AMENDMENT TO CHANGE IN CONTROL AGREEMENT
Exhibit 10.2
AMENDMENT TO
CHANGE IN CONTROL AGREEMENT
CHANGE IN CONTROL AGREEMENT
THIS AMENDMENT, made the 17th day of August, 2005, by CT COMMUNICATIONS, INC. (the
“Company”), a North Carolina corporation with its principal office at Concord, North
Carolina, and Xxxxxxx X. Xxxxxxxx (“Employee”), an employee of the Company.
WHEREAS, the Company and the Employee have previously entered into a Change in Control
Agreement dated October 1, 1997 (the “Agreement”); and
WHEREAS, the parties desire to amend the Agreement to provide that any Compensation
payable to the Employee under the terms of the Agreement shall be paid in the form of a
single lump sum.
NOW, THEREFORE, in consideration of the terms contained herein, the Employee’s
employment with the Company, and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Company and the Employee agree that the
Agreement shall be and hereby is amended by deleting Section IA and substituting therefor
the following:
“A. If a Change in Control (as defined in Section IA(iii) hereof) occurs and if, within
two years following the Change in Control, the employment of the Employee is terminated (A)
by the Company other than for Cause (as defined in Section IA(i) hereof), or (B) by the
Employee for Good Reason (as defined in Section IA(ii) hereof), an amount equal to the
Employee’s Compensation (as defined in Section IA(iv) hereof), less applicable withholdings,
for a period of thirty-five months, shall be paid by the Company to the Employee in a single
lump sum within 30 days of termination of the Employee’s employment under circumstances
entitling the Employee to Compensation hereunder.”
Except as amended herein, all other provisions of the Agreement shall remain in full
force and effect.
IN WITNESS WHEREOF, this Amendment has been executed by the parties hereto effective as
of the day and year first above stated.
| CT COMMUNICATIONS, INC. | ||||||
| By: | /s/ XXXXXXX X. XXXXXX, XX. | |||||
| Xxxxxxx X. Xxxxxx, Xx. | ||||||
| EMPLOYEE | ||||||
| /s/ XXXXXXX X. XXXXXXXX |
(Seal) | |||||
| Xxxxxxx X. Xxxxxxxx |
||||||
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