Ex 10.2
HIGH COUNTRY BANCORP, INC.
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Guaranty Agreement
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THIS AGREEMENT is entered into this ___ day of __________, 1997 (the
"Effective Date"), by and between High Country Bancorp, Inc. (the "Company") and
Lorin D. Smith (the "Employee").
WHEREAS, the Employee has heretofore been employed by Salida Building &
Loan Association (the "Association") as its President and Chief Executive
Officer, and has entered into an agreement (the "Association Agreement") dated
_______________, 1997, with the Employee; and
WHEREAS, the Board of Directors (the "Board") of the Company believes
it is in the best interests of the Company to enter into this Agreement with the
Employee in order to assure continuity of management of the Association and to
reinforce and encourage the long-term retention of the Employee; and
WHEREAS, the parties desire by this writing to set forth the Company's
commitment to guarantee the Association's obligations under the Association
Agreement with the Employee.
NOW, THEREFORE, it is AGREED as follows:
1. Consideration from Company: Joint and Several Liability. The Company
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hereby agrees that to the extent permitted by law, it shall be jointly and
severally liable with the Association for the payment of all amounts due under
the Association Agreement, provided that Section 10(f) of the Association
Agreement shall be innaplicable to this Agreement. The Board may in its
discretion at any time during the term of this Agreement agree to pay the
Employee a base salary for the remaining term of this Agreement. If the Board
agrees to pay such salary, the Board shall thereafter review, not less often
than annually, the rate of the Employee's salary, and in its sole discretion may
decide to increase his salary.
2. Discretionary Bonuses; Participation in Retirement, Medical and
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Other Plans. The Employee shall participate in an equitable manner with all
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other senior management employees of the Company in discretionary bonuses that
the Board may award from time to time to the Company's senior management
employees, as well as in (i) any of the following plans or programs that the
Company may now or in the future maintain: group hospitalization, disability,
health, dental, sick leave, life insurance, travel and/or accident insurance,
auto allowance/auto lease, retirement, pension, and/or other present or future
qualified plans provided by the Company, generally which benefits, taken as a
whole, must be at least as favorable as those in
effect on the Effective Date; and (ii) any fringe benefits which are or may
become available to the Company's senior management employees, including for
example: any stock option or incentive compensation plans, and any other
benefits which are commensurate with the responsibilities and functions to be
performed by the Employee under this Agreement.
3. Indemnification. The Company agrees that its Bylaws shall continue to
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provide for indemnification of directors, officers, employees and agents of the
Company, including the Employee, during the full term of this Agreement, and to
at all times provide adequate insurance for such purposes.
4. Successors and Assigns.
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(a) Company. This Agreement shall inure to the benefit of and be binding
upon any corporate or other successor of the Company which shall acquire,
directly or indirectly, by merger, consolidation, purchase or otherwise, all or
substantially all of the assets or stock of the Company.
(b) Attachment. Except as required by law, no right to receive payments
under this Agreement shall be subject to anticipation, commutation, alienation,
sale, assignment, encumbrance, charge, pledge, or hypothecation or to exclusion,
attachment, levy or similar process or assignment by operation of law, and any
attempt, voluntary or involuntary, to effect any such action shall be null, void
and of no effect.
5. Amendments. No amendments or additions to this
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Agreement shall be binding unless made in writing and signed by all of the
parties, except as herein otherwise specifically provided.
6. Applicable Law. Except to the extent preempted by
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Federal law, the laws of the State of Colorado shall govern this Agreement in
all respects, whether as to its validity, construction, capacity, performance or
otherwise.
7. Severability. The provisions of this Agreement shall be
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deemed severable and the invalidity or unenforceability of any provision shall
not affect the validity or enforceability of the other provisions hereof.
8. Entire Agreement. This Agreement, together with any
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understanding or modifications thereof as agreed to in writing by the parties,
shall constitute the entire agreement between the parties hereto.
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IN WITNESS WHEREOF, the parties have executed this Agreement on the day
and year first hereinabove written.
ATTEST: HIGH COUNTRY BANCORP, INC.
By
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Secretary Its Chairman of the Board
WITNESS:
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Lorin D. Smith
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