Amendment to Employment Agreement between The Company and David W. Johnson, Jr. (January 12, 2001)

Summary

This amendment clarifies the obligations of The Company to David W. Johnson, Jr. regarding life insurance premium payments after the end of his employment. Both parties agree that by paying premiums on specified life insurance policies through the employment termination date of December 31, 2000, the company has fulfilled all its obligations under the original employment agreement. The parties also agree to sign any further documents needed to formalize this understanding.

EX-10.32B 4 g69344ex10-32b.txt AMENDMENT EMPLOYMENT AGREEMENT 1 EXHIBIT 10.32 (b) January 12, 2001 VIA HAND DELIVERY Mr. David W. Johnson, Jr. 300 Harwell Drive Columbia, SC 29223 Re: Employment Agreement Dear David: We refer to that certain employment agreement entered into by and between you and us, dated as of June 3, 1993 (the "Agreement"). All initially capitalized terms used and not defined herein shall have the meanings ascribed to them in the Agreement. As you know, the term of your employment terminated according to its terms on December 31, 2000 (the "Termination Date"). In connection therewith, there had been some question regarding the application of the provisions of Section 4(e) on and after the Termination Date. This letter shall serve to confirm our mutual understanding and interpretation of the effect and application of said section. Section 4(e) provides, in relevant part, that we shall purchase and pay all premiums on life insurance policies providing for coverage, cash value accretion and other terms commensurate with your position with us and that this obligation shall survive termination of the Agreement. As you know, the policies described on the attached Exhibit A are in force and premiums therefor have been paid through the dates specified in such exhibit. We believe, and it is our understanding that you concur, that the application of Section 4(e) presents certain ambiguities. Therefore, you and we have agreed, in effect, to amend the Agreement to provide that by paying premiums through the Termination Date for the policies described on Exhibit A we have complied fully with all our obligations under the Agreement relating to the payment of premiums for life insurance policies, including the provisions of Section 4(e). Finally, you and we agree to execute and deliver any further documentation necessary to carry out the terms of this letter as may be requested by our counsel. If the foregoing accurately sets forth our mutual understanding with respect to the matters set forth herein, kindly countersign the enclosed duplicate original of this letter in the space provided and return it to me. Very truly yours, /s/ Douglas K. Freeman Douglas K. Freeman Chairman and CEO The foregoing is hereby accepted and agreed to this 12 day of January, 2001 /s/ David W. Johnson, Jr. David W. Johnson, Jr.