Exhibit 10(n)
FORM OF
Second Amendment to the
Employment Agreement
by and between Provident
Community Bancshares, Inc. (formerly Union Financial Bancshares,
Inc.) Provident Community Bank and
[EXECUTIVE]
This Amendment
to the Employment Agreement between Provident Community Bancshares,
Inc., formerly Union Financial Bancshares, Inc. (the
“Company”), Provident Community Bank (the
“Bank”) (collectively referred to herein as the
“Employer”) and __________________
(“Executive”) is entered into as of December __,
2008.
WHEREAS , Executive and the Employer previously entered
into an Employment Agreement dated as of January 1, 2003
(the “Agreement”); and
WHEREAS , Executive and the Employer desire to amend the
Agreement to comply with the requirements of Section 409A of
the Internal Revenue Code of 1986, as amended.
NOW,
THEREFORE , in
consideration of the mutual covenants and agreements set forth
herein and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties
hereto agree to amend the Agreement by adding the following new
Section 27:
“27.
Application of Section 409A
(i) Executive
will be deemed to have a termination of employment for purposes of
determining the timing of any payments that are classified as
deferred compensation only upon a “separation from
service” within the meaning of Section 409A.
(ii) If at
the time of Executive’s separation from service,
(a) Executive is a “specified employee” (within
the meaning of Section 409A and using the methodology selected
by the Employer) and (b) the Employer makes a good faith
determination that an am
