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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 BRUCE E. BARTHOLOMEW, a resident of the
State of Georgia (the “Executive”).
Recitals :
The Bank and the Executive are
parties to that certain Salary Continuation Agreement dated
February 20, 2003, as amended by the First Amendment thereto dated
January 9, 2007 (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 Compensation
Agreement; provided, however, the Executive further
acknowledges
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