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EXHIBIT 10.10
WGNB CORP.
PAYMENT OF DIRECTOR MEETING FEES
ELECTION FORM
As a director of WGNB Corp. (the "Company"), you may now elect to
receive the fees that you are paid for your attendance at meetings of the Board
of Directors and its committees in the form of either Company common stock or
cash. You must complete this Election Form and return it to the Company no later
than the March meeting of the Company's Board of Directors. Your election will
be effective for all meeting fees paid during the twelve-month service year
beginning on the date of the 1999 annual meeting of the Company's shareholders
and ending on the date preceding the 2000 annual meeting of the Company's
shareholders. Your election will remain in force for meeting fees paid in
subsequent service years unless you complete and return another Election Form
prior to the beginning of any such service year.
If you choose to receive payment of your meeting fees in the form of
Company common stock, you will be issued Company common stock with a value equal
to that of the meeting fees you would have otherwise been paid for a service
year, with issuance to occur and stock values determined immediately prior to
the commencement of the next subsequent service year, regardless of the date of
your termination of service as a director of the Company. You will receive a
Form 1099 for the value of the Company common stock issued to you for the
calendar year in which the common stock was issued. Notwithstanding your
election to receive payment of meeting fees in the form of Company common stock,
the Company may choose not to honor your election if the issuance of stock to
you would trigger change of control provisions in Company corporate documents.
The undersigned director hereby makes the following election:
[ ] Election to Receive Payment in Company Common Stock. I hereby elect to
receive payment for meeting fees to which I may become entitled by
virtue of my services as a director and as a member of committees of
the Board of Directors of WGNB Corp. during the service year beginning
on the date of the 1998 annual meeting of the Company's shareholders in
the form of Company common stock. I hereby direct that this election
shall remain in force for meeting fees to which I shall become entitled
for services in subsequent service years unless I revoke this election
prior to the commencement of any such future service year. Such
revocation must be made in writing to and receipt acknowledged by the
Company.
[ ] Election to Receive Payment in Cash. I hereby elect to receive payment
for meeting fees to which I may become entitled by virtue of my
services as a director and as a member of committees of the Board of
Directors of WGNB Corp. during the service year beginning on the 1999
annual meeting of the Company's shareholders in the form of cash. I
hereby direct that this election shall remain in force for meeting fees
to which I shall become entitled for services in subsequent service
years unless I revoke this election prior to the commencement of any
such future service year. Such revocation must be made in writing to
and receipt acknowledged by the Company.
Receipt Acknowledged,by WGNB Corp.
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President Director Signature
Date: Date:
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