PFC Letterhead]Employment Protection Agreement • April 29th, 2005 • Pointe Financial Corp • State commercial banks
This letter agreement is to record the additional agreements, arrangements and understandings relating to the payments that you will be entitled to receive in connection with the transactions contemplated by the Agreement and Plan of Merger (the “Merger Agreement”) by and between The South Financial Group, Inc. (“TSFG”) and Pointe Financial Corporation (“PFC”), dated October 27, 2004. The agreements, arrangements and understandings contained herein amend the Employment Protection Agreement between you, PFC and Pointe Bank (the “Bank”), dated as of July 23, 2004 (the “EP Agreement”). The commitments contained in the amendments set forth in this letter agreement are subject to the consummation of the transactions contemplated by the Merger Agreement. In the event the merger is not completed on or before September 30, 2005, this letter agreement will be null and void .All terms not otherwise defined herein shall have the meaning given to them in the Merger Agreement.
