Document:

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                                 EXHIBIT 10.24

                             EMPLOYMENT AGREEMENT
                             --------------------

     THIS EMPLOYMENT AGREEMENT (this "Agreement"), is made and entered into as
of January 3, 2000, by and between Angela J. Byrd, a resident of the State of
Georgia ("Employee"), and Community Trust Financial Services Corporation
("CTFS"), a Georgia bank holding company.

                             W I T N E S S E T H:
                             -------------------

     WHEREAS, CTFS wishes to obtain assurances from Employee that CTFS will have
the benefit of Employee's services on the terms and subject to the conditions
set forth herein; and

     WHEREAS, Employee wishes to obtain assurances from CTFS on the terms and
subject to the conditions set forth herein.

     NOW, THEREFORE, in consideration of the foregoing and the mutual agreements
contained herein, CTFS and Employee agree as follows:

     1.  Employment.  CTFS hereby employs Employee, and Employee hereby accepts
         ----------
such employment and agrees to perform services for CTFS, for the period and upon
the other terms and conditions set forth in this Agreement.

     2.  Term.  The term (the "Term") of Employee's employment hereunder shall
         ----
be for a period of three (3) years, commencing as of the date of this Agreement
subject to earlier termination as hereinafter specified.  Unless notified in
writing by the other party thirty (30) days in advance of the next scheduled
termination date, this contract shall renew automatically for successive three
year terms.

     3.  Position and Duties.
         -------------------

         3.01  Service with CTFS.  During the term of this Agreement, Employee
               -----------------
shall serve as, and her title shall be, Controller.  In such position, Employee
agrees to perform such employment duties consistent with such position.

         3.02  Performance of Duties.  Employee agrees to serve CTFS faithfully
               ---------------------
and to the best of her ability and to devote all of her time, energy and skill
during regular and assigned business hours to such employment.  During the Term
hereof, Employee shall not serve as an officer, director or employee of any
other entity not affiliated with CTFS without the prior written consent of the
CEO of CTFS.  Notwithstanding the foregoing, (i) Employee may pursue such
personal investment and financial matters as do not conflict with her
obligations and commitments to CTFS, (ii) Employee may participate in
charitable, religious or civic activities such as serving on a school board,
church board or community fund committee and (iii) Employee may participate in
such other activities as the CEO of CTFS may from time to time approve in
writing.  Employee hereby

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confirms that she is under no contractual commitments inconsistent with her
obligations set forth in this Agreement.

     4.   Compensation.
          ------------

          4.01  Base Salary.  As compensation for all services to be rendered by
                -----------
Employee under this Agreement, CTFS shall pay to Employee an initial annual base
salary for the period from January 1, 2000 through and including December 31,
2000, of $92,500.00.  The base salary described in this Section 4.01, as it may
be increased from time to time, is referred to herein as the "Base Salary."  The
Base Salary shall be paid in bi-weekly installments in accordance with CTFS'
normal payroll procedures and policies.

          4.02  Incentive Compensation; Stock Option Programs.
                ---------------------------------------------

     (a)  Employee shall be eligible for incentive or bonus pay up to twenty
five (25) percent of base salary based on Employee attaining performance levels
approved by the CEO of CTFS.

     For each fiscal year of CTFS that this Agreement remains in effect,
Employee shall receive, subject to attaining performance levels approved by the
CEO of CTFS, in addition to the Base Salary described in Section 4.01, annual
incentive compensation.  The maximum amount of annual incentive compensation
shall be twenty-five (25) percent of the Base Salary in effect on the last day
of the fiscal year for which CTFS is paying incentive compensation.

     In the event this Agreement is terminated pursuant to Section 10.01(d) or
10.01(e) hereof and such termination occurs during, as opposed to the end of, a
fiscal year of CTFS, Employee shall be entitled to a pro rata portion of the
incentive compensation that Employee would have received had this Agreement
remained in effect through the end of such fiscal year. The pro rata portion to
which Employee is entitled shall be determined by multiplying such incentive
compensation by a fraction, the numerator of which is the number of days during
the fiscal year in question that this Agreement was in effect and the
denominator of which is the total number of days in such fiscal year.

     (b)  On each January 1 during the term of this Agreement, CTFS shall cause
to be granted to Employee an option to acquire 1,000 shares of CTFS common
stock, provided that there are a sufficient number of shares available to
support such a grant under CTFS' 1993 Stock Option Plan (or a successor plan).
Each such option shall be granted pursuant to, and shall be subject to all of
the terms and conditions of, CTFS' 1993 Stock Option Plan (or a successor plan).

          4.03  Section Not Used.
                -----------------

          4.04  Participation in Benefit Plans. Employee shall also be entitled
                ------------------------------
to participate, on a comparable basis with other senior executives of CTFS, in
all employee benefit plans or programs of CTFS in effect from time to time
including, but not limited to, medical, dental, life and disability insurance
programs.

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          4.05  Expenses.  In accordance with CTFS' policies established from
                --------
time to time, CTFS shall pay or reimburse Employee for all reasonable and
necessary out-of-pocket expenses incurred by her in the performance of her
duties under this Agreement, subject to the presentment of appropriate vouchers
and receipts.

     5.   Confidentiality.
          ---------------

          5.01  General.  In Employee's position as an employee of CTFS,
                --------
Employee has had and will have access to confidential information, trade secrets
and other proprietary information of vital importance to CTFS. CTFS requires as
a condition to Employee's employment with CTFS that Employee agrees to certain
restrictions on Employee's use of the proprietary information and valuable
relationships developed during Employee's employment with CTFS.  In
consideration of the terms and conditions contained herein, the parties hereby
agree as follows:

          5.02  Fiduciary Responsibility.  CTFS and Employee mutually agree and
                -------------------------
acknowledge that CTFS may entrust Employee with highly sensitive confidential,
restricted and proprietary information concerning various "Business
Opportunities" (hereinafter defined), customer lists, and personnel matters.
Employee acknowledges that, as an essential element of Employee's employment
with CTFS, Employee shall bear a fiduciary responsibility to CTFS to protect
such information from use or disclosure that is not necessary for the
performance of Employee's duties hereunder.

          5.03  Definitions.  For the purposes of this Agreement, the following
                ------------
definitions shall apply:

     (a)  "Trade Secret" means information, without regard to form, including,
but not limited to, technical or non-technical data, formulas, patterns,
compilations, programs, devices, methods, techniques, drawings, processes,
financial data, financial plans, product plans, or lists of actual or potential
customers or suppliers, which (i) are not commonly known by or available to the
public, (ii) derives economic value, actual or potential, from not being
generally known to, and not being readily ascertainable by proper means by,
other persons who can obtain economic value from its disclosure or use and (iii)
is the subject of efforts that are reasonable under the circumstances to
maintain its secrecy.  Trade Secret also shall include any other information
defined as a "trade secret" under the Georgia Trade Secrets Act of 1990, O.C.G.A
section 10-1-760 through section 10-1-767.

     (b)  "Confidential Information" shall mean any data or information, other
than Trade Secrets, which is material to CTFS and which is not generally known
by the public.  Confidential Information shall include, but not be limited to,
data or information related to (i) any information pertaining to the identity of
the customers, depositors or borrowers served by, or Business Opportunities
(hereinafter defined) of CTFS, (ii) the details of this Agreement, CTFS'
respective business, marketing and acquisition plans and (iii) financial
statements and projections, and the costs of the services the CTFS may offer or
provide to the customers they serve, to the extent such information is material
to CTFS and not generally known by the public.

                                       3
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     (c)  "Business Opportunities" shall mean any specialized information or
plans of CTFS concerning the business of CTFS, including, but not limited to,
the financing of or investment in CTFS, any target person, business or project,
together with all related information concerning the specifics of any
contemplated financing, investment, acquisition or purchase (including pricing,
terms, and the identity of such person, business or project) regardless of
whether CTFS has entered any agreement, made any commitment, or issued any bid
or offer to such person, business or project.

     (d)  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 (other than as
                 a result of a breach of this Agreement by Employee);
          (ii)   that 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
          (v)    that the Board of Directors of CTFS approve for unrestricted
                 release by express written authorization.

          5.04   Trade Secrets.  Employee shall not, without the prior written
                 --------------
consent of the CEO of CTFS, during her employment with CTFS 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 CTFS to
use, disclose, or gain access to, any Trade Secrets of CTFS, or of any of their
subsidiaries or affiliates, or of any other person or entity making Trade
Secrets available for CTFS' (or any of their subsidiaries' or affiliates') use.

          5.05  Confidential Information.  Employee shall not, without the prior
                -------------------------
written consent of the CEO of CTFS, during her employment with CTFS and for a
period of three (3) years after termination of her employment for any reason, as
long as the information or data remain competitively sensitive, use or disclose,
or negligently permit any unauthorized person who is not employed by CTFS to
use, disclose, or gain access to, any Confidential Information to which the
employee obtained access by virtue of her employment with CTFS.

          5.06  Observance of Security Measures.  During Employee's employment
                --------------------------------
with CTFS, Employee is required to observe all security measures adopted to
protect Trade Secrets, Confidential Information and Business Opportunities of
CTFS.

     6.   Solicitation of Customers, Borrowers or Depositors
          --------------------------------------------------

          6.01  After Termination of Employment.  Upon termination of this
                --------------------------------
Agreement for any reason, Employee shall not, directly or indirectly, as
principal, agent, trustee or consultant or through the agency of any
corporation, partnership, association, trust or other entity or person, on

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Employee's own behalf or for others, within two (2) years after such termination
actively solicit, divert, or take away, or attempt to actively solicit, divert,
or take away any customers of CTFS for the purpose of providing services which
constitute the Business of CTFS (in each case as defined above).

          6.02  During Employment.  During Employee's employment with CTFS,
                ------------------
Employee shall not, except on behalf of CTFS, solicit, divert, take away or
accept the business of, or attempt to solicit, divert or take away the business
of, any of the customers, depositors or borrowers of CTFS for the purpose of
performing the Business of CTFS for such customers.

     7.   Non-Interference with Personnel Relations.
          ------------------------------------------

     Employee shall not, during her employment with CTFS and for a period of two
(2) years after the termination of her employment with CTFS for any reason,
knowingly solicit, entice or persuade any other employees or agents of CTFS (or
of any of their subsidiaries or affiliates) to leave the services of CTFS (or
such subsidiary or affiliate).

     8.   Notification of Subsequent Employment.
          --------------------------------------

     During a period of two (2) years after the termination of Employee's
employment with CTFS, Employee shall notify CTFS in writing, within thirty (30)
days after accepting employment with any other corporation, partnership,
association, person, organization or other entity, of the name and address of
Employee's new employer and Employee's functions with her new employer.

     9.   Covenant Not to Compete.
          ------------------------

          9.01  Non-Competition.  Employee covenants and agrees that for a
                ----------------
period of one (1) year after the termination of her employment with CTFS for any
reason, 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
services that are the same as or similar to the services provided by Employee
under this agreement to or for the benefit of any person or entity conducting
the business of CTFS within the following counties of the State of Georgia:
Paulding, Douglas, and Cobb.

     10.  Termination.
          -----------

          10.01  Grounds for Termination.  This Agreement shall terminate prior
                 -----------------------
to the expiration of the initial Term set forth in Section 2 or any extension
thereof in the event that at any time during such initial Term or any extension
thereof:

          (a)    CTFS shall give notice to Employee that CTFS is terminating
this Agreement without cause, which notice shall specify the effective date of
Employee's termination;

          (b)    Employee shall die or the Board of Directors of CTFS shall
determine that Employee has become disabled (as defined in Section 10.02); or

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          (c)    The CEO of CTFS shall determine that Cause exists. "Cause"
means (i) having been convicted under the laws of any governmental jurisdiction
of (A) a felony or (B) a criminal offense which is not a felony but which has a
material adverse effect on CTFS (or any of its subsidiaries or affiliates) or on
the ability of Employee to carry out her duties hereunder (provided, however,
that in no event shall minor traffic violations constitute "Cause"), (ii) having
committed any action constituting theft or fraud against CTFS (or any of its
subsidiaries or affiliates), (iii) the breach of any of the Employee's covenants
or obligations hereunder, (iv) the knowing failure of the Employee to follow
specific directives of the CEO of CTFS consistent with Employee's duties or (v)
the termination by Employee of her employment hereunder prior to the expiration
of the term of this Agreement, unless such termination is pursuant to Section
10.01(d) or 10.01(e) hereof.

          (d)    Employee shall determine that CTFS has breached this Agreement
in any material respect (including, but not limited to, CTFS' failure to make
any payment required under this Agreement), which breach is not cured by CTFS
within thirty (30) days after written notice of such breach is delivered to CTFS
by the Employee.

          (e)    Employee, within ninety (90) days following the occurrence of a
"Change in Control" (as defined in Section 10.03), notifies CTFS, in writing,
that she is electing to terminate this Agreement pursuant to this Section
10.01(e).

     Notwithstanding any termination of this Agreement, in consideration of her
employment hereunder to the date of such termination, to the extent specifically
provided for herein, the Employee shall remain bound by the provisions of this
Agreement which specifically relate to periods subsequent to the termination of
Employee's employment hereunder.

          10.02  "Disability" Defined.  The Board of Directors of CTFS may, in
                 --------------------
its discretion reasonably exercised, determine that Employee has become
disabled, for the purpose of Section 10.01(b) of this Agreement, in the event
that Employee shall fail, in one or more material respects, because of illness
or other physical or mental incapacity, to render services of the character
contemplated by this Agreement for an aggregate of more than ninety (90)
calendar days during any period of twelve (12) consecutive months.

          10.03  "Change in Control" Defined.  For purposes of this Agreement, a
                 ----------------------------
"Change in Control" shall be deemed to have occurred if more than fifty percent
(50%) of CTFS' outstanding common stock or equivalent in voting power of any
class or classes of outstanding securities of CTFS entitled to vote in elections
of its Directors, shall be acquired by any person or group of persons acting in
concert. Additionally, a Change in Control shall be deemed to have occurred if
(i) more than fifty percent (50%) of CTFS' outstanding common stock or
equivalent in voting power of any class or classes of outstanding securities of
CTFS entitled to vote in elections of its Directors, shall be acquired by any
person or group of persons acting in concert or (ii) substantially all of the
                                             --
assets of CTFS shall be sold to another.

          10.04  Surrender of Records and Property.  Upon the request of CTFS
                 ---------------------------------
and, in any event, upon termination of his employment with CTFS , Employee shall
deliver promptly to CTFS

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all records, manuals, books, blank forms, documents, letters, memoranda, notes,
notebooks, reports, data, tables, calculations or copies thereof, which are the
property of CTFS (or any of their subsidiaries of affiliates) and which relate
in any way to the business, products, practices or techniques of CTFS (or any of
their subsidiaries or affiliates), and all other property, Trade Secrets and
Confidential Information of CTFS (or any of their subsidiaries or affiliates),
including, but not limited to, all documents which in whole or in part contain
any Trade Secrets or Confidential Information of CTFS (or any of their
subsidiaries or affiliates), which in any of these cases are in his possession
or under his control.

     11.  Compensation Upon Termination.
          -----------------------------

      (a) In the event this Agreement is terminated pursuant to Section
10.01(a), 10.01(d) or 10.01(e) hereof, Employee will receive a lump sum payment
equal to the "Severance Amount" (hereinafter defined), in addition to (i)
payment to Employee of bi-weekly installments of her then current Base Salary
through the effective date of termination and (ii) reimbursement of expenses
incurred by Employee in accordance with Section 4.05 hereof.  Additionally, in
the event this Agreement is terminated pursuant to Section 10.01(a),  10.01(d)
or 10.01(e) hereof, Employee shall be entitled to receive any bonus, or pro rata
portion thereof, to which Employee may be entitled pursuant to Section 4.02
hereof, provided that any such bonus shall be paid in accordance with Section
4.02.  For purposes of this Section 11(a) "Severance Amount" shall mean an
amount equal to the annual Base Salary in effect on the date of termination.

      (b) In the event this Agreement is terminated pursuant to any provision
hereof other than Sections 10.01(a), 10.01(d) or 10.01(e), Employee shall not be
entitled to any compensation other than (i) bi-weekly installments of her then
current Base Salary accrued through the effective date of termination and (ii)
reimbursement of expenses incurred by Employee in accordance with Section 4.05
hereof, and all rights of Employee to further compensation shall thereupon cease
and be terminated.

     12.  Assignment and Inurement.  This Agreement shall inure to the benefit
          ------------------------
of and be binding upon the parties hereto and her respective heirs, successors,
administrators, and permitted assigns.  This is a personal service contract and,
except to the extent specifically contemplated hereby, may not be assigned by
Employee without the prior written consent of CTFS.

     13.  Injunctive Relief.  Employee agrees that it would be difficult to
          -----------------
compensate CTFS fully for damages for any violation of the provisions of this
Agreement, including without limitation the provisions of Sections 5, 6, 7, 8, 9
and 10.04.  Accordingly, Employee specifically agrees that CTFS shall be
entitled to temporary and permanent injunctive relief to enforce the provisions
of this Agreement.  This provision with respect to injunctive relief shall not,
however, diminish the right of CTFS to claim and recover damages in addition to
injunctive relief.

     Notwithstanding anything in Section 15 hereof to the contrary, any party to
this Agreement may petition the Superior Court of Paulding County, Georgia for
temporary injunctive relief.  All disputes, controversies or claims arising out
of or related to this Agreement, other than a request for

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temporary injunctive relief, shall be resolved in accordance with the provisions
of Section 15 hereof. The parties hereby agree that jurisdiction and venue for
any action seeking temporary injunctive relief pursuant to this Section 13 shall
lie in the Superior Court of Paulding County, Georgia. The parties hereby agree,
further, that any temporary restraining order entered pursuant to this Section
13 shall remain in effect until the dispute giving rise thereto is resolved
pursuant to the provisions of Section 15 and the parties agree to enter into any
and all consent orders required to maintain such temporary restraining order in
effect until such time.

     14.  Miscellaneous.
          -------------

          14.01  Governing Law.  This Agreement is made under and shall be
                 -------------
governed by and construed in accordance with the laws of Georgia.

          14.02  Prior Agreements.  This Agreement contains the entire agreement
                 ----------------
of the parties relating to the subject matter hereof and supersedes all prior
agreements and understandings with respect to such subject matter, and the
parties hereto have made no agreements, representations or warranties relating
to the subject matter of this Agreement which are not set forth herein.

     Notwithstanding the foregoing, the parties expressly agree that they are
parties to an Executive Supplemental Retirement Plan Executive Agreement dated
              ----------------------------------------------------------
the 3rd day of January, 2000, and a Life Insurance Endorsement Split Dollar Plan
                                    --------------------------------------------
Agreement dated the 3rd day of January, 2000.  To the extent that any provisions
---------
of this Employment Agreement shall conflict with the provisions of the
        --------------------
aforestated agreements, the provisions of the aforestated agreements shall
supersede and replace the provisions of the Employment Agreement.
                                            ---------------------

          14.03  Withholding Taxes.  CTFS may withhold from any benefits payable
                 -----------------
under this Agreement all federal, state, city and other taxes as shall be
required pursuant to any law or governmental regulation or ruling.

          14.04  Amendments.  No amendment, modification or waiver of this
                 ----------
Agreement or any provision hereof shall be deemed effective unless made in
writing signed by the party against whom enforcement of the amendment,
modification or waiver is sought.  Any written waiver shall not be deemed a
continuing waiver unless specifically stated and shall operate only as to the
specific term or condition waived.

          14.05  Notices.  Any notice, request, demand or other document to be
                 -------
given hereunder shall be in writing, and shall be delivered personally or sent
by registered, certified or express mail or facsimile followed by mail as
follows:

                    If to CTFS:

                    Community Trust Financial Services
                    3844 Atlanta Highway
                    Hiram, Georgia 30141

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                    Attention: CEO

                    If to Employee:

                    Angela J. Byrd
                    P. O. Box 552
                    Dallas, GA 30132

or to such other address as either party hereto may hereafter duly give to the
other.

          14.06  Severability.  To the extent any provision of this Agreement
                 ------------
shall be invalid or unenforceable, it shall be considered deleted herefrom and
the remainder of such provision and of this Agreement shall be unaffected and
shall continue in full force and effect.  In furtherance and not in limitation
of the foregoing, should the duration or geographical extent of, or business
activities covered by any provision of this Agreement be in excess of that which
is valid or enforceable under applicable law, then such provision shall be
construed to cover only that duration, extent or activities which may validly
and enforceably be covered.  Employee acknowledges the uncertainty of the law in
this respect and expressly stipulates that this Agreement be given the
construction which renders its provisions valid and enforceable to the maximum
extent (not exceeding its express terms) possible under applicable law.

     15.  Arbitration.  Any and all disputes, controversies or claims arising
          ------------
out of or related to this Agreement (other than a request for a temporary
restraining order pursuant to Section 13 hereof), shall be resolved by binding
arbitration in accordance with the Commercial Arbitration Rules of the American
Arbitration Association ("AAA").  Judgement upon the award rendered by the
arbitrators may be entered in any court having jurisdiction thereof.  In the
event of any inconsistency between the provisions of  this Section 15 and AAA's
Commercial Arbitration Rules, the provisions of this Section 15 shall govern.
Any party may initiate arbitration by serving written notice of its intention to
arbitrate on the other parties.  The venue of any such arbitration shall be
Atlanta, Georgia.  The arbitration panel shall consist of three arbitrators
selected as follows.  Within thirty (30) days following the date on which the
arbitration provision of this Section 15 is invoked by a party, Employee, on the
one hand, and CTFS, on the other, shall each select an arbitrator from a list of
arbitrators provided by AAA.  The lists from which Employee and CTFS select her
respective arbitrators shall be identical.  If either Employee or CTFS fails to
select its arbitrator within the time required, the other shall be entitled to
select its arbitrator for it.  Within fifteen (15) days following the selection
of the last to be selected of the two (2) arbitrators, the two (2) arbitrators
so selected shall select a third arbitrator.  A preliminary arbitration hearing
shall be held within thirty (30) days following the selection of the third
arbitrator for the purpose of scheduling discovery and the evidentiary
hearing(s).  The first evidentiary hearing shall be held within thirty (30) days
following the preliminary hearing.  The arbitration panel shall deliver its
award in writing, including findings of facts, to the parties within thirty (30)
days following the final arbitration hearing.  Evidence and testimony shall be
admitted in accordance with the Federal Rules of Evidence.  The arbitration
panel

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shall have authority to grant temporary or permanent injunctive relief or other
equitable remedies. Each party shall bear its own costs and expenses of the
arbitration proceeding.

                                       10
<PAGE>

     IN WITNESS WHEREOF, the parties have executed this Agreement as of the day
and year first set forth above.

                                        Angela J. Byrd

Witness: /s/ Elizabeth Staples          /s/ Angela J. Byrd
        --------------------------      ---------------------------------

                                        COMMUNITY TRUST FINANCIAL SERVICES

Witness: /s/ Jan R. Whittle             By /s/ Ronnie L. Austin
        --------------------------        -------------------------------
                                                    Title: CEO

                                       11<PAGE>

                                                                    Exhibit 10.1

                              EMPLOYMENT AGREEMENT
                              --------------------

          This Employment Agreement (the "Agreement") is entered into on this
31st day of May, 2000 by and between W. Frank Blount ("Executive") and Cypress
Communications, Inc., a Delaware corporation (the "Company"), having its
principal executive offices at Fifteen Piedmont Center, Suite 100, Atlanta, GA
30305.

I.  EMPLOYMENT.
    ----------

          The Company hereby employs Executive and Executive hereby accepts such
employment, upon the terms and conditions hereinafter set forth, from May 31,
2000 to and including the date on which this Agreement is terminated under
Section IV (the "Term").

II.  DUTIES.
     ------

     A.  Executive will serve during the course of his employment as Chairman
and Chief Executive Officer of the Company and will perform such duties as may
from time to time be assigned, delegated or limited by the Board of Directors of
the Company (the "Board") consistent with Executive's position as Chairman and
Chief Executive Officer. During the Term of this Agreement, Executive will
devote all of his professional and business-related time, energy and skill to
the business of the Company and will perform his duties in good faith. This
Agreement will not, however, prevent Executive from serving on the boards of
directors of those companies that Executive has previously disclosed to the
Company.

     B.  Executive will not, without the prior written consent of the Board,
render to others any services of any kind for compensation or engage in any
activity which conflicts or interferes with the performance of his duties and
obligations hereunder.

     C.  Executive represents that his performance of services under this
Agreement will not violate the terms of any other agreement to which Executive
is or has been a party.

III.  COMPENSATION.
      ------------

      A.  Salary.  The Company will pay to Executive a base salary at the rate
          ------
of $600,000 per year. Such salary will be earned monthly and will be payable in
periodic installments no less frequently than monthly in accordance with the
Company's customary practices. Any increases in Executive's base salary will be
at the discretion of the Compensation Committee of the Board (the "Compensation
Committee").

     B.  Annual Bonus.  During the Term of this Agreement, Executive will be
         ------------
eligible for an annual bonus from the Company in accordance with an annual bonus
plan for Executive (the "Bonus Plan"). The Compensation Committee, in
consultation with Executive, will establish and communicate target performance
objectives for Executive under the Bonus Plan based upon
<PAGE>

Company revenues, gross margins, EBITDA and such other criteria as the
Compensation Committee determines. The Compensation Committee will determine the
annual payment, if any, to be made to Executive under the Bonus Plan based on
satisfaction of target performance objectives; provided, however, if Executive
achieves at least 90 percent of target performance objectives, Executive will be
entitled to a payment under the Bonus Plan equal to annual base salary
multiplied by the percentage (not in excess of 100 percent) of target objectives
achieved. Executive will be eligible for a prorated bonus determined in
accordance with the foregoing provisions for the remainder of the year in which
the Term begins. In order to receive a bonus under the Bonus Plan, Executive
must be employed by the Company on the last day of the year for which the bonus
is paid. Notwithstanding the foregoing, if the Company terminates Executive's
employment without Cause or if Executive terminates employment with the Company
for Good Reason within 24 months following a Change of Control, as such terms
are defined in Section IV.E.4, Executive will be entitled to a bonus under the
Bonus Plan for the year of termination in an amount equal to the bonus that
would have been paid to Executive if he had remained employed until the last day
of the year prorated for the number of days during the year that Executive was
employed by the Company.

     C.  Signing Bonus.  Executive acknowledges that the Company has paid to
         -------------
Executive the sum of $600,000 within two business days following his acceptance
of his offer of employment.

     D.  Restricted Stock Award.  Effective as of the date of this Agreement,
         ----------------------
the Company will grant to Executive, in accordance with the Cypress
Communications, Inc. 2000 Stock Option and Incentive Plan (the "Stock Incentive
Plan"), at no cost to Executive, a restricted stock award of 500,000 shares of
common stock of the Company (the "Restricted Stock Award"). The Restricted Stock
Award will be evidenced by a standard award agreement, in the form used by the
Company for the grant of other restricted stock awards under the Stock Incentive
Plan, which will provide, except as set forth in Section IV.E, that shares
subject to the award agreement will be nontransferable and subject to complete
forfeiture if Executive's employment with the Company terminates for any reason
prior to the fifth anniversary of the date first written above. Notwithstanding
the foregoing, the Restricted Stock Award will become fully vested if there is a
Change of Control, as defined in the Stock Incentive Plan, during the Term.

      E.  Stock Option.  Effective as of the date Executive accepted his offer
          ------------
of employment, the Company grants to Executive a nonqualified stock option (the
"Stock Option") under the Stock Incentive Plan to purchase 1,000,000 shares of
the Company's common stock at a price per share equal to the closing price of
the stock on that date ($6.00 per share). The Stock Option will be evidenced by
a standard stock option agreement in the form used by the Company for the grant
of other stock options under the Stock Incentive Plan and will provide for a
ten-year term and, except as set forth in Section IV.E, vesting at a rate of 25
percent a year commencing on the first anniversary of the date of grant of the
Stock Option. The Stock Option will be exercisable for three months after
termination of employment if Executive terminates employment for any reason
other than death, Disability or Cause, and for one year after termination of
employment if Executive terminates employment because of death or Disability;
provided, however, that in no event can the option be exercised after expiration
of the term of the option. If Executive's employment is terminated for Cause,
the option will be cancelled.

                                       2
<PAGE>

Notwithstanding the foregoing, the Stock Option will become fully vested if
there is a Change of Control, as defined in the Stock Incentive Plan, during the
Term.

     F.  Benefits.  Executive will be entitled to participate in all of the
         --------
Company's savings and retirement plans, welfare benefit plans (including,
without limitation, medical, dental, disability and group life insurance plans
and programs) and fringe benefit plans available to other senior executives of
the Company. Executive will be entitled to paid vacation in accordance with the
Company vacation policy for senior executives. The Company reserves the right to
modify, suspend or discontinue any and all of the above plans, practices,
policies and programs at any time without recourse by Executive so long as such
action is taken generally with respect to other similarly situated executives
and does not single out Executive.

     G.  Relocation Expenses.  Company will reimburse Executive for reasonable
         -------------------
expenses incurred by Executive for transportation of his immediate family and
household belongings from Charleston, South Carolina to Atlanta, Georgia and for
temporary housing in Atlanta, Georgia in connection with Executive`s relocation
of his family from Charleston, South Carolina to Atlanta, Georgia.

IV.  TERMINATION.
     -----------

     A.  Death.  Executive's employment will terminate automatically upon
         -----
Executive's death.

     B.  Disability.  Executive's employment will terminate upon Executive's
         ----------
Disability.  For purposes of this Agreement, "Disability" means that Executive
is unable to perform his duties under this Agreement for ninety consecutive days
or 120 days during any six-month period on account of any physical or mental
illness, injury or condition.  If the Company determines in good faith that
Executive has suffered a Disability, it will give Executive written notice of
termination of Executive's employment.  The Company reserves the right, in good
faith, to make the determination of Disability under this Agreement based upon
information supplied by Executive and/or his medical personnel, as well as
information from medical personnel (or others) selected by the Company or its
insurers.

     C.  Cause.  The Company can terminate Executive's employment for Cause. For
         -----
purposes of this Agreement, "Cause" means that the Company, acting in good faith
based upon the information then known to the Company, determines that Executive
has engaged in or committed: willful misconduct; gross negligence; theft, fraud
or other illegal conduct; refusal or unwillingness to perform his duties or
performance of his duties in an unsatisfactory manner; any willful act that is
likely to and which does in fact have the effect of injuring the reputation,
business or a business relationship of the Company; violation of any fiduciary
duty; violation of any duty of loyalty; and breach of any term of this
Agreement. Notwithstanding the foregoing and except with respect to theft, fraud
or other illegal conduct, Executive's employment cannot be terminated for Cause
unless: (a) the Company gives Executive written notice setting forth its
intention to terminate his employment for Cause and the actions or failures to
act on which such

                                       3
<PAGE>

notice is based; and (b) Executive is provided a period of thirty days after
receipt of such notice to cure such actions or failure to act.

     D.  Other than Cause or Death or Disability.  The Company can terminate
         ---------------------------------------
Executive's employment at any time, with or without Cause, by written notice to
Executive, effective upon Executive's receipt of such notice.

     E.  Obligations of the Company Upon Termination.
         -------------------------------------------

         1.  Death or Disability.  If Executive's employment is terminated by
             -------------------
     reason of Executive's death or Disability: (a) the Restricted Stock Award
     will become fully vested and (b) this Agreement will terminate without
     further obligations to Executive or his legal representatives under this
     Agreement, other than for payment of the sum of (i) Executive's annual base
     salary through the date of termination to the extent not theretofore paid,
     (ii) any bonus under the Bonus Plan for the calendar year ending prior to
     Executive's termination of employment to the extent not theretofore paid,
     and (iii) and any accrued vacation pay to the extent not theretofore paid
     (the sum of the amounts described in clauses (i), (ii) and (iii) will be
     hereinafter referred to as the "Accrued Obligations"), which will be paid
     to Executive or his estate or beneficiary, as applicable, in a lump sum in
     cash within 30 days after the date of termination.

         2.  Without Cause.  If the Company terminates Executive's employment
             -------------
     without Cause: (a) the Restricted Stock Award will become vested in the
     same proportion that the number of whole months of Executive's employment
     during the Term (not in excess of sixty) bears to sixty; (b) the Stock
     Option will become vested in the same proportion that the number of whole
     months of Executive's employment during the Term (not in excess of 48)
     bears to 48; and (c) this Agreement will terminate without further
     obligations to Executive or his legal representatives under this Agreement,
     other than for the timely payment of Accrued Obligations and the prorated
     bonus described in Section III.B.

         3.  Cause; Termination by Executive.  If the Company terminates
             -------------------------------
     Executive's employment for Cause or Executive terminates his employment
     with the Company for any reason, this Agreement will terminate without
     further obligations to Executive other than for the timely payment of
     Accrued Obligations.

         4.  Change of Control.  Notwithstanding the foregoing, if, within 24
             -----------------
     months following a Change of Control, as defined in the Stock Incentive
     Plan, either the Company terminates Executive's employment without Cause or
     Executive terminates his employment with the Company for Good Reason (as
     defined in paragraph c below):

             a.  Except as provided in paragraph b below, this Agreement will
             terminate without further obligations by the Company to Executive
             other than (i) the timely payment of Accrued Obligations and the
             prorated bonus described in Section III.B, and (ii), subject to
             Executive's signing a release in the standard form then in use by
             the Company for other senior

                                       4
<PAGE>

             executives, the payment of severance pay (payable in a single lump
             sum as soon as practicable after termination of employment) in an
             amount equal to the sum of: (A) six times Executive's base salary;
             and (B) three times the value of any savings and retirement
             benefits, welfare benefits and fringe benefits provided to
             Executive during the twelve-month period prior to his termination.

             b.  If in the opinion of tax counsel selected by the Company and
             reasonably acceptable to the Executive, the Executive has received
             compensation which constitutes an "excess parachute payment," as
             defined in Section 280G of the Internal Revenue Code, arising from
             the Change of Control, the Company will pay Executive an additional
             amount (the "Additional Amount") equal to the sum of: (A) all taxes
             payable by Executive under Section 4999 of the Internal Revenue
             Code applicable to such "excess parachute payment" and the
             Additional Amount; and (B) all federal, state and local income and
             employment taxes payable by Executive with respect to the
             Additional Amount.

             c.  Executive can terminate his employment for Good Reason
             following a Change of Control. For purposes of this Agreement,
             "Good Reason" means: reduction in Executive's base salary,
             assignment to Executive of duties that are inconsistent with his
             position as Chairman and Chief Executive Officer of the Company, or
             relocation of Executive's office to a location outside the Atlanta
             metropolitan area.

         5.  Exclusive Remedy. Executive agrees that the payments contemplated
             ----------------
     by this Agreement will constitute the exclusive and sole remedy for any
     termination of his employment and Executive covenants not to assert or
     pursue any other remedies, at law or in equity, with respect to any
     termination of employment.

V.   COVENANTS OF EXECUTIVE.
     ----------------------

     A.  General:  Executive and the Company understand and agree that the
         -------
purpose of the provisions of this Section V is to protect the legitimate
business interests of the Company, as more fully described below. Executive
hereby acknowledges that the restrictions set forth in this Section V are
reasonable and necessary to protect the business interests of the Company.
Therefore, Executive will be subject to the restrictions set forth in this
Section.

     B.  Restrictions on Disclosure and Use of Confidential Information:
         --------------------------------------------------------------
Executive understands and agrees that confidential information and materials of
a confidential or proprietary nature constitute valuable assets of the Company
and may not be converted to Executive's own use. Accordingly, Executive hereby
agrees that he will not, directly or indirectly, at any time during the Term and
at any time following the Term, reveal, divulge or disclose any "Confidential
Information" (as defined below), and Executive will not, directly or indirectly,
use or make use of any "Confidential Information" in connection with any
business

                                       5
<PAGE>

activity other than that of the Company; provided, however, that Executive may
disclose or use "Confidential Information" during the Term as authorized by the
Board or consistent with the proper exercise of Executive's duties as Chairman
and Chief Executive Officer of the Company. "Confidential Information" means all
information regarding the Company, its activities, business, clients, or
potential clients that is the subject of reasonable efforts by the Company to
maintain its confidentiality and that is not generally disclosed to persons not
employed by the Company. "Confidential Information" will include, but is not
limited to, any of the following information or materials of the Company:
financial plans and data; management planning information; business plans;
operational methods; market studies; marketing plans or strategies; product
development techniques or plans; customer lists; details of customer contracts;
current and anticipated customer requirements; past, current and planned
research and development; business acquisition plans; and new personnel
acquisition plans. "Confidential Information" will not include information that
has become generally available to the public.

     C.  Nonsolicitation.  Executive understands and agrees that the
         ---------------
relationship between the Company and its employees, business relations, clients
and customers, and potential clients and customers, constitutes a valuable asset
of the Company and may not be converted to Executive's own use. Accordingly,
Executive agrees that, during the Term of this Agreement, and for a period of
three (3) years from the termination for any reason pursuant to Section IV of
this Agreement, neither Executive nor any entity with whom he is at the time
affiliated (any other person, corporation, partnership or other business entity
of any kind) will, directly or indirectly, solicit or entice away or in any
manner persuade or attempt to persuade, any officer, employee, agent,
representative, business relation, client or customer, or prospective client or
customer of the Company, to discontinue his/her/its relationship or prospective
relationship with the Company.

     D.  Restrictive Covenant.  Executive acknowledges that his services are
         --------------------
special, unique, and extraordinary, and that in the course of his employment
with the Company he has had and will continue to have dealings and develop
special relationships with the clients and customers of the Company. Executive
further acknowledges that in the course of his employment with or service to the
Company, he has obtained and will continue to obtain Confidential Information.
In order to protect the legitimate business interests, goodwill, relationships,
and Confidential Information of the Company, Executive agrees that during a
period of one year from the termination for any reason pursuant to Section IV of
this Agreement, Executive will not, without the prior written consent of the
Board, become an officer, director, shareholder, owner, partner, joint venturer,
member, employee, independent contractor, consultant or advisor of any business
listed on Exhibit A attached hereto.

     E.  Inventions and Improvements.  If during the term of the Executive's
         ---------------------------
employment, the Executive conceives or makes any improvement, discovery or
invention relating to any article, machine, process, or composition of matter,
made, used, sold or under development by the Company, or pertaining to the
business of the Company, the Executive agrees to fully and promptly disclose the
same to the Company.  Each such improvement, discovery and invention will be the
exclusive property of the Company.  The Executive further agrees that he will
promptly make full disclosure to the Company, and will hold in trust for the
sole right and benefit of the Company, any inventions, discoveries,
developments, improvements or trade

                                       6
<PAGE>

secrets which the Executive solely or jointly conceives or develops, or reduces
to practice, or causes to be conceived, or developed, or reduced to practice,
during the period of the Executive's employment with the Company and for six
months thereafter, which relate to or are connected with the Executive's
employment, or the work, processes, techniques, formulas, products, experiments,
or developments or any of the work or business of the Company. The Executive
assigns to the Company all of his right, title and interest in and to all such
inventions, discoveries, developments, improvements, and trade secrets and
agrees that he will, at the request of the Company, whether made by the Company
during or after the termination of the Executive's employment, and without
expense to the Executive, make, execute and deliver all applications,
assignments or instruments, and perform or cause to be performed, such other
lawful acts as the Company may deem necessary or desirable in making or
prosecuting applications, domestic or foreign, for patents, trademarks, or
copyrights, or which may be procured with respect to any of the foregoing. The
parties agree that the provisions contained in this Section V.E will not be
construed as a waiver by the Company of its rights to any other improvement,
discovery or invention developed during the working hours or times for which the
Executive is compensated by the Company or developed by the use of materials,
facilities or information furnished by the Company.

     F.  Enforcement of Covenants.  In the event Executive breaches any of the
         ------------------------
provisions of this Section V all severance and benefit payments described in
Section IV.E.4.b(ii) will cease and the Company will have no further obligation
to make any such payments.  In the event Executive breaches, or threatens to
commit a breach of, any of the provisions of this Section V, the Company will
also have the following rights and remedies, which will be independent of any
others and severally enforceable, and will be in addition to, and not in lieu
of, any other rights and remedies available to the Company at law or in equity:

         1.  the right to enjoin, preliminarily and permanently, Executive from
     violating or threatening to violate the terms of this Section V and to have
     the promises made herein specifically enforced by any court of competent
     jurisdiction; and

         2.  the right and remedy to require Executive to account for and pay
     over to the Company all compensation, profits, monies, accruals, increments
     or other benefits derived or received by Executive as a result of the
     transactions constituting a breach of this Section V.

VI.  ARBITRATION.
     -----------

     Except as provided in Section V.F, any and all controversies, claims or
disputes arising out of or in any way relating to this Agreement, its
enforcement or interpretation, or because of an alleged breach, default, or
misrepresentation in connection with any of its provisions, or any other claim
by Executive arising out of or in connection with his employment, including any
claims for discrimination prohibited by any federal, state or other statute,
ordinance or law, will be submitted to a panel of three (3) arbitrators
(hereinafter referred to as the "Panel"). Executive will select one arbitrator;
the Company will select one arbitrator; and the two arbitrators will chose the
third arbitrator from a list of arbitrators with expertise in

                                       7
<PAGE>

employment disputes provided by the American Arbitration Association ("AAA").
Subject to the foregoing, the arbitration will be in accordance with the
National Rules for Resolution of Employment Disputes of the AAA. The arbitration
will be commenced by filing a demand for arbitration with the AAA within sixty
(60) days after the occurrence of the facts giving rise to any such controversy,
claim or dispute. The arbitration will be conducted in Atlanta, Georgia.
Judgment upon the award rendered by the Panel may be entered in any court having
jurisdiction thereof. All costs and expenses of any arbitration proceeding will
be borne by the respective party incurring such costs and expenses.

VII.  ASSIGNMENT.
      ----------

      Executive acknowledges that his services are unique and personal.
Accordingly, Executive may not assign his rights or delegate his duties under
this Agreement to any person or entity.

VIII. SUCCESSORSHIP.
      -------------

      This Agreement is binding on and inures to the benefit of the Company,
its successors and assigns.

IX.   MODIFICATION.
      ------------

      This Agreement may not be amended or modified other than by a written
agreement executed by Executive and the Company or its designee.

X.    SAVINGS CLAUSE.
      --------------

      If any provision of this Agreement or the application thereof is held
invalid, the invalidity will not affect other provisions or applications of the
Agreement which can be given effect without the invalid provisions or
applications and to this end the provisions of this Agreement are declared to be
severable.

XI.  COMPLETE AGREEMENT.
     ------------------

     This Agreement constitutes and contains the entire agreement and final
understanding concerning Executive's employment with the Company and the other
subject matters addressed herein between the parties. The parties intend it as a
complete and exclusive statement of the terms of their agreement. It supersedes
and replaces all prior negotiations and all agreements proposed or otherwise,
whether written or oral, concerning the subject matter hereof. Any
representation, promise or agreement not specifically included in this Agreement
will not be binding upon or enforceable against either party. This is a fully
integrated agreement.

                                       8
<PAGE>

XII.  GOVERNING LAW.
      -------------

      The provisions of this Agreement will be governed by and construed and
enforced in accordance with the laws of the State of Georgia without regard to
principles of conflict of laws.

XIII. PARAGRAPH HEADINGS.
      ------------------

      Paragraph and other headings contained in this Agreement are for the
convenience of reference only and will not affect in any way the meaning or
interpretation of this Agreement.

XIV.  NOTICES.
      -------

      Any notices to be given under this Agreement by one party to the other
may be effected by personal delivery in writing or by mail, registered or
certified, postage prepaid with return receipt requested.  Mailed notice will be
deemed receive as of three (3) days after mailing.  Notices by mail will be sent
to the address listed below unless and until notice to a change is given
pursuant to this Section:

          To Executive:

          Mr. W. Frank Blount
          105 Flyway Drive
          Kiawah Island, SC  29455

          To the Company:

          Cypress Communications, Inc.
          Fifteen Piedmont Center
          Suite 100
          Atlanta, GA  30305

          Attn:  General Counsel

XV.  WITHHOLDING.
     -----------

     All amounts payable to Executive under this Agreement will be reduced
by any applicable income and employment withholding taxes and other authorized
deductions.

                                       9
<PAGE>

XVI.   SURVIVORSHIP.
       ------------

       The respective rights and obligations of the parties hereunder will
survive any termination of Executive's employment to the extent necessary to the
intended preservation of such rights and obligations.

XVII.  COUNTERPARTS.
       ------------

       This Agreement may be executed in two or more counterparts, each of
which will take effect as an original, and all of which will evidence one and
the same Agreement.

XVIII. REPRESENTATION.
       --------------

       The Company and Executive represent that they are knowledgeable and
sophisticated as to business matters, including the subject matter of this
Agreement, that they have read this Agreement and that they understand its
terms.  The Company and Executive acknowledge that, prior to assenting to the
terms of this Agreement, they have been given a reasonable amount of time to
review it and to negotiate at arm's length as to its contents.  The Company and
Executive agree that the language used in this Agreement is the language chosen
by the parties to express their mutual intent, and that they have entered into
this Agreement freely and voluntarily and without pressure or coercion from
anyone.

       IN WITNESS WHEREOF, the parties hereto have executed this Agreement as
of the date first above written.

                              CYPRESS COMMUNICATIONS, INC.

                              By: /s/ R. Stanley Allen
                                  ------------------------------------------
                              Title: Vice Chairman
                                     ---------------------------------------

                              W. FRANK BLOUNT

                              /s/ W. Frank Blount
                              ---------------------------------------------

                                       10
<PAGE>

                                   EXHIBIT A

Advanced Radio Telecom
Allied Riser Communications (ARC)
Brix Communications Corp.
BroadBand Office
Darwin Networks
Davnet Incorporated
eLink Communications
Eureka Broadband
Everest Broadband Networks
Eziaz
Gillette Global Network
Intellispace
NextLink
OnePoint Communications
OnSite Access
RCN Corporation
Teligent
Urban Media
Winstar

                                       11

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