This First Amendment to the Employment Agreement by and among Greenville Federal Financial
Corporation, a federally chartered mid-tier savings and loan holding company (hereinafter referred
to as “HOLDING COMPANY”), Greenville Federal, a federally chartered savings bank and a wholly-owned
subsidiary of HOLDING COMPANY (hereinafter referred to as “BANK”), and Susan J. Allread, an
individual (hereinafter referred to as the “EMPLOYEE”), is effective July 1, 2008.
WHEREAS, pursuant to Section 11 of the Employment Agreement, the parties desire to amend the
Employment Agreement to make certain changes necessary under Section 409A of the Internal Revenue
Code of 1986, as amended, and the Treasury Regulations promulgated thereunder.
NOW, THEREFORE, the parties hereby amend the Employment Agreement effective as of the date
first written above as follows:
1. The following subsection (e) is hereby added to the end of Section 4(a)(B)(1) of the Agreement:
(e) Notwithstanding the foregoing, no amounts will be distributed pursuant to this Section
4(a)(B)(1) with respect to the termination of employment of the EMPLOYEE without JUST CAUSE
by the EMPLOYERS within six months prior to the occurrence of a CHANGE OF CONTROL unless the
events or actions giving rise to the CHANGE OF CONTROL also constitute a “change of control
event” under Section 409A of the CODE and Treasury Regulation §1.409A-3(i)(5).
2. The last sentence of Section 4(e)(ii) of the Employment Agreement is hereby deleted in its
entirety and the following is substituted therefor:
Any reduction pursuant to this Section 4(e)(ii) shall be first applied against amounts that
are not subject to Section 409A of the CODE and, thereafter, shall be applied against all
remaining amounts subject to Section 409A of the CODE on a pro rata basis.
IN WITNESS WHEREOF, the HOLDING COMPANY and the BANK have caused this First Amendment to be
executed by their duly authorized officers and the EMPLOYEE has signed this First Amendment, each
as of the day and year first above written.