FIRST CHANGE is hereby amended to add the following sentence at the end thereof: Notwithstanding anything herein to the contrary, neither the execution of a merger agreement nor the completion of a merger with First Federal Savings and Loan Association of Hazard, Kentucky, and/or any affiliate thereof formed in connection with said merger, shall constitute a Change in Control for purposes of this Section 1(a) and, further, said merger shall not constitute an event that would entitle the Employee to a severance benefit pursuant to Section 12 of this Agreement. SECOND CHANGE
FIRST CHANGE. (a) of the Agreement is hereby amended by deleting the last sentence thereof. SECOND CHANGE
FIRST CHANGE. All references in the Agreement to New South Bancorp, Inc. shall be replaced with First South Bancorp, Inc. and all references to Home Savings Bank, SSB shall be replaced with First South Bank.
FIRST CHANGE. Effective as of the closing of the Company’s initial public offering, the first paragraph of the Agreement shall be amended to add the following sentence to the end of the paragraph: “Newport Bancorp, Inc., the holding company of the Bank (the “Holding Company”) will serve as guarantor under this Agreement.” Effective as of the closing of the Company’s initial public offering, Section 12(a) shall be deleted in its entirety and replaced with the following new Section 12(a): “For purposes of this Agreement, a “Change in Control” means the occurrence of any one of the following events:
FIRST CHANGE a) of the Agreement shall be deleted in its entirety and replaced with the following:
FIRST CHANGE. The following new definition is hereby added to Section 1.1:
FIRST CHANGE of the SERP is hereby amended to read as follows:
FIRST CHANGE of the Agreement shall be deleted in its entirety and reserved for future use.
FIRST CHANGE of the Adoption Agreement is amended effective December 31, 2015 to update the Plan Sponsor Name and EIN as follows:
FIRST CHANGE. All references to “Crescent Bank” or the “Bank” in the Agreement shall refer to “Crescom Bank”.
