Document:

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                                                                    EXHIBIT 10.6

                              EMPLOYMENT AGREEMENT

      This Employment Agreement (the "Agreement") is made as of this 18TH day of
OCTOBER, 2004, by and between Florida Choice Bank (the "Bank"), and STEVE JEUCK
(the "Executive").

                                   WITNESSETH:

      WHEREAS, the Bank desires to retain the services of and employ the
Executive, and the Executive desires to provide services to the Bank, pursuant
to the terms and conditions of this Agreement.

      NOW, THEREFORE, in consideration of the promises and of the covenants and
agreements herein contained, the Bank and the Executive covenant and agree as
follows:

      1. Employment. Pursuant to the terms and conditions of this Agreement, the
Bank agrees to employ the Executive and the Executive agrees to render services
to the Bank as set forth herein.

      2. Position and Duties. During the term of this Agreement, the Executive
shall serve as CHIEF FINANCIAL OFFICER of the Bank, and shall undertake such
duties, consistent with such titles, as may be assigned to him from time to time
by the Board of Directors of the Bank (referred to as the "Board"), including
management of all Bank personnel, serving on Board committees as appointed from
time to time by the Board, keeping the Board informed of industry and regulatory
developments regarding the Bank, coordinating with Bank personnel and third
parties to the extent necessary to further the profitability and business of the
Bank, and assisting in keeping the Bank in compliance with applicable laws and
regulations. In performing his duties pursuant to this Agreement, the Executive
shall devote his full business time, energy, skill and best efforts to promote
the Bank and its business and affairs; provided that, subject to Sections 10, 12
and 13 of this Agreement, the Executive shall have the right to manage and
pursue personal and family interests, and make passive investments in
securities, real estate, and other assets, and also to participate in charitable
and community activities and organizations, so long as such activities do not
adversely affect the performance by Executive of his duties and obligations to
the Bank.

      3. Term. The initial term of employment pursuant to this Agreement shall
be for a period of three years, commencing with the date hereof and expiring
(unless sooner terminated as otherwise provided in this Agreement or unless
otherwise renewed or extended as set forth herein) on the third anniversary of
this Agreement, which date, including any earlier date of termination or any
extended expiration date, shall be referred to as the "Expiration Date". Subject
to the provisions of Section 8 of this Agreement, the term of this Agreement and
the employment of the Executive by the Bank hereunder shall be deemed
automatically renewed for successive periods of one year commencing on the third
anniversary date of this Agreement, unless either party gives the other written
notice, at least 180 days prior to the end of the then term of the Agreement.
After termination of the employment of the Executive for any reason

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whatsoever, the Executive shall continue to be subject to the provisions of
Sections 10 through 17, inclusive, of this Agreement; provided, however, that
the Executive shall not be subject to the provisions of Sections 12 or 13 where
the employment of the Executive is terminated by the Executive for Good Reason
(as defined in Section 8) or pursuant to Sections 8(e) or 8(f), or where the
term of employment is not renewed pursuant to this Section 3.

      4. Compensation. During the term of this Agreement, the Bank shall pay or
provide to the Executive as compensation for the services of the Executive set
forth in Section 2 hereof:

            (a) A base annual salary of at least $100,000 payable in such
periodic installments consistent with other employees of the Bank (such base
salary to be subject to increase by the Board in its discretion); and

            (b) Such individual bonuses and other compensation to the Executive
as may be authorized by the Board from time to time.

      5.    Benefits and Insurance. The Bank shall provide to the Executive such
medical, health, and life insurance as well as any other benefits as the Board
shall determine from time to time. At a minimum, the Executive shall be entitled
to (i) participate in all employee benefit plans offered to the Bank's employees
generally, and (ii) life insurance coverage (payable to such beneficiary as the
Executive may designate from time to time). The Executive also shall be entitled
to participate in any group disability plan maintained by the Bank, with the
Bank paying to the Executive his base annual salary during any waiting period
imposed by such plan for the receipt of disability benefits thereunder. The Bank
shall undertake to provide for its employees generally (including the Executive)
a retirement plan and a plan qualified under Section 401(k) of the Internal
Revenue Code of 1986, as amended. All benefits referred to herein shall be
provided at reasonable levels and within reasonable time after the commencement
of the Executive's employment pursuant to the terms of this Agreement.

      6.    Vacation. The Executive may take up to four weeks of vacation time
at such periods during each year as the Board and the Executive shall determine
from time to time. The Executive shall be entitled to full compensation during
such vacation periods.

      7.    Reimbursement of Expenses; The Bank shall reimburse the Executive
for reasonable expenses incurred in connection with his employment hereunder
subject to guidelines issued from time to time by the Board and upon submission
of documentation in conformity with applicable requirements of federal income
tax laws and regulations supporting reimbursement of such expenses.

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      8.    Termination. The employment of the Executive may be terminated as
follows:

            (a)   By the Bank, by action taken by its Board, at any time and
immediately upon written notice to the Executive if said discharge is for cause.
In the notice of termination furnished to the Executive under this Section 8(a),
the reason or reasons for said termination shall be given and, if no reason or
reasons are given for said termination, said termination shall be deemed to be
without cause and therefore termination pursuant to Section 8(f). Any one or
more of the following conditions shall be deemed to be grounds for termination
of the employment of the Executive for cause under this Section 8(a):

                  (i) If the Executive shall fail or refuse to comply with the
obligations required of him as set forth in this Agreement or comply with the
policies of the Bank established by the Board from time to time; provided,
however, that for the first two such failures or refusals, the Executive shall
be given written warnings (each providing at least a 10 day period for an
opportunity to cure), and the third failure or refusal shall be grounds for
termination for cause;

                  (ii) If the Executive shall have engaged in conduct involving
fraud, deceit, personal dishonesty, or breach of fiduciary duty, which in any
such case has adversely affected, or may adversely affect, the business or
reputation of the Bank;

                  (iii) If the Executive shall have willfully violated any
banking law or regulation, memorandum of understanding, cease and desist order,
or other agreement with any banking agency having jurisdiction over the Bank;

                  (iv) If the Executive shall have become subject to continuing
intemperance in the use of alcohol or drugs which has adversely affected, or may
adversely affect, the business or reputation of the Bank; or

                  (v) If the Executive shall have filed, or had filed against
him, any petition under the federal bankruptcy laws or any state insolvency
laws.

                  In the event of termination for cause, the Bank shall pay the
Executive only salary, vacation, and bonus amounts accrued and unpaid as of the
effective date of termination.

            (b)   By the Executive upon the lapse of 10 days following written
notice by the Executive to the Bank of termination of his employment hereunder
for Good Reason (as defined below), which notice shall reasonably describe the
Good Reason for which the Executive's employment is being terminated; provided,
however, that if the Good Reason specified in such notice is such that there is
a reasonable prospect that it can be cured with diligent effort within 10 days,
the Bank shall have a reasonable time (having regard for the nature of the Good
Reason) to cure such Good Reason, which time shall not in any event exceed 10
days from the date of such notice, and the Executive's employment shall continue
in effect during such reasonable time so

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long as the Bank makes diligent efforts during such time to cure such Good
Reason. If such Good Reason shall be cured by the Bank during such reasonable
time, the Executive's employment and the obligations of the Bank hereunder shall
not terminate as a result of the notice which has been given with respect to
such Good Reason. Cure of any Good Reason with or without notice from the
Executive shall not relieve the Bank from any obligations to the Executive under
this Agreement or otherwise and shall not affect the Executive's rights upon the
reoccurrence of the same, or the occurrence of any other, Good Reason. For
purposes of this Agreement, the term "Good Reason" shall mean any material
breach by the Bank of any provision of this Agreement, any significant
reduction, without the Executive's prior written consent, in the duties,
responsibilities, authority or title of the Executive as an officer of the Bank,
or if the Executive's employment is terminated by the Bank for any reason other
than cause.

            If the Executive's employment is terminated by the Executive for
Good Reason, the Bank shall, for a period of the greater of one year after said
termination or until the expiration of this Agreement:

                  (i) continue to pay to the Executive the base annual salary in
effect under Section 4(a) on the date of said termination (or, if greater, the
highest annual salary in effect for the Executive within the 36 month period
prior to said termination) plus an annual amount equal to any bonus paid by the
Bank to the Executive during the 12 month period prior to said termination;

                  (ii) continue to provide for the benefit of the Executive the
life insurance benefits provided to the Executive prior to termination; and

                  (iii) reimburse the Executive for continued coverage in
accordance with the Consolidated Omnibus Budget Reconciliation Act under the
Bank's medical insurance plan.

            (c)   By the Executive upon the lapse of 30 days following written
notice by the Executive to the Bank of his resignation from the Bank for other
than Good Reason; provided, however, that the Bank, in its discretion, may cause
such termination to be effective at any time during such 30-day period. If the
Executive's employment is terminated because of the Executive's resignation, the
Bank shall be obligated to pay to the Executive any salary, vacation, and bonus
amounts accrued and unpaid as of the effective date of such resignation.

            (d)   If the Executive's employment is terminated by the death of
the Executive, this Agreement shall automatically terminate, and the Bank shall
be obligated to pay to the Executive's estate any salary, vacation, and bonus
amounts accrued and unpaid at the date of death.

            (e)   After a Change of Control the Executive shall be entitled to
receive promptly thereafter an amount equal to one times the average base annual
salary plus annual bonus received by the Executive during the three year period
prior to such termination provided

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that the Change of Control occurs after the second anniversary date of the
initial date of this agreement - that is the Executive is in his third year of
employment with the bank. Should a Change of Control occur in the second year of
the Executive's employment the amount outlined above shall be doubled, and
likewise should the Change of Control occur in the first year the amount shall
be tripled. This payment will be made in a lump sum to the Executive within five
days of the Change of Control. For purposes of this Agreement, a Change of
Control shall mean a merger or acquisition in which the Bank Holding Company is
not the surviving entity, or the acquisition by any individual or group of
beneficial ownership of more than 50% of the outstanding shares of Bank Holding
Company common stock. The term "group" and the concept of beneficial ownership
shall have such meanings ascribed thereto as set forth in the Securities
Exchange Act of 1934, as amended (the "1934 Act"), and the regulations and rules
thereunder.

            (f)   By the Bank, by action taken by its Board, at any time if said
discharge is without cause. If the Executive's employment is terminated by the
Bank without cause, the Bank shall, for a period of the greater of one year
after said termination or until the expiration of this Agreement:

                  (i) continue to pay to the Executive the base annual salary in
effect under Section 4(a) on the date of said termination (or, if greater, the
highest annual salary in effect for the Executive within the 36 month period
prior to said termination) plus an annual amount equal to any bonus paid by the
Bank to the Executive during the 12 month period prior to said termination;

                  (ii) continue to provide for the benefit of the Executive the
life insurance benefits provided to the Executive prior to termination; and

                  (iii) reimburse the Executive for continued coverage in
accordance with the Consolidated Omnibus Budget Reconciliation Act under the
Bank's medical insurance plan.

      9.    Notice. All notices permitted or required to be given to either
party under this Agreement shall be in writing and shall be deemed to have been
given (a) in the case of delivery, when addressed to the other party as set
forth at the end of this Agreement and delivered to said address, (b) in the
case of mailing, three days after the same has been mailed by certified mail,
return receipt requested, and deposited postage prepaid in the U.S. Mails,
addressed to the other party at the address as set forth at the end of this
Agreement, and (c) in any other case, when actually received by the other party.
Either party may change the address at which said notice is to be given by
delivering notice of such to the other party to this Agreement in the manner set
forth herein.

      10.   Confidential Matters. The Executive is aware and acknowledges that
the Executive shall have access to confidential information by virtue of his
employment. The Executive agrees that, during the period of time the Executive
is retained to provide services to the Bank, and thereafter subsequent to the
termination of Executive's services to the Bank for

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any reason whatsoever, the Executive will not release or divulge any
confidential information whatsoever relating to the Bank or its business, to any
other person or entity without the prior written consent of the Bank.
Confidential information does not include information that is available to the
public or which becomes available to the public other than through a breach of
this Agreement on the part of the Executive. Also, the Executive shall not be
precluded from disclosing confidential information in furtherance of the
performance of his services to the Bank or to the extent required by any legal
proceeding.

      11.   Injunction Without Bond. In the event there is a breach or
threatened breach by the Executive of the provisions of Sections 10, 12, or 13,
the Bank shall be entitled to an injunction without bond to restrain such breach
or threatened breach, and the prevailing party in any such proceeding will be
entitled to reimbursement for all costs and expenses, including reasonable
attorneys' fees in connection therewith. Nothing herein shall be construed as
prohibiting the Bank from pursuing such other remedies available to it for any
such breach or threatened breach including recovery of damages from the
Executive.

      12.   Non-competition. The Executive agrees that during the period of
time the Executive is retained to provide services to the Bank, and thereafter
for a period of one year subsequent to the termination of Executive's services
to the Bank for any reason whatsoever (except where the employment of the
Executive is terminated by the Executive for Good Reason or pursuant to Sections
8(e) or 8(f), or where the term of employment is not renewed pursuant to Section
3), Executive will not enter the employ of, or have any interest in, directly or
indirectly (either as executive, partner, director, officer, consultant,
principal, agent or employee), any other bank or financial institution or any
entity which either accepts deposits or makes loans (whether presently existing
or subsequently established) and which has an office located within a radius of
50 miles of any office of the Bank or any Bank associated with the Bank through
joint charter or holding company; provided, however, that the foregoing shall
not preclude any ownership by the Executive of an amount not to exceed 5% of the
equity securities of any entity which is subject to the periodic reporting
requirements of the 1934 Act and the shares of Bank common stock owned by the
Executive at the time of termination of employment.

      13.   Non-solicitation; Non-interference. The Executive agrees that during
the period of time the Executive is retained to provide services to the Bank,
and thereafter for a period of one year subsequent to the termination of
Executive's services to the Bank for any reason whatsoever (except where such
termination is by the Executive for Good Reason or pursuant to Sections 8(e) or
8(f), or where the term of employment is not renewed pursuant to Section 3), the
Executive will not (a) solicit for employment by Executive, or anyone else, or
employ any employee of the Bank or any person who was an employee of the Bank
within 12 months prior to such solicitation of employment; (b) induce, or
attempt to induce, any employee of the Bank to terminate such employee's
employment; (c) induce, or attempt to induce, anyone having a business
relationship with the Bank to terminate or curtail such relationship or, on
behalf of himself or anyone else, compete with the Bank; (d) knowingly make any
untrue statement concerning the Bank or its directors or officers to anyone; or
(e) permit anyone controlled by the

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Executive, or any person acting on behalf of the Executive or anyone controlled
by an employee of the Executive to do any of the foregoing.

      14.   Remedies. The Executive agrees that the restrictions set forth in
this Agreement are fair and reasonable. The covenants set forth in this
Agreement are not dependent covenants and any claim against the Bank, whether
arising out of this Agreement or any other agreement or contract between the
Bank and Executive, shall not be a defense to a claim against Executive for a
breach or alleged breach of any of the covenants of Executive contained in this
Agreement. It is expressly understood by and between the parties hereto that the
covenants contained in this Agreement shall be deemed to be a series of separate
covenants. The Executive understands and agrees that if any of the separate
covenants are judicially held invalid or unenforceable, such holding shall not
release him from his obligations under the remaining covenants of this
Agreement. If in any judicial proceedings, a court shall refuse to enforce any
or all of the separate covenants because taken together they are more extensive
(whether as to geographic area, duration, scope of business or otherwise) than
necessary to protect the business and goodwill of the Bank, it is expressly
understood and agreed between the parties hereto that those separate covenants
which, if eliminated or restricted, would permit the remaining separate
covenants or the restricted separate covenant to be enforced in such proceeding
shall, for the purposes of such proceeding, be eliminated from the provisions of
this Agreement or restriction, as the case may be.

      15.   Invalid Provision. In the event any provision should be or become
invalid or unenforceable, such facts shall not affect the validity and
enforceability of any other provision of this Agreement. Similarly, if the scope
of any restriction or covenant contained herein should be or become too broad or
extensive to permit enforcement thereof to its full extent, then any such
restriction or covenant shall be enforced to the maximum extent permitted by
law, and Executive hereby consents and agrees that the scope of any such
restriction or covenant may be modified accordingly in any judicial proceeding
brought to enforce such restriction or covenant.

      16.   Governing Law; Venue. This Agreement shall be construed in
accordance with and shall be governed by the laws of the State of Florida. The
sole and exclusive venue for any action arising out of this Agreement shall be a
federal or state court situated in Lake County, Florida, and the parties to this
Agreement agree to be subject to the personal jurisdiction of such Court and
that service on each party shall be valid if served by certified mail, return
receipt requested or hand delivery.

      17.   Attorneys' Fees and Costs. In the event a dispute arises between the
parties under this Agreement and suit is instituted, the prevailing party shall
be entitled to recover his or its costs and attorneys' fees from the
non-prevailing party. As used herein, costs and attorneys' fees include any
costs and attorneys' fees in any appellate proceeding.

      18.   Binding Effect. This Agreement shall inure to the benefit of and
shall be binding upon the parties hereto and their respective successors and
legal representatives.

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      19.   Effect on Other Agreements. This Agreement and the termination
thereof shall not affect any other agreement between the Executive and the Bank,
and the receipt by the Executive of benefits thereunder.

      20.   Miscellaneous. The rights and duties of the parties hereunder are
personal and may not be assigned or delegated without the prior written consent
of the other party to this Agreement. The captions used herein are solely for
the convenience of the parties and are not used in construing this Agreement.
Time is of the essence of this Agreement and the performance by each party of
its or his duties and obligations hereunder.

      21.   Complete Agreement. This Agreement constitutes the complete
agreement between the parties hereto and incorporates all prior discussions,
agreements and representations made in regard to the matters set forth herein.
This Agreement may not be amended, modified or changed except by a writing
signed by the party to be charged by said amendment, change or modification.

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

                                                     FLORIDA CHOICE BANK

                                                     By:  /s/ Robert Porter
                                                          -----------------

                                                     "EXECUTIVE"

                                                     /s/ Steve Jeuck
                                                     -------------------------
                                                     Steve Jeuck, individually

                                                     Address:Exhibit 10.1

 

EXHIBIT 10.1

	 	 	 
	

	 	Kennametal Inc.

Markos I. Tambakeras

Chairman, President and 

Chief Executive Officer 

1600 Technology Way

P.O. Box 231 

Latrobe, PA 15650-0231 

Phone; 724-539-5894 

Fax:724-539-6596 

 www.kennametal.Com

March 9, 2005

Ms. Cathy Smith 

8357 Park Brook Drive

N. Richland Hills, TX 76180

Dear Cathy:

I am pleased to confirm our offer to you to join Kennametal Inc. as Executive Vice President &
Chief Financial Officer, reporting to me.

Your starting base salary for
this position will be $33,333.33 per month. You will participate in
our PRIME bonus plan with a target bonus of 60% of base salary at achievement of the business
plan. In addition, under the provisions of the PRIME bonus plan, should you elect to take your
bonus (all or in part) in Kennametal stock, that portion will be increased by 25%. For above plan
performance, the PRIME bonus can be as high as 200% of target. For the balance of the current
fiscal year (FY05) we will guarantee your target bonus, a minimum of $l 30,000, which would be
paid when FY05 bonuses are paid (August 2005).

You will receive an initial stock option award of 50,000 shares, which will vest over a four-year
period, with one-half vesting on the second anniversary of your employment and the second-half
vesting on the fourth anniversary. You will also receive a restricted stock grant 22,000 shares,
which will vest over a four-year period, with one-half vesting on the second anniversary of your
employment and the second-half vesting on your fourth anniversary. You will also be eligible to
participate in the Stock Option, Restricted Stock, and Long Term Incentive Plan (Plan) awards in
subsequent years. Your FY06 award, which will be given to you early in the fiscal year 2006, will
be targeted at a value of $700,000, through a combination of stock options, restricted stock, and
a 3-year cash LTIP. The stock and options will vest at 1/3 per year over 3 years. Voluntary
termination within the first twelve months will result in forfeiture of the above options, grants,
LTIP and bonus eligibility.

In addition, to help you reimburse your current employer for your prior relocation payment, you
will receive a cash sign-on bonus of $200,000 shortly after your start date with Kennametal.
Voluntary termination within the first two years will result in your having to pay that amount
back to Kennametal in full.

As an officer of the corporation, you will participate in the Kennametal Inc. Supplemental
Executive Retirement Plan. This nonqualified plan provides supplemental retirement benefits for
our corporate officers to reach an appropriate total retirement goal. Initially the retirement
goal will be 30% of salary and bonus, and it will increase thereafter based on increases in
salary and bonus, plus years of service, at the rate one percent per year. The SERP document is
enclosed.

 

 

CONFIDENTIAL

Also, you will receive Officer Life Insurance Plan coverage of $500,000, in addition to the
life insurance coverage you may elect under our Flex Benefits Plan. Furthermore, you will be
eligible to participate in our Officer Financial Planning Program, in which financial counseling
is provided by a qualified third-party financial advisor, as well as our Executive Physical
program.

You will, of course, be eligible to participate in Kennametal’s very extensive benefits program
including insurance coverages, various savings programs, the retirement program, tuition
reimbursement, etc. A comprehensive summary of these entitlements has been included for your
review.

The Kennametal Executive Relocation Program provides for movement of household goods, home sale
assistance, including home purchase, if necessary, a Lump Sum Allowance for home-finding,
temporary living, and family en route, and tax gross-up on certain taxable relocation items. A
copy of our relocation policy is enclosed.

This offer and your subsequent employment are contingent upon your successfully completing a
pre-employment drug-screening test, as well as completion of your reference checks. Also, please
complete and return the enclosed application form.

Final acceptance and approval would be subject to a written agreement between Kennametal and you.
Upon election as a corporate officer by the Board of Directors, you will receive an Officer
Employment Agreement.

Cathy, I am confident that your talent, experience and energy will enable you to make long-term
and significant contribution to Kennametal. I am particularly excited at the prospect of having
you on the top team, as we work together to continue to unlock the
great potential of Kennametal.
Please indicate your acceptance of this offer by signing and returning this letter to me as soon
as possible. You may fax it to me at 724-539-6596.

If you have any additional questions or concerns, please call me.

	 	 	 
	

	 	Sincerely,
	

	 	
	

	 	Markos I. Tambakeras
	

	 	Chairman, President, & Chief Executive Officer

	 	 	 	 	 
	ACCEPTED:

	 	 	 	 
	 
	 	 	 	 
	Signature

	 		 	 
	

	 	 	 	 
	 
	 	 	 	 
	Date 3/9/05

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