Bank of Granite Oral Compensation Agreement with Jerry A. Felts as Chief Operating Officer
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Summary
Bank of Granite Corporation and its subsidiary, Bank of Granite, entered into an oral agreement with Jerry A. Felts, appointing him as Chief Operating Officer effective July 14, 2008. Mr. Felts will be compensated at $150 per hour, up to $20,000 per month, and reimbursed for business expenses. He reports to the CEO, Scott Anderson. Either party may terminate the agreement with notice.
EX-10.1 2 g14605qexv10w1.htm EXHIBIT 10.1 Exhibit 10.1
Exhibit 10.1
BANK OF GRANITE
SUMMARY OF AGREEMENT FOR JERRY A. FELTS
On July 14, 2008, the Board of Directors (the “Board”) of Bank of Granite Corporation (the “Company”) and its banking subsidiary, Bank of Granite (the “Bank”), named Jerry A. Felts, Chief Operating Officer of both the Company and the Bank. Mr. Felts was engaged with the Bank in November of 2007 in a consulting capacity.
According to the oral agreement between the Bank and Jerry A. Felts effective July 14, 2008, Mr. Felts will receive nonemployee compensation as Chief Operating Officer at an hourly rate of $150, not to exceed $20,000 per month, plus reimbursement for out-of-pocket business related expenses. He will report directly to Scott Anderson, Chief Executive Officer of both the Company and the Bank.
Either party can terminate this agreement upon appropriate notice.
