Exhibit 10.16
SECOND AMENDMENT TO
EMPLOYMENT AGREEMENT
WHEREAS, XXXXXX X. XXXXXX ("Employee") and the Board of Directors
(collectively, the "Board") of FNB FINANCIAL SERVICES CORPORATION ("FNB") and it
wholly-owned banking subsidiary, FNB SOUTHEAST, ("Bank") (FNB and the Bank are
collectively referred to herein as the "Company"), desire to provide an orderly
and clear process for management succession; and
WHEREAS, the Board and Employee desire to begin such process immediately;
and
WHEREAS, the Company acknowledges the Employee's leadership and
substantial contributions to the Company's success and desires to benefit from
his knowledge and experience in management succession process.
NOW, THEREFORE, the parties hereby amend the Employment Agreement between
Employee and the Company, dated as of May 18, 1995 ("Agreement") and first
amended as of May 16, 2002 ("First Amendment"), as follows:
1. The parties affirm the provisions of the First Amendment,
2. The text of Section 3 of the Agreement is deleted and the following
text is inserted in lieu and stead thereof:
Effective as of July 1, 2004, the Employee shall serve as President
and Chief Executive Officer of FNB Financial Services Corporation
("FNB") and Chief Executive Officer of FNB Southeast ("Bank"). In
his role as President and Chief Executive Officer of FNB, the
Employee's duties and responsibilities shall be those imposed by
applicable law, and in his role as Chief Executive Officer of the
Bank, his duties and responsibilities shall be those imposed by
applicable law, and duties commensurate with his office that may be
from time to time assigned to the Employee by the Company's Board of
Directors.
3. Except as specifically amended by this Second Amendment to
Employment Agreement, the Agreement, as amended by the First
Amendment, continues in full force and effect.
This Second Amendment To Employment Agreement is entered into as of May 19,
2004.
/s/ XXXXXX X. XXXXXX
-----------------------------------------
Xxxxxx X. Xxxxxx
FNB FINANCIAL SERVICES CORPORATION
By: /s/ XXXXX X. XXXXXX
--------------------------------------
Xxxxx X. Xxxxxx
Chairman of the Board of Directors
FNB SOUTHEAST
By: /s/ XXXXX X. XXXXXX
--------------------------------------
Xxxxx X. Xxxxxx
Chairman of the Board of Directors
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