Document:

Exhibit 10.17

 

THIRD AMENDMENT TO EMPLOYMENT
AGREEMENT

 

THIS
THIRD AMENDMENT TO EMPLOYMENT AGREEMENT (this “Amendment”),
is made effective as of December 2, 2010, to the Employment Agreement
dated July 24, 2009, as amended by the First and Second Amendment (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 M. 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,
the Bank’s shareholders approved the reorganization of the Bank into a holding
company structure at the Bank’s annual meeting held on March 11, 2010;

 

WHEREAS,
on July 23, 2010, upon the filing of articles of share exchange with the
Georgia Secretary of State and in accordance with a Reorganization Agreement
and Plan of Share Exchange, the Bank became a wholly-owned subsidiary of State
Bank Financial Corporation (the “Holding Company
Reorganization”); and

 

WHEREAS,
the Bank and Employee desire to amend certain provisions of the Employment
Agreement to revise the definition of Change in Control and to expressly
provide that the Holding Company Reorganization did not constitute a Change in
Control event.

 

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 1.8 of the
Employment Agreement is hereby deleted in its entirety and the following is
hereby inserted in lieu thereof:

 

“Change in Control” means any one of
the following events occurring after the Effective Date:

 

(a)           the acquisition
by any person or persons acting in concert of the then outstanding voting
securities of State Bank Financial Corporation (the “Holding
Company”), if, after the transaction, the acquiring person (or
persons) owns, controls or holds with power to vote more than twenty-five
percent (25%) of any class of voting securities of the Holding Company or such
other transaction as may be described under 12 C.F.R. § 225.41(c) or
any successor thereto;

 

(b)           within any
twelve-month period (beginning on or after January 7, 2010) the persons
who were directors of the Holding Company immediately before the beginning of
such twelve-month period (the “Incumbent Directors”)
shall cease to constitute at least a majority of such Board of Directors;
provided that any director who 

 

 

was
not a director as of January 7, 2010 shall be deemed to be an Incumbent
Director if that director was elected to such Board of Directors by, or on the
recommendation of or with the approval of, at least two-thirds (2/3) of the
directors who then qualified as Incumbent Directors; and provided further that
no director whose initial assumption of office is in connection with an actual
or threatened election contest relating to the election of directors shall be
deemed to be an Incumbent Director;

 

(c)           the approval by
the stockholders of the Holding Company of a reorganization, merger or
consolidation, with respect to which persons who were the stockholders of the
Holding Company immediately prior to such reorganization, merger or consolidation
do not, immediately thereafter, own more than fifty percent (50%) of the
combined voting power entitled to vote in the election of directors of the
reorganized, merged or consolidated company’s then outstanding voting
securities; or

 

(d)           the sale, transfer
or assignment of all or substantially all of the assets of the Holding Company
and its subsidiaries to any third party.

 

Notwithstanding anything in the Employment Agreement to the contrary,
the consummation of the Holding Company Reorganization did not constitute a
Change in Control.”

 

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

 

3.             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]

 

 

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:

  	
  Chief
  Financial Officer and Chief Operating Officer

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  “EMPLOYEE”

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/
  Kim M. Childers

  
	
   

  	
  Name:

  	
  Kim
  M. ChildersExhibit 10.18

 

THIRD AMENDMENT TO EMPLOYMENT
AGREEMENT

 

THIS
THIRD AMENDMENT TO EMPLOYMENT AGREEMENT (this “Amendment”),
is made effective as of December 2, 2010, to the Employment Agreement
dated July 24, 2009, as amended by the First and Second Amendment (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,
the Bank’s shareholders approved the reorganization of the Bank into a holding
company structure at the Bank’s annual meeting held on March 11, 2010;

 

WHEREAS,
on July 23, 2010, upon the filing of articles of share exchange with the
Georgia Secretary of State and in accordance with a Reorganization Agreement
and Plan of Share Exchange, the Bank became a wholly-owned subsidiary of State
Bank Financial Corporation (the “Holding Company
Reorganization”); and

 

WHEREAS,
the Bank and Employee desire to amend certain provisions of the Employment
Agreement to revise the definition of Change in Control and to expressly
provide that the Holding Company Reorganization did not constitute a Change in
Control event.

 

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 1.8 of the
Employment Agreement is hereby deleted in its entirety and the following is
hereby inserted in lieu thereof:

 

“Change in Control” means any one of
the following events occurring after the Effective Date:

 

(a)           the acquisition
by any person or persons acting in concert of the then outstanding voting
securities of State Bank Financial Corporation (the “Holding
Company”), if, after the transaction, the acquiring person (or
persons) owns, controls or holds with power to vote more than twenty-five
percent (25%) of any class of voting securities of the Holding Company or such
other transaction as may be described under 12 C.F.R. § 225.41(c) or
any successor thereto;

 

(b)           within any
twelve-month period (beginning on or after January 7, 2010) the persons
who were directors of the Holding Company immediately before the beginning of
such twelve-month period (the “Incumbent Directors”)
shall cease to constitute at least a majority of such Board of Directors;
provided that any director who 

 

 

was
not a director as of January 7, 2010 shall be deemed to be an Incumbent
Director if that director was elected to such Board of Directors by, or on the
recommendation of or with the approval of, at least two-thirds (2/3) of the
directors who then qualified as Incumbent Directors; and provided further that
no director whose initial assumption of office is in connection with an actual
or threatened election contest relating to the election of directors shall be
deemed to be an Incumbent Director;

 

(c)           the approval by
the stockholders of the Holding Company of a reorganization, merger or
consolidation, with respect to which persons who were the stockholders of the
Holding Company immediately prior to such reorganization, merger or consolidation
do not, immediately thereafter, own more than fifty percent (50%) of the
combined voting power entitled to vote in the election of directors of the
reorganized, merged or consolidated company’s then outstanding voting
securities; or

 

(d)           the sale, transfer
or assignment of all or substantially all of the assets of the Holding Company
and its subsidiaries to any third party.

 

Notwithstanding anything in the Employment Agreement to the contrary,
the consummation of the Holding Company Reorganization did not constitute a
Change in Control.”

 

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

 

3.             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]

 

 

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

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