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AMENDMENT NUMBER TWO TO EMPLOYMENT AGREEMENT

Employment Agreement Amendment

AMENDMENT NUMBER TWO TO EMPLOYMENT AGREEMENT | Document Parties: Southern Community Bank | Trust and Southern Community Financial Corporation You are currently viewing:
This Employment Agreement Amendment involves

Southern Community Bank | Trust and Southern Community Financial Corporation

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Title: AMENDMENT NUMBER TWO TO EMPLOYMENT AGREEMENT
Date: 3/16/2009
Industry: Conglomerates     Sector: Conglomerates

AMENDMENT NUMBER TWO TO EMPLOYMENT AGREEMENT, Parties: southern community bank , trust and southern community financial corporation
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Exhibit 10.41

 

AMENDMENT NUMBER TWO TO

EMPLOYMENT AGREEMENT

 

This Amendment Number Two is made as of December 30, 2008, to the Employment Agreement dated as of April 28, 2006 (the “Agreement”), by and between Southern Community Bank and Trust and Southern Community Financial Corporation and Robert L. Davis, Jr. (“Executive”).

 

1.  The Agreement is amended by adding the following Paragraph:

 

“8.12.    Compliance with ESSA. To the extent that any payment under this Agreement would constitute a prohibited parachute payment under Section 111(b)(2)(C) of the Emergency Economic Stabilization Act of 2008 (“EESA”), the Employer agrees to pay Executive an additional payment equal to the prohibited payment on July 1, 2012, or if later, the earliest date when Section 111(b)(2)(C) of EESA no longer prohibits such payment. &


 
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