Amendment to Employment Agreement between PremierWest Bancorp, PremierWest Bank, and T. Joe Danelson

Summary

This amendment, effective December 16, 2008, modifies the employment agreement between PremierWest Bancorp, PremierWest Bank, and T. Joe Danelson. It adds a provision for PremierWest to reimburse Mr. Danelson up to $75,000 for costs related to selling his home in Salem, Oregon. However, if Mr. Danelson is terminated for cause or resigns without good reason within 24 months of receiving these funds, he must repay the reimbursed amount. All other terms of the original employment agreement remain unchanged.

EX-10.7.2 3 ex1072.htm EXHIBIT 10.7.2 f10kprwt031609draft.htm - Generated by SEC Publisher for SEC Filing

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 Executive’s 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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