Colony Bankcorp Signs Employment Agreement with Leonard Bateman, Jr.

Colony Bankcorp (NASDAQ: CBAN) announced that it has entered into an employment agreement with Leonard Bateman, Jr., effective January 19, 2025. Bateman currently serves as the Chief Credit Officer of both the Holding Company and Employer. The agreement aims to formalize the terms of Bateman’s employment and outlines various provisions concerning his role, compensation, termination, and restrictive covenants.

As per the agreement, Bateman will continue to serve as the Chief Credit Officer of Employer and the Holding Company during the term that commenced on the effective date and extends for two years, unless terminated earlier. His responsibilities include using best efforts, devoting business time and energy, and following all lawful management policies.

Under the terms of the agreement, Bateman will receive a base salary of $255,000 per year, subject to annual review. Additionally, he will be eligible for an annual bonus based on performance goals set by the Compensation Committees of the Bank Board and Holding Company Board. He will also have access to various employee benefit plans, paid-time off, and reimbursement for business expenses.

Termination of employment can occur due to various reasons including death, disability, by the employer with or without cause, or by Bateman with Good Reason. Upon termination, Bateman may be entitled to specified payments such as unpaid base salary and benefits as per the relevant plan or program. If terminated by the employer without cause or if Bateman resigns for Good Reason, he may receive severance payments subject to continued compliance with the agreement’s terms.

The agreement includes strict provisions governing the conduct of Bateman post-termination. This includes restrictions on disclosing or using confidential information, non-competition, non-solicitation of protected customers, and non-recruitment of employees and contractors. These restrictive covenants are enforceable to protect the legitimate business interests of Colony Bankcorp.

In case of regulatory action impacting Bateman’s participation in Colony Bankcorp’s affairs, such as removal, suspension, or default, the obligations under the agreement may be terminated or impacted accordingly. The agreement also includes provisions related to Code Section 280G regarding excise tax implications and compliance with Section 409A regarding deferred compensation.

Colony Bankcorp aims to ensure a mutually beneficial and legally compliant relationship with Bateman through this employment agreement.

Please note that the information provided is based on the text of an 8-K SEC filing by Colony Bankcorp.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Colony Bankcorp’s 8K filing here.

Colony Bankcorp Company Profile

Colony Bankcorp, Inc operates as the bank holding company for Colony Bank that provides various banking products and services to commercial and consumer customers. The company offers deposit products, including demand, savings, and time deposits. It also provides loans to small and medium-sized businesses; residential and commercial construction, and land development loans; commercial real estate loans; commercial loans; agri-business and production loans; residential mortgage loans; home equity loans; and consumer loans.