EXHIBIT 10.3
Employment Agreement
Between
The Southern Banc Company, Inc.
and Xxxxx X. Xxxxxx, Xx.
2001 Amendment
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WHEREAS, The Southern Banc Company, Inc. (the "Company") 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 Company (the "Board") and the
Employee have determined that it is appropriate to amend the Agreement (i) to
redefine the Employee's position with the Company, (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
"President" 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 20
hours per week.
3. 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 19th day of April, 2001, the undersigned hereby
approve this 2001 Amendment to the Agreement.
THE SOUTHERN BANC COMPANY, INC.
By _____________________________
Its Secretary
_____________________________
Xxxxx X. Xxxxxx Xx.
