Document:

Exhibit 10.10

 

Exhibit 10.10

CHANGE IN CONTROL AGREEMENT

     THIS AMENDED AGREEMENT entered into as of October 1, 2007, by and between GATEWAY BANK & TRUST
CO., a North Carolina banking corporation (the “Bank”) and MATTHEW D. WHITE (the “Employee”)

     For and in consideration of their mutual promises, covenants and conditions hereinafter set
forth, and other good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties agree as follows:

     1. Term. The initial term of this Agreement shall be for the period commencing upon
June 1, 2007, and ending three calendar years from that date. On each anniversary of the
commencement of the term of this Agreement, the term of this Agreement shall automatically be
extended for an additional one year period beyond the then effective expiration date unless written
notice from the Bank or the Employee is received 90 days prior to an anniversary date advising the
other that this Agreement shall not be further extended; provided that the Bank shall review the
Employee’s performance annually and make a specific determination pursuant to such review to renew
this Agreement prior to the 90 days’ notice.

     2. Change in Control. (a) In the event of a termination of the Employee’s employment
with the Bank in connection with, or within twelve (12) months after, a “Change in Control” (as
defined in Subparagraph (e) below), for reason of a Termination Event other than for “Cause” (as
defined in Subparagraph (b) below), the Employee shall be entitled to receive from the Bank the
amount set forth in Subparagraph (d) below. Said sum shall be payable as provided in Subparagraph
(f) below.

          (b) For purposes of this Agreement, termination for “Cause” shall include termination because
of the Employee’s personal dishonesty, incompetence, willful misconduct, breach of fiduciary duty
involving personal profit, intentional failure to perform stated duties, willful violation of any
law, rule, or regulation (other than traffic violations or similar offenses) or final
cease-and-desist order.

          (c) The Employee shall have the right to terminate employment with the Bank upon the
occurrence of any of the following events (the “Termination Events”) within twelve (12) months
following a Change in Control:

     (i) The Employee is assigned any duties and/or responsibilities that are
inconsistent with the Employee’s position, duties, responsibilities or status at the
time of the Change in Control or with the Employee’s reporting responsibilities or
titles with the Bank in effect at such time; or

     (ii) The Employee’s annual base salary rate is reduced below the annual amount
in effect as of the effective date of a Change in Control or as the same shall have
been increased from time to time following such effective date; or

     (iii) The Employee’s life insurance, medical or hospitalization insurance,
disability insurance, stock option plans, stock purchase plans, deferred
compensation plans, management retention plans, retirement plans or similar plans or
benefits being provided by the Bank to the Employee as of the effective date of the
Change in Control are reduced in their level, scope or coverage, or any such
insurance, plans or benefits are eliminated, unless such reduction or elimination
applies proportionately to all salaried employees of the Bank who participated in
such benefits prior to such Change in Control; or

     (iv) The Employee is transferred to a location which is an unreasonable
distance from the Employee’s current principal work location, without the Employee’s
express written consent.

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A Termination Event shall be deemed to have occurred on the date such action or event is
implemented or takes effect.

     (d) In the event that the Employee’s employment is terminated as set forth in Paragraph 2(a)
or in the event that the Employee terminates employment pursuant to this Paragraph 2, the Bank will
be obligated to pay or cause to be paid to the Employee an amount equal to one half (1/2) times the
Employee’s annual “base amount” as defined in Section 280G(b)(3) of the Internal Revenue Code of
1986, as amended (the “Code”).

     (e) For the purpose of this Agreement, the term “Change in Control” shall mean:

     (i) Any person, or more than one person acting as a group, accumulates
ownership of the common stock of Gateway Financial Holdings, Inc. (“Gateway
Financial”) constituting more than 50% of the total fair market value or total
voting power of Gateway Financial’s common stock,

     (ii) Any person, or more than one person acting as a group, acquires within a
12-month period ownership of Gateway Financial’s common stock possessing 30% or more
of the total voting power of Gateway Financial’s common stock;

     (iii) A majority of Gateway Financial’s Board of Directors is replaced during
any 12-month period by directors whose appointment or election is not endorsed in
advance by a majority of Gateway Financial’s Board of Directors before the date of
appointment or election, or

     (iv) Within a 12-month period, any person, or more than one person acting as a
group, acquires assets from Gateway Financial having a total gross fair market value
equal to or exceeding 40% of the total gross fair market value of all of the assets
of Gateway Financial immediately before the acquisition or acquisitions. For this
purpose, “gross fair market value” means the value of Gateway Financial’s assets, or
the value of the assets being disposed of, determined without regard to any
liabilities associated with the assets

Persons will be considered to be acting as a group if they are owners of a corporation that enters
into a merger, consolidation, purchase, or acquisition of stock, or a similar transaction,
involving Gateway Financial. Notwithstanding the other provisions of this Paragraph 2, a
transaction or event shall not be considered a Change in Control if, prior to the consummation or
occurrence of such transaction or event, Employee and Bank agree in writing that the same shall not
be treated as a Change in Control for purposes of this Agreement.

     (f) Such amounts payable pursuant to this Paragraph 2 shall be paid, at the option of the
Employee, either in one lump sum or in equal monthly payments over six months, such payment to be
made, or to begin, by the end of the month following the date of termination.

     (g) Following a Termination Event which gives rise to the Employee’s rights hereunder, the
Employee shall have twelve (12) months from the date of the Change in Control to terminate
employment with the Bank pursuant to this Paragraph 2. Any such termination shall be deemed to
have occurred only upon delivery to the Bank (or to any successor corporation) of written notice of
termination that describes the Change in Control and Termination Event. If the Employee does not
so terminate employment within such twelve-month period following the date of the Change in
Control, the Employee shall thereafter have no further rights, if any, hereunder.

     (h) It is the intent of the parties hereto that all payments made pursuant to this Agreement
be deductible by the Bank for federal income tax purposes and not result in the imposition of an
excise tax on the Employee. Notwithstanding anything contained in this Agreement to the contrary,
any payments to be made to or for the benefit of the Employee which are deemed to be “parachute
payments” as that

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term is defined in Section 280G of the Code shall be modified or reduced to the extent deemed
to be necessary by the Bank’s Board of Directors to avoid the imposition of excise taxes on the
Employee under Section 4999 of the Code or the disallowance of a deduction to the Bank under
Section 280G of the Code.

     (i) In the event any dispute shall arise between the Employee and the Bank as to the terms or
interpretation of this Agreement, including this Paragraph 2, whether instituted by formal legal
proceedings or otherwise, including any action taken by the Employee to enforce the terms of this
Paragraph 2 or in defending against any action taken by the Bank, the Bank shall reimburse the
Employee for all costs and expenses incurred in such proceedings or actions, including reasonable
attorney’s fees, in the event the Employee prevails in any such action.

     3. Effect of Agreement on Employment Status of Employee. This Agreement shall not
confer on the Employee any right to employment with the Bank or to a position as an officer or an
employee of the Bank, nor shall it limit the right of the Bank to remove the Employee from any
position held by the Employee or to terminate the Employee’s employment at any time.

     4. Successors and Assigns. This Agreement shall inure to the benefit of and be
binding upon any corporate or other successor of the Bank which shall acquire, directly or
indirectly, by conversion, merger, consolidation, purchase or otherwise, all or substantially all
of the assets of the Bank.

     5. Modification; Waiver; Amendments. No provision of this Agreement may be modified,
waived or discharged unless such modification, waiver or discharge is agreed to in writing and
signed by the Employee and the Bank, except as herein otherwise provided. No waiver by either
party hereto, at any time, of any breach by the other party hereto of, or compliance with a
condition or provision of this Agreement to be performed by such other party, shall be deemed a
waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent
time. No amendments or additions to this Agreement shall be binding unless in writing and signed
by both parties, except as herein otherwise provided.

     6. Applicable Law. This Agreement shall be governed in all respects whether as to
validity, construction, capacity, performance or otherwise, by the law of North Carolina, except to
the extent that federal law shall be deemed to apply.

     7. Severability. The provisions of this Agreement shall be deemed severable and the
invalidity or unenforceability of any provision shall not affect the validity or enforceability of
the other provisions hereof.

     8. Previous Agreement. This Agreement replaces the change in control compensation
agreement between the Officer and The Bank of Richmond, N.A., the predecessor of the Bank, dated
October 20, 2006.

[Signatures are on the following page.]

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     IN WITNESS WHEREOF, the parties have amended this Agreement as of the day and year first
written above.

	 	 	 	 	 
	 	GATEWAY BANK & TRUST CO.

 	 
	 	By:  	/s/ David R. Twiddy
 	 
	 	 	David R. Twiddy, President 	 
	 	 	 	 
	 
	 	EMPLOYEE

 	 
	 	/s/ Matthew D. White
 	 
	 	Matthew D. White 	 
	 	 	 
	 

4EX-10.3 EMPLOYMENT AGREEMENT WITH MARK REYNOLDS

 

Exhibit 10.3

GEOVAX INC.  — MARK W. REYNOLDS

EMPLOYMENT AGREEMENT

AMENDED AND RESTATED AS OF

01 FEBRUARY 2008

This EMPLOYMENT AGREEMENT (the “Agreement”) by and between GeoVax, Inc., a Georgia Corporation
(“Company”), and MARK W. REYNOLDS (“Employee”; and with the Company, collectively, the “Parties”),
is entered into and effective as of 01 February 2008 (the “Effective Date”). This Agreement amends
and restates the original employment agreement between the parties dated October 1, 2006.

Employee will serve as Chief Financial Officer and Secretary, of the Company. The Company and
Employee desire that Employee be employed by the Company in the above capacity under the terms of
this Agreement. Therefore, in consideration of the mutual covenants and agreements set forth
herein, it is agreed:

1. Employment; Duties. Employee is hereby employed by the Company under the terms of
this Agreement, and Employee accepts such employment. Employee shall serve as Chief Financial
Officer and Secretary, as defined above, of the Company and shall perform such duties (“Employees
Duties”) as are customary for someone in that position and duties that may be reasonably assigned
from time to time by the President and CEO and in the absence of the President/CEO, the Company’s
Board of Directors (BOD). Primary duties include but are not limited to: specified corporate
functions, coordination/management/reporting of all financial affairs of the Company such as
preparing and maintaining accounting records in compliance with GAAP (monthly/quarterly/annual),
SEC 10Q and 10K filings, other SEC filings as required and other activities inclusive of business
contracts/payroll and will be requested to attend all Stockholder and Board of Directors meetings
performing such functions as financial reporting and preparation of meeting minutes/reports. It is
understood and agreed that employee shall have full visibility to all corporate agreements,
contracts and related transactions. Corporate Directors and Officers Liability Insurance (D&O)
coverage will be provided.

2. Term of Agreement. The term of Employee’s employment under this Agreement
commences on or about 01 February 2008 and shall end upon the termination of Employee’s employment
with the Company as provided herein. The Company may terminate this Agreement upon at least 60 days
prior written notice to Employee, and such termination shall be effective on the termination date
described in such notice (or such earlier time as the Company and Employee may agree).
Notwithstanding the foregoing, the termination of this Agreement shall not terminate the Company’s
obligation to make any payments to Employee for services performed and expenses incurred prior to
the date of such termination, or as set forth below; and shall not terminate Employee’s obligations
under Section 14, 15 and 16 below.

3. Base Salary. The Company shall pay Employee $115,000 annually, payable at
least monthly, with annual reviews. Performance and salary reviews are at the discretion of the
President/CEO and/or Board of Directors. It is understood that Employee’s base pay is determined
based on Employee’s part-time status and may be adjusted in the future upon the mutual agreement of
the parties.

4. Performance Reviews. Performance reviews will be conducted at least annually by
the President/CEO or designee.

5. Annual Bonus Potential. An annual fiscal year bonus will be considered and
recommended, if appropriate, by the supervisor and President/CEO and must be BOD approved. The
actual amount shall be at the discretion of the President/BOD based on Employee’s and the Company’s
performance and achievement.

6. Equity Stock Incentive. The Company shall consider the grant of stock options to
Employee under the Company’s then current stock option plan. These options would allow employee the
right to purchase shares of the Company’s common stock at an exercise price per share yet to be
determined. Option grants are performance based. The options will have an expiration date and
vesting schedule which will be fixed by the Board.

7. Moving Expenses. N/A

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8. Temporary Living Expense. N/A

9. Travel Expenses. The Company shall reimburse Employee for usual and customary
business travel expenses reasonably incurred in the performance of Employee’s Duties, based on
receipted expense reports, including $0.485 per mile for all general business use of personal auto
as previously approved. Employee will use best efforts to minimize all travel and travel expenses
and use alternative less expensive forms of travel when possible.

10. Other Business Expenses. N/A

11. Benefits. Employee will be entitled to the following benefits in line with the
company’s ongoing benefits program administered through an HR employment agency (Administaff
Services Inc.) or other company selected benefits administrator. Benefit details are provided in an
information packet available from the Company.

     a. Life Insurance Benefits: $50,000 in term life insurance. Additional

 insurance is available through the HR agency.

     b. Long-Term Disability Insurance: as provided.

     c. Medical & Dental Insurance  N/A

     d. Vacation: Three (3) weeks paid vacation.

     e. Holidays: Nine (9) paid holidays.

     f. Retirement Plan: a Company 401(k) Retirement Plan that allows Employee to
contribute up to 15% of salary on a pre-tax basis up to a maximum as prescribed under federal law.
Employer matching and/or profit contribution will be at the discretion of the Company and approved
annually by the Board. Company matching is currently $0.25 for each $1.00 of employee 401(k)
contribution up to a maximum. (See Plan for details — eligible after six months full time
employment)

12. Termination Provision—Non Voluntary

a. With Cause. If Employee is terminated with cause, Employee’s employment,
compensation and benefits will terminate immediately (unless otherwise provided by law), and
Employee shall not receive any severance payments.

b. Without Cause. If Employee is terminated without cause, Employee must be
given 30 days notice, and his salary will continue to be paid for 1 week for each full year
of service.

13. Termination Provision—Voluntary. Employee may voluntarily terminate his
employment on 60 day written notice to the Company, and Employee’s employment, compensation and
benefits will terminate on the effective date of termination (unless otherwise provided by law),
and Employee shall not receive any severance payments.

14.  Record Keeping and Payment. Employee shall keep and file with the Company an
expense report for all business expenses for which Employee seeks reimbursement, and Employee shall
be reimbursed for such documented business expenses within thirty (30) days of submitting a request
for reimbursement.

15. Restrictive Covenants. Employee acknowledges that the restrictions contained
herein are reasonable and necessary to protect the legitimate business interests of the Company,
and will not impair or infringe upon his right to work or earn a living after his employment with
the Company ends. The restrictions imposed herein shall apply during Employee’s employment with
the Company and, except for the longer period specified below for the protection of Trade
Secrets, thereafter for a period of two (2) years after the termination of employment for any
reason (the “Restricted Period”).

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	a.	 	Trade Secrets and Confidential Information. Employee represents and warrants that:
(i) he is not subject to any agreement that would prevent him from performing Employ ee’s
Duties for the Company or otherwise complying with this Agreement, and (ii) he is not subject
to or in breach of any non-disclosure agreement, including any agreement concerning trade
secrets or confidential information owned by any other party.
	 
	 	 	Employee agrees that he will not: (i) use, disclose, or reverse engineer the Trade
Secrets or the Confidential Information (as defined below), except as authorized
by the Company; (ii) or during his employment with the Company, use, disclose, or reverse
engineer (a) any confidential information or trade secrets of any former employer or third
party, or (b) any works of authorship developed in whole or in part by him during any former
employment or for any other party, unless authorized in writing by the former employer or
third party; or (iii) upon his resignation or termination (a) retain Trade Secrets or
Confidential Information, including any copies existing in any form (including
electronic form), which are in his possession or control, or (b) destroy, delete, or alter
the Trade Secrets or Confidential Information without the Company’s consent.
Notwithstanding the above, such information may be disclosed to authorized representatives
of the US government in federal grant applications and to third parties in connection with
licensing, financing and other commercial agreements, in each case to the extent the failure
to provide such information would materially prejudice the Company’s ability to secure the
grant or enter into the desired commercial relationship, and provided that in each case
Employee uses his best efforts to cause the person(s) receiving such information to protect
its confidentiality and limit its use, including securing a written confidentiality
agreement where possible.
	 
	 	 	The obligations under this subsection 15.a shall: (i) with regard to the Trade
Secrets, remain in effect as long as the information constitutes a trade secret under
applicable law, and (ii) with regard to the Confidential Information, remain in
effect during the Restricted Period.
	 
	b.	 	 “Confidential Information” means information of the Company, to the extent not
considered a Trade Secret under applicable law, that (i) relates to the business of
the Company, (ii) possesses an element of value to the Company, (iii) is not generally known
to the Company’s competitors, and (iv) would damage the Company if disclosed.
Confidential Information includes, but is not limited to, (i) future business plans,
(ii) the composition, description, schematic or design of products, future products or
equipment of the Company, (iii) communication systems, audio systems, system designs and
related documentation, (iv) advertising or marketing plans, (v) information regarding
independent contractors, employees, clients and customers of the Company, and (vi)
information concerning the Company’s financial structure and methods and procedures of
operation. Confidential Information shall not include any information that (i) is or becomes
generally available to the public other than as a result of an unauthorized disclosure, (ii)
has been independently developed and disclosed by others without violating this Agreement or
the legal rights of any party, or (iii) otherwise enters the public domain through lawful
means.
	 
	c.	 	“Trade Secrets” means information of the Company, and its licensors, suppliers,
clients and customers, without regard to form, including, but not limited to, technical or
non-technical data, a formula, a pattern, a compilation, a program, a device, a method, a
technique, a drawing, a process, financial data, financial plans, product plans, or a list of
actual or potential customers or suppliers which is not commonly known by or available to the
public and which information (i) 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 (ii) is the subject of efforts that
are reasonable under the circumstances to maintain its secrecy.
	 
	d.	 	Non-Solicitation of Customers and Business Partners. During the Restricted
Period, Employee will not solicit any customer of the Company, or any for-profit or
not-for-profit enterprise in a commercial or research relationship with the Company, on his
own behalf or on behalf of any other person or entity, for the purpose of providing any goods
or services competitive with the business of the Company as described in the Company’s
Business Plan or thereafter (the “Business”), or for the purpose of diverting the benefits of
any such relationship away from the Company. The restrictions set forth in this Section
apply only to the customers and enterprises with whom Employee had interaction (i) in an
effort to establish, maintain, and/or further a business relationship on behalf of the
Company, and (ii) which occurs

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	 	 	during the last year of Employee’s employment with the Company (or during his employment if
employed less than a year).
	 
	e.	 	Non-Recruitment of Employees. During the Restricted Period, Employee will
not, directly or indirectly, solicit, recruit or induce any employee of the Company or any
affiliate of the Company either to terminate his or her employment relationship with the
Company, or work for any other person or entity engaged in a business like the Business.

16. Work Product. Employee’s Duties may include creation of inventions in areas
directly or indirectly related to the business of the Company or to a line of business that the
Company may reasonably be interested in pursuing. All Work Product (as defined below) shall
constitute work made for hire. If (i) any of the Work Product may not be considered work made for
hire, or (ii) ownership of all right, title, and interest to the legal rights in and to the Work
Product will not vest exclusively in the Company, then, without further consideration, Employee
assigns all presently-existing Work Product to the Company, and agrees to assign, and automatically
assigns, all future Work Product to the Company.

     The Company will have the right to obtain and hold in its own name copyrights, patents, design
registrations, proprietary database rights, trademarks, rights of publicity, and any other
protection available in the Work Product. At the Company’s request, Employee will perform, during
or after his employment with the Company, any acts to transfer, perfect and defend the Company’s
ownership of the Work Product, including, but not limited to: (i) executing all documents
(including a formal assignment to the Company) necessary for filing an application or registration
for protection of the Work Product (an “Application”), (ii) explaining the nature of the Work
Product to persons designated by the Company, (iii) reviewing Applications and other related
papers, or (iv) providing any other assistance reasonably required for the orderly prosecution of
Applications. Employee will provide the Company with a written description of any Work Product in
which he is involved (solely or jointly with others) and the circumstances surrounding the creation
of such Work Product.

     "Work Product” means (a) any data, databases, materials, documentation, computer programs,
inventions (whether or not patentable), designs, and/or works of authorship, including but not
limited to, discoveries, ideas, concepts, properties, formulas, compositions, methods, programs,
procedures, systems, techniques, products, improvements, innovations, writings, pictures, and
artistic works, and (b) any subject matter protected under patent, copyright, proprietary database,
trademark, trade secret, rights of publicity, confidential information, or other property rights,
including all worldwide rights therein, that is or was conceived, created or developed in whole or
in part by Employee while employed by the Company and that either (i) is created within the scope
of his employment, (ii) is based on, results from, or is suggested by any work performed within the
scope of his employment, (iii) is directly or indirectly related to the business of the Company or
a line of business that the Company may reasonably be interested in pursuing, (iv) has been or will
be paid for by the Company, or (iv) was created or improved in whole or in part by using the
Company’s time, resources, data, facilities, or equipment.

17. Arbitration.

	a.	 	Any controversy, claim or dispute arising from, out of or relating to this Agreement, or
any breach thereof, including but not limited to any dispute concerning the scope of this
arbitration clause, claims based in tort or contract, claims for discrimination under
federal, state or local law, and/ or claims for violation of any federal, state or local law
(any such controversy, claim or dispute being referred to herein as a “Claim”) shall be
resolved in accordance with the National Rules for the Resolution of Employment Disputes of
the American Arbitration Association then in effect. Such arbitration shall take place in
Atlanta, Georgia. The arbitrator’s award shall be final and binding upon both parties.
	 
	b.	 	A demand for arbitration shall be made within a reasonable time after the Claim has arisen.
In no event shall the demand for arbitration be made after the date when an institution of
legal and/or equitable proceedings based on such Claim would be barred by the applicable
statute of limitations. Each party to the arbitration will be entitled to be represented by
counsel and shall have the right to subpoena witnesses and documents for the arbitration
hearing. The arbitrator shall be experienced in employment arbitration and licensed to
practice law in the state of Georgia. The arbitrator shall have the authority to hear and

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	 	 	grant a motion to dismiss and/ or motion for summary judgment, applying the
standards governing such motions under the Federal Rules of Civil Procedure.
	 
	c.	 	Except as otherwise awarded by the arbitrator, each
party shall pay the fees of its respective attorneys,
the expenses of its witnesses and any other expenses
connected with presenting its Claim or defense. To
the extent permitted by law, the prevailing party
shall be entitled to receive, in addition to all
other relief, payment of all expenses of litigation
and arbitration, including attorney’s fees.
	 
	d.	 	The parties indicate their acceptance of the foregoing arbitration requirement by
initialing below:

	 	 	 
	/s/ DH

	 	/s/ MR
	 

	 	 
	 
	 	 
	For the Company

	 	Employee

18. Miscellaneous. This Agreement constitutes the entire agreement between the Parties
concerning the subject matter of this Agreement. This Agreement supersedes any prior
communications, agreements or understandings, whether oral or written, between the Parties relating
to the subject matter of this Agreement. This Agreement may not be amended or modified except in
writing signed by both Parties. This Agreement shall be assignable to, and shall inure to the
benefit of, the Company’s successors and assigns, including, without limitation, successors through
merger, consolidation, or sale of a majority of the Company’s assets. Employee shall not have the
right to assign Employee’s rights or obligations under this Agreement, except as permitted under
the laws of descent and distribution. The laws of the State of Georgia shall govern this Agreement.

The Parties hereto have executed this Agreement as of the day and year first written below.

GEOVAX, INC.

	 	 	 	 	 	 	 	 	 	 	 
	/s/

	 	Donald G. Hildebrand
	 	 	 	Date:
	 	February 1, 2008	 	 
	Donald G. Hildebrand	 	 	 	 	 	 	 	 
	President/CEO	 	 	 	 	 	 	 	 

EMPLOYEE:

	 	 	 	 	 	 	 	 	 	 	 
	/s/

	 	Mark W. Reynolds
	 	 	 	Date:
	 	February 1, 2008	 	 
	Mark W. Reynolds	 	 	 	 	 	 	 	 

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