Compensation Arrangements for Thomas J. Flournoy, CFO of Georgia-Carolina Bancshares, Inc. and First Bank of Georgia

Summary

This document outlines the compensation arrangements for Thomas J. Flournoy, Chief Financial Officer of Georgia-Carolina Bancshares, Inc. and First Bank of Georgia. Mr. Flournoy does not have a written employment agreement but receives a salary, is eligible for annual incentive awards, and may receive stock options as determined by the Board. He also participates in standard employee benefit plans and a 401(k) plan. Additionally, he has a Severance Protection Agreement that provides certain payments if there is a change in control of the company.

EX-10.7 3 ex10-7.htm EXHIBIT 10.7 ex10-7.htm

EXHIBIT 10.7

Compensation Arrangements with Thomas J. Flournoy

Neither Georgia-Carolina Bancshares, Inc. (“Company”), nor First Bank of Georgia (“Bank”), has a written employment agreement with Thomas J. Flournoy, Chief Financial Officer of Georgia-Carolina Bancshares, Inc. and First Bank of Georgia. Mr. Flournoy’s current (2012) salary is $175,000 and Mr. Flournoy is eligible for an annual incentive award under the Bank’s Annual Incentive Plan, pursuant to which he received $53,920 for his performance in 2011. See Exhibit 10.9 for a description of Mr. Flournoy’s Annual Incentive Plan. Mr. Flournoy is eligible for stock option grants under the Company’s option plans as determined from time to time by the Board of Directors of the Company. In addition, Mr. Flournoy participates in the Bank’s medical, dental, life and disability insurance plans and he may participate in the Company’s 401(k) plan.

Mr. Flournoy entered into a Severance Protection Agreement with the Bank, which entitles him to certain payments following a change in control of the Company. The Severance Protection Agreement was filed with the Company’s 8-K filing on June 26, 2009.