Relocation Agreement between NetBank, Inc. and Douglas K. Freeman (November 2004)
NetBank, Inc. agreed to purchase a condominium in Atlanta from Douglas K. Freeman as part of his relocation to Jacksonville. The purchase price was set at $1,759,430, which includes the appraised value of the property and the cost of capital improvements made by Mr. Freeman. This arrangement was made to facilitate Mr. Freeman's move for work-related reasons.
Exhibit 10.13
Summary of Relocation Arrangement
between NetBank, Inc. and Douglas K. Freeman
Date: November 2004
In connection with Mr. Freeman’s relocation from Atlanta to Jacksonville, the Company agreed to purchase from Mr. Freeman a condominium located in Atlanta used by him as his residence. The purchase price was $1,759,430, representing the $1,7450,000 appraised value of the condominium plus $9,430, which was the amount Mr. Freeman had incurred in capital improvements on the condominium.
