Change in Control Agreement between The Buckhead Community Bank and Dawn Kinard
The Buckhead Community Bank has agreed to provide Dawn Kinard with twelve months of her current base salary plus benefits if a change in control occurs that leads to her position being eliminated or her termination. A change in control is defined as a significant change in the composition of the bank’s board of directors or major corporate events such as a merger, liquidation, or sale of most assets. This agreement ensures financial protection for the employee in the event of such organizational changes.
Exhibit 10.1
CHANGE IN CONTROL AGREEMENT
The Buckhead Community Bank (the Employer) hereby agrees to compensate employee, Dawn Kinard, twelve months current base salary plus benefits if there occurs a Change in Control which results in the elimination of Employees position or in the termination of the Employee in accordance with the events listed as follows:
(a) the individuals who, as of the date of this agreement, are members of the Board of Directors of the Employer (the Incumbent Board) cease for any reason to constitute at least two-thirds of the Board of Directors of the Employer; provided, however, that if the election, or nomination for election by the Employers shareholders, of any new director was approved in advance by a vote of at least two-thirds of the Incumbent Board, such new director shall, for purposes of this Agreement, be considered as a member of the Incumbent Board.
(b) Approval by the shareholders of the Employer of (i) a merger, consolidation, or reorganization involving the Employer, (ii) a complete liquidation or dissolution of the Employer, or (iii) an agreement for the sale or other disposition of all or substantially all of the assets of the Employer.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement under seal effective as of the 1st day of March, 2008.
EMPLOYER: | ||
THE BUCKHEAD COMMUNITY BANK | ||
By: | /s/ Marvin Cosgray | |
Marvin Cosgray, President and CEO | ||
(Corporate Seal) | ||
EMPLOYEE: | ||
/s/ Dawn Kinard | ||
Dawn Kinard |