EXECUTIVE EMPLOYMENT AGREEMENTExecutive Employment Agreement • November 8th, 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 Thomas E. Holder, Jr. (the “Executive”) on this 23 day of February, 2011 to be effective as of the Effective Date (as defined herein).
Amendment to Amended Salary Continuation AgreementSalary Continuation Agreement • November 8th, 2011 • Crescent Financial Corp • State commercial banks
This Amendment to Amended Salary Continuation Agreement (this “Amendment”) is entered into effective as of this 23rd day of February, 2011 by and between Crescent State Bank, a North Carolina-chartered bank (the “Bank”), and Ray D. Vaughn (the “Executive”), and amends that certain Amended Salary Continuation Agreement effective as of September 10, 2008, among the aforesaid parties, as amended from time to time (the “Agreement”).
Amendment to Amended Salary Continuation AgreementSalary Continuation Agreement • November 8th, 2011 • Crescent Financial Corp • State commercial banks
This Amendment to Amended Salary Continuation Agreement (this “Amendment”) is entered into effective as of this 23rd day of February, 2011 by and between Crescent State Bank, a North Carolina-chartered bank (the “Bank”), and Michael G. Carlton (the “Executive”), and amends that certain Amended Salary Continuation Agreement effective as of September 10, 2008, among the aforesaid parties, as amended from time to time (the “Agreement”).
November 8, 2011Crescent Financial Corp • November 8th, 2011 • State commercial banks
As you may be aware, Crescent Financial Corporation (“Crescent Financial”) and Crescent State Bank entered into an Investment Agreement with Piedmont Community Bank Holdings, Inc. (“Piedmont”) that provides for, among other things, an investment by Piedmont of $75 million into Crescent Financial and the reincorporation of Crescent Financial as a Delaware corporation, to be called Crescent Financial Bancshares, Inc., in each case pursuant to the terms of the Investment Agreement. The board of directors and the shareholders of Crescent Financial have approved each of these actions.
Amendment to Amended Salary Continuation AgreementSalary Continuation Agreement • November 8th, 2011 • Crescent Financial Corp • State commercial banks
This Amendment to Amended Salary Continuation Agreement (this “Amendment”) is entered into effective as of this 23rd day of February, 2011 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, as amended from time to time (the “Agreement”).
