Severance Agreement, dated March 22, 2022 by and between Southern Bank and Brett Dorton
AMENDED AND RESTATED SEVERANCE AGREEMENT
This Amended and Restated Severance Agreement (the “Agreement”) dated as of March 22, 2022 is between Southern Bank, a Missouri state chartered trust company with banking powers (the “Bank” or the “Employer”), and Brett Dorton (the “Executive”).
WHEREAS, the Executive is presently employed as Chief Strategies Officer of the Bank;
WHEREAS, the Employer desires to be ensured of the Executive’s continued active participation in the business of the Employer;
WHEREAS, the Employer and the Executive previously entered into a severance agreement dated April 20, 2021, (the “Prior Agreement”);
WHEREAS, the parties desire to revise the calculation of the severance benefits which shall be due to the Executive in the event that his employment with the Employer is terminated under specified circumstances; and
WHEREAS, the Executive is willing to serve the Bank on the terms and conditions hereinafter set forth.
NOW THEREFORE, in consideration of the premises and the mutual agreements herein contained, the parties hereby agree as follows:
Subject to the terms hereof, the term of this Agreement shall commence on the date hereof and terminate on December 31, 2022. Beginning on December 31, 2022 and on each December 31st thereafter, the term of this Agreement shall be extended for a period of one additional year, unless either the Employer or the Executive has given notice to the other party hereto in writing at least 60 days prior to such annual renewal date that the term of this Agreement shall not be extended further; provided, however, notwithstanding the foregoing to the contrary, if a Change in Control occurs during the term of this Agreement, then the remaining term of this Agreement shall be automatically extended until the one-year anniversary of the completion of the Change in Control. If any party gives timely notice that the term will not be extended as of any such December 31st, then this Agreement shall terminate at the conclusion of its remaining term. References herein to the term of this Agreement shall refer both to the initial term and successive terms.
To the Employer:President and Chief Executive Officer
2991 Oak Grove Road
Poplar Bluff, Missouri 63901
To the Executive:Brett Dorton
At the address last appearing on the
personnel records of the Employer
IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.
By: /s/ Lorna Brannum /s/ Greg A. Steffens
Name: Lorna BrannumBy:Greg A. Steffens
Title: SecretaryIts:President and Chief Executive Officer
By:/s/ Brett Dorton
Name: Brett Dorton