Amendment Number One to Salary Continuation Agreement between Southern Community Bank and Trust and James C. Monroe
Contract Categories:
Human Resources
›
Salary Continuation Agreements
Summary
This amendment, effective December 20, 2007, modifies the Salary Continuation Agreement between Southern Community Bank and Trust and James C. Monroe. It adds a provision stating that no benefits will be paid if Mr. Monroe commits suicide within two years of the original agreement date or if he makes a material misstatement on any application or resume provided to the bank or on any life insurance application. All other terms of the original agreement remain unchanged.
EX-10.23 4 ex10-23.htm EX 10.23
EXHIBIT 10.23
AMENDMENT NUMBER ONE TO
SALARY CONTINUATION AGREEMENT
This Amendment Number One is made as of December 20, 2007, to the Salary Continuation Agreement dated as of June 29, 2007 (the “Agreement”), by and between Southern Community Bank and Trust and James C. Monroe.
1. The Agreement is amended by adding a new Paragraph 5.5 to read as follows:
“Suicide or Misstatement. The Bank shall not pay any benefit under this Agreement if the Executive commits suicide within two years after the date of this Agreement or if the Executive makes any material misstatement of fact on any application or resume provided to the Bank or on any life insurance application for benefits which death benefits would be payable to the Bank.”
2. No other terms and conditions of the Agreement are affected by this Amendment.
IN WITNESS WHEREOF, the parties have executed this Amendment (Southern Community Bank and Trust by its duly authorized officer) effective as of the day and year first written above.
SOUTHERN COMMUNITY BANK AND TRUST
By: /s/ F. Scott Bauer
F. Scott Bauer, CEO
OFFICER
/s/ James C. Monroe, Jr. (SEAL)
James C. Monroe
