CAVALRY BANCORP INC
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<TYPE>EX-10.33
<SEQUENCE>3
<FILENAME>ex10-33.htm
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Unassociated Document
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<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.3pt; MARGIN-RIGHT: 0pt; WHITE-SPACE: pre" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: serif">EXHIBIT 10.33</FONT> </DIV>
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<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.3pt; MARGIN-RIGHT: 0pt; WHITE-SPACE: pre" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: serif">BETWEEN THE COMPANY, THE BANK AND EDWARD ELAM.</FONT> </DIV>
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<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.3pt; MARGIN-RIGHT: 0pt; WHITE-SPACE: pre" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: serif">AGREEMENT</FONT> </DIV>
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<DIV style="TEXT-INDENT: 36pt"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: serif">This Agreement is made and dated as of March 31, 2003, between Cavalry Bancorp, Inc. (&#147;Company&#148;), Cavalry Banking (&#147;Bank&#148;) and Edward Elam (&#147;Director&#148;).</FONT> </DIV>
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<DIV style="MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: serif">1.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: serif">Director hereby resigns as a director of the Company. Director acknowledges that his term of office as a director of Bank, a wholly-owned subsidiary of the Company, expired as of December 31, 2002.</FONT> </DIV>
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<DIV style="MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: serif">2</FONT>&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: serif">Director hereby acknowledges receipt of payment of $10,000 as full and final satisfaction of any and all benefit payments or other amounts due or to become due pursuant to the Director Supplemental Retirement Plan Agreement (&#147;Retirement Agreement&#148;) dated July 25, 2002, between Bank and Director, and neither Bank nor Company shall have any further liability under the Retirement Agreement or any other liability to Director in respect of his service as a director of Bank or Company.</FONT> </DIV>
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<DIV style="MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: serif">3.</FONT>&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: serif">Director and Company acknowledge and agree that Director holds stock options pursuant to the following schedule:</FONT> </DIV>
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<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.3pt; MARGIN-RIGHT: 0pt; WHITE-SPACE: pre" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: serif">Vested %</FONT> </DIV></TD>
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<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.3pt; MARGIN-RIGHT: 0pt; WHITE-SPACE: pre" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: serif">at 3/31/03</FONT> </DIV></TD>
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<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.3pt; MARGIN-RIGHT: 0pt; WHITE-SPACE: pre" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: serif">at 3/31/03</FONT> </DIV></TD>
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<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.3pt; MARGIN-RIGHT: 0pt; WHITE-SPACE: pre" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: serif">Vest at 3/31/03</FONT> </DIV></TD></TR>
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<TD vAlign=bottom align=left width="2%">&nbsp;</TD>
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<TD vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD vAlign=bottom align=right width="18%" colSpan=2>
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</TD>
<TD vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD vAlign=bottom align=right width="18%" colSpan=2>
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<DIV style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.3pt; MARGIN-RIGHT: 0pt; WHITE-SPACE: pre" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: serif">January 3, 2001</FONT> </DIV></TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="17%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 12.3pt; MARGIN-RIGHT: 0px; WHITE-SPACE: pre"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: serif">8,077</FONT> </DIV></TD>
<TD vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="17%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 12.3pt; MARGIN-RIGHT: 0px; WHITE-SPACE: pre"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: serif">40</FONT> </DIV></TD>
<TD vAlign=bottom align=left width="2%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 12.3pt; MARGIN-RIGHT: 0px; WHITE-SPACE: pre"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: serif">%</FONT> </DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="17%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 12.3pt; MARGIN-RIGHT: 0px; WHITE-SPACE: pre"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: serif">3,231</FONT> </DIV></TD>
<TD vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="17%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 12.3pt; MARGIN-RIGHT: 0px; WHITE-SPACE: pre"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: serif">4,846</FONT> </DIV></TD>
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<TD vAlign=bottom align=left width="18%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.3pt; MARGIN-RIGHT: 0pt; WHITE-SPACE: pre" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: serif">July 26, 2001</FONT> </DIV></TD>
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<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="17%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 12.3pt; MARGIN-RIGHT: 0px; WHITE-SPACE: pre"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: serif">8,077</FONT> </DIV></TD>
<TD vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="17%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 12.3pt; MARGIN-RIGHT: 0px; WHITE-SPACE: pre"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: serif">20</FONT> </DIV></TD>
<TD vAlign=bottom align=left width="2%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 12.3pt; MARGIN-RIGHT: 0px; WHITE-SPACE: pre"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: serif">%</FONT> </DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="17%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 12.3pt; MARGIN-RIGHT: 0px; WHITE-SPACE: pre"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: serif">1,615</FONT> </DIV></TD>
<TD vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="17%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 12.3pt; MARGIN-RIGHT: 0px; WHITE-SPACE: pre"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: serif">6,462</FONT> </DIV></TD>
<TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
<TR bgColor=#e2eef6>
<TD vAlign=bottom align=left width="18%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.3pt; MARGIN-RIGHT: 0pt; WHITE-SPACE: pre" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: serif">September 17, 2001</FONT> </DIV></TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="17%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 12.3pt; MARGIN-RIGHT: 0px; WHITE-SPACE: pre"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: serif">16,151</FONT> </DIV></TD>
<TD vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="17%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 12.3pt; MARGIN-RIGHT: 0px; WHITE-SPACE: pre"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: serif">20</FONT> </DIV></TD>
<TD vAlign=bottom align=left width="2%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 12.3pt; MARGIN-RIGHT: 0px; WHITE-SPACE: pre"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: serif">%</FONT> </DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="17%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 12.3pt; MARGIN-RIGHT: 0px; WHITE-SPACE: pre"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: serif">3,230</FONT> </DIV></TD>
<TD vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="17%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 12.3pt; MARGIN-RIGHT: 0px; WHITE-SPACE: pre"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: serif">12,922</FONT> </DIV></TD>
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<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.3pt; MARGIN-RIGHT: 0pt; WHITE-SPACE: pre" align=left><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.3pt; MARGIN-RIGHT: 0pt; WHITE-SPACE: pre" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: serif">Director and Company acknowledge that Director&#146;s vested options are exercisable until March 31, 2005 (following which time they will be void and of no further force and effect), and all unvested options are void and of no further effect from and after the date hereof</FONT> </DIV>
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<DIV style="MARGIN-LEFT: 36pt">&nbsp;<FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: serif">IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written.</FONT> </DIV>
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<TD colSpan=2><FONT size=2>/s/&nbsp;Edward Elam</FONT></TD></TR>
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<FONT size=2>Edward Elam</FONT></TD></TR>
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<TD colSpan=2><FONT size=2>CAVALRY BANCORP, INC.</FONT></TD></TR>
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<TD><FONT size=2>By:&nbsp;&nbsp;</FONT></TD>
<TD><FONT size=2>/s/&nbsp;William S. Jones, EVP</FONT></TD></TR>
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<FONT size=2>William S. Jones, EVP</FONT></TD></TR>
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<TD colSpan=2><FONT size=2>CAVALRY BANKING</FONT></TD></TR>
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<TD><FONT size=2>By:&nbsp;&nbsp;</FONT></TD>
<TD><FONT size=2>/s/&nbsp;William S. Jones, EVP</FONT></TD></TR>
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<FONT size=2>William S. Jones, EVP</FONT></TD></TR>
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