Termination of Salary Continuation Agreement between Atlantic Southern Bank and Morris A. Stevens
Atlantic Southern Bank and Morris A. Stevens have mutually agreed to terminate their Salary Continuation Agreement, originally dated December 15, 2005. This decision is made in accordance with the terms of the original agreement. Both parties acknowledge and consent to the termination, ending any obligations under the previous arrangement.
Exhibit 10.5
TERMINATION OF THE
ATLANTIC SOUTHERN BANK (f/k/a NEW SOUTHERN BANK)
SALARY CONTINUATION AGREEMENT
DATED DECEMBER 15, 2005
FOR
MORRIS A. STEVENS
Pursuant to Section 7.2 of the Salary Continuation Agreement (the “Agreement”) by and between Atlantic Southern Bank (f/k/a New Southern Bank), a state-chartered commercial bank located in Macon, Georgia (the “Company”), and Morris A. Stevens (the “Executive”), the Company and the Executive hereby agree to terminate the Agreement.
IN WITNESS OF THE ABOVE, the Company and the Executive hereby acknowledge such termination.
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| ATLANTIC SOUTHERN BANK | ||
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| By |
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| Morris A. Stevens | Title |
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