ADDENDUM TO FIRST AMENDMENT TO NONCOMPETITION, SEVERANCE AND EMPLOYMENT AGREEMENT BETWEEN THE SOUTH FINANCIAL GROUP, INC. AND JAMES W. TERRY, JR.
ADDENDUM TO FIRST AMENDMENT TO NONCOMPETITION, SEVERANCE AND
EMPLOYMENT AGREEMENT BETWEEN
THE SOUTH FINANCIAL GROUP, INC. AND XXXXX X. XXXXX, XX.
A First Amendment to the Noncompetition, Severance and Employment Agreement (“First Amendment”) was entered into on the 8th day of May, 2006, by and between Xxxxx X. Xxxxx, Xx., an individual (“Executive”), and The South Financial Group, Inc., a South Carolina corporation financial institution holding company headquartered in Greenville, South Carolina (“Company”).
The following paragraph is an addendum to the First Amendment:
Executive and Company agree that Executive’s entitlement to the benefits provided in the First Amendment does not require performance of services to the Company after December 31, 2006. If Executive’s employment is terminated, the benefits provided in the First Amendment will be paid notwithstanding the reason for Executive’s termination. Payments under the First Amendment will be paid to your personal representative in the event of your death before completion of the payments.
Executive:
/s/ Xxxxx X. Xxxxx, Xx.
Xxxxx X. Xxxxx, Xx.
The South Financial Group. Inc.
/s/ Xxxx X. Xxxxxxx
Xxxx X. Xxxxxxx
Executive Vice President
Corporate Human Resources Director
