Email Address:
  
  Password:
  
  

Exhibit 10.1

EMPLOYMENT AGREEMENT

AGREEMENT by and between First Security Group, Inc. a Tennessee corporation having its principal offices in Chattanooga, Tennessee (“First Security”) and Ralph E. “Gene” Coffman, Jr. (the “Executive”), dated as of the 20th day of September, 2010.

The parties desire to enter into an agreement in the manner set forth with respect to the Executive’s employment by First Security.

NOW THEREFORE , in consideration of the mutual covenants contained herein, First Security and the Executive agree as follows:

Section 1 Employment.

First Security agrees to employ the Executive and the Executive agrees to be in the employ of First Security on the terms and conditions hereinafter set forth.

Section 2 Position and Duties.

The Executive’s position including status, offices, title and reporting requirements, authority, duties and responsibilities shall be that of President and Chief Operating Officer.

Section 3 Effective Date/At Will Employment Relationship.

The effective date (the “Effective Date”) of this Agreement shall be September 20, 2010. As of the Effective Date, Executive shall be an employee at will of First Security and his employment shall be terminable by him or First Security upon thirty day’s written notice which may be given by either party for any reason or for no reason.

Section 4 Compensation and Benefits.

The regular compensation and benefits payable to the Executive under this Agreement while the Executive is employed at First Security shall be as follows:

 

 

(a)

Base Salary. For all services rendered by the Executive under this Agreement, First Security shall pay the Executive, effective as of September 15, 2010, an annual base salary of Two Hundred Fifty Thousand ($250,000) per year (“Annual Base Salary”). Thereafter, the Executive’s base salary shall be subject to adjustment at least annually by the Compensation Committee of the Board. The term Annual Base Salary as used in this Agreement shall refer to the Annual Base Salary as adjusted in accordance with this provision. The Executive’s Annual Base Salary shall be payable in periodic installments in accordance with First Security’s usual practice for its senior executives.

 

 

(b)

Employee Benefit Plans. The Executive shall be eligible to participate in the standard employee benefit plans, medical insurance plans, other benefit plans and perquisite programs from time to time in effect for all employees of First Security, in accordance with the terms of the applicable program documents and generally

 

Page 1 of 6


 

applicable policies of First Security and provided that there are no regulatory prohibitions on such participation.

 

 

(c)

Business Expenses. First Security shall reimburse the Executive for all reasonable travel and other business expenses incurred by him in the performance of his duties and responsibilities, subject to such reasonable requirements with respect to substantiation and documentation as may be specified by First Security in accordance with its travel and business expense reimbursement policy.

 

 

(d)

Vacation, Holidays, Sick Leave, and Personal Days. The Executive shall be entitled to five weeks of paid vacation, as well as holidays, sick leave, and personal days in accordance with First Security’s policy applicable to executive staff employees.

 

 

(e)

Club Dues . The Executive shall be entitled to a payment to be used as the initiation fee for membership in the Mountain City Club in Chattanooga, Tennessee and reimbursement for dues paid as a result of his membership in said club, subject to such reasonable requirements with respect to substantiation and documentation as may be specified by First Security.

 

 

(f)

Automobile . The Executive shall be provided with $500 per month for automobile expenses, in accordance with the terms of the applicable First Security policy.

 

 

(g)

Travel Benefits . The Executive shall be reimbursed for reasonable air travel expenses incurred for two trips by his wife to seek housing in Chattanooga, Tennessee.

 

 

(h)

Rent Reimbursement . First Security shall reimburse the Executive for reasonable expenses incurred in connection with renting hou


This is only a partial view of this document. We have millions of legal documents and clauses drafted by top law firms. learn more search for free browse for free learn more