Base Salary Schedule for Named Executive Officers of New Peoples Bankshares, Inc. (2006)
This document lists the annual base salaries for three executive officers of New Peoples Bankshares, Inc. effective January 1, 2006. Kenneth D. Hart, as President & CEO, will receive $215,000; Frank Sexton, Jr., as Executive Vice President and COO, will receive $135,000; and C. Todd Asbury, as Senior Vice President and CFO, will receive $110,000. The agreement outlines the compensation terms for these key executives for the year 2006.
Exhibit 10.8
Base Salaries of Named Executive Officers
Effective January 1, 2006, the following are the base salaries of the named executive officers (as defined in Item 402(a)(3) of Regulation S-K) of New Peoples Bankshares, Inc. for 2006:
| Kenneth D. Hart | $ | 215,000.00 | |
| Frank Sexton, Jr. | $ | 135,000.00 | |
| C. Todd Asbury | $ | 110,000.00 | |
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