Fourth Amendment to Employment Agreement among Ernest J. Sewell, FNB Financial Services Corporation, and FNB Southeast

Summary

This amendment updates the employment agreement between Ernest J. Sewell, FNB Financial Services Corporation, and FNB Southeast. It confirms that Sewell will retire as of January 31, 2006, and will no longer be an employee or receive employee compensation after that date. However, the Bank remains obligated to pay Sewell the "Annual Special Bonuses" as previously agreed, even after his retirement. All other terms of the original employment agreement remain unchanged.

EX-10.20 5 ex10-20.txt Exhibit No. 10.20 FOURTH AMENDMENT TO EMPLOYMENT AGREEMENT WHEREAS, Ernest J. Sewell ("Sewell"), FNB Financial Services Corporation ("FNB"), and FNB Southeast ("Bank") are parties to the Employment Agreement among them, dated May 18, 1995 and amended on May 16, 2002, as of January 1, 2004, and on May 19, 2004; and WHEREAS, Sewell, FNB and the Bank desire to further amend the Employment Agreement. NOW, THEREFORE, it is agreed as follows: Section 1. Special Bonus Payments. Section 3 of the Third Amendment to Employment Agreement and First Amendments to Split-Dollar Agreements And Collateral Assignments provides that "Annual Special Bonuses" (as defined therein) shall be paid to Sewell in specific circumstances. The parties acknowledge and agree that Sewell will retire from employment by FNB and the Bank as of January 31, 2006 and will thereafter not be an employee or entitled to compensation as an employee of FNB or the Bank. They further acknowledge and agree that notwithstanding Sewell's retirement, the Bank shall remain obligated to pay Sewell the amounts denominated as "Annual Special Bonuses" in such Section 3 when, as and in the amounts calculated in accordance with the provisions therein, in fulfillment of the Bank's obligations to Sewell under the Employment Agreement, as amended. Section 2. Continuing Effect. Except as specifically amended herein, the terms and conditions of the Employment Agreement, as previously amended, should remain in full force and effect. This Fourth Amendment To Employment Agreement is effective as of October 31, 2005. /s/ ERNEST J. SEWELL ------------------------------------- Ernest J. Sewell FNB Financial Services Corporation By: /s/ BARRY Z. DODSON --------------------------------- Barry Z. Dodson Chairman of the Board FNB Southeast By: /s/ BARRY Z. DODSON --------------------------------- Barry Z. Dodson Chairman of the Board