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Exhibit
10.33
AMENDMENT NUMBER TWO
TO
EMPLOYMENT
AGREEMENT
This Amendment Number Two is made as of December
1, 2008, to the Employment Agreement dated as of April 16, 2007
(the “Agreement”), by and between Southern Community
Bank and Trust and James C. Monroe
(“Officer”). This Amendment is being made
solely to conform the provisions of the Agreement to the
requirements of Section 409A of the Internal Revenue Code of 1986,
as amended (“Code”).
1. Paragraph 10(e) of the Agreement
is amended to read as follows:
“(e) Such
amounts payable pursuant to this Paragraph 10 shall be paid in one
lump sum within sixty (60 days) following termination of this
Agreement.”
2. The Agreement is amended by adding
the following Paragraphs 15 and 16:
“15.
Delayed Payments to Specified Employee of Publicly Traded
Corporation . If the Officer qualifies
as a "specified employee" within the meaning of Treasury Regulation
1.409A-1(i) and if the Company determines that any benefit paid to
the Officer hereunder is deferred compensation as defined by
Section 4
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