

	 	 
	 

	 	Title:
	 	 

	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 	 	EXECUTIVE	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	Date	 	Jay Sidhu	 	 

13

 

APPENDIX A – JOB DESCRIPTION

14

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