New Peoples Bank
Ed Norton

Bristol, VA

#46 Jan 13, 2010
LOL!
Ed Norton

Bristol, VA

#47 Jan 13, 2010
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain
Officers; Compensatory Arrangements of Certain Officers
On January 7, 2010, New Peoples Bankshares, Inc.(the “Company”) terminated the employment of
Kenneth D. Hart under the Separation Agreement and Release, dated as of June 29, 2009, between the
Company and Mr. Hart.
Ed Norton

Bristol, VA

#48 Jan 13, 2010
That IS crazy. ROFLMAO!!!!!!!!!!
Ed Norton

Bristol, VA

#49 Jan 13, 2010
The Janitor wrote:
First, a board member blows his brains out; then the CEO 'retires' saying banking is no longer fun; next CEO's 'right hand person' "retires"; then there's a big embezzlement in the Clintwood branch and a guilty plea in Dickenson Circuit Court; then a prominent board member (one of the few who wasn't a country bumpkin) resigns ... sounds like a healthy bank to me!!!!!!!!!! Anybody know who it was that kicked the trash can across the room to 'celebrate' their "retirement?"
Janitor: your premise is based on the hypothesis that there were actually brains to blow out. Nothing is certain in life, right boys?
getlife

Murfreesboro, TN

#50 Jan 13, 2010
I'm sure those "country bumpkins" on the board of directors appreciate your thoughts on their prominence. Perhaps they should apply for those positions on here before they are qualified. There degrees from colleges and universities, not to mention the businesses that they own or the positions they hold in the community, don't hold any leverage in putting them on a board of directors for a bank. And heaven forbid we have lowly farmers on a board of directors for a bank in Southwest Virginia. Why, they might know something about some of that country bumpkin stuff that goes on around here like farming that people sometimes need money for!
And it is my understanding from bank employees that Mr. Hart stayed on as an employee in advisory position during the transition after his retirement, which is probably what the above refers to . It's been 6 months. He did freely retire.
stockholder

Murfreesboro, TN

#51 Jan 13, 2010
Might someone mention that under Kenneth Hart as CEO NPB did not take any federal bailout money? Obviously, he did a good job running the bank and it is in good shape.
the kutter

Richlands, VA

#52 Jan 13, 2010
getlife wrote:
I'm sure those "country bumpkins" on the board of directors appreciate your thoughts on their prominence. Perhaps they should apply for those positions on here before they are qualified. There degrees from colleges and universities, not to mention the businesses that they own or the positions they hold in the community, don't hold any leverage in putting them on a board of directors for a bank. And heaven forbid we have lowly farmers on a board of directors for a bank in Southwest Virginia. Why, they might know something about some of that country bumpkin stuff that goes on around here like farming that people sometimes need money for!
And it is my understanding from bank employees that Mr. Hart stayed on as an employee in advisory position during the transition after his retirement, which is probably what the above refers to . It's been 6 months. He did freely retire.
Some people just can't resist the compulsion of a keyboard. They just can't leave it alone. I bet you talk in your sleep. Or keyboard in your sleep....
Ed Norton

Bristol, VA

#53 Jan 13, 2010
Getlife:
you need to get real and throw that Chinese calendar away. Here's the actual agreement of separation.
Exhibit 10.1
SEPARATION AGREEMENT & RELEASE
This Separation Agreement & Release (“Agreement”) is entered into, on this 29th day of June, 2009, by and between New Peoples Bankshares, Inc. and subsidiaries ("the Company") and Kenneth D. Hart ("the Executive").
WHEREAS, the parties have agreed to end Executive’s employment as of the date specified below pursuant to the terms and conditions set forth below.
NOW THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto hereby agree as follows:
1. LAST DATE OF WORK:Executive’s last day of employment shall be November 30, 2010 and until that date the Company shall pay the Executive his current salary in accordance with the Company’s regular payroll schedule. Executive acknowledges and agrees that he is not entitled to any further compensation, benefits or payments of any kind from the Company unless otherwise required under the terms of the Company’s benefits plans. From the date of this Agreement until the last day of employment, Executive shall perform services determined by the Company in consultation with Executive.
2. SEPARATION PAYMENT: Within ten (10) days after his termination of employment, the Company will pay the Executive an amount equal to one month’s salary, less applicable withholdings and deductions. Executive acknowledges and agrees that he is not entitled to any further compensation, benefits or payments of any kind from the Company. The Separation Payment hereunder has been structured so as to qualify for the exemption of such payments from the terms of Section 409A of the Internal Revenue Code, as amended.
3. RELEASE: Executive hereby irrevocably releases and forever discharges the Company and its officers, directors, employees, shareholders, affiliates and agents, from any and all liability, obligations, causes of action and other claims of any kind, in tort, contract, or otherwise arising from or in connection with Executive’s employment with the Company or termination therefrom, including, but not limited to, any claim under Title VII of the Civil Rights Act of 1964, the Age Discrimination in Employment Act of 1967 ("ADEA"), the Americans with Disabilities Act, or any other federal, state or local laws or regulations prohibiting employment discrimination, and the Employee Retirement Income Security Act of 1964.
Ed Norton

Bristol, VA

#54 Jan 13, 2010
4. NON-COMPETE: For a period of two years from the date of this Agreement, Executive shall not commence, engage in, or participate in, as an employee, consultant, agent, proprietor, principal, partner, member, majorshareholder, corporate officer, director, or otherwise, directly or indirectly, any business which offers or provides Competitive Services, within a 50-mile radius of any office or branch location of the Company. For the purposes of this Agreement, Competitive Services are defined as business, agricultural and personal banking services, including without limitation, business development for another financial service provider, all lending activities, soliciting deposits, brokering loans, selling financial products,
----------
consulting for another financial services provider, acting as an agent for another financial service provider, participating on a board of directors or advisory board for another financial service provider, etc.
5. CONFIDENTIALITY:The parties agree that the terms hereof are confidential and neither the terms hereof nor the existence of this Agreement shall be disclosed to any third party without the consent of the other party.
6. NON-DISCLOSURE: Executive acknowledges that during his employment, he had access to certain confidential information and materials, including, but not limited to, trade secrets, source code, object code, data, formulas, processes, know-how, designs, documentation, program files, flow charts, specifications, developments, improvements, inventions, techniques, customer information, prospective client and customer lists, company employee lists or other documents that identify employees by trade or wages, accounting and other financial data, statistical data, research projects, development and marketing plans, proposals, promotional ideas, strategies, budgets, projections, licenses, prices, costs, new products, supplier lists, forms, originated by the Company or disclosed to the Company by others ("Confidential Information").
Executive agrees to forever keep in confidence and trust all Confidential Information, and will not, without the written consent of the Company, use, or disclose to any person any Confidential Information or anything relating to it. Executive agrees to immediately return to the Company all copies of any Confidential Information or reports or other material containing Confidential Information prepared by Executive or that came into Executive's possession or under Executive's control by reason of Executive's employment.
Ed Norton

Bristol, VA

#55 Jan 13, 2010
7. NON-DISPARAGEMENT: Executive agrees to forever refrain from making any disparaging remarks or other negative or derogatory statements, written or oral, to any third party relating to the Company, or its affiliates, officers, directors, employees and agents. The Company agrees to forever refrain from making any disparaging remarks or other negative or derogatory statements, written or oral, to any third party relating to the Executive. The Company will only provide Executive’s prospective employer(s) with Executive’s dates of employment, title and salary history.
8. COSTS & ATTORNEY'S FEES: In the event that either party breaches this Agreement, the prevailing party shall be entitled to its costs, including reasonable attorney's fees, from the other party, incurred as a result of such breach.
9. SUCCESSORS AND ASSIGNS: Except as otherwise provided herein, all of the covenants, conditions and provisions of this Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective heirs, personal representatives, successors and assigns.
10. GOVERNING LAW: This Agreement shall be governed by the laws of the Commonwealth of Virginia, without reference to the choice of law provisions thereof.
2
----------
11. SEVERABILITY: The provisions of this Agreement are severable and it is the intention of the parties hereto that in the event a court of competent jurisdiction holds that any one or more provisions of this Agreement are unenforceable, the remaining provisions of the Agreement shall be given full force and effect as if the part or parts held invalid had not been included.
12. ENTIRE AGREEMENT: This Agreement constitutes the entire agreement and understanding of the parties hereto, and supercedes any prior agreements, understandings, representations, and warranties concerning the subject matter hereof, and no provision herein may be waived, changed or modified, except in a writing signed by both parties.
13. ACKNOWLEDGEMENT: Executive acknowledges the following:(a) This Agreement waives, among other claims, any claims Executive may have under the ADEA; (b) the Company advises that the Executive consult with an attorney prior to signing this Agreement; (c) Executive may consider the terms of this Agreement through June 29, 2009, and execution of this Agreement is not required before June 29, 2009; and (d) Executive may revoke his acceptance of this Agreement until June 29, 2009 if signed prior to this date.
IN WITNESS WHEREOF, the parties have affixed their hands and seals as of the dates indicated below.
NEW PEOPLES BANKSHARES, INC.
AND SUBSIDIARIES
/s/ KENNETH D. HART June 29, 2009
By:/s/ B. SCOTT WHITE, Chairman June 29, 2009
Kenneth D. Hart
date
B. Scott White, Chairman
date
P.S. The "country bumpkins" are NOT limited to the farmers on that bored board, FOOLIO.
Ed Norton

Bristol, VA

#56 Jan 13, 2010
stockholder wrote:
Might someone mention that under Kenneth Hart as CEO NPB did not take any federal bailout money? Obviously, he did a good job running the bank and it is in good shape.
YOUR POINT? AND WHY MIGHT HE NO LONGER BE AT THE HEAD OF THE CLASS?
Ed Norton

Bristol, VA

#57 Jan 13, 2010
EX-10 2 ex101.htm
Exhibit 10.1
SEPARATION AGREEMENT & RELEASE
This Separation Agreement & Release (“Agreement”) is entered into, on this 29th day of June, 2009, by and between New Peoples Bankshares, Inc. and subsidiaries ("the Company") and Kenneth D. Hart ("the Executive").
WHEREAS, the parties have agreed to end Executive’s employment as of the date specified below pursuant to the terms and conditions set forth below.
NOW THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto hereby agree as follows:
1. LAST DATE OF WORK:Executive’s last day of employment shall be November 30, 2010 and until that date the Company shall pay the Executive his current salary in accordance with the Company’s regular payroll schedule. Executive acknowledges and agrees that he is not entitled to any further compensation, benefits or payments of any kind from the Company unless otherwise required under the terms of the Company’s benefits plans. From the date of this Agreement until the last day of employment, Executive shall perform services determined by the Company in consultation with Executive.
2. SEPARATION PAYMENT: Within ten (10) days after his termination of employment, the Company will pay the Executive an amount equal to one month’s salary, less applicable withholdings and deductions. Executive acknowledges and agrees that he is not entitled to any further compensation, benefits or payments of any kind from the Company. The Separation Payment hereunder has been structured so as to qualify for the exemption of such payments from the terms of Section 409A of the Internal Revenue Code, as amended.
3. RELEASE: Executive hereby irrevocably releases and forever discharges the Company and its officers, directors, employees, shareholders, affiliates and agents, from any and all liability, obligations, causes of action and other claims of any kind, in tort, contract, or otherwise arising from or in connection with Executive’s employment with the Company or termination therefrom, including, but not limited to, any claim under Title VII of the Civil Rights Act of 1964, the Age Discrimination in Employment Act of 1967 ("ADEA"), the Americans with Disabilities Act, or any other federal, state or local laws or regulations prohibiting employment discrimination, and the Employee Retirement Income Security Act of 1964.
4. NON-COMPETE: For a period of two years from the date of this Agreement, Executive shall not commence, engage in, or participate in, as an employee, consultant, agent, proprietor, principal, partner, member, majorshareholder, corporate officer, director, or otherwise, directly or indirectly, any business which offers or provides Competitive Services, within a 50-mile radius of any office or branch location of the Company. For the purposes of this Agreement, Competitive Services are defined as business, agricultural and personal banking services, including without limitation, business development for another financial service provider, all lending activities, soliciting deposits, brokering loans, selling financial products,
----------
consulting for another financial services provider, acting as an agent for another financial service provider, participating on a board of directors or advisory board for another financial service provider, etc.
5. CONFIDENTIALITY:The parties agree that the terms hereof are confidential and neither the terms hereof nor the existence of this Agreement shall be disclosed to any third party without the consent of the other party.
Ed Norton

Bristol, VA

#58 Jan 13, 2010
getlife wrote:
And it is my understanding from bank employees that Mr. Hart stayed on as an employee in advisory position during the transition after his retirement, which is probably what the above refers to . It's been 6 months. He did freely retire.
SEE PARAGRAPH 1 OF THE AGREEMENT "NOVEMBER 10, 2010"
YOU BEEN TALKING TO THE CLEANING CREW, GETLIFE? OR ARE YOU ONE OF HIS 'GENEROUS' RELATIVES?
Ed Norton

Bristol, VA

#59 Jan 13, 2010
GETLIFE:
The village of Abingdon has obviously misplaced its IDIOT.
getlife

Murfreesboro, TN

#60 Jan 14, 2010
Ed Norton wrote:
<quoted text>
SEE PARAGRAPH 1 OF THE AGREEMENT "NOVEMBER 10, 2010"
YOU BEEN TALKING TO THE CLEANING CREW, GETLIFE? OR ARE YOU ONE OF HIS 'GENEROUS' RELATIVES?
LOL. Too bad I'm not one of the Harts. Didn't one of the earlier posts say the family runs the bank? Maybe they could adopt us both. You could turn off your scanner I'm sure is going behind you then and stop the monthly checks, too.
Tommy

Lebanon, VA

#61 Jan 15, 2010
getlife wrote:
Even better, why don't you get a job or a life and quit trying to ruin other men's names? All of the men and families who have been named so far are all people who have worked hard over the years for what they have and tried to make their communities better places. Maybe you should try to help out by doing it yourself instead of getting on a gossip site and running your mouth about something you obviously know NOTHING about. Maybe a man who is over 60 years old and has worked for over 40 years has the right to retire? Isn't that a novel concept? Wow!
BULLSHIT, "getalife" it's all over the place about what has gone on at the New Peoples Bank, people are just wanting to have it out in the open where it belongs. Tell me this, Why wasn't there the big retirement celebration by the bank if it was just a regular retirement? Everybody knows this is trying to be kept hush hush.
Harold

Lebanon, VA

#62 Jan 15, 2010
This is Crazy wrote:
Everything written on here is just speculation! Do any of you really know the true story of whats going on in NPB? I dont know either, but please stop talking all this trash about them. Personally they have always been very good to me. I would not have and some of you probably wouldnt have many of the things you have today if it wasnt for the people that work(worked) at NPB. I have known Kenneth personally for many years and he and his family are very good generous people. I dont believe he would ever do anything to hurt the bank, community, or his family. Mr Lawson I dont know as well but have always heard good things about him. It saddens me that people such as NPB employees are so harshly criticized on this site. Its is truly undeserving!
Tis is crazy----is crazy. why are you trying to make a defense for this......you know it's on the mark. are you a bank employee/family member. NPB don't give anyone anything you pay them for whatever you have.(unless you're one of the insiders)
fllldc

Bristol, VA

#66 Jan 16, 2010
Tommy wrote:
<quoted text>BULLSHIT, "getalife" it's all over the place about what has gone on at the New Peoples Bank, people are just wanting to have it out in the open where it belongs. Tell me this, Why wasn't there the big retirement celebration by the bank if it was just a regular retirement? Everybody knows this is trying to be kept hush hush.
I guess you didn't get your invitation to the "big retirement" party, because I did! I was there at New Peoples Bank in Abingdon along with many of the bank employees and Board Members. Maybe you should check sources other than topix.
Ed Norton

Roanoke, VA

#67 Jan 16, 2010
Asking an attendee of another function to stand up and take a bow hardly rises to the level of a "retirement party"; the "kick-the-can" story is closer to the truth. Are you able to read the government documents posted on this thread? I guess that's a big NO.
intersted party

Honaker, VA

#68 Jan 16, 2010
cant believe you folks are trashing these these guys when all they have done is try to make russell county the place we would all like it to be. Both have always been nothing but good friends to everybody in Russell County, if it hadn't been for the two of them them i would hate to see what Russell County would look like. they did things that other banks wouldn't do. as far as Ed Norton why don't you face one of them and tell them what you have said instead of saying your trash on here, I'm sure either would love to face you one on one, but course it is easier to put your trash on here.

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