EXECUTIVE EMPLOYMENT AGREEMENTExecutive Employment Agreement • March 29th, 2011 • Crescent Financial Corp • State commercial banks • North Carolina
This EXECUTIVE EMPLOYMENT AGREEMENT (the “Agreement”) is entered into by and between Crescent State Bank (the “Bank”), a North Carolina-chartered bank and W. Keith Betts (the “Executive”) on this 23rd day of February, 2011 to be effective as of the Effective Date (as defined herein).
Amendment to Amended Salary Continuation AgreementSalary Continuation Agreement • March 29th, 2011 • Crescent Financial Corp • State commercial banks
This Amendment to Amended Salary Continuation Agreement (this “Amendment”) is entered into effective as of this 31st day of December, 2010 by and between Crescent State Bank, a North Carolina-chartered bank (the “Bank”), and Bruce W. Elder (the “Executive”), and amends that certain Amended Salary Continuation Agreement effective as of October 24, 2007 among the aforesaid parties (the “Agreement”).
Amendment to Employment AgreementEmployment Agreement • March 29th, 2011 • Crescent Financial Corp • State commercial banks
This Amendment to Employment Agreement (this “Amendment”) is entered into effective as of this 31st day of December, 2010 by and among Thomas E. Holder, Jr. (the “Executive”), Crescent Financial Corporation, a North Carolina corporation (the “Corporation”), and Crescent State Bank, a North Carolina-chartered bank and wholly owned subsidiary of Crescent Financial Corporation (the “Bank”) and amends that certain Employment Agreement effective as of September 10, 2008 among the aforesaid parties (the “Agreement”). The Corporation and the Bank are hereinafter sometimes referred to together or individually as the “Employer.”
Amendment to Second Amended Salary Continuation AgreementSalary Continuation Agreement • March 29th, 2011 • Crescent Financial Corp • State commercial banks
This Amendment to Second Amended Salary Continuation Agreement (this “Amendment”) is entered into effective as of this 31st day of December, 2010 by and between Crescent State Bank, a North Carolina-chartered bank (the “Bank”), and Michael G. Carlton (the “Executive”), and amends that certain Second Amended Salary Continuation Agreement effective as of September 10, 2008 among the aforesaid parties (the “Agreement”).
Amendment to Employment AgreementEmployment Agreement • March 29th, 2011 • Crescent Financial Corp • State commercial banks
This Amendment to Employment Agreement (this “Amendment”) is entered into effective as of this 31st day of December, 2010 by and among W. Keith Betts (the “Executive”), Crescent Financial Corporation, a North Carolina corporation (the “Corporation”), and Crescent State Bank, a North Carolina-chartered bank and wholly owned subsidiary of Crescent Financial Corporation (the “Bank”) and amends that certain Employment Agreement effective as of December 29, 2008 among the aforesaid parties (the “Agreement”). The Corporation and the Bank are hereinafter sometimes referred to together or individually as the “Employer.”
Amendment to Amended Salary Continuation AgreementSalary Continuation Agreement • March 29th, 2011 • Crescent Financial Corp • State commercial banks
This Amendment to Amended Salary Continuation Agreement (this “Amendment”) is entered into effective as of this 31st day of December, 2010 by and between Crescent State Bank, a North Carolina-chartered bank (the “Bank”), and W. Keith Betts (the “Executive”), and amends that certain Amended Salary Continuation Agreement effective as of December 29, 2008 among the aforesaid parties (the “Agreement”).
INVESTMENT AGREEMENT BY AND AMONG CRESCENT FINANCIAL CORPORATION, CRESCENT STATE BANK AND PIEDMONT COMMUNITY BANK HOLDINGS, INC. Dated as of February 23, 2011Investment Agreement • March 29th, 2011 • Crescent Financial Corp • State commercial banks • North Carolina
THIS INVESTMENT AGREEMENT, dated as of February 23, 2011 by and among Piedmont Community Bank Holdings, Inc., a Delaware corporation (“Investor”), Crescent Financial Corporation, a North Carolina corporation (the “Company”) and Crescent State Bank, a North Carolina state bank and a wholly-owned banking subsidiary of the Company (the “Bank”). Investor, the Company and the Bank are sometimes collectively referred to herein as the “Parties” and individually as a “Party.” Certain capitalized terms used in this Agreement and not otherwise defined have the meanings ascribed to them in Section 1.1.
Amendment to Employment AgreementEmployment Agreement • March 29th, 2011 • Crescent Financial Corp • State commercial banks
This Amendment to Employment Agreement (this “Amendment”) is entered into effective as of this 31st day of December, 2010 by and among Ray D. Vaughn (the “Executive”), Crescent Financial Corporation, a North Carolina corporation (the “Corporation”), and Crescent State Bank, a North Carolina-chartered bank and wholly owned subsidiary of Crescent Financial Corporation (the “Bank”) and amends that certain Employment Agreement effective as of September 10, 2008 among the aforesaid parties (the “Agreement”). The Corporation and the Bank are hereinafter sometimes referred to together or individually as the “Employer.”
Amendment to Employment AgreementEmployment Agreement • March 29th, 2011 • Crescent Financial Corp • State commercial banks
This Amendment to Employment Agreement (this “Amendment”) is entered into effective as of this 31st day of December, 2010 by and among Bruce W. Elder (the “Executive”), Crescent Financial Corporation, a North Carolina corporation (the “Corporation”), and Crescent State Bank, a North Carolina-chartered bank and wholly owned subsidiary of Crescent Financial Corporation (the “Bank”) and amends that certain Employment Agreement effective as of September 10, 2008 among the aforesaid parties (the “Agreement”). The Corporation and the Bank are hereinafter sometimes referred to together or individually as the “Employer.”
Amendment to Employment AgreementEmployment Agreement • March 29th, 2011 • Crescent Financial Corp • State commercial banks
This Amendment to Employment Agreement (this “Amendment”) is entered into effective as of this 31st day of December, 2010 by and among Michael G. Carlton (the “Executive”), Crescent Financial Corporation, a North Carolina corporation (the “Corporation”), and Crescent State Bank, a North Carolina-chartered bank and wholly owned subsidiary of Crescent Financial Corporation (the “Bank”) and amends that certain Employment Agreement effective as of September 10, 2008 among the aforesaid parties (the “Agreement”). The Corporation and the Bank are hereinafter sometimes referred to together or individually as the “Employer.”
INDEMNIFICATION AGREEMENTIndemnification Agreement • March 29th, 2011 • Crescent Financial Corp • State commercial banks • North Carolina
This INDEMNIFICATION AGREEMENT (this “Agreement”) is made and entered into as of February 23, 2011, by and among CRESCENT FINANCIAL CORPORATION, a North Carolina-chartered bank holding company (the “Company”), CRESCENT STATE BANK, a North Carolina-chartered bank and wholly-owned subsidiary of the Company (the “Bank”), and MICHAEL G. CARLTON (“Indemnitee”).
