Exhibit 10.7
STATE OF NORTH CAROLINA
COUNTY OF LEE
EXECUTIVE CONSULTATION,
SEPARATION FROM SERVICE AND
DEATH BENEFIT AGREEMENT
THIS EXECUTIVE CONSULTATION, SEPARATION FROM SERVICE AND DEATH BENEFIT AGREEMENT
(“Agreement”) is made and entered into this 17th day of September, 2007, to be effective as of the 1st day of January, 2005, by
and between IRONSTONE BANK , a federal savings association with its principal office in Ft. Myers, Florida (“Company”) and
JAMES M. PARKER (“Executive”);
W I T N E S S E T H
WHEREAS , Executive is an employee of Company who has provided guidance, leadership and direction in the
growth, management and development of Company and has learned trade secrets, confidential procedures and information, and
technical and sensitive plans of Company; and
WHEREAS , Company desires to limit Executive’s availability to other employers or entities which are in competition
with Company following Executive’s separation from service with Company; and
WHEREAS , Company has offered to Executive a non-competition arrangement and a consultation arrangement
together with a death benefit arrangement for Executive’s designated beneficiary or estate, as applicable, and the parties hereto
have reached an agreement concerning those arrangements and other matters contained herein and desire to set forth the terms
and conditions thereof.
NOW, THEREFORE , for and in consideration of the mutual promises and undertakings herein set forth, Executive
and Company hereby agree as follows:
1. Administration of the Agreement . The Agreement shall be administered by the Board of Directors of the Company
or its delegate (the “Administrator”). Subject to the provisions of the Agreement, the Administrator shall have full and final
authority in its discretion to take any action with respect to the Agreement including, without limitation, the authority to (i)
- 1 -
determine all matters relating to the payments; (ii) establish, amend and rescind rules and regulations for the administra