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CANCELLATION
AGREEMENT
THIS AGREEMENT
is made and entered into as of this 1st day of April, 2009 (the
“Cancellation Date”) by and between MCINTOSH STATE BANK
(the “Bank”); and WILLIAM K. MALONE, a resident of the
State of Georgia (the “Executive”).
Recitals :
The Bank and
the Executive are parties to that certain Salary Continuation
Agreement dated December 19, 2002, as amended by the First
Amendment thereto dated January 9, 2007 and the Second Amendment
thereto dated November 30, 2008 (the “Deferred Compensation
Agreement”).
The Bank and
the Executive desire to cancel the Deferred Compensation Agreement
to improve the capital position of the Bank and to enhance the
prospects of the Bank in the face of its current financial
challenges.
The Bank and
the Executive acknowledge that the goal of improving the
Bank’s financial position is in the best interest of both
parties.
For and in
consideration of the recitals set forth above and the mutual
agreements set forth below, the parties hereto agree as
follows:
Statement of Agreement
:
1
Cancellation of Deferred Compensation Agreement
. This Agreement extinguishes the Deferred Compensation
Agreement and all of the Executive’s rights thereunder
effective as of the Cancellation Date. The cancellation
is made pursuant to Section 7.2 of the Deferred Compen
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