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EXHIBIT 10.19    
    

 
 

EMPLOYMENT AGREEMENT    
    

        THIS AGREEMENT is effective as of January 1, 2007 ("Effective Date") between Oglethorpe Power Corporation (An Electric Membership Corporation) ("the
Company") and Thomas A. Smith ("Employee"). The Company desires to employ Employee, and Employee desires to accept employment with the Company, under the following terms and conditions. Therefore, in
consideration of Employee's employment with the Company and the mutual promises and conditions contained in this Agreement, the adequacy of which the parties hereby acknowledge, Employee and the
Company agree as follows: 

        1.    Term.    Subject to the provisions for automatic renewal and
termination as provided below, the term of this Agreement shall commence on the Effective Date and shall terminate at 12:01 a.m. on December 31, 2009. 

        (a)    Automatic Renewal.    The Agreement shall automatically be
extended for an unlimited number of one-year periods, unless on or before November 30, 2007 (for the initial term), or twenty-five (25) months before the
expiration of any extended term, either Party to the Agreement provides the other written notice of its desire not to automatically renew this Agreement. 

        2.    Position and Duties.    

        (a)    Employee's Title; Duties.    Employee shall serve the Company
in the position of President and Chief Executive Officer. Employee shall perform all duties of this position, as assigned by the Board of Directors of the Company (or other designee). 

        (b)    Conflict of Interest.    During Employee's employment, Employee
shall not engage in any business activity which, in the reasonable judgment of the Board of Directors, conflicts with the duties of the
Employee under this Agreement, whether or not such activity is pursued for gain, profit or other pecuniary advantage. 

        (c)    Participation in Other Boards or Similar
Activities.    Notwithstanding subsection 2(b), Employee may receive compensation for participation on boards of directors or similar part-time
associations, provided that such participation does not interfere with the performance of Employee's employment obligations to the Company and that such participation has been approved in advance by
the Company's Board of Directors. The foregoing restrictions also shall not limit or prohibit Employee from engaging in passive investment and community, charitable and social activities not
interfering with Employee's performance and obligations under this Agreement. 

        3.    Compensation and Related Matters.    

        (a)    Base Salary.    For all services rendered by Employee during
the term of this Agreement, the Company shall pay Employee a minimum annual base salary of $440,869.52, payable in equal semi-monthly installments, less applicable withholdings. Employee's
base salary will be subject to review and possible upward adjustment, subject to the sole discretion of the Board of Directors. 

        (b)    Benefits.    During the term of employment, Employee shall be
entitled to receive and shall be allowed to participate in the Company's standard comprehensive benefits package on the terms and conditions as provided in the policies and practices of the Company,
which may be modified from time-to-time in the sole discretion of the Company's Board of Directors. Employee agrees that no claim will arise against the Company by virtue of
its Board of Directors' exercise of its rights to modify the Company's benefits package. Employee shall be entitled to a minimum of thirty-three (33) days of paid time off and an automobile or
an automobile allowance and such benefits shall not be reduced during the term of this Agreement (including any extensions). 

        (c)    Bonus Eligibility; Performance Pay Program.    Employee will be
eligible for consideration for an annual bonus and other incentive compensation plans generally available to other similarly situated employees, including but not limited to the OPC Performance Pay
Program. Such a bonus, 

 

if
awarded, will be an amount determined by the Company in its sole discretion. Employee must be employed by the Company as of December 31st of the award year in order to receive it; however,
in the event Employee is terminated not for Cause during the last quarter of an award year, Employee will be eligible to receive a prorated bonus based on attainment of the applicable goals during
Employee's employment. Any prorated bonus will be paid in accordance with the Company's regular bonus payment schedule. 

        (d)    Business Expenses.    Employee is authorized to incur
reasonable and documented business expenses incurred or paid by Employee on behalf of the Company in performing Employee's duties. Such reasonable expenses shall be promptly paid (or reimbursed as
applicable) by the Company upon presentation of expense statements in accordance with the Company's policy. 

        4.    Termination and Severance.    

        (a)    Termination for Cause.    The Company may terminate Employee's
employment with the Company at any time if it believes in good faith that it has Cause to do so. "Cause" shall be defined as: (i) Employee's failure to perform Employee's duties which causes or
is likely to cause material harm to the Company or material interference with its operations; (ii) Employee's substantial, material failure to comply with the Company's written directions or
policies; or (iii) Employee's engaging in conduct that is unlawful or disreputable, to the possible material detriment of the Company, its affiliates, its predecessors or successors, or
Employee's own reputation; provided, however, that with respect to (i) and (ii) above, Employee has been given prompt notice of the
failure and a reasonable opportunity to cure it. In the event of a termination for Cause, or in the event of Employee's death or disability (which shall be defined as an inability to perform the
essential functions of Employee's position, with or without accommodation, consistent with the Company's obligations under the Americans With Disabilities Act), all salary and other benefits provided
to Employee under this Agreement shall cease as of the date of termination except for any portion of Salary that is accrued and owing and any life and/or disability insurance proceeds that become
payable by reason of Employee's death or disability. 

        (b)    Termination Not for Cause; Resignation with Good Reason.    The
Company may terminate Employee's employment at any time upon two weeks' notice to the Employee. In the event the Company terminates Employee's employment not for Cause or in the event Employee resigns
with Good Reason (as defined below), Employee shall receive as severance pay (in addition to accrued salary and benefits, including amounts earned during the previous year but unpaid) the following
amounts in lump-sum form payable within thirty (30) days of such termination without cause: all Base Salary (at the then-applicable yearly rate) he would be entitled to
receive through the then applicable term of the Agreement, provided, however, in no event shall this amount be greater than two (2) years' Base Salary nor less than one (1) years' Base
Salary (at the then-applicable yearly rate, less applicable withholdings) (referred to as "Severance Pay"). No payment shall be made to the Employee under this Section prior to six
(6) months after the Employee's date of termination to the extent that such payment would result in adverse tax consequences under Section 409A of the Internal Revenue Code of 1986, as
amended. 

        i)    Definition of "Good Reason".    For purposes of this Section,
"Good Reason" shall be defined as: (a) a demotion or material reduction or alteration of Employee's job title or job duties and responsibilities inconsistent with Employee's current position;
(b) a reduction of Employee's base salary; or (c) a relocation of Employee's principal office by more than fifty (50) miles; and further provided that Good Reason may be found
under this subsection 4(b)(i) without regard to whether there has been a sale or transfer of any or all of the Company's assets. 

2

 

        ii)    Medical Allowance and Outplacement Services.    In addition to
the payment provided in subsection 4(b), the Company will provide (i) outplacement services to be determined by the Company for the remaining term of the Agreement or one (1) year,
whichever is longer; and (ii) an amount equal to the Employee's cost for medical and dental continuation coverage pursuant to COBRA for the remaining term of the Agreement or one
(1) year, whichever is longer, at the coverage type and level as is in effect as of the date of the Employee's termination of employment. 

        iii)    Release.    Employee will only receive Severance Pay and the
additional benefits provided in subsection 4(b)(ii) if Employee signs a form releasing all claims against the Company which shall be furnished by the Company no later than 45 days after
the effective termination date (or within 45 days after an arbitrator determines that Employee is entitled to such payments), and Employee does not thereafter revoke the release. 

        iv)    No Duty to Mitigate.    In the event Employee's employment is
terminated in a manner that gives Employee a right to receive payment described in subsections 4(b) and 4(b)(ii) (collectively, "damages"), Employee shall have no obligation to mitigate such
damages through subsequent employment or other earnings. 

        (c)    Resignation Without Good Reason.    Employee may resign
employment at any time upon sixty (60) days' notice to the Company. In such event, if requested by the Company, Employee shall continue to render services and shall be paid Employee's regular
salary and receive normal benefits up to the effective date of termination. In the event of a resignation without Good Reason, all salary and other benefits provided to Employee under this Agreement
shall cease as of the date of termination. 

        5.    This Agreement to be Kept Confidential.    As a material
condition to this Agreement, Employee agrees not to disclose the terms of this Agreement, without the Company's prior written permission, to anyone other than an immediate family member or an
attorney, accountant or other professional advisor who agrees in advance to honor this confidentiality requirement. Employee further understands that, so long as the Company has reporting obligations
under SEC regulations, the Company is not prohibited from disclosing the terms of this Agreement to the extent legally required by applicable reporting requirements. This Agreement also does not
prohibit Employee from disclosing the terms of this
Agreement to the extent necessary to enforce this Agreement or disclosures to the extent legally required by a subpoena or court order, provided that the Company is notified in writing of such a
disclosure obligation within five (5) days after it arises. In the event that Employee violates the confidentiality obligations of this Section, the Company reserves the right to cancel this
Agreement. 

        6.    Inventions and Confidential Information Agreement.    As a
pre-condition to the effectiveness of this Agreement, Employee has executed or shall execute a standard Company Inventions and Confidential Information Agreement. Employee acknowledges and
agrees that any breach by Employee of such Agreement shall constitute a violation of subsection 4(a)(ii) of this Agreement for Cause, and the Company shall have all rights and obligations
provided for. 

        7.    Arbitration of Disputes.    Final and binding arbitration shall
be the exclusive remedy for all disputes between the Company and Employee regarding the validity, interpretation or effect of this Agreement. 

        (a)    Procedure.    Any such arbitration shall be in accordance with
the procedures of the American Arbitration Association ("AAA"). The arbitration hearing will be held before an experienced employment arbitrator or panel of arbitrators licensed to practice law in the
state of Georgia and selected in accordance with the rules of the AAA. The forum for such arbitration shall be Atlanta, Georgia. 

3

 

        (b)    Required Notice.    The party seeking arbitration of a dispute
under this Section must give specific written notice of any claim to the other party within six (6) months of the date the party seeking arbitration first has knowledge of the event giving rise
to the dispute; otherwise, the claim shall be void and deemed waived, even if there is a federal or state statute of limitations which would have given more time to pursue the claim. 

        (c)    Expenses.    The Company shall initially be responsible for
payment of arbitration costs, excluding Employee's attorneys' fees; provided, however, that the arbitrator shall have the authority to fashion an equitable division of costs if the arbitrator finds
that such costs are unduly burdensome with respect to either party. All other costs and expenses associated with the arbitration, including but not limited to attorneys' fees, shall be borne by the
party incurring the expense, unless applicable law provides for a different allocation, in which event the arbitrator can order that costs and expenses be allocated in accordance with applicable law.
In any arbitration related to the breach of the terms of this Agreement, the arbitrator shall have the authority to award attorneys' fees and costs to the prevailing party. 

        8.    Miscellaneous.    

        (a)    Governing Law.    This Agreement shall be construed under,
governed by, and enforced in accordance with the laws of the State of Georgia, without regard to its choice of law provisions. The Agreement shall further be construed to comply with
Section 409A of the Internal Revenue Code of 1986, as amended. 

        (b)    Notice.    Any notice required or desired to be given under
this Agreement by Employee to the Company shall be provided in writing via hand-delivery, facsimile (with confirmation of delivery), recognized express courier, or Certified Mail to the
Chairman of the Board of Directors, Oglethorpe Power Corporation, 2100 East Exchange Place, Tucker, Georgia 30085-1359, fax number: 770-270-7676. Any notice
required or desired to be given under this Agreement by Company to the Employee shall be provided in writing via hand-delivery, recognized express courier, or Certified Mail to Employee at
the address listed below Employee's signature or at Employee's Company office. Notice shall be deemed given upon the date of delivery. Addresses or facsimile numbers may be changed by providing notice
in accordance with this Section. 

        (c)    Assignment and Successorship.    The rights and obligations of
the Company under this Agreement shall inure to the benefit of, and shall be binding upon, the successors and assigns of the Company. This Agreement shall also be binding upon and shall inure to the
benefit of Employee and Employee's estate, but Employee may not assign any rights or delegate any duties or obligations under this Agreement, except to the extent permitted under the Company's benefit
plans. 

        (d)    Complete Agreement.    This Agreement shall constitute the
entire agreement between the parties with respect to the subjects addressed in this Agreement. Any subsequent alteration or modification to this Agreement must be made in writing and signed by both
parties. 

        (e)    Severability.    Should any provision of this Agreement or
portion be ruled void, invalid, unenforceable or contrary to public policy by any court of competent jurisdiction, then any remaining portion of such provision and all other provisions of this
Agreement shall survive and be applied and any invalid or unenforceable portion shall be construed or performed to preserve as much of the original words, terms, purpose and intent as shall be
permitted by law. 

        (f)    Counterparts.    This Agreement shall be executed in duplicate
counterparts. Each counterpart is deemed an original of equal dignity with the other. The official executing this Agreement on behalf of the Company represents and warrants that he or she has full
requisite authority to do so. 

4

 

        (g)    Waiver of Breach.    The waiver by the Company or Employee of a
breach of any provision of this Agreement by the other shall not operate or be construed as a waiver of any subsequent breach by Employee or the Company, respectively. 

        (h)    Prior Employment Contract.    This Agreement shall supersede
and replace any and all prior contracts for employment between the Company and Employee. 

        So
agreed, effective as of the date written on page 1 above. 

	EMPLOYEE:	 	COMPANY:
	

/s/ Thomas A. Smith	
 	

/s/ Benny W. Denham
	

Date: 11/13/06	
 	

Date: 11/13/06
	

Printed Name: Thomas A. Smith	
 	

Printed Name: Benny W. Denham
	

 	
 	

Title: Chairman of the Board

5

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EXHIBIT 10.19

EMPLOYMENT AGREEMENTQuickLinks
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EXHIBIT 10.20    
    

 
 

EMPLOYMENT AGREEMENT    
    

        THIS AGREEMENT is effective as of January 1, 2007 ("Effective Date") between Oglethorpe Power Corporation (An Electric Membership Corporation) ("the
Company") and Michael W. Price ("Employee"). The Company desires to employ Employee, and Employee desires to accept employment with the Company, under the following terms and conditions. Therefore, in
consideration of Employee's employment with the Company and the mutual promises and conditions contained in this Agreement, the adequacy of which the parties hereby acknowledge, Employee and the
Company agree as follows: 

        1.    Term.    Subject to the provisions for automatic renewal and
termination as provided below, the term of this Agreement shall commence on the Effective Date and shall terminate at 12:01 a.m. on December 31, 2008. 

        (a)    Automatic Renewal.    This Agreement shall be automatically
extended for one additional year, unless on or before November 30, 2007 (for the initial term), or thirteen (13) months before the expiration of any extended term, either Party provides
to the other written notice of its desire not to automatically renew this Agreement. 

        2.    Position and Duties.    

        (a)    Employee's Title; Duties.    Employee shall serve the Company
in the position of Chief Operating Officer. Employee shall perform all duties of this position, as assigned by the CEO, President, or the Board of Directors of the Company (or other designee). 

        (b)    Conflict of Interest.    During Employee's employment, Employee
shall not engage in any business activity which, in the reasonable judgment of the CEO, conflicts with the duties of the Employee under this Agreement, whether or not such activity is pursued for
gain, profit or other pecuniary advantage. 

        (c)    Participation in Other Boards or Similar
Activities.    Notwithstanding subsection 2(b), Employee may receive compensation for participation on boards of directors or similar part-time
associations, provided that such participation does not interfere with the performance of Employee's employment obligations to the Company and that such participation has been approved in advance by
the Company's CEO. The foregoing restrictions also shall not limit or prohibit Employee from engaging in passive investment and community, charitable and social activities not interfering with
Employee's performance and obligations under this Agreement. 

        3.    Compensation and Related Matters.    

        (a)    Base Salary.    For all services rendered by Employee during
the term of this Agreement, the Company shall pay Employee a minimum annual base salary of $255,116.16, payable in equal semi-monthly installments, less applicable withholdings. Employee's
base salary will be subject to review and possible upward adjustment, subject to the sole discretion of the President and CEO. 

        (b)    Benefits.    During the term of employment, Employee shall be
entitled to receive and shall be allowed to participate in the Company's standard comprehensive benefits package on the terms and conditions as provided in the policies and practices of the Company,
which may be modified from time-to-time in the sole discretion of the Company's Board of Directors. Employee agrees that no claim will arise against the Company by virtue of
its Board of Directors' exercise of its rights to modify the Company's benefits package. 

        (c)    Bonus Eligibility; Performance Pay Program.    Employee will be
eligible for consideration for an annual bonus and other incentive compensation plans generally available to other similarly situated employees, including but not limited to the OPC Performance Pay
Program. Such a bonus, if awarded, will be an amount determined by the Company in its sole discretion. Employee must be employed by the Company as of December 31st of the award year in order to
receive it; 

 

however,
in the event Employee is terminated not for Cause during the last quarter of an award year, Employee will be eligible to receive a prorated bonus based on attainment of the applicable goals
during Employee's employment. Any prorated bonus will be paid in accordance with the Company's regular bonus payment schedule. 

        (d)    Business Expenses.    Employee is authorized to incur
reasonable and documented business expenses incurred or paid by Employee on behalf of the Company in performing Employee's duties. Such reasonable expenses shall be promptly paid (or reimbursed as
applicable) by the Company upon presentation of expense statements in accordance with the Company's policy. 

        4.    Termination and Severance.    

        (a)    Termination for Cause.    The Company may terminate Employee's
employment with the Company at any time if it believes in good faith that it has Cause to do so. "Cause" shall be defined as: (i) Employee's failure to perform Employee's duties which causes or
is likely to cause material harm to the Company or material interference with its operations; (ii) Employee's substantial, material failure to comply with the Company's written directions or
policies; or (iii) Employee's engaging in conduct that is unlawful or disreputable, to the possible material detriment of the Company, its affiliates, its predecessors or successors, or
Employee's own reputation; provided, however, that with respect to (i) and (ii) above, Employee has been given prompt notice of the
failure and a reasonable opportunity to cure it. In the event of a termination for Cause, or in the event of Employee's death or disability (which shall be defined as an inability to perform the
essential functions of Employee's position, with or without accommodation, consistent with the Company's obligations under the Americans With Disabilities Act), all salary and other benefits provided
to Employee under this Agreement shall cease as of the date of termination except for any portion of Salary that is accrued and owing and any life and/or disability insurance proceeds that become
payable by reason of Employee's death or disability. 

        (b)    Termination Not for Cause; Resignation with Good Reason.    The
Company may terminate Employee's employment at any time upon two weeks' notice to the Employee. In the event the Company terminates Employee's employment not for Cause or in the event Employee resigns
with Good Reason (as defined below), Employee shall receive as severance pay the equivalent of one year of Employee's then-current base salary, less applicable withholdings, payable in
lump-sum form (referred to as "Severance Pay"); provided, however, no payment shall be made to the Employee under this Section prior to six (6) months after the Employee's date of
termination to the extent that such payment would result in adverse tax consequences under Section 409A of the Internal Revenue Code of 1986, as amended. 

        i)    Definition of "Good Reason".    For purposes of this Section,
"Good Reason" shall be defined as: (a) a demotion or material reduction or alteration of Employee's job title or job duties and responsibilities inconsistent with Employee's current position;
(b) a reduction of Employee's base salary; or (c) a relocation of Employee's principal office by more than fifty (50) miles; and further provided that Good Reason may be found
under this subsection 4(b)(i) without regard to whether there has been a sale or transfer of any or all of the Company's assets. 

        ii)    Medical Allowance and Outplacement Services.    In addition to
the payment provided in subsection 4(b), the Company will provide (i) six (6) months' outplacement services to be determined by the Company and (ii) an amount equal to the
Employee's cost for medical and dental continuation coverage pursuant to COBRA for six (6) months at the coverage type and level as is in effect as of the date of the Employee's termination of
employment. 

2

 

        iii)    Release.    Employee will only receive Severance Pay and the
additional benefits provided in subsection 4(b)(ii) if Employee signs a form releasing all claims against the Company which shall be furnished by the Company no later than 45 days after
the effective termination date (or within 45 days after an arbitrator determines that Employee is entitled to such payments), and Employee does not thereafter revoke the release. 

        iv)    No Duty to Mitigate.    In the event Employee's employment is
terminated in a manner that gives Employee a right to receive payment described in subsections 4(b) and 4(b)(ii) (collectively, "damages"), Employee shall have no obligation to mitigate such
damages through subsequent employment or other earnings. 

        (c)    Resignation Without Good Reason.    Employee may resign
employment at any time upon thirty (60) days' notice to the Company. In such event, if requested by the Company, Employee shall continue to render services and shall be paid Employee's regular
salary and receive normal benefits up to the effective date of termination. In the event of a resignation without Good Reason, all salary and other benefits provided to Employee under this Agreement
shall cease as of the date of termination. 

        5.    This Agreement to be Kept Confidential.    As a material
condition to this Agreement, Employee agrees not to disclose the terms of this Agreement, without the Company's prior written permission, to anyone other than an immediate family member or an
attorney, accountant or other professional advisor who agrees in advance to honor this confidentiality requirement. Employee further understands that, so long as the Company has reporting obligations
under SEC regulations, the Company is not prohibited from disclosing the terms of this Agreement to the extent legally required by applicable reporting requirements. This Agreement also does not
prohibit Employee from disclosing the terms of this Agreement to the extent necessary to enforce this Agreement or disclosures to the extent legally required by a subpoena or court order, provided
that the Company is notified in writing of such a disclosure obligation within five (5) days after it arises. In the event that Employee violates the confidentiality obligations of this
Section, the Company reserves the right to cancel this Agreement. 

        6.    Inventions and Confidential Information Agreement.    As a
pre-condition to the effectiveness of this Agreement, Employee has executed or shall execute a standard Company Inventions and Confidential Information Agreement. Employee acknowledges and
agrees that any
breach by Employee of such Agreement shall constitute a violation of subsection 4(a)(ii) of this Agreement for Cause, and the Company shall have all rights and obligations provided for. 

        7.    Arbitration of Disputes.    Final and binding arbitration shall
be the exclusive remedy for all disputes between the Company and Employee regarding the validity, interpretation or effect of this Agreement. 

        (a)    Procedure.    Any such arbitration shall be in accordance with
the procedures of the American Arbitration Association ("AAA"). The arbitration hearing will be held before an experienced employment arbitrator or panel of arbitrators licensed to practice law in the
state of Georgia and selected in accordance with the rules of the AAA. The forum for such arbitration shall be Atlanta, Georgia. 

        (b)    Required Notice.    The party seeking arbitration of a dispute
under this Section must give specific written notice of any claim to the other party within six (6) months of the date the party seeking arbitration first has knowledge of the event giving rise
to the dispute; otherwise, the claim shall be void and deemed waived, even if there is a federal or state statute of limitations which would have given more time to pursue the claim. 

        (c)    Expenses.    The Company shall initially be responsible for
payment of arbitration costs, excluding Employee's attorneys' fees; provided, however, that the arbitrator shall have the authority to fashion an equitable division of costs if the arbitrator finds
that such costs are unduly 

3

 

burdensome
with respect to either party. All other costs and expenses associated with the arbitration, including but not limited to attorneys' fees, shall be borne by the party incurring the expense,
unless applicable law provides for a different allocation, in which event the arbitrator can order that costs and expenses be allocated in accordance with applicable law. In any arbitration related to
the breach of the terms of this Agreement, the arbitrator shall have the authority to award attorneys' fees and costs to the prevailing party. 

        8.    Miscellaneous.    

        (a)    Governing Law.    This Agreement shall be construed under,
governed by, and enforced in accordance with the laws of the State of Georgia, without regard to its choice of law provisions. This Agreement shall further be construed to comply with
Section 409A of the Internal Revenue Code of 1986, as amended. 

        (b)    Notice.    Any notice required or desired to be given under
this Agreement by Employee to the Company shall be provided in writing via hand-delivery, facsimile (with confirmation of delivery), recognized express courier, or Certified Mail to
Director of Human Resources, Oglethorpe Power Corporation, 2100 East Exchange Place, Tucker, Georgia 30085-1359, fax number: 770-270-7676. Any notice required or
desired to be given under this Agreement by Company to the Employee shall be provided in writing via hand-delivery, recognized express courier, or Certified Mail to Employee at the address
listed below Employee's signature or at Employee's Company office. Notice shall be deemed given upon the date of delivery. Addresses or facsimile numbers may be changed by providing notice in
accordance with this Section. 

        (c)    Assignment and Successorship.    The rights and obligations of
the Company under this Agreement shall inure to the benefit of, and shall be binding upon, the successors and assigns of the Company. This Agreement shall also be binding upon and shall inure to the
benefit of Employee and Employee's estate, but Employee may not assign any rights or delegate any duties or obligations under this Agreement, except to the extent permitted under the Company's benefit
plans. 

        (d)    Complete Agreement.    This Agreement shall constitute the
entire agreement between the parties with respect to the subjects addressed in this Agreement. Any subsequent alteration or modification to this Agreement must be made in writing and signed by both
parties. 

        (e)    Severability.    Should any provision of this Agreement or
portion be ruled void, invalid, unenforceable or contrary to public policy by any court of competent jurisdiction, then any remaining portion of such provision and all other provisions of this
Agreement shall survive and be applied and any invalid or unenforceable portion shall be construed or performed to preserve as much of the original words, terms, purpose and intent as shall be
permitted by law. 

        (f)    Counterparts.    This Agreement shall be executed in duplicate
counterparts. Each counterpart is deemed an original of equal dignity with the other. The official executing this Agreement on behalf of the Company represents and warrants that he or she has full
requisite authority to do so. 

        (g)    Waiver of Breach.    The waiver by the Company or Employee of a
breach of any provision of this Agreement by the other shall not operate or be construed as a waiver of any subsequent breach by Employee or the Company, respectively. 

        (h)    Prior Employment Contract.    This Agreement shall supersede
and replace any and all prior contracts for employment between the Company and Employee. 

4

 

        So
agreed, effective as of the date written on page 1 above. 

	EMPLOYEE:	 	COMPANY:
	

/s/ Michael W. Price	
 	

/s/ Thomas A. Smith
	

Date: 1/9/07	
 	

Date: 12/29/06
	

Printed Name: Michael W. Price	
 	

Printed Name: Thomas A. Smith
	

 	
 	

Title: President & CEO

5

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EXHIBIT 10.20

EMPLOYMENT AGREEMENT

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