Exhibit 10.10 - Employment Agreement with Kevin J. Cecil
THIS AGREEMENT is made by and between Community Bank Shares of Indiana, Inc. an Indiana corporation,
and Community Bank of Southern Indiana, Inc., an Indiana corporation (each a "Corporation", and collectively
the "Employer"), and Kevin J. Cecil (the "Executive").
WHEREAS, in order to induce the Executive to serve as (i) Executive Officer of Community Bank of Southern
Indiana, Inc., and (ii) Senior Vice President of Community Bank Shares of Indiana, Inc., the holding company of
Community Bank of Southern Indiana, the Employer and the Executive desire to enter into this Agreement to
specify the terms of the Executive's employment.
NOW THEREFORE, in consideration of the premises and the mutual agreements herein contained, the parties
hereby agree as follows:
1. DEFINTIONS. The following words and terms shall have the meanings set forth below for the purpose of this
(a) Base Salary. "Base Salary" shall have the meaning set forth in
Section 3(a) hereof.
- (b) Cause. Termination of the Executive's employment for "Cause" shall mean termination because of personal
dishonesty, incompetence (as defined hereinbelow), willfull misconduct, breach of fiduciary duty involving
personal profit, intentional failure to perform stated duties, willful violation of any law, rule or regulation (other
than traffic violations or similar offenses) or final cease-and-desist order, or a material breach of any provision of
this Agreement by the Executive. For purposes of this subsection (1)(b), the term "incompetence" shall be defined
as neglect of duties, lack of effort, or substandard performance arising from the Executive's level of commitment,
and not solely from a general worsening of the economy.
(c) Change in Control of the Corporation. (A) "Change in Control of the Corporation" shall be deemed to have
occurred if (i) any "person" (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act o