Description of Named Executive Officer Compensation for 2007 – [Bank Name]
This document outlines the 2007 base salaries for the named executive officers of the Bank as of December 31, 2006. It lists the annual salaries for five executives and notes that two officers, J. Daniel Counce and Annette Hunter, shared principal financial officer duties following the departure of the previous CFO. All listed executives are employed on an at-will basis, meaning either the employee or the Bank may end employment at any time, with or without cause or notice.
Exhibit 10.10
Description of Named Executive Officer Compensation
Refer to Item 11, “Executive Compensation,” of this annual report relating to the description of named executive officer compensation which is incorporated by reference herein.
Set forth below are the 2007 base salaries for the named executive officers of the Bank as of December 31, 2006.
| Named Executive Officer | 2007 Base Salary | |
| Jill Spencer | $400,000 | |
| W. Wesley McMullan | 395,000 | |
| Marian M. Lucia | 300,000 | |
| J. Daniel Counce* | 197,900 | |
| Annette Hunter* | 182,000 |
*Subsequent to the departure of the Bank’s chief financial officer in 2006, Mr. Counce, the Bank’s first vice president and controller, and Ms. Hunter, the Bank’s first vice president and director of accounting operations, shared responsibility as the Bank’s principal financial officer, and as such, each is a named executive officer for 2006.
Each of the Bank’s employees, including those named above, are “at will” employees. Each is free to resign his or her employment at any time, and the Bank is free to terminate such employee’s employment at any time for any reason or no reason, with or without cause and with or without notice.
