Amendment to Employment Agreement between PremierWest Bancorp, PremierWest Bank, and John Anhorn

Contract Categories: Human Resources › Employment Agreements
Summary

This amendment updates the employment agreement between PremierWest Bancorp, PremierWest Bank, and John Anhorn. Effective August 1, 2008, Mr. Anhorn will continue working part-time as an at-will employee until retirement or termination. His schedule and salary will be reduced accordingly, and these changes do not allow him to resign for "Good Reason." The amendment also changes how his transaction bonus is calculated, now including both base salary and annual SERP payments. All other terms of the original agreement remain unchanged.

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EX-10.1 2 f8kex101.htm EXHIBIT 10.1 f8kex101.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing

EXHIBIT 10.1

 

PREMIERWEST BANCORP

AMENDMENT TO EMPLOYMENT AGREEMENT
FOR JOHN ANHORN

     This Amendment dated effective April 24, 2008 (this “Amendment”) amends the Employment Agreement by and among PremierWest Bancorp, PremierWest Bank, and John Anhorn dated as of December 13, 2007 (the “Employment Agreement”).

1.      The Employment Agreement is amended to provide that effective on or after August 1, 2008, Executive agrees to continue to serve in the positions and perform the duties under the Employment Agreement on a part-time basis as an at-will employee until his retirement or until terminated as provided in the Employment Agreement. Executive acknowledges that the changes to his compensation and schedule do not give rise to “Good Reason” for Executive to terminate the Employment Agreement.
 
2.      Section 5.1 of the Agreement is amended to add, “Effective on or after August 1, 2008 Executive and the Board of Directors will agree on a reduced schedule and reduced annual base salary commensurate with the new schedule.”
 
3.      Section 14 of the Agreement is amended to change the calculation of the Transaction Bonus from 30% of Executive’s Base Salary at the time of the Change in Control to “30% of the sum of Executive’s Base Salary and annual SERP payments at the time of the Change in Control.”
 
4.      Except as specifically set forth herein, the Employment Agreement as previously executed shall continue in full force and effect as written. Terms not otherwise defined in this Amendment shall have the meanings set forth in the Employment Agreement.
 

     IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first written above.

PREMIERWEST BANCORP    EXECUTIVE 
 
 
By: /s/ Patrick G. Huycke      /s/ John Anhorn 
     Patrick G. Huycke      John Anhorn 
     Chairman of the Compensation Committee     
 
PREMIERWEST BANK     
 
 
By: /s/ Patrick G. Huycke     
     Patrick G. Huycke     
     Chairman of the Compensation Committee     

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