SEC Contract Filing

Filing Date: 2017-08-11

Document Content:
<DOCUMENT>
<TYPE>EX-10.13
<SEQUENCE>2
<FILENAME>ancx-063017exx1013.htm
<DESCRIPTION>EXHIBIT 10.13
<TEXT>
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<div><a name="s2B3A4C5B06BE18A63E85D2645AAAEF03"></a></div><div><div style="line-height:115%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:115%;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Exhibit 10.13</font></div><div style="line-height:120%;text-align:center;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;font-weight:bold;">EMPLOYMENT AGREEMENT</font></div><div style="line-height:139%;padding-top:14px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">THIS EMPLOYMENT AGREEMENT</font><font style="font-family:inherit;font-size:12pt;">, dated as of this 8</font><font style="font-family:inherit;font-size:12pt;"><sup style="vertical-align:top;line-height:120%;font-size:8pt">th</sup></font><font style="font-family:inherit;font-size:12pt;">&#32;day of August, 2017, by and between Access National Bank (&#8220;ANB&#8221;) and Access National Corporation (&#8220;ANC&#8221;) (the term &#8220;Company&#8221; shall refer to ANB and ANC, both individually and collectively) and Michael W. Clarke (the &#8220;Executive&#8221;).</font></div><div style="line-height:139%;padding-top:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">WHEREAS</font><font style="font-family:inherit;font-size:12pt;">, the Company wishes to continue to employ the Executive, as its President and Chief Executive Officer of ANC and its Chief Executive Officer of ANB, on the terms and conditions herein contained;</font></div><div style="line-height:139%;padding-top:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">WHEREAS</font><font style="font-family:inherit;font-size:12pt;">, the Executive wishes to continue employment with the Company on the terms and subject to the conditions set forth herein.</font></div><div style="line-height:139%;padding-top:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">NOW THEREFORE, </font><font style="font-family:inherit;font-size:12pt;">in consideration of the mutual covenants and agreements set forth herein, the parties agree as follows:</font></div><div style="line-height:139%;padding-left:0px;padding-top:16px;text-align:justify;text-indent:48px;"><font style="padding-top:16px;text-align:justify;font-family:inherit;font-size:12pt;padding-right:48px;">1.</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Employment and Duties.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;The Executive shall continue to be employed as the President and Chief Executive Officer of ANC and Chief Executive Officer of ANB (the &#8220;Position&#8221;) on the terms and subject to the conditions of this Agreement. The Executive accepts such employment and agrees to perform the managerial duties and responsibilities of the Position. The Executive agrees to devote the necessary time and attention on a full-time basis to the discharge of such duties and responsibilities relating to the Position as may be assigned to the Executive by the Board of Directors of ANC and/or ANB, as appropriate, or their designees.</font></div><div style="line-height:139%;padding-left:0px;padding-top:16px;text-align:justify;text-indent:48px;"><font style="padding-top:16px;text-align:justify;font-family:inherit;font-size:12pt;padding-right:48px;">2.</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Ownership Covenant.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;During the Term (as defined below), the Executive agrees to maintain an ownership position in the common stock of ANC in an amount equal to no less than five (5) times the Base Salary (as defined below) of the Executive. Share amounts are to be maintained on an adjusted basis for any subsequent stock dividends or splits. The Company shall not provide any financing to the Executive for the purpose of purchasing or carrying this investment. The Executive shall have three (3) years from the Effective Date and one (1) year from the date of any subsequent increase in Base Salary to acquire the shares of common stock of ANC needed to attain the required level of stock ownership.</font></div><div style="line-height:139%;padding-left:0px;padding-top:16px;text-align:justify;text-indent:48px;"><font style="padding-top:16px;text-align:justify;font-family:inherit;font-size:12pt;padding-right:48px;">3.</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Term.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;The Term (defined below) of this Agreement is effective as of April 1, 2017, (&#8220;Effective Date&#8221;) and will continue through the earlier of (i) the third anniversary of the Effective Date (the &#8220;Initial Term&#8221;) or (ii) the date this Agreement otherwise terminates pursuant to Section 7 below; provided, however, that at the end of the Initial Term, if this Agreement has not been previously terminated pursuant to Section 7 below, this Agreement shall be aut