EXHIBIT 10.33 AGREEMENT DATED MARCH 31, 2003 BETWEEN THE COMPANY, THE BANK AND EDWARD ELAM. AGREEMENT

EX-10.33 3 ex10-33.htm Unassociated Document

EXHIBIT 10.33

AGREEMENT DATED MARCH 31, 2003
BETWEEN THE COMPANY, THE BANK AND EDWARD ELAM.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
     
 
AGREEMENT

 
This Agreement is made and dated as of March 31, 2003, between Cavalry Bancorp, Inc. (“Company”), Cavalry Banking (“Bank”) and Edward Elam (“Director”).

1.          Director hereby resigns as a director of the Company. Director acknowledges that his term of office as a director of Bank, a wholly-owned subsidiary of the Company, expired as of December 31, 2002.

2          Director hereby acknowledges receipt of payment of $10,000 as full and final satisfaction of any and all benefit payments or other amounts due or to become due pursuant to the Director Supplemental Retirement Plan Agreement (“Retirement Agreement”) dated July 25, 2002, between Bank and Director, and neither Bank nor Company shall have any further liability under the Retirement Agreement or any other liability to Director in respect of his service as a director of Bank or Company.

3.          Director and Company acknowledge and agree that Director holds stock options pursuant to the following schedule:

 

 
 
 
 
Options
 

 
Options
Vested %
Vested Options
Ceasing to
Grant Date

 
Granted
at 3/31/03
at 3/31/03
Vest at 3/31/03
 
 
 
 
 
January 3, 2001
   
8,077
   
40
%
 
3,231
   
4,846
 
July 26, 2001
   
8,077
   
20
%
 
1,615
   
6,462
 
September 17, 2001
   
16,151
   
20
%
 
3,230
   
12,922
 

Director and Company acknowledge that Director’s vested options are exercisable until March 31, 2005 (following which time they will be void and of no further force and effect), and all unvested options are void and of no further effect from and after the date hereof

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

     
   
  /s/ Edward Elam
 
Edward Elam
   
  CAVALRY BANCORP, INC.
 
 		  
 		  
 
By:   /s/ William S. Jones, EVP
 
William S. Jones, EVP
   
     
  CAVALRY BANKING
 
 		  
 		  
 
By:   /s/ William S. Jones, EVP
 
William S. Jones, EVP