Amendment to Employment Agreement with Joe Danelson
Exhibit 10.7.2
AMENDMENT TO EMPLOYMENT AGREEMENT
FOR T. JOE DANELSON
This Amendment dated effective December 16, 2008 (this Amendment) amends the Employment Agreement by and among PremierWest Bancorp, PremierWest Bank, and T. Joe Danelson dated as of April 21, 2008 (the Employment Agreement).
NOW, therefore, Executive and PremierWest agree as follows:
1. Section 5.8 of the Employment Agreement is amended to add the following provision:
In addition, PremierWest shall reimburse Executive for up to an additional $75,000 of costs
related to the sale of Executives home in Salem, Oregon (Additional Sale Expenses), provided,
however, that Executive shall immediately reimburse PremierWest for all amounts paid as
Additional Sale Expenses in the event that, within 24 months following payment of any
Additional Sale Expenses by PremierWest, Executive is terminated for Cause or Executive
terminates his employment other than for Good Reason.
2. Terms not otherwise defined in this Amendment shall have the meanings set forth in the
Employment Agreement.
3. Except as specifically set forth herein, the Employment Agreement as previously
executed shall continue in full force and effect as written.
IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first written
above.
PREMIERWEST BANCORP | EXECUTIVE |
| |
By:__________________________________ | _______________________________ |
____________________________ | T. Joe Danelson |
| |
PREMIERWEST BANK | |
| |
By:______________________________ | |
____________________________ |
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