EXHIBIT
10.1
AMENDMENT NO. 1 TO
NON-COMPETITION AGREEMENT
THIS AMENDMENT NO. 1 TO NON-COMPETITION
AGREEMENT (the “Amendment”) is made and entered into as
of the 31 st day of March, 2005, (“Effective
Date”), by and between Greene County Bancshares, Inc.
(“Company”) and Kenneth R. Vaught
(“Employee”).
WITNESSETH:
WHEREAS, the Company and Employee are parties to a
Non-Competition Agreement, executed on August 10, 2004 (the
“Agreement”); and
WHEREAS, the Company and Employee desire to amend
the Agreement, as set forth herein, to eliminate the requirement
that, in the event of Employee’s death, Employee’s
beneficiaries would not receive any benefits until such time as
Employee would have reached age fifty (50).
NOW,
THEREFORE, in
consideration of the covenants and agreements contained herein, and
other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto, intending to
be legally bound, agree as follows:
AGREEMENT:
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1.
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Amendment of Agreement
. The Agreement is hereby
amended as follows:
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(a)
The second paragraph of Section 8
shall be deleted in its entirety and replaced with the
following:
