Exhibit 10.12
AMENDMENT TO EMPLOYEMENT AGREEMENT
TO STATE END OF TERM
THIS AMENDMENT TO EMPLOYMENT AGREEMENT (the "Amendment") is made and
entered into as of the 16th day of May 2002 by and between FNB FINANCIAL
SERVICES CORPORATION, a North Carolina corporation, and its wholly-owned
subsidiary FNB SOUTHEAST, a North Carolina commercial bank, (which are referred
to herein jointly as the "Company"); and XXXXXX X. XXXXXX (the "Employee").
WITNESSETH:
WHEREAS, the parties entered into an Employment Agreement dated May 18,
1995 (the "Agreement") which provides for the Company to employ Employee as
President and Chief Executive Officer; and
WHEREAS, the Agreement provides in Article 2 that the term of the Agreement
shall be three years and shall be renewed on the first day of each month unless
a party gives notice of nonrenewal; and
WHEREAS, the parties wish to amend the Agreement to provide that the term
of the agreement shall continue from the date hereof until the 31st day of
January, 2006 and that there shall be no renewals after that date except as may
be agreed in writing between the parties.
NOW, THEREFORE, for consideration hereby deemed to be just and sufficient
by the parties, it is hereby agreed as follows:
1. Article 2 of the Agreement is deleted and replaced in its entirety by
the following:
2. Term. The term of this Agreement shall continue until terminated by
either party as provided herein. If not sooner terminated, this
Agreement shall terminate on the 31st day of January, 2006. Such
termination shall be without prejudice to the Employee continuing
thereafter to be employed by the Company on such terms and conditions
as may be agreed between the parties in writing hereafter. This
agreement shall not be renewed or extended after the date hereof,
except as expressly agreed between the parties in writing.
Except as provided in the preceding Paragraph 1 of this Amendment, the
Agreement shall remain in full force and effect pursuant to its terms
and conditions.
IN WITNESS THEREOF, the parties hereto have caused this Agreement to be
duly executed and sealed by the Employee as of the date first above written.
FNB FINANCIAL SERVICES CORPORATION
By: /s/ Xxxxx X. Xxxxxx
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Xxxxx X. Xxxxxx
FNB SOUTHEAST
By: /s/ Xxxxx X. Xxxxxx
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Xxxxx X. Xxxxxx
EMPLOYEE
By: /s/ Xxxxxx X. Xxxxxx
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Xxxxxx X. Xxxxxx
