EXHIBIT 10.13
THIS AGREEMENT IS SUBJECT TO ARBITRATION PURSUANT TO
THE SOUTH CAROLINA UNIFORM ARBITRATION ACT
STATE OF SOUTH CAROLINA )
) EMPLOYMENT AGREEMENT
COUNTY OF CHARLESTON )
THIS EMPLOYMENT AGREEMENT (hereinafter referred to as the "Agreement")
made and entered into as of this 12th day of August, 2003, by and between
Southcoast Community Bank, (hereinafter the "Bank"), Southcoast Financial
Corporation (the "Company") and ______________________ (hereinafter referred to
as the "Employee"), is made with reference to the following facts:
RECITALS:
A. The Employee is presently employed as the _______________________ of
the Bank and serves as __________________________________ of the Company.
B. The Employee has obtained substantial senior financial management
experience throughout his career, and can be expected to make substantial
contributions to the financial success of the Bank and the Company and to
contribute to the growth and development of the Bank and the Company through his
extensive knowledge and experience in the business, affairs, and management of
financial organizations such as the Bank and the Company.
C. The Bank and the Company consider the retention of the Employee in
their service to be in their best interests in order to insure and contribute to
the continuity of management of the Bank and the Company and to insure and
contribute to the future progress and financial success of the Bank and the
Company.
D. The Bank and the Company recognize that in order to retain the
Employee's services, they must offer him compensation, benefits and termination
rights which executives of comparable background, experience, ability and
expertise receive for such an executive position with a business organization of
similar size and complexity.
E. The parties desire to enter into this Agreement setting forth the
terms and conditions of the employment relationship among the Bank, the Company
and the Employee.
THEREFORE, in consideration of the premises and the mutual covenants
herein set forth, it is mutually understood, stipulated, covenanted and agreed
by and between the parties hereto, as follows:
1. Employment. The Bank and the Company each hereby employ the Employee
in a principal executive and managerial capacity as an officer having the titles
of ________________of the Bank and __________________________________ of each,
and the Employee hereby accepts such employment upon the terms and conditions
hereinafter set forth.
2. Term. The initial term of this Agreement shall be for three (3)
years beginning on the date of execution hereof (the "Commencement Date"). At
the end of such initial term, this Agreement shall be automatically renewed for
successive terms of one (1) year each, unless the Employee is terminated or
unless either party gives written notice to the other that this Agreement will
not be so renewed, and such notice is given not less than one hundred eighty
(180) days prior to the end of the then current term of this Agreement.
References in this Agreement to the term of this Agreement refer to the initial
term and any extended term.
3. Compensation. The basic annual salary which the Bank shall pay to
the Employee for his services shall be not less than $_____________, payable in
not less than 12 installments for each full year during the term of this
Agreement. To the extent not paid by the Bank, such compensation shall be paid
by the Company.
4. Benefits. In addition to the basic compensation hereinabove set
forth, the Bank agrees to pay or supply the following benefits:
(a) Life Insurance. The Bank shall provide Employee with the life
insurance benefits provided on Schedule A hereto.
(b) Health Insurance. The Bank shall provide the Employee with such
health and dental insurance benefits as may hereafter be made available to other
executive officers of the Bank.
2
(c) Disability. The Bank shall provide the Employee with disability
insurance in an amount equal at all times to not less than one-half of his
annual base salary.
(e) Retirement and Employee Benefit Plans. The Employee shall be
entitled to participate in any plan adopted by the Bank or the Company relating
to stock options, stock appreciation rights, stock purchases, pension, thrift,
profit sharing, bonus, performance award and incentive compensation, group life
insurance, medical insurance, education and other retirement or employee
benefits that the Bank or the Company may have already established, or may
hereafter adopt, for the benefit of the executive employees of the Employee's
class or all employees of the Bank or the Company, including executive employees
of the Employee's class.
(f) Disability/Salary Continuation. The Bank shall pay the Employee
his full salary then in effect and continue all benefits then in effect for a
period of one year after the Date of Termination (as hereafter defined) in the
event of the partial or complete Disability of the Employee. "Disability" shall
mean the Employee's failure to satisfactorily perform the essential functions of
his office on a full-time basis for one hundred and eighty (180) consecutive
days, with or without accommodation, by reason of the Employee's incapacity
resulting from physical or mental illness or impairment, except where within
fifteen (15) days after Notice of Termination (as hereinafter defined) is given
following such absence, the Employee shall have returned to the satisfactory,
full time performance of such duties. Any determination of Disability hereunder
shall be made by the Board of Directors of the Bank in good faith and on the
basis of the certificates of at least three qualified physicians chosen by it
for such purpose, one of whom shall be the Employee's regular attending
physician.
(g) Other Benefits. The Bank shall provide the Employee all other
remunerations and fringe benefits as are available to executive officers of the
Bank, and any other benefits commensurate with the responsibility of and
functions performed by the Employee under this Agreement.
(h) Payment of Shortfall by Company. To the extent not provided by the
Bank, the benefits set forth in this Section 4 will be provided by the Company.
3
5. Duties. The Bank and the Company recognize the managerial and
executive ability of the Employee, and in recognition of those abilities, the
Bank designates the Employee as its __________________________ and the Company
designates the Employee as its __________________________, which titles carry
with them the duties as specified in the bylaws of the Bank and the Company. In
this capacity, the Employee is granted such authority and is responsible for
such executive duties as are commensurate with the authority being exercised and
duties being performed by the Employee immediately prior to the date of the
execution hereof and as may hereafter be designated by the Boards of Directors
of the Bank or the Company. The Employee shall perform his duties in accordance
with such reasonable standards established from time to time by the Boards of
Directors of the Bank and the Company. In the performance of his duties, the
Bank and/or the Company will continue to make available to the Employee offices,
secretarial and other assistance, facilities and amenities commensurate with his
position and duties, but in no event less than those furnished at the time this
Agreement is executed.
6. Termination of Employment.
(a) Termination by the Company and the Bank.
(i) Termination for Cause. The Employee shall be subject to discharge for
Cause, and this Agreement thereby terminated. As used in this
Agreement, "Termination for Cause" shall mean termination on account of
the following acts:
(A) the breach by Employee of any material provision of this
Agreement, provided that Bank gives the Employee written notice
of such failure and such failure is not cured within thirty (30)
days thereafter;
4
(B) the willful and continued failure by the Employee to
substantially perform his duties under this Agreement (other than
the Employee's inability to perform, with or without reasonable
accommodation, resulting from his incapacity due to physical or
mental illness or impairment), after a demand for substantial
performance is delivered to him by the Bank, which demand
specifically identifies the manner in which the Employee is
alleged to have not substantially performed his duties;
(C) the willful engaging by the Employee in misconduct
(criminal, immoral or otherwise) which is materially injurious to
the Bank;
(D) the Employee's conviction of a felony;
(E) the commission by the Employee in the course of his
employment of an act of fraud, embezzlement, theft or proven
dishonesty, or any other illegal act or practice, which would
constitute a felony, (whether or not resulting in criminal
prosecution or conviction), or any act or practice which has
resulted in the Employee becoming unbondable under the Bank's
"banker's blanket bond;"
(F) failure by the Employee to comply with clear provisions
of law and regulations applicable to the Bank which is materially
injurious to the Bank; or
(G) removal or permanent prohibition from participating in
the affairs of the Bank by an order or consent issued under
Section 8(e)(4) or (g)(1) of the Federal Deposit Insurance Act.
5
The Employee shall have no right to receive from the Bank or the Company, and
shall not receive from the Bank or the Company, compensation or other benefits
provided for herein or otherwise provided by the Bank or the Company for any
period after the date of Termination for Cause. Notwithstanding the foregoing
provisions of this paragraph, no Termination for Cause shall affect vested
rights of the parties hereto.
(ii) Termination Other Than For Cause.
(A) The Employee may be discharged and this Agreement
terminated for reasons other than those specified in subparagraph
6(a)(i) if it is determined that such discharge is in the best
interest of the Company and the Bank. Except as otherwise limited
herein or as otherwise limited by the regulations of the Federal
Deposit Insurance Corporation, the Bank agrees that a termination
by it of the Employee's employment prior to the expiration of the
term of this Agreement pursuant to this subparagraph 6(a)(ii)
shall not prejudice the Employee's right to full compensation or
other benefits provided for in this Agreement until the
expiration of the remaining term of this Agreement, unless the
Employee shall take a leave of absence or shall become disabled
as described in paragraph (4)(f) hereof, in which case the
provisions of paragraph (4)(f) shall apply.
(B) Any resignation by the Employee pursuant to paragraph
6(b) below at any time following a change in control of the Bank
or the Company, as hereinafter defined, shall constitute a
termination of employment by the Bank and the Company other than
Termination for Cause and shall entitle Employee to the following
compensation and benefits, but only if such resignation is
preceded by either (1) any material decrease, or series of
6
decreases which taken as a whole are material, in the nature or
scope of the Employee's duties, responsibilities and authorities,
without the written consent of the Employee as to each and every
such decrease, from the greater of those duties, responsibilities
or authorities being exercised and performed by the Employee
immediately prior to the date of the execution hereof, or those
being exercised and performed immediately prior to the reduction
or series of reductions thereof; or (2) any attempt by the Bank
or the Company to relocate the Employee to a location outside of
Mount Pleasant, South Carolina without his written consent
thereto given not more than one (1) year prior thereto.
The compensation and benefits which shall be paid and
provided, respectively, to the Employee pursuant to this
paragraph 6(a)(ii)(B) shall be the full compensation and benefits
provided for in this Agreement for a period of three (3) years
from the Date of Termination. Such payments shall be made and
such benefits shall be provided notwithstanding any other
employment obtained by Employee. For purposes of the foregoing,
the phrase "change in control" of the Bank or the Company shall
refer to either or both of the following: (1) acquisition in any
manner of the beneficial ownership of shares of the Bank or the
Company having 51% or more of the total number of votes that may
be cast for the election of one or more directors of the Bank or
the Company, respectively, by any person, or persons acting as a
group within the meaning of Section 13(d) of the Securities
Exchange Act of 1934; or (2) any other circumstances which the
Board of Governors of the Federal Reserve System has determined
constitutes or will constitute a change in control of the Bank or
the Company.
7
(iii) Excess Parachute Payment. Notwithstanding the
foregoing, if the payments under Section 6(a)(ii), either alone
or together with other payments which the Employee has the right
to receive from the Bank and the Company, would constitute a
"parachute payment" (as defined in Section 280G of the Internal
Revenue Code of 1986, as amended (the "Code")), such severance
payment shall be reduced to the largest amount as will result in
no portion of the severance payment under this Section 6 being
subject to the excise tax imposed by Section 4999 of the Code or
the disallowance of a deduction to the Bank under Section 280G(a)
of the Code.
(iv) Determination. The decision of the Bank or the Company
to terminate the Employee's employment for Cause shall only be
made in the following manner. The full Board of Directors of the
terminating entity shall review completely the evidence and
justification for such termination. The Employee shall be given
notice and an opportunity to be heard in order to rebut such
evidence. Thereafter, termination shall be voted upon by the full
Board of Directors of the terminating entity by roll call vote.
The Employee shall be so terminated upon a vote of not less than
two-thirds (2/3) of all members of the Board of Directors of the
terminating entity. The Board of Directors of the terminating
entity shall specify an effective date of termination in the
Notice of Termination. Any termination not meeting these
requirements shall not be a Termination for Cause under Section
6(a)(i).
(b) Termination by Employee. This Agreement may be terminated by Employee
at any time by Employee's giving written Notice of Termination to the Bank and
the Company not less than ninety (90) days prior to the Date of Termination. In
such event, the Bank and the Company shall be obligated only to continue to
compensate and provide the benefits hereunder to Employee up to the Date of
Termination. This provision shall not be interpreted as in any manner whatsoever
8
limiting the rights of the Employee under any other agreement between the
Employee and the Bank or the Company, including, without limitation, any
retirement, deferred compensation, or fringe benefit agreement, whether or not
such agreements are in existence at the time of the execution hereof.
(c) Required Suspension and Termination Provisions. Notwithstanding any
other provision of this agreement, the following provisions are included in this
Agreement concerning its termination.
(i) If the Employee is suspended or temporarily prohibited from
participating in the Bank's affairs by a notice served under 12 U. S. C.
Section 1818(e)(3) or (g)(1), the Bank's obligations under this Agreement
shall be suspended as of the date of service unless stayed by appropriate
proceedings. If the charges in the notice are dismissed, the Bank may in
its discretion (i) pay the Employee all or part of the compensation
withheld while the obligations under this Agreement were suspended and (ii)
reinstate (in whole or in part) any of such obligations which were
suspended.
(ii) If Employee is removed and/or permanently prohibited from
participating in the affairs of the Bank by an order issued under 12 U.S.C.
ss. 1818(e)(4) or (g)(1), all obligations of the Bank and the Company under
this Agreement shall terminate as of the effective date of the order.
(iii) If the Bank is in default (as defined in 12 U. S. C. Section
1813(x)(1)), all obligations under this Agreement shall terminate as of the
date of default.
(iv) Any payments made to the Employee pursuant to this Agreement, or
otherwise, are subject to and conditioned upon their compliance with 12
9
U.S.C. Section 1828(k) or any successor provision thereof and any
regulations promulgated thereunder.
Notwithstanding the provisions of this subsection (c) of Section 7, no
termination pursuant to this subsection (c) shall affect vested rights of the
parties hereto.
(d) Date of Termination. "Date of Termination" shall mean:
(i) if the Employee's employment is terminated by reason of his death,
his date of death;
(ii) if the Employee's employment is terminated for Disability, thirty
(30) days after Notice of Termination is given (provided that the Employee
shall not have returned to the performance of his duties as provided under
Section 4(f) hereof; or
(iii) if the Employee's employment is terminated by action of either
party for any other reason, the date specified in the Notice of
Termination; provided, however, that if within thirty (30) days after any
Notice of Termination is given, the party receiving such Notice of
Termination notifies the other party that a dispute exists concerning the
termination, the Date of Termination shall be the date on which the dispute
is finally resolved, either by mutual written agreement of the parties, or
by a final judgment, order or decree of an arbitrator, a panel of
arbitrators or a court of competent jurisdiction (the time for appeal
therefrom having expired and no appeal having been perfected).
"Notice of Termination" shall mean a written notice which shall include the
specific termination provision under this Agreement relied upon, and shall set
forth in reasonable detail the facts and circumstances claimed to provide a
basis for termination of the Employee's employment. Any purported termination of
10
the Employee's employment hereunder by action of either party shall be
communicated by delivery of a Notice of Termination to the other party.
7. Relocation. The Bank and the Company hereby agree that the Employee
shall not be required to relocate his residence at any time during the term of
this Agreement without the Employee's written consent thereto given not less
than one (1) year prior thereto. Furthermore, Employee shall continue to make
his primary business headquarters in Mount Pleasant, South Carolina.
8. Confidentiality.
(a) The Employee recognizes that his activities on behalf of the Bank
require considerable responsibility and trust. Relying on the ethical
responsibilities and undivided loyalty of the Employee, the Bank has and will
and the Company and its subsidiaries will in the future entrust the Employee
with highly sensitive confidential, restricted and proprietary information
involving Confidential Information (as defined below).
(b) For the purposes of this Agreement, "Confidential Information"
means any data or information, that is material to the Bank, the Company or the
subsidiaries of the Company, and not generally known by the public. To the
extent consistent with the foregoing definition, Confidential Information
includes (without limitation): (i) the profit and performance reports, pricing
policies, training manuals, marketing and pricing procedures, financing methods
of the Bank, the Company or the subsidiaries of the Company, and all other
business records of the Bank, the Company or the subsidiaries of the Company;
(ii) the identities of the customers of the Bank, the Company or the
subsidiaries of the Company, their specific demands, and their current and
anticipated requirements for the products and services of the Bank, the Company
or the subsidiaries of the Company; (iii) the business plans and internal
11
financial statements and projections of the Bank, the Company or the
subsidiaries of the Company; and (iv) the specifics of any specialized products
or services of the Bank, the Company or the subsidiary of the Company may offer
or provide to its customers.
(c) The Employee recognizes the proprietary and sensitive nature of the
Bank, the Company and its subsidiaries' Confidential Information. The Employee
agrees to abide by all of the Bank's and the Company's rules and procedures
designed to protect their Confidential Information and to preserve and maintain
all such information in strict confidence during the Employee's employment by
the Bank and as long thereafter as the Confidential Information remains, in the
sole opinion of the Bank, the Company and its subsidiaries, proprietary and
confidential to the Bank, the Company and its subsidiaries. The Employee agrees
not to use, disclose or in any other way use or disseminate any Confidential
Information to any person not properly authorized by the Bank, the Company or
the subsidiaries of the Company.
9. Return of Materials. Upon the request of the Bank, and in any event,
upon the termination of the Employee's employment, the Employee must return to
the Bank, the Company or the subsidiaries of the Company and leave at the
disposal of the Bank, the Company or the subsidiaries of the Company, all
memoranda, notes, records, and other documents or electronic files pertaining to
the business of the Bank, the Company and the subsidiaries of the Company, or
the Employee's specific duties for such entities (including all copies of such
materials). The Employee must also return to the Bank, the Company and the
subsidiaries of the Company, and leave at the disposal of the Bank, the Company
and the subsidiaries of the Company, all materials involving any Confidential
Information of the respective entities.
10. Implementation. The covenants contained herein shall be construed as
covenants independent of one another, and as obligations distinct from any other
12
contract between the Employee and the Company or the Bank. Any claim the
Employee may have against the Company or the Bank shall not constitute a defense
to enforcement by the Bank of this Agreement. The covenants made by the Employee
herein shall survive termination of the Employee's employment, regardless of who
causes the termination and under what circumstances.
11. Restrictive Covenants. In consideration of the Bank's employment of the
Employee and the benefits provided hereby, the Employee agrees that in addition
to any other limitation: (i) for a period of twelve (12) months after the
termination of this Agreement by the Employee for other than Good Reason; or
(ii) during the continuation of base salary payments pursuant to Section
6(a)(ii)(A) above, whichever is later, he will not, within a twenty-five (25)
mile radius of any operating office of the Company, any of its subsidiaries, or
the Bank, manage, operate or be employed by, participate in, or be connected in
any manner with the management, operation, or control of any banking business
whether or not carried on by a bank. The Employee further agrees, that for a
period of twelve (12) months after the termination of his employment hereunder,
by the Employee for other than Good Reason or the completion of Base Salary
payments pursuant to Section 6(a)(ii)(A) above, whichever is later, he will not
solicit the business or patronage, directly or indirectly, from any customers of
the Bank (or any other office of the Company or of a subsidiary of the Company
if Employee should have been employed by and located at such office) and the
Employee will not seek to or assist others to persuade any employee of the Bank
engaged in similar work or related to the Bank's work to discontinue employment
with the Bank or seek employment or engage in any business of the Bank.
Furthermore, the Employee will not communicate to any person, firm or
corporation any information related to customer lists, prices, secrets or other
13
Confidential Information which he might from time to time acquire with respect
to the business of the Bank, the Company, or its subsidiaries, or any of their
affiliates. The Employee agrees to disclose the contents of this Agreement to
any subsequent employer for a period of twelve (12) months following termination
of his employment hereunder, the termination of this Agreement or completion of
base salary payments pursuant to Section 6(a)(ii)(A) above, whichever is later.
12. Remedies for Breach of Employment Contract. Irreparable harm shall be
presumed if the Employee breaches any covenant of this Agreement. The faithful
observance of all covenants in this Agreement is an essential condition to the
Employee's employment, and the Bank, the Company and the subsidiaries of the
Company are depending upon absolute compliance. Damages would probably be very
difficult to ascertain if the Employee breached any covenant in this Agreement.
This Agreement is intended to protect the proprietary rights of the Bank, the
Company and the subsidiaries of the Company in many important ways. In light of
these facts, the Employee agrees that any court of competent jurisdiction should
immediately enjoin any breach of this Agreement, upon the request of the Bank,
the Company, the subsidiaries of the Company, and the Employee specifically
releases the Bank, the Company, and the subsidiaries of the Company, from the
requirement to post any bond in connection with a temporary or interlocutory
injunctive relief, to the extent permitted by law.
13. Assignment. This Agreement shall be construed as an agreement for
personal services and shall not be subject to assignment by either party without
the written consent of both parties.
14
14. Acceleration of Stock Options and Rights. In the event of any
termination of this Agreement pursuant to section 6(a)(ii), outstanding stock
options and stock appreciation rights, and any and all rights under performance
stock award plans, restricted stock plans and any other stock option, or
incentive stock plans shall become immediately and fully exercisable for a
period of sixty (60) days following the last payment required by this Agreement
to be made by the Bank or the Company to Employee, provided, however, that no
such option or right shall be exercisable after the termination date of such
option or right. The provisions of this section shall be in addition to the
Employee's rights granted in connection with such stock options or other rights,
and such rights and options shall continue to be exercisable pursuant to their
terms and their governing plans.
15. Governing Law. The law of South Carolina shall govern this Agreement,
subject only to any conflicting federal statutes and regulations as they exist
or may be adopted or promulgated from time to time affecting financial
institutions whose accounts are insured by the Bank Insurance Fund of the
Federal Deposit Insurance Corporation and their operations; in the event of such
conflict, the appropriate federal statutes and regulations shall govern this
Agreement.
16. Arbitration. Unless otherwise provided by the regulations of the
Federal Deposit Insurance Corporation or otherwise provided in this Agreement,
any dispute or controversy, arising under or in connection with this Agreement
shall be settled exclusively by arbitration in Mount Pleasant, South Carolina,
by three arbitrators pursuant to the Federal Arbitration Act or the South
Carolina Uniform Arbitration Act, as applicable, in accordance with the rules of
the American Arbitration Association then in effect. Judgment may be entered on
the arbitrators' award in any court having jurisdiction. Notwithstanding the
foregoing, Employee, the Bank or the Company shall be entitled to seek equitable
remedies in any court of competent jurisdiction without initiating an
arbitration proceeding. In particular, Employee shall be entitled to seek
specific performance of his right to be paid until the Date of Termination
during the pendency of any dispute or controversy arising under or in connection
with this Agreement. Any civil action seeking injunctive relief, challenging an
arbitration proceeding or award or otherwise related to this Agreement will be
instituted and maintained in the federal or state courts for Charleston County,
South Carolina, and the parties hereby consent to the personal jurisdiction of
such courts. Each party to any such judicial proceeding shall bear its own
attorneys' fees, provided, however, that the Bank shall bear all costs and
expenses arising in connection with any arbitration proceeding pursuant to this
Section including Employee's attorney's fees.
15
17. Binding Effect. This Agreement and the rights, powers and duties set
forth herein shall bind and inure to the benefit of the successors and assigns
of the parties hereto.
18. Entire Agreement. This Agreement constitutes the entire agreement
between the parties hereto with respect to the subject hereof, and supercedes
all prior agreements, written or oral, with respect to such subject matter.
19. Waiver. The failure of either party to insist in any one or more
instances upon performance of any terms or conditions of this Agreement shall
not be construed a waiver of future performance of any such term, covenant or
condition, but the obligations of either party with respect thereto shall
continue in full force and effect.
20. Severability. All agreements, provisions and covenants contained herein
are severable, and in the event that any one or more of them shall be held to be
invalid, illegal or unenforceable in any respect by any court of competent
jurisdiction, the validity, legality and enforceability of the remaining
provisions contained herein shall not in any way be affected thereby and this
Agreement shall be interpreted as if such invalid, illegal or unenforceable
agreements, provisions or covenants were not contained herein.
21. Indemnification. The Bank and the Company shall indemnify the Employee
to the extent of the indemnification provided for in any agreement, bylaw or
charter provision of the Bank or the Company, or any provision of law, rule or
regulation, any of which may be applicable to the Employee or generally
16
applicable to other executive officers of the Employee's class or any lesser
class.
22. Payment Obligation. The Bank and the Company recognize that the
provisions of this Agreement, including the termination provisions, protecting
the Employee's rights to compensation and benefits in the event of a termination
hereof, other than Termination for Cause, leave of absence or Disability, are an
essential element of the basis of the bargain with the Employee. Accordingly,
all amounts payable by the Bank or the Company hereunder shall be paid without
notice or demand. The Employee shall not be obligated to seek other employment
in mitigation of the amounts payable or arrangements made under any provision of
this Agreement; provided, however, that the obtaining of any such other
employment shall reduce the Bank's and the Company's obligations to make the
payments and provide at its expense the benefits required to be paid and
provided under this Agreement by an amount equal to the payments or benefits
received from such other employment.
23. Notices. Any notices to be given hereunder by either party to the other
may be effected either by personal delivery in writing or by mail, registered or
certified postage prepaid, with return receipt requested. Mailed notices shall
be addressed to the parties at the addresses appearing herein, but each party
may change its address by written notice in accordance with this paragraph.
Notices delivered personally shall be deemed communicated as of actual receipt;
mailed notices shall be deemed communicated as of five (5) days after mailing.
TO THE BANK: ___________ Chairman of the Board of Directors
Southcoast Community Bank
000 Xxxxxxx Xxxxx Xxxxxxxxx
Xx. Xxxxxxxx, X.X. 00000
TO THE COMPANY: ____________ Chairman of the Board of Directors
Southcoast Financial Corporation
000 Xxxxxxx Xxxxx Xxxxxxxxx
Xx. Xxxxxxxx, X.X. 00000
TO THE EMPLOYEE: __________________________
Southcoast Community Bank
000 Xxxxxxx Xxxxx Xxxxxxxxx
Xx. Xxxxxxxx, X.X. 00000
17
IN WITNESS WHEREOF, the Bank and the Company have duly executed this
Agreement by their duly authorized corporate officers set forth below and the
Employee has duly executed this Agreement as of the day and year first above
written.
WITNESSES: SOUTHCOAST COMMUNITY BANK
By:------------------------------------------
---------------------------- Its: _____ Chairman of the Board of Directors
----------------------------
As to the Bank
SOUTHCOAST FINANCIAL CORPORATION
By:------------------------------------------
---------------------------- Its: _____ Chairman of the Board of Directors
----------------------------
As to the Company
---------------------------- --------------------------------------------
[Name]
----------------------------
As to the Employee
18
SCHEDULE A
(1) Life Insurance Benefits:
