EXHIBIT 10.13
Employment Agreement
Between
The Southern Bank Company
And Xxxxx X. Xxxxxx, Xx.
2001 Amendment
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WHEREAS, The Southern Bank Company (the "Bank") has entered into an
Employment Agreement (the "Agreement") and a Supplemental Executive Retirement
Agreement (the "SERA") with Xxxxx X. Xxxxxx, Xx. (the "Employee"); and
WHEREAS, the Board of Directors of the Bank (the "Board") and the
Employee have determined that it is appropriate to amend the Agreement (i) to
redefine the Employee's position with the Bank, (ii) and to provide for a lump
sum payment in satisfaction of the benefits to which the Employee is entitled
under his SERA.
NOW, THEREFORE, the Agreement shall be amended as follows, effective
immediately.
1. The first sentence in Section 1 shall be amended by replacing "Chief
Executive Officer" with "Investment Officer."
2. The Second sentence of Section 1 shall be amended by adding the
following at the end thereof:
provided that the Employee shall not be required to perform
services for the Bank and its holding company in excess of 30
hours per week beginning May 1, 2001.
3. Section 2 of the Agreement shall be amended by replacing the
Employee's base salary with "$30,000, beginning May 1, 2001."
4. Section 4 of the Agreement shall be amended by inserting a new
subsection (c) thereunder as follows:
(c) Payment of Benefits under the SERA. On or before April 1,
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2001 the Bank shall pay the Employee a lump sum payment of
$151,004.07, which shall equal the full amount of the
benefits to which the Employee is entitled to receive under
his Supplemental Executive Retirement Agreement ("SERA")
with the Bank. After receiving said sum, the Employee shall
have no right to any additional benefits under the SERA, and
agrees that the SERA shall thereupon become null, void, and
of no further force or effect for the Employee, his
beneficiaries, or his successors in interest.
5. Nothing contained herein shall be held to alter, vary or otherwise
affect any of the terms, provisions or conditions of the Agreement
other than as stated above.
WHEREFORE, on this 15/th/ day of March, 2001, the undersigned hereby
approve this 2001 Amendment of the Agreement.
THE SOUTHERN BANK COMPANY
BY______________________________
Its President
______________________________
Xxxxx X. Xxxxxx, Xx.
