Second Amendment to Employment Agreement between Ernest J. Sewell and FNB Financial Services Corporation and FNB Southeast

Summary

This amendment updates the employment agreement between Ernest J. Sewell and FNB Financial Services Corporation, along with its subsidiary FNB Southeast. Effective July 1, 2004, Mr. Sewell will serve as President and CEO of FNB and CEO of FNB Southeast, with duties as defined by law and the Board. All other terms of the original and first amended agreement remain unchanged. The amendment aims to ensure a clear management succession process and recognizes Mr. Sewell's leadership.

EX-10.16 2 ex10-16.txt Exhibit 10.16 SECOND AMENDMENT TO EMPLOYMENT AGREEMENT WHEREAS, ERNEST J. SEWELL ("Employee") and the Board of Directors (collectively, the "Board") of FNB FINANCIAL SERVICES CORPORATION ("FNB") and it wholly-owned banking subsidiary, FNB SOUTHEAST, ("Bank") (FNB and the Bank are collectively referred to herein as the "Company"), desire to provide an orderly and clear process for management succession; and WHEREAS, the Board and Employee desire to begin such process immediately; and WHEREAS, the Company acknowledges the Employee's leadership and substantial contributions to the Company's success and desires to benefit from his knowledge and experience in management succession process. NOW, THEREFORE, the parties hereby amend the Employment Agreement between Employee and the Company, dated as of May 18, 1995 ("Agreement") and first amended as of May 16, 2002 ("First Amendment"), as follows: 1. The parties affirm the provisions of the First Amendment, 2. The text of Section 3 of the Agreement is deleted and the following text is inserted in lieu and stead thereof: Effective as of July 1, 2004, the Employee shall serve as President and Chief Executive Officer of FNB Financial Services Corporation ("FNB") and Chief Executive Officer of FNB Southeast ("Bank"). In his role as President and Chief Executive Officer of FNB, the Employee's duties and responsibilities shall be those imposed by applicable law, and in his role as Chief Executive Officer of the Bank, his duties and responsibilities shall be those imposed by applicable law, and duties commensurate with his office that may be from time to time assigned to the Employee by the Company's Board of Directors. 3. Except as specifically amended by this Second Amendment to Employment Agreement, the Agreement, as amended by the First Amendment, continues in full force and effect. This Second Amendment To Employment Agreement is entered into as of May 19, 2004. /s/ ERNEST J. SEWELL - ----------------------------------------- Ernest J. Sewell FNB FINANCIAL SERVICES CORPORATION By: /s/ BARRY Z. DODSON -------------------------------------- Barry Z. Dodson Chairman of the Board of Directors FNB SOUTHEAST By: /s/ BARRY Z. DODSON -------------------------------------- Barry Z. Dodson Chairman of the Board of Directors 22