FIRST AMENDMENT TO THE GREENE COUNTY BANCSHARES, INC. NON-COMPETITION AGREEMENT DATED NOVEMBER 24, 2003 FOR
EXHIBIT
10.2
FIRST
AMENDMENT
TO
THE
XXXXXX
COUNTY BANCSHARES, INC.
DATED
NOVEMBER 24, 2003
FOR
R.
XXXX XXXXXXX
THIS
AMENDMENT is adopted this 15th day of
April, 2005, by and between XXXXXX COUNTY BANCSHARES, INC., a Tennessee
corporation located in Greeneville, TN (the “Company”) and R. XXXX XXXXXXX (the
“Executive”).
The
Company and the Executive executed the Non-Competition Agreement on November 24,
2003 (the “Agreement”).
The
undersigned hereby amends, in part, said Agreement for the purpose of changing
the timing of the death benefits payable under the Agreement. Therefore, the
following changes shall be made:
Section
8 of the Agreement shall be deleted in its entirety and replaced by Section 8
below.
8. Deferred
Compensation Benefits: In
consideration of the covenants contained herein, Company agrees to provide
deferred compensation benefits to Employee, in addition to all other such
benefits provided to Employee by Company, in the amount set forth in Schedule A
under the column Annual Benefit Upon Termination for the age specified in said
schedule (the “Benefit Amount”), upon the termination of his employment. The
Benefit Amount shall be paid for seven (7) consecutive years.
If
Employee dies prior to the commencement of payment of the Benefit Amount, the
Company agrees to provide benefits in the amount set forth in Schedule A under
the column Pre-retirement Annual Death Benefit (the “Death Benefit Amount”)for
the age specified in said schedule upon his death. The Death Benefit Amount
shall be paid for seven (7) consecutive years commencing within ninety (90) days
of the receipt of a death certificate. If Employee dies after he has commenced
drawing the Benefit Amount, then said benefits shall continue to be paid for the
balance of the seven (7) year period to his named beneficiary.
If
Employee is still employed by Company on his sixtieth (60th) birthday, then
Company shall commence paying the Benefit Amount on his sixtieth (60th)
birthday. Provided, however, if Employee’s employment is Terminated for Cause as
defined in Section 1, then Company shall be released from its duty to pay the
benefits contemplated in this section.
IN
WITNESS OF THE ABOVE,
the
Executive and the Company hereby consent to this First Amendment.
| Executive: | XXXXXX COUNTY BANCSHARES | ||
| /s/ R. Xxxx Xxxxxxx | By: /s/Xxxxxxx X. Xxxxxxxx | ||
|
R. XXXX XXXXXXX |
| ||
| Title Chief Financial Officer |
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