Document:

EX-10.30 EMPLOYMENT AGREEMENT DATED DECEMBER 31,20

 

Exhibit 10.30

WEST GEORGIA NATIONAL BANK LETTERHEAD

December 31, 2002

William R. Whitaker

615 Horseshoe Bend Road

Carrollton, Georgia 30116

	 	 	 
	RE:

	 	West Georgia National Bank (“WGNB) Employment
	

	 	of William M Whitaker (“Employee”)

Dear Mr. Whitaker

     The purpose of this letter is to set forth the new terms upon which WGNB agrees to employ you
and under which you agree to be employed at WGNB

     Services. The services you will now perform for WGNB are as follows: Senior Vice President as
described in the attached Job Description (Exhibit “B”). Of course, your responsibilities may
change from time to time based on determinations made by the Board of Directors or more senior
officers. At this time, you will report to H.B. Lipham.

     Term. This Agreement is for a term of two (2) years and may be extended for one additional
year if neither party gives notice of termination more than ninety (90) days before the expiration
of the initial term.

     Compensation and Benefits. You will be compensated in exchange for your services and the
other agreements made in this letter. From the time you agree to the terms of this letter until
such time that this letter is amended or such time that your employment is terminated, WGNB will
pay you for your services at a rate of $90,000 annually. Your compensation will be reviewed during
your annual performance review, and may be increased based on a number of factors within the
discretion of WGNB, including your performance and WGNB’s performance. You will be reimbursed for
all reasonable expenses incurred in the course of business. Because WGNB will have the sole right
to determine what is reasonable, we recommend that before incurring expenses, you consult with Mr.
Lipham or whomever you report to at the time the expense may be incurred. You are eligible to
receive the benefits WGNB offers to employees of your level In addition, so long as you are
employed by WGNB, we will provide you with $75.00 per month in gas chits. You may also be
permitted to participate in other plans at the discretion of the Board of Directors or a committee
thereof In addition, so long as you are employed we will reimburse your monthly dues at, the Chapel
Hills Golf Club at Mirror Lake.

 

 

     Proprietary and Trade Secret Information. You also acknowledge and agree that during the term
of this Agreement, you will have access to trade secrets and other confidential information
peculiar to WGNB’s business, the disclosure or use of which would injure WGNB’s business.
Therefore, you agree that you will not at any time during or for two years after the term of this
Agreement, use, reveal, or divulge any trade secrets. In addition, you agree that during the term
of this Agreement and for a period of three years thereafter, you will not use, reveal, or divulge
any confidential information. However, you shall not be required to keep confidential any trade
secrets or confidential information that is or becomes publicly available, is independently
developed by you outside of the scope of this Agreement, or is rightfully obtained from third
parties.

     Competition. You acknowledge that as Senior Vice President, you shall be engaged in
activities for WGNB as described in the attached job description (Exhibit “A”). You also
acknowledge that you are performing these activities for WGNB in Carroll County, Paulding and
Douglas County, Georgia (the “Territory”). You agree that during your employment with WGNB, and
for a period of twenty-four (24) months thereafter, you shall not in any manner, directly or
indirectly, render services in the capacity of an officer, supervisor or manager (including
supervisory or managerial services performed as an advisor, consultant or independent contractor),
or render services substantially similar to services rendered by you to WGNB in the specific area
of WGNB’s business in which you are involved in the Territory.

     Solicitation of Customers. You also agree that during the term of your employment, and for a
period of twenty-four (24) months thereafter, you will not, within the Territory, directly or
indirectly, on your own behalf or on behalf of or in conjunction with any person or legal entity
other than WGNB, actively solicit the business or patronage of any of the clients, customers or
accounts of WGNB served by you during the term of this Agreement.

     Form of Relief for Certain Breaches. In the event of your actual or threatened breach of the
preceding two paragraphs, WGNB, in addition to all other rights, shall be entitled to an injunction
restraining Employee therefrom. Nothing herein shall be construed as prohibiting WGNB from
pursuing any other available remedy for such breach or threatened breach, including the recovery of
damages from Employee. This provision shall remain in full force and effect in the event Employee
should claim that WGNB violated any of the terms of this Agreement.

     Impact of Termination Causes upon competition and Solicitation. Your employment may terminate
in one of two fashions: either you terminate your employment, or WGNB terminates your employment.

     If you terminate your employment with WGNB for arty reason, the provisions of the sections
regarding Competition and Solicitation of Customers shall have full force and effect.

     WGNB may terminate your employment in one of two fashions: either with cause, or without
cause. A termination “with cause” under this section of this letter agreement (as opposed to the
next section which has a broader definition) occurs when two conditions are

 

 

satisfied. First, there must be a “change in control,” (A “Change of control” means any
transaction or series of related transactions, which result in (1) transfer of more than 50% of the
common stock of WGNB Corp., excluding mergers or consolidations; (2) sale of all or substantially
all of WGNB Corp.’s assets, or (3) any merger or consolidation with another company where the
surviving entity is directly controlled by persons other than shareholders of WGNB Corp.) Second,
after a change in control and at any time before your last date of employment with WGNB, you
decline to serve WGNB in another position or function at any location within the company without a
reduction in salary.

     If WGNB terminates you without cause, then the provisions of the sections regarding
Competition and Solicitation of Customers shall have no force and effect. If WGNB terminates you
with cause as defined in this Section, those provisions shall have full force and effect. Any
termination that is not with cause is without cause.

     Impact of Termination Cause Upon Severance Compensation. This Section applies only to
termination of your employment by WGNB, as opposed to your own termination of your employment.
WGNB may terminate your employment in one of two fashions: either with cause, or without cause.
For the purposes of this Section, termination with cause includes the definition in the preceding
Section, and also includes any other instance in which a similarly situated employer would
terminate employment, including but not limited to theft, dishonesty, nonperformance and violation
of policy. If you are terminated without cause you shall receive upon such termination a lump-sum
payment equal to twenty-four (24) month’s compensation plus accrued vacation. If you are
terminated with cause you will receive no such lump sum.

     Miscellaneous. This letter constitutes the entire agreement between the parties and
supersedes any prior understanding or agreement among them respecting the subject matter hereof.
There are no representations, arrangements, understandings or agreements, oral or written, among
the parties hereto relating to the subject matter of this Agreement, except those fully expressed
herein. No waiver of any provision hereof will be valid or binding on the parties hereto, and no
waiver on one occasion shall be deemed to be a waiver of the same or any other provision hereof in
the future. Should any part of this Agreement, for any reason, be declared invalid by an
arbitrator or a court of competent jurisdiction, such decision or determination shall not affect
the validity of any remaining portion, and such remaining portion shall remain in force and effect
as if this Agreement had been executed with the invalid portion eliminated; provided, that in the
event of declaration of invalidity, the provision declared invalid shall not be invalidated in its
entirety, but shall be observed and performed by the parties to the extent such provision is valid
and enforceable. This Agreement may only be amended in writing, signed by all of the parties.
This Agreement may be assigned by WGNB to any parent, subsidiary or successor-in-interest without
consent of Employee. This Agreement shall be governed by the laws of the State of Georgia, and all
disputes arising out of or relating to this Agreement shall be litigated in Federal Court in the
State of Georgia or State Court in Carroll County, State of Georgia. The parties to this Agreement
consent to jurisdiction and venue in those courts.

 

 

     If you agree with the terms of this letter, please signify by signing below.

	 	 	 	 	 	 	 
	 	 	Sincerely,	 	 
	 
	 	 	 	 	 	 
	 	 	West Georgia National Bank	 	 
	 
	 	 	 	 	 	 
	

	 	By:
	 	 	 	 
	

	 	 	 	 	 	 
	

	 	Its:
	 	 	 	 
	

	 	 	 	 	 	 

     Agreed to and accepted, this 31st day of December, 2002.

	 	 	 	 	 
	

	 	 	 	 
	

	 	William R. WhitakerEX-10.31 BONUS AND STOCK OPTION AGREEMENT

 

Exhibit 10.31

BONUS AND STOCK OPTION AGREEMENT

     This Bonus and Stock option Agreement (“Agreement”) is made and entered into effective as of
the 27th day of December, 2004, by and between WGNB CORP. a Georgia corporation (“Corporation”),
and William R. Whitaker, a resident of the State of Georgia (“Individual”).

     WHEREAS, Individual is an employee and officer of the Corporation’s wholly-owned subsidiary,
West Georgia National Bank, a national banking association (“Bank”); and

     WHEREAS, the Board of Directors of the Corporation has adopted resolutions approving the
adoption of a plan providing for the payment of a bonus in the form of cash and the grant of stock
options to individual; and

     WHEREAS, the terms and conditions of this Agreement are in addition to any and all agreements
relating to the employment of Individual by the Corporation or its subsidiaries, including, but not
limited to, the employee bonus plan implemented by the Corporation (“Corporation Plan”) and the
employment relationship by and between Individual and the Bank.

     NOW, THEREFORE, in consideration of the mutual promises and covenants contained herein and
other good and valuable consideration, the receipt, adequacy and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:

SECTION 1. — CASH BONUS

     In addition to the annual salary paid by the Corporation to Individual pursuant to the
employment relationship between such parties, and the bonus due to Individual pursuant to the
employee bonus program of the Corporation, Corporation agrees to pay to Individual in consideration
for services rendered as Senior Vice President, Retail Banking of the Bank, an annual cash bonus,
commencing with a bonus calculated as to the period ended December 31, 2004, in an amount to be
determined as follows:

	1.1  	The annual cash bonus shall be a performance-based calculation with the performance criteria
for each applicable year to be (a) the return on assets (“ROA”) of the Corporation, as
determined before the calculation of the amounts due to all individuals participating in Bonus
and Stock Option Agreements with the Corporation pursuant to this Section 1, but after the
calculation of profit sharing due pursuant to the Corporation Plan and after the determination
of federal and state income taxes based on the Corporation’s consolidated financial statements
prepared in conformance with the uniform bank performance ratios promulgated by the Federal
Financial Institutions Examining Council, applied on a consistent basis as determined by the
Corporation’s independent certified public account (“Financial Statements”), (b) the then most
recent Community Reinvestment Act Rating (the “CRA Rating”) of the Bank, (c) loan growth of
the Bank, (d) past due loans expressed as a percentage of gross loans, (e) net loan
charge-offs as a percentage of average net loans, (f) criticized assets as a percentage of
capital, and (g) classified assets

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	   	of the Bank, all as determined pursuant to the terms and conditions of Exhibit “A” attached
hereto and incorporated herein by reference.
	 
	1.2  	Individual shall aggregate points on an annual basis based upon specific levels of ROA of the
Corporation, CRA Rating of the Bank and the factors set forth in Section 1.1 (a) through 1.1
(g) of this Agreement. The points to be aggregated by Individual for each year for the
purpose of the bonus calculation set forth above will be determined in accordance with the
schedule set forth in Exhibit “A”. The percentages applicable to the provisions of Exhibit
“A” shall be rounded as set forth on Exhibit “A”. The bonus due to individual for each
applicable year shall be equal to (a) the aggregate number of points accrued for the
applicable year, divided by (b) 80, (c) multiplied by .75 and (d) the resulting quotient will
constitute a percentage which will be multiplied by Corporation’s net income as determined in
Section 1.1(a). The resulting product shall constitute the cash bonus due to Individual for
the applicable year (“Cash Bonus”). Exhibit “B” attached hereto exemplifies the method set
forth in this Agreement for determining the Cash Bonus for the period ended December 31, 2004.
Exhibit “B” is provided solely as an example and the calculations set forth on Exhibit “B” do
not represent any obligation or projection of the Corporation relating to the Cash Bonus due
to Individual pursuant to this Section 1 or the options due to Individual pursuant to Section
2 of this Agreement.
	 
	1.3  	Once per calendar quarter, Individual shall be allowed to receive an advance against the
amount of the Cash Bonus due to Individual for the applicable calendar year in an amount not
to exceed 50% of the anticipated Cash Bonus attributable to such calendar quarter, as
determined by the Board of Directors or the Executive Committee of the Corporation in its sole
discretion. During the month of December Individual will be advanced ninety percent (90%) of
their estimated annual bonus, less the cumulative amount of quarterly withdrawals.
Individual’s W-2 form, for the current year will include that amount. The Corporation will
distribute the remainder of Individual’s bonus (and include it in reportable taxable income
for the following year) when the bonus calculation is finalized and verified early in the
First quarter of the following year. In the event the aggregate amount of advances paid to
Individual against the Cash Bonus due for a calendar year exceeds the actual amount of the
Cash Bonus due to Individual for such year pursuant to Section 1.2, Individual shall remit the
resulting excess amount to the Corporation not later than 15 days after calculation of the
amount due. In the event the amount advanced against the Cash Bonus to Individual for a
calendar year is less than the Cash Bonus due to Individual for such year, the remaining
amount due to Individual shall be paid within 15 days after calculation of the amount due. In
the event Individual terminates employment with the Bank for any reason (other than death or
disability) during a particular calendar year, this Agreement shall terminate and Individual
shall be entitled only to the amount of Cash Bonus already paid for that year, plus any unpaid
amounts attributable to prior years. In the event individual’s employment with the bank
terminates by reason of death or disability, Individual’s estate (or in the case of
disability, Individual) shall be entitled to a pro rata portion of the Cash Bonus determined
under the method set forth above, based on the portion of the applicable year that Individual
was employed by the Bank.

SECTION 2. — STOCK OPTION

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	2.1  	Corporation grants to Individual the option to acquire shares of the common stock of
Corporation on an annual basis (“Option Shares”), pursuant to the WGNB Corp. 2003 Stock
Incentive Plan (“ISO Plan”) in an amount equal to two (2) times the quotient (rounded to the
nearest whole share) which shall be determined by dividing (a) the Cash Bonus due to
Individual pursuant to Section 1 for the applicable year, by (b) the Market Value Per share of
the common stock of Corporation as the volume weighted average closing price for the ninety
calendar day period ending with the date of the grant, except that the grant date price shall
be taken as of within an hour before the time of the grant All Option Shares granted to
Individual shall be subject to and governed by the terms and conditions of the 2003 ISO Plan
and a Stock Option Agreement in the form attached to the Bonus and Stock Option Agreement as
Exhibit “C” and incorporated therein by reference.

SECTION 3. — TERM

	3.1  	This Agreement shall be effective as of the date first indicated above and shall be
terminable at any time by written notice of either party to the other party.

SECTION 4. — MISCELLANEOUS

	4.1  	Neither the obligation of the Corporation to pay to Individual the Cash Bonus pursuant to
Section 1 of this Agreement, nor the grant of the option to acquire common stock of the
Corporation pursuant to Section 2 of this Agreement confers any right upon Individual with
respect to the continuation of employment with the Corporation. Nothing contained herein
shall be construed as interfering with or restricting the right of the Corporation or of
Individual to terminate employment at any time, with or without cause.
	 
	4.2  	Notwithstanding any provision of this Agreement to the contrary, in the event (a) the CRA
Rating of the Bank for any calendar year of this Agreement is “Needs to Improve” or
“Substantial Noncompliance”, (b) the percentage of past due loans, as determined in accordance
with Exhibit “A”, is 7.01% or greater for any calendar year of the Agreement, (c) the
percentage of net loan charge-offs as determined by Exhibit “A” is 1.01% or greater for any
calendar year of this Agreement, or (d) the percentage of classified assets as a percent of
capital is 39.01% or greater for any calendar year of this Agreement, then, in such event, for
as long as such condition set forth in (a) through (d) inclusive, remains in effect,
Individual shall not be entitled to receive and the Corporation shall not be required to pay a
Cash Bonus for such year or years pursuant to Section 1 and the Corporation shall have no
obligation to grant a stock option for such year or years pursuant to Section 2 of this
Agreement.
	 
	4.3  	Any notices or other communications to any party pursuant to or relating to this Agreement
and the transactions provided for herein shall be deemed to be given, delivered or received
when delivered personally or three days after being deposited in the United States Mail,
registered or certified, with proper postage and registration and certification fees prepaid,
addressed to the parties for whom intended at the addresses indicated for each party as set
forth below:

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	COMPANY	 	INDIVIDUAL
	WGNB Corp.

	 	William R. Whitaker
	201 Maple Street

	 	615 Horseshoe Bend Road
	P.O. Box 280

	 	Carrollton, GA 30116
	Carrollton, GA 30117
	 	 
	Attn: Chief Executive Officer
	 	 

	4.4  	This Agreement shall be governed by the laws of the State of Georgia.
	 
	4.5  	This Agreement may be executed with counterpart signature pages, all of which together shall
constitute one and the same Agreement.
	 
	4.6  	The terms of this Agreement, including the right and obligations of the parties hereunder,
shall not supersede or amend any additional agreement of the parties with respect to the
employment of Individual by Corporation or any compensation for services performed under such
agreements, including, but no limited to, the consideration paid pursuant to the employment
relationship between the Bank and Individual and any employee bonus plan utilized by
Corporation. This Agreement shall inure to the benefit of and be enforceable by and binding
upon the successors and assigns of each party, including the personal or legal
representatives, executors, administrators, heirs and legatees of Individual.
	 
	4.7  	This Agreement may be amended in any manner at any time by the Board of Directors, or the
Executive Committee, of the Corporation, provided, however, that no amendment shall affect
Individual’s right to receive any Cash Bonus accrued by the Corporation prior to the date of
such amendment. No amendment, modification or alteration of the terms or provisions of this
Agreement shall be binding unless the same shall be in writing and duly executed by the
Corporation.
	 
	4.8  	Time is of the essence of this Agreement.

     IN WITNESS WHEREOF, the undersigned have executed this Agreement the day and year first
written above.

	 	 	 	 	 	 	 	 	 	 	 
	ATTEST:	 	 	 	WGNB CORP.	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	 
	 	 	 	By:
	 	 	 	 
	

	 	 
	 	 	 	 	 	 	 	 
	Its:

	 	 
	 	 	 	Its:
	 	 	 	 
	

	 	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	WITNESS:	 	 	 	WILLIAM R. WHITAKER	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

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