Amendment to Employment Agreement between West Georgia National Bank and Steven J. Haack (April 2002)

Summary

West Georgia National Bank and Steven J. Haack have amended their previous employment agreement. The new terms set a two-year employment period, with the possibility of a one-year extension unless either party gives 90 days' notice before the term ends. Mr. Haack will receive an annual salary of $95,060, and if terminated without cause, he will receive a lump-sum severance equal to two years' salary and benefits. All other terms from the original agreement remain unchanged.

EX-10.12 14 g77724exv10w12.txt AMENDMENT TO EMPLOYMENT AGREEMENT EXHIBIT 10.12 WEST GEORGIA NATIONAL BANK April 11, 2002 Steven J. Haack 2375 Grant Place Villa Rica, Georgia 30180 RE: WEST GEORGIA NATIONAL BANK ("WGNB") EMPLOYMENT OF STEVEN J. HAACK ("EMPLOYEE") Dear Mr. Haack: The purpose of this letter is to set forth the new terms upon which WGNB agrees to employ you and under which you agree to be employed at WGNB. In that regard, please consult the letter agreement between you and WGNB dated August 31, 2000. This letter shall be treated as an amendment to that letter agreement pursuant to the "Miscellaneous" section of that letter agreement. The letter agreement shall remain in full force and effect, except as amended below: TERM. This Agreement is for a term of two years from the above date and may be extended for one additional year if neither party gives notice of termination more 90 days before the expiration of the initial term. COMPENSATION AND BENEFITS. From the time you agree to the terms of this letter until such time that this letter is amended or such time that your employment is terminated, WGNB will pay you for your services at a rate of $95,060 annually. (All other terms of "Compensation and Benefits" from the letter agreement remain in full force and effect.) IMPACT OF TERMINATION CAUSE UPON SEVERANCE COMPENSATION. If you are terminated without cause you shall receive upon such termination a lump-sum payment equal to two years compensation, including salary and benefits. (All other terms of "Impact of Termination Cause Upon Severance Compensation" from the letter agreement remain in full force and effect.) If you agree with the terms of this letter, please signify by signing below. Sincerely, West Georgia National Bank /s/ L. Leighton Alston By: L. LEIGHTON ALSTON Its: CHIEF EXECUTIVE OFFICER Agreed to and accepted, this 26 day of April, 2002. /s/ Steven J. Haack -------------------------------------- Steven J. Haack