Document:

EXHIBIT 10.5

 

FIRST AMENDMENT TO EMPLOYMENT
AGREEMENT

 

THIS
FIRST AMENDMENT TO EMPLOYMENT AGREEMENT (this “Amendment”),
is made effective as of May 11, 2010, to the Employment Agreement dated July 24,
2009 (the “Employment Agreement”),
between State Bank and Trust Company, a banking corporation organized under the
laws of the State of Georgia (the “Bank”), and
Joseph W. Evans, a resident of the State of Georgia (the “Employee”).

 

WHEREAS,
Employee and the Bank entered into the Employment Agreement which provides for
the terms and conditions of the Bank’s employment of Employee;

 

WHEREAS,
Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”), and additional
guidance issued thereunder, requires that in order to avoid taxation and penalties
to the Employee, any deferred compensation paid by the Bank to the Employee
must comply with the requirements of Section 409A in form and operation at
all times on and after January 1, 2005; and

 

WHEREAS,
the Bank has administered the Employment Agreement in good faith compliance
with Section 409A and now wishes to memorialize its compliance in the form
of an amendment to the Employment Agreement.

 

NOW
THEREFORE, in consideration of the foregoing and for good and valuable
consideration, the receipt and sufficient of which are hereby acknowledged, the
Bank and Employee hereby agree as follows:

 

1.             Section 3.3.3 of the Employment Agreement is hereby
amended by inserting the following language to the end of Section 3.3.3:

 

“Notwithstanding
the provisions in this Section 3.3.3, the Bank and the Employee shall take
all steps necessary (including with regard to any post-termination services by
the Employee) to ensure that any termination described in Section 3
constitutes a “separation from service” within the meaning of Section 409A
of the Code.”

 

2.             The Employment Agreement is hereby
amended to add a new Section 3.3.4:

 

“This
Agreement is intended to comply with, or otherwise be exempt from, Section 409A
of the Code and any regulations and U.S. Department of Treasury guidance
promulgated thereunder.  If any provision
of this Agreement does not satisfy the requirements of Section 409A of the
Code, such provision shall nevertheless be applied in a manner consistent with
those requirements. If any provision of this Agreement would subject Employee
to additional tax or interest under Section 409A(a)(1) of the Code,
the Bank shall reform the provision, and the Bank and Employee agree that they
will execute any and all amendments to this Agreement as they mutually agree in
good faith may be necessary to ensure compliance with Section 409A of the
Code.  Notwithstanding any other
provision in this Agreement, if Employee is determined by the Bank, as of the
date of termination of employment with the Bank, to be a “specified employee,”
as such term is defined in Section 409A(a)(2)(B)(i) of the Code, and
if any benefits paid to Employee hereunder would be considered deferred
compensation under 

 

 

Section 409A
of the Code, and finally if an exemption from the six month delay requirement
of Section 409A(a)(2)(B)(i) of the Code is not available, then all
severance payments and other payments, other than as a result of death, that
would normally be paid within six months from the date of termination of
employment shall be paid on the first day of the seventh month following
termination of employment.”

 

3.             Terms defined in the Employment
Agreement shall have the same meaning herein unless otherwise defined herein or
unless the context clearly requires otherwise.

 

4.             Except as expressly amended hereby,
all terms, provisions, conditions and covenants contained in the Employment
Agreement are not modified by this Amendment and continue in full force and
effect as originally written.

 

[Signatures Appear on Following Page]

 

2

 

IN
WITNESS WHEREOF, the parties have caused this Amendment to be duly executed and
delivered as of the date first written above.

 

	
   

  	
  “BANK”

  
	
   

  	
   

  
	
   

  	
  STATE
  BANK AND TRUST COMPANY

  
	
   

  	
   

  
	
   

  	
  /s/
  J. Daniel Speight

  
	
   

  	
  Name:

  	
  J.
  Daniel Speight

  
	
   

  	
  Title:

  	
  Vice
  Chairman, Chief Financial Officer and

  Chief Operating Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  ATTEST:

  	
   

  
	
   

  	
   

  
	
  /s/
  Kim M Childers

  	
   

  
	
  Name:

  	
  Kim
  M. Childers

  	
   

  
	
  Title:

  	
  President
  and Chief Credit Officer

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  “EMPLOYEE”

  
	
   

  	
   

  
	
   

  	
  /s/
  Joseph W. Evans

  
	
   

  	
  Name:

  	
  Joseph
  W. Evans

  

 

3EXHIBIT 10.6

 

FIRST AMENDMENT TO EMPLOYMENT
AGREEMENT

 

THIS
FIRST AMENDMENT TO EMPLOYMENT AGREEMENT (this “Amendment”),
is made effective as of May 11, 2010, to the Employment Agreement dated July 24,
2009 (the “Employment Agreement”),
between State Bank and Trust Company, a banking corporation organized under the
laws of the State of Georgia (the “Bank”), and
Kim Michael Childers, a resident of the State of Georgia (the “Employee”).

 

WHEREAS,
Employee and the Bank entered into the Employment Agreement which provides for
the terms and conditions of the Bank’s employment of Employee;

 

WHEREAS,
Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”), and additional
guidance issued thereunder, requires that in order to avoid taxation and penalties
to the Employee, any deferred compensation paid by the Bank to the Employee
must comply with the requirements of Section 409A in form and operation at
all times on and after January 1, 2005; and

 

WHEREAS,
the Bank has administered the Employment Agreement in good faith compliance
with Section 409A and now wishes to memorialize its compliance in the form
of an amendment to the Employment Agreement.

 

NOW
THEREFORE, in consideration of the foregoing and for good and valuable
consideration, the receipt and sufficient of which are hereby acknowledged, the
Bank and Employee hereby agree as follows:

 

1.                                       Section 3.3.3
of the Employment Agreement is hereby amended by inserting the following
language to the end of Section 3.3.3:

 

“Notwithstanding
the provisions in this Section 3.3.3, the Bank and the Employee shall take
all steps necessary (including with regard to any post-termination services by
the Employee) to ensure that any termination described in Section 3
constitutes a “separation from service” within the meaning of Section 409A
of the Code.”

 

2.                                       The Employment
Agreement is hereby amended to add a new Section 3.3.4:

 

“This
Agreement is intended to comply with, or otherwise be exempt from, Section 409A
of the Code and any regulations and U.S. Department of Treasury guidance
promulgated thereunder.  If any provision
of this Agreement does not satisfy the requirements of Section 409A of the
Code, such provision shall nevertheless be applied in a manner consistent with
those requirements. If any provision of this Agreement would subject Employee
to additional tax or interest under Section 409A(a)(1) of the Code,
the Bank shall reform the provision, and the Bank and Employee agree that they
will execute any and all amendments to this Agreement as they mutually agree in
good faith may be necessary to ensure compliance with Section 409A of the
Code.  Notwithstanding any other
provision in this Agreement, if Employee is determined by the Bank, as of the
date of termination of employment with the Bank, to be a “specified employee,”
as such term is defined in Section 409A(a)(2)(B)(i) of the Code, and
if any benefits paid to Employee hereunder would be considered deferred
compensation under 

 

 

Section 409A
of the Code, and finally if an exemption from the six month delay requirement
of Section 409A(a)(2)(B)(i) of the Code is not available, then all
severance payments and other payments, other than as a result of death, that
would normally be paid within six months from the date of termination of
employment shall be paid on the first day of the seventh month following
termination of employment.”

 

3.                                       Terms defined
in the Employment Agreement shall have the same meaning herein unless otherwise
defined herein or unless the context clearly requires otherwise.

 

4.                                       Except as
expressly amended hereby, all terms, provisions, conditions and covenants
contained in the Employment Agreement are not modified by this Amendment and
continue in full force and effect as originally written.

 

[Signatures Appear on Following Page]

 

2

 

IN
WITNESS WHEREOF, the parties have caused this Amendment to be duly executed and
delivered as of the date first written above.

 

	
   

  	
  “BANK”

  
	
   

  	
   

  
	
   

  	
  STATE
  BANK AND TRUST COMPANY

  
	
   

  	
   

  
	
   

  	
  /s/
  Joseph W. Evans

  
	
   

  	
  Name:

  	
  Joseph
  W. Evans

  
	
   

  	
  Title:

  	
  Chairman
  and Chief Executive Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  ATTEST:

  	
   

  
	
   

  	
   

  
	
  /s/
  J. Daniel Speight

  	
   

  
	
  Name:

  	
  J.
  Daniel Speight

  	
   

  
	
  Title:

  	
  Vice
  Chairman, Chief Financial

  	
   

  
	
   

  	
  Officer
  and Chief Operating Officer

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  “EMPLOYEE”

  
	
   

  	
   

  
	
   

  	
  /s/
  Kim Michael Childers

  
	
   

  	
  Name:

  	
  Kim
  Michael Childers

  

 

3EXHIBIT 10.7

 

FIRST AMENDMENT TO EMPLOYMENT
AGREEMENT

 

THIS
FIRST AMENDMENT TO EMPLOYMENT AGREEMENT (this “Amendment”),
is made effective as of May 11, 2010, to the Employment Agreement dated July 24,
2009 (the “Employment Agreement”),
between State Bank and Trust Company, a banking corporation organized under the
laws of the State of Georgia (the “Bank”), and
J. Daniel Speight, a resident of the State of Georgia (the “Employee”).

 

WHEREAS,
Employee and the Bank entered into the Employment Agreement which provides for
the terms and conditions of the Bank’s employment of Employee;

 

WHEREAS,
Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”), and additional
guidance issued thereunder, requires that in order to avoid taxation and penalties
to the Employee, any deferred compensation paid by the Bank to the Employee
must comply with the requirements of Section 409A in form and operation at
all times on and after January 1, 2005; and

 

WHEREAS,
the Bank has administered the Employment Agreement in good faith compliance
with Section 409A and now wishes to memorialize its compliance in the form
of an amendment to the Employment Agreement.

 

NOW
THEREFORE, in consideration of the foregoing and for good and valuable
consideration, the receipt and sufficient of which are hereby acknowledged, the
Bank and Employee hereby agree as follows:

 

1.             Section 3.3.3 of the
Employment Agreement is hereby amended by inserting the following language to
the end of Section 3.3.3:

 

“Notwithstanding
the provisions in this Section 3.3.3, the Bank and the Employee shall take
all steps necessary (including with regard to any post-termination services by
the Employee) to ensure that any termination described in Section 3
constitutes a “separation from service” within the meaning of Section 409A
of the Code.”

 

2.             The Employment Agreement is hereby
amended to add a new Section 3.3.4:

 

“This
Agreement is intended to comply with, or otherwise be exempt from, Section 409A
of the Code and any regulations and U.S. Department of Treasury guidance
promulgated thereunder.  If any provision
of this Agreement does not satisfy the requirements of Section 409A of the
Code, such provision shall nevertheless be applied in a manner consistent with
those requirements. If any provision of this Agreement would subject Employee
to additional tax or interest under Section 409A(a)(1) of the Code,
the Bank shall reform the provision, and the Bank and Employee agree that they
will execute any and all amendments to this Agreement as they mutually agree in
good faith may be necessary to ensure compliance with Section 409A of the
Code.  Notwithstanding any other
provision in this Agreement, if Employee is determined by the Bank, as of the
date of termination of employment with the Bank, to be a “specified employee,”
as such term is defined in Section 409A(a)(2)(B)(i) of the Code, and
if any benefits paid to Employee hereunder would be considered deferred
compensation under 

 

 

Section 409A
of the Code, and finally if an exemption from the six month delay requirement
of Section 409A(a)(2)(B)(i) of the Code is not available, then all
severance payments and other payments, other than as a result of death, that
would normally be paid within six months from the date of termination of
employment shall be paid on the first day of the seventh month following
termination of employment.”

 

3.             Terms defined in the Employment
Agreement shall have the same meaning herein unless otherwise defined herein or
unless the context clearly requires otherwise.

 

4.             Except as expressly amended hereby,
all terms, provisions, conditions and covenants contained in the Employment
Agreement are not modified by this Amendment and continue in full force and
effect as originally written.

 

[Signatures Appear on Following Page]

 

2

 

IN
WITNESS WHEREOF, the parties have caused this Amendment to be duly executed and
delivered as of the date first written above.

 

	
   

  	
  “BANK”

  
	
   

  	
   

  
	
   

  	
  STATE
  BANK AND TRUST COMPANY

  
	
   

  	
   

  
	
   

  	
  /s/
  Joseph W. Evans

  
	
   

  	
  Name:

  	
  Joseph
  W. Evans

  
	
   

  	
  Title:

  	
  Chairman
  and Chief Executive Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  ATTEST:

  	
   

  
	
   

  	
   

  
	
  /s/
  Kim M. Childers

  	
   

  
	
  Name:

  	
  Kim
  M. Childers

  	
   

  
	
  Title:

  	
  President
  and Chief Credit Officer

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  “EMPLOYEE”

  
	
   

  	
   

  
	
   

  	
  /s/
  J. Daniel Speight

  
	
   

  	
  Name:

  	
  J.
  Daniel Speight

  

 

3

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